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In This Issue . . .
Reliability o f the NIPA Estimates o f U.S. Economic A ctivity
Research Spotlight: Hedonic Price Indexes for Digital Cameras
BUREAU OF ECONOMIC ANALYSIS
ECONOMICS AN D STATISTICS ADMINISTRATION
U.S. DEPARTMENT OF COMMERCE
i n M
u m
U.S. Department of Commerce
Carlos M . Gutierrez, Secretary
Economics and Statistics Administration
Kathleen B. Cooper, Under Secretary fo r Econom ic Affairs
T h e S u r v e y o f C u r r e n t B u sin ess (ISSN 0 0 3 9 - 6 2 2 2 )
is
p u b lis h e d m o n t h l y b y th e B u r e a u o f E c o n o m i c A n a ly sis o f th e
Bureau of Economic Analysis
J. Steven Landefeld, Director
Rosem ary D. M arcuss, Deputy Director
Dennis J. Fixler, C h ief Statistician
Barbara M . Fraum eni, C h ief Econom ist
Ralph Kozlow, Associate D irector fo r International Econom ics
Alan C. Lorish, Jr., C h ie f Inform ation Officer
Brent R. M ou lton, Associate D irector fo r N ation al
Econom ic Accounts
Sumiye O kubo, A ssociate D irector fo r Industry Accounts
John W. Ruser, A ssociate D irector fo r Regional Econom ics
BEA Advisory Committee
The BEA Advisory Com m ittee advises the D irector o f BEA on m atters related to
the developm ent and im provem ent o f BEA’s national, regional, industry, and
international econom ic accounts, especially in areas o f new and rapidly growing
econom ic activities arising from innovative and advancing technologies, and it
provides recom m endations from the perspective o f business econom ists,
academ icians, researchers, and experts in governm ent and international affairs.
Dale W. Jorgenson, Chair, Harvard University
Alan J. Auerbach, University of California, Berkeley
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Michael J. Boskin, Stanford University
Barry R Bosworth, The Brookings Institution
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Robert J. Gordon, Northwestern University
Maurine A. Haver, Haver Analytics, Inc.
Charles R. Hulten, University of Maryland
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Therese J. McGuire, Northwestern University
William D. Nordhaus, Yale University
U .S. D e p a r t m e n t o f C o m m e r c e . E d i t o r ia l c o r r e s p o n d e n c e
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This issue went to the printer on February 18, 2005.
It incorporates data from the following m onthly BEA
news releases:
U.S. International Trade in Goods and
Services (February 10),
Personal Incom e and Outlays (January 31), and
Gross D om estic Product (January 28).
S u r v ey
of
C u r r e n t B u sin ess
February 2 0 0 5
1
Volum e 85 • N um ber 2
B usiness Situation: A dvance E stim ates fo r th e Fourth Q u arter of
2004 and fo r 2004
Economic growth slowed in the fourth quarter. Real GDP increased 3.1 percent
after increasing 4.0 percent in the third quarter; the slowdown mainly reflected an
increase in the trade deficit and a slowdown in consumer spending for durable
goods. Inflation picked up: The price index for gross domestic purchases increased
2.7 percent after increasing 1.9 percent, mainly reflecting an acceleration in energy
prices. Real disposable personal income surged, increasing 8.4 percent after
increasing 2.0 percent.
In 2004, real GDP increased 4.4 percent after increasing 3.0 percent in 2003.
The acceleration reflected accelerations in nonresidential fixed investment, in
exports, and in consumer spending and an upturn in inventory investment.
Inflation remained moderate.
8
R eliab ility of th e N IPA Estim ates of U.S. E conom ic A ctivity
The results of the most recent review of the estimates of GDP and of gross
domestic income confirm that these estimates continue to present an accurate
picture of U.S. economic activity. Specifically, the quarterly estimates reliably
indicate whether U.S. economic growth is contracting or expanding and whether it
is accelerating or decelerating. The estimates also accurately show current
economic growth and the long-term trends in growth.
20
R esearch S po tlight: H ed onic Price Indexes fo r Digital C am eras
This research tested five methods of adjustment to account for differences in the
quality of digital cameras. All five methods produced similar results. These results
suggest that simple, hedonic price indexes may be used to accurately control for
the quality of products with rapidly changing features, such as digital cameras, and
to reliably supplement the more conventional matched-model methods.
www.bea.gov
/'/'
February 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
Federal Budget Estimates for Fiscal Year 2006. An adjusted presentation of
the administratation’s budget estimates from the Budget o f the United
States Government that is consistent with the framework of the NIPAs is
scheduled to be published in an upcoming issue of the S u r v e y .
Index to the NIPA Tables. An updated index to the estimates that are pre
sented in the NIPA tables will be published in an upcoming issue of the
S u r v ey . This index will reflect the changes in classifications and presenta
tion that resulted from the 2003 comprehensive NIPA revision and the
2004 annual NIPA revision.
February 2005
1
Business Situation
Advance Estimates for the Fourth Quarter of 2004 and for 2004
the second quarter. The fourth-quarter deceleration
in real GDP growth mainly reflected an increase in
the trade deficit and a deceleration in consumer
spending for durable goods.3 These developments
were partly offset by an upturn in inventory invest
ment.
• Prices of goods and services purchased by U.S. resi
dents increased 2.7 percent in the fourth quarter
after increasing 1.9 percent in the third quarter and
3.5 percent in the second quarter. The acceleration
in the fourth quarter (and the deceleration in the
third quarter) mainly reflected the pattern of energy
prices.
• Real disposable personal income increased 8.4 per
cent in the fourth quarter after increasing 2.0
percent in the third quarter; the fourth-quarter
increase largely reflected a special dividend payment
I N 2004, real gross domestic product (GDP) in
creased 4.4 percent, the largest increase since the
4.5-percent increase in 1999; GDP increased 3.0 per
cent in 2003 (table l ) .1 Inflation, though higher than in
2003, remained moderate. (See “Real GDP for 2004”)
In the fourth quarter of 2004, real GDP increased
3.1 percent— 0.9 percentage point less than in the third
quarter, and inflation accelerated (chart l) .2
T h e Fourth Q u arter of 2004
The advance estimates for the fourth quarter show the
following:
• Real GDP increased 3.1 percent after increasing
4.0 percent in the third quarter and 3.3 percent in
1. “Real” estimates are in chained (2000) dollars, and price indexes are
chain-type measures.
2. Quarterly estimates in the NIPAs are expressed at seasonally adjusted
annual rates, unless otherwise specified. Q uarter-to-quarter dollar changes
are differences between these published estimates. Percent changes are cal
culated from unrounded data and annualized.
3.
In this article, “trade deficit” is shorthand for the NIPA series “net
exports o f goods and services,” “consum er spending” is shorthand for “per
sonal consum ption expenditures,” “inventory investment” is shorthand for
“change in private inventories,” and “government spending” is shorthand
for “government consum ption expenditures and gross investment.”
This article was prepared by Brian C. Moyer, Shelly
Smith, and David F. Sullivan.
Table 1. Real Gross Domestic Product and Components
[Seasonally adjusted at annual rates]
Change from preceding period
(percent)
2004
2003
2004
2004
2003
II
I
Share of currentdollar GDP
(percent)
Contribution to percent change in real GDP
(percentage points)
III
2004
2004
I
IV
II
III
IV
IV
Gross domestic product (GDP).....................
3.0
4.4
4.5
3.3
4.0
3.1
3.0
4.4
4.5
3.3
4.0
3.1
100.0
Personal consumption expenditures..............
Durable goods.....................................................
Nondurable goods..............................................
Services..............................................................
3.3
7.4
3.7
2.2
3.8
6.9
4.5
2.8
4.1
2.2
6.7
3.3
1.6
-0.3
0.1
2.7
5.1
17.2
4.7
3.0
4.6
6.7
5.8
3.7
2.29
0.63
0.73
0.93
2.67
0.58
0.91
1.18
2.90
0.19
1.33
1.39
1.10
-0.02
0.03
1.10
3.57
1.37
0.94
1.26
3.22
0.56
1.16
1.50
70.4
8.6
20.5
41.4
Gross private domestic investment..................
Fixed investment................................................
Nonresidential................................................
Structures...................................................
Equipment and software..........................
Residential......................................................
Change in private inventories...........................
4.4
5.1
3.3
-5.6
6.4
8.8
12.9
10.0
10.3
1.0
13.4
9.5
12.3
4.5
4.2
-7.6
8.0
5.0
19.0
13.9
12.5
6.9
14.2
16.5
2.4
8.8
13.0
-1.1
17.5
1.6
9.2
6.7
10.3
-4.1
14.9
0.3
0.66
0.76
0.33
-0.15
0.48
0.43
-0.10
1.96
1.52
1.02
0.02
1.00
0.50
0.44
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
0.40
1.37
1.27
-0.03
1.30
0.09
-0.97
1.48
1.06
1.05
-0.10
1.15
0.01
0 42
16.7
16.4
10.7
2.4
8.3
5.7
04
Net exports of goods and services.................
Exports.................................................................
G oods.
Services..........................................................
Im ports....
G oods.
Services..........................................................
1.9
2.2
1.4
4.4
4.7
3.1
8.1
8.2
7.8
9.8
10.6
5.7
7.3
9.1
3.4
10.6
12.7
1.2
7.3
6.0
10.2
12.6
13.0
10.6
6.0
9.5
-1.8
4.6
5.0
2.8
-3.9
-6.9
3.4
9.1
12.2
-6.0
-0.43
0.18
0.14
0.04
-0.61
-0.54
-0.07
-0.61
0.77
0.54
0.23
-1.38
-1.25
-0.14
-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
-0.10
0.59
0.64
-0.06
-0.69
-0.62
-0.07
-1.73
-0.40
-0.50
0.10
-1.34
-1.49
0.15
-5.7
9.9
6.9
3.0
15.7
13.2
2.5
Government consumption expenditures and
gross investment..............................................
Federal.................................................................
National defense............................................
Nondefense.....................................................
State and local...................................................
2.8
6.6
9.0
2.4
0.7
2.0
4.7
7.4
-0.5
0.4
2.5
7.1
10.6
0.2
0.0
2.2
2.7
1.9
4.4
1.9
0.7
4.8
10.1
-5.3
-1.7
0.9
1.6
0.0
5.1
0.6
0.52
0.43
0.38
0.06
0.09
0.37
0.32
0.33
-0.01
0.05
0.48
0.48
0.47
0.00
0.00
0.41
0.18
0.09
0.10
0.23
0.13
0.33
0.45
-0.12
-0.20
0.18
0.11
0.00
0.11
0.07
18.6
6.9
4.7
2.2
11.7
Note.
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.
Business Situation
2
by the Microsoft Corporation (see “Personal
Income”).
Among the contributors to the deceleration in
real GDP growth, the trade deficit subtracted 1.73
percentage points in the fourth quarter after subtracting 0.10 percentage point in the third. Exports
turned down in the fourth quarter, decreasing 3.9 percent after increasing 6.0 percent. The downturn was
due to exports of goods, which decreased 6.9 percent
after increasing 9.5 percent; exports of services turned
up. The downturn was attributable to all the major categories of goods exports except nonautomotive consumer goods, which turned up.
Imports, which are subtracted in the calculation of
Chart 1. Selected Measures: Change From
Preceding Quarter
P e rc e n t
10
REAL GROSS DOM ESTIC PRODUCT
5
0
■ m■ I I I . I I I I I i l l
-5
10
REAL GROSS DOM ESTIC PURCHASES
5
0
-5
10
G ROSS DO MESTIC PURCHASES PRICE INDEX
5
0
I I ■
n
l .
I I I l - I ■ l ..l
.1 .
-5
2001
2002
2003
Note. Percent change at annual rate from preceding quarter,
based on seasonally adjusted estimates.
U.S. Bureau of Economic Analysis
2004
I
February 2005
GDP, accelerated and subtracted 1.34 percentage
points from GDP growth after subtracting 0.69 percentage point. Imports of goods accelerated, and imports of services turned down. Imports of both
durable and nondurable nonautomotive consumer
goods turned up, and imports of petroleum products
surged, increasing 56.4 percent; these changes were
partly offset by a downturn in industrial supplies and
materials. The downturn in imports of services primarily reflected a downturn in royalties and license fees,
which had been boosted in the third quarter by payments to the International Olympic Committee for
broadcast rights to the 2004 Summer Olympic Games.
Consumer spending increased 4.6 percent in the
fourth quarter— 0.5 percentage point less than in the
third quarter— and contributed 3.22 percentage points
to GDP growth after contributing 3.57 percentage
points in the third quarter. The deceleration was due to
a slowdown in spending for durable goods, which in
creased 6.7 percent after increasing 17.2 percent; the
slowdown mainly reflected a slowdown in purchases of
motor vehicles.
Inventory investment added 0.42 percentage point
to GDP growth after subtracting 0.97 percentage
point. Real inventory stocks increased more in the
fourth quarter ($45.8 billion) than in the third quarter
($34.5 billion), mainly reflecting a smaller decrease in
retail motor vehicle dealer inventories.
The advance estimates for the fourth quarter also
show the following:
• Nonresidential fixed investment increased 10.3 per
cent after increasing 13.0 percent and contributed
1.05 percentage points to GDP growth after con
tributing 1.27 percentage points. The deceleration
reflected a slowdown in equipment and software
and a larger decrease in structures in the fourth
quarter than in the third quarter.
• Residential investment increased 0.3 percent after
increasing 1.6 percent and contributed 0.01 per
centage point to GDP growth after contributing
0.09 percentage point. The slight deceleration was
primarily accounted for by structures.
• Government spending increased 0.9 percent after
increasing 0.7 percent and contributed 0.18 per-
February 2005
3
S u r v e y o f C u r r e n t B u s in e s s
centage point to GDP growth after contributing
0.13 percentage point. Upturns in Federal nonde
fense spending and in state and local government
spending were largely offset by a slowdown in
spending on national defense.
• Real final sales of domestic product— GDP less the
change in private inventories— increased 2.7 per
cent after increasing 5.0 percent.
• Real gross domestic purchases— real GDP less
net exports of goods and services— increased 4.7
Fourth-Quarter 2004 Advance NIPA Estimates: Source Data and Assumptions
The “advance” estimates for the fourth quarter are
based on the following major source data; as more and
better data become available, the estimates will be
revised.1 (The number of months for which data were
available is shown in parentheses.)
Personal consumption expenditures: Sales of retail
stores (3), unit auto and truck sales (3), and consumers’
shares of auto and truck sales (2);
Nonresidential fixed investment: Unit auto and truck
sales (3), construction put in place (2), manufacturers’
shipments of machinery and equipment other than air
1. After the “advance” NIPA estimates were released, Statistics Canada
announced that Canadian im ports from the United States for
November were underestimated and provided a corrected estimate.
That data revision, as well as other newly available and revised source
data, will be incorporated into the “prelim inary” NIPA estimates that
BEA will release on February 25, 2005. The overall revision to U.S.
exports and to GDP between the advance and preliminary estimates
cannot be determined at this time. For more inform ation on U.S.
exports to Canada, go to < www.bea.gov/bea/di/canada.htm> on BEA’s
Web site.
craft (3), shipments of civilian aircraft (2), and exports
and imports of machinery and equipment (2);
Residential investment: Construction put in place (2),
single-family housing starts (3), sales of new homes (2),
and sales of existing houses (3);
Change in private inventories: Trade and nondurable
manufacturing inventories (2), durable manufacturing
inventories (3), and unit auto and truck inventories (3);
Net exports of goods and services: Exports and
imports of goods and services (2);
Government consumption expenditures and gross
investment: Federal outlays (3), state and local construc
tion put in place (2), and state and local employment (3);
GDP prices: Consumer price indexes (3), producer
price indexes (3), U.S. import and export price indexes
(3), and values and quantities of petroleum imports (2).
BEA made assumptions for source data that were not
available. Table A shows the assumptions for key series; a
more comprehensive list is available on BEA’s Web site at
< www.bea.gov/bea/dn/home/gdp.htm>.
Table A. Summary of Major Source Data and Assumptions for Advance Estimates, 2004:1V
[Billions of dollars, seasonally adjusted at annual rates]
2004
August
July
Private fixed investment:
Nonresidential structures:
Value of new total private construction put in place less residential (including improvements)...........
Equipment and software:
Manufacturers' shipments of complete aircraft...........................................................................................
Residential structures:
Value of new residential construction put in place:
Single family................................................................................................................................................
Multifamily....................................................................................................................................................
Change in private inventories:
Change in inventories for nondurable manufacturing.....................................................................................
Change in inventories for merchant wholesale and retail industries other than motor vehicles and
equipment........................................................................................................................................................
Net exports:2
Exports of goods:
U.S. exports of goods, international-transactions-accounts basis...........................................................
Excluding g o ld ............................................................................................................................................
Imports of goods:
U.S. imports of goods, international-transactions-accounts basis...........................................................
Excluding g o ld ............................................................................................................................................
Net exports of goods...........................................................................................................................................
Excluding g o ld ................................................................................................................................................
State and local government structures:
Value of new construction put in place.............................................................................................................
September
October
Decem ber1
223.8
224.3
224.9
225.0
222.3
223.6
22.2
28.9
27.4
29.9
20.6
23.3
371.9
39.8
380.3
39.2
378.9
39.1
378.9
38.8
376.1
38.9
380.0
39.3
16.6
12.1
-5.9
23.1
14,8
12.0
49.6
50.9
30.4
67.0
74.6
37.2
809.5
804.9
816.1
812.2
829.7
823.4
830.2
825.0
798.6
794.0
813.1
809.0
1,466.7
1.462.3
-657.1
-657.5
1,499.9
1,496.5
-683.8
-684.3
1.489.5
1.485.2
-659.8
-661.8
1,551.5
1,546.6
-721.4
-721.6
1,568.1
1,564.0
-769.5
-770.0
1.558.6
1.554.5
-745.5
-745.5
220.3
213.1
214.1
218.2
218.7
218.5
1. Assumption.
2. Nonmonetary gold is included in balance-of-payments exports and imports but is not used directly in the estimation of national income and product account exports and imports.
November
4
Business Situation
percent after increasing 3.9 percent.
• The production of goods slowed. The production of
services picked up somewhat, and the production of
structures decreased somewhat less than in the third
quarter (table 2).
• Motor vehicle output picked up in the fourth quar
ter, contributing 0.87 percentage point to real GDP
growth after contributing 0.34 percentage point.
• Final sales of computers picked up sharply, contrib
uting 0.48 percentage point to real GDP growth
after contributing 0.18 percentage point.
February 2005
•The personal saving rate increased from 0.5 percent
to 1.3 percent.4
Prices
Inflation as measured by the price index for gross do
mestic purchases stepped up to 2.7 percent in the
4. The personal saving rate is measured as personal saving as a percentage
o f current-dollar disposable personal incom e. An estimate o f the n ation al
saving rate (measured as gross saving as a percentage o f gross national
incom e), along with the “final” estimates o f the NIPAs for the fourth quar
ter, will be available at the end o f March.
Table 2. Real Gross Domestic Product by Type of Product
[Seasonally adjusted at annual rates]
Change from preceding period
(percent)
2004
2003
2004
2004
2003
I
II
Share of
currentdollar
GDP
(percent)
Contribution to percent change in real GDP
(percentage points)
III
2004
2004
IV
I
II
III
IV
IV
4.7
3.2
-2.1
3.0
3.14
-0.10
1.41
1.35
0.29
4.4
3.95
0.44
2.35
1.55
0.49
4.5
3.32
1.17
2.65
1.76
0.07
3.3
2.52
0.78
0.82
1.30
1.19
4.0
4.97
-0 97
2.67
1.59
-0.25
3.1
2.73
0 42
1.54
1.81
-0.21
100.0
99.6
04
32.7
57.3
10.0
28.0
2.3
61.7
2.7
0.19
2.85
0.31
2.73
0.20
4.19
0.20
4.19
0.30
4.18
0.00
4.48
-0.58
3.88
0.00
3.30
0.34
3.66
0.18
3.82
0.87
2.28
0.48
2.66
3.6
96.4
1.0
99.0
Gross domestic product (GDP)...................................................................
Final sales of domestic product..............................................................
Change in private inventories.................................................................
Goods.............................................................................................................
Services........................................................................................................
Structures......................................................................................................
3.0
3.1
4.4
4.0
4.5
3.3
3.3
2.5
4.0
5.0
3.1
2.7
4.3
2.3
3.0
7.3
2.7
5.1
8.2
3.0
0.7
2.5
2.3
12.7
8.3
2.8
-2.5
Addenda:
Motor vehicle output....................................................................................
GDP excluding motor vehicle output.........................................................
Final sales of com puters.............................................................................
GDP excluding final sales of computers....................................................
4.2
3.0
41.0
2.8
5.6
4.3
22.1
4.2
8.8
4.3
0.1
4.5
-15.2
4.0
0.1
3.3
10.4
3.8
20.7
3.9
Note. 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.
Table 3. Prices for Gross Domestic Purchases
[Percent change at annual rates; based on seasonally adjusted index numbers (2000=100)]
Change from preceding period
(percent)
Contribution to percent change in gross domestic purchases prices
(percentage points)
2004
2003
2004
2004
2003
I
II
III
2004
IV
I
II
III
IV
Gross domestic purchases.............................................
2.0
2.4
3.4
3.5
1.9
2.7
2.0
2.4
3.4
3.5
1.9
2.7
Personal consumption expenditures (PCE).....................
Durable goods......................................................................
Nondurable goods................................................................
Services................................................................................
1.9
-3.4
2.0
3.0
2.2
-2.0
3.3
2.5
3.3
0.0
5.3
3.0
3.1
-0.1
6.6
2.1
1.3
-3.1
0.9
2.3
2.5
0.2
4.4
2.0
1.28
-0.29
0.38
1.19
1.47
-0.17
0.64
1.00
2.19
0.00
1.00
1.20
2.08
-0.01
1.25
0.84
0.84
-0.25
0.18
0.92
1.64
0.01
0.85
0.77
Gross private domestic investment...................................
Fixed investment..................................................................
Nonresidential..................................................................
Structures.....................................................................
Equipment and software............................................
Residential........................................................................
Change in private inventories.............................................
1.1
1.2
-0.4
2.1
-1.2
4.4
2.5
2.5
0.8
4.9
-0.4
5.6
2.1
2.0
0.3
4.8
-1.1
5.4
4.4
4.3
1.7
7.6
0.1
9.1
2.9
3.0
0.9
9.8
-1.6
6.8
2.1
2.1
1.7
10.3
-0.6
2.7
0.16
0.17
-0.04
0.05
-0.09
0.21
-0.02
0.38
0.37
0.08
0.11
-0.03
0.29
0.01
0.32
0.30
0.03
0.10
-0.08
0.28
0.02
0.68
0.64
0.17
0.17
0.01
0.47
0.04
0.46
0.45
0.09
0.21
-0.12
0.36
0.01
0.34
0.32
0.18
0.22
-0.05
0.15
0.02
3.2
3.6
4.2
2.6
3.0
3.2
2.9
2.8
2.9
3.4
5.1
6.6
5.7
8.3
4.2
4.3
3.0
3.5
1.9
5.2
3.6
1.7
1.9
1.3
4.7
4.0
2.0
2.1
1.9
5.2
0.58
0.23
0.17
0.06
0.35
0.57
0.19
0.12
0.06
0.38
0.89
0.42
0.25
0.18
0.47
0.77
0.20
0.15
0.04
0.57
0.62
0.11
0.08
0.03
0.51
0.71
0.13
0.09
0.04
0.57
1.9
13.1
1.6
3.2
11.6
1.9
2.8
27.0
2.5
4.2
24.9
2.5
2.1
6.4
1.7
2.5
19.8
1.9
0.18
0.47
1.36
0.30
0.46
1.66
0.27
0.98
2.16
0.40
0.94
2.19
0.20
0.26
1.47
0.24
0.79
1.65
1.9
12.5
1.3
1.9
1.2
1.8
3.1
11.4
1.5
2.3
1.5
2.1
2.6
26.7
2.1
3.2
1.8
2.8
3.9
26.5
1.7
3.7
2.1
3.2
2.6
4.0
0.9
1.4
1.0
1.4
2.6
16.0
1.6
2.6
1.7
2.0
Government consumption expenditures and gross
investment...........................................................................
Federal..................................................................................
National defense.............................................................
Nondefense......................................................................
State and local.....................................................................
Addenda:
Gross domestic purchases:
Food.......................................................................................
Energy goods and services................................................
Excluding food and energy.................................................
Personal consumption expenditures:
Food.......................................................................................
Energy goods and services................................................
Excluding food and energy.................................................
“Market-based” P C E ...........................................................
Excluding food and energy.............................................
Note. Most percent changes are from NIPA table 1.6.7; percent changes for personal consumption expenditures on food and 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 NIPA table 1.6.8.
February 2005
5
S u r v e y o f C u r r e n t B u s in e s s
fourth quarter from 1.9 percent in the third quarter
(table 3). The step-up primarily reflected an accelera
tion in energy prices; excluding prices for food and en
ergy, the price index increased 1.9 percent after
increasing 1.7 percent (chart 2).
Prices of goods and services purchased by consum
ers increased 2.5 percent after increasing 1.3 percent.
The price of gasoline and oil turned up sharply, and
the prices of electricity and gas decelerated. Food
prices increased at the same rate as in the third quarter.
In the fourth quarter, the price index for consumer
purchases excluding food and energy, which is some
times viewed as an indicator of the underlying or core
rate of inflation, increased 1.6 percent after increasing
0.9 percent.
Prices of private nonresidential fixed investment in
creased 1.7 percent after increasing 0.9 percent. Prices
of equipment and software decreased less than in the
third quarter, mainly reflecting an upturn in the
prices of transportation equipment, specifically
trucks; prices of structures accelerated slightly.
Prices paid by government increased 4.0 percent af
ter increasing 3.6 percent. The step-up was evident at
both the Federal level and at the state and local govern
ment level.
The GDP price index, which measures the prices
paid for goods and services produced in the United
States, increased 2.0 percent, 0.7 percentage point less
than the price index for gross domestic purchases,
which measures the prices paid for goods and services
by U.S. residents regardless of where those goods and
services were produced. 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 purchases).
Personal Incom e
Real disposable personal income (DPI) surged in the
fourth quarter, increasing 8.4 percent, after increasing
2.0 percent in the third (chart 3). This surge primarily
reflected a sharp acceleration in current-dollar DPI
Chart 3. Selected Personal Income and Saving
Measures
Billion $
300
CHANGE IN PERSONAL INCOME
250
200
150
100
50
l- M ■
0
Percent
20
Chart 2. Gross Domestic Purchases Prices:
Change From Preceding Quarter
CHANGE IN REAL DISPOSABLE PERSONAL INCOME
10
Percent
I l ■■ ■ ■ l
'I*'
■ Total
Less Food and Energy
-1 0
Percent
PERSONAL SAVING RATE
l l ■l l
1 1 1
.II
1 1
I I l n l l I III I I
ll
I . I
-5
-2
2001
2002
2003
Note. Percent change at annual rate from preceding quarter,
based on seasonally adjusted index numbers (2000=100).
U.S. Bureau of Economic Analysis
2004
2001
2002
2003
2004
Note. Changes are from preceding quarter, based on seasonally adjusted annual
rates.
U.S. Bureau of Economic Analysis
6
Business Situation
(table 4).5 The implicit price deflator for personal con
sumption expenditures (which is used to deflate DPI)
accelerated.
Personal income, which is only measured in current
dollars, increased $250.3 billion (or 10.8 percent) after
increasing $81.6 billion (or 3.4 percent). The accelera
tion reflected accelerations in personal dividend in
come and in proprietors’ income and an upturn in
rental income. Current transfer receipts increased at
about the same rate as in the third quarter.
In the fourth quarter, the acceleration in dividend
income reflected a special dividend payment by the
Microsoft Corporation, which boosted fourth-quarter
February 2005
personal dividend income by $99.4 billion (annual
rate).6
The fourth-quarter changes in proprietors’ income,
rental income, and current transfer receipts largely
reflected the effects of the four hurricanes that struck
6. O n December 2, 2004, M icrosoft paid a special dividend o f $3.00 per
share to shareholders o f record as o f November 17, 2004. The total dividend
payout was about $32 billion. BEA estimates that about three-fourths o f the
total dividend payout (or $24.9 billion) was paid to persons; this amount
has been converted to an a n n u al rate ($99.4 billion) and recorded as per
sonal dividend incom e for the fourth quarter in December.
Quarterly NIPA estimates are presented at annual rates, which show the
value that would be registered if the rate o f activity that is measured for a
quarter were m aintained for a full year. These annual rates are determined
simply by multiplying the estimated rate o f activity by 4.
For more inform ation on the treatm ent o f dividends in the national
5. Current-dollar DPI is defined as personal incom e less personal current accounts, see “The M icrosoft Special Dividend” at < www.bea.gov/bea/faq/
taxes.
national/FAQ.htm > on BEA’s Web site.
Table 4. Personal Income and Its Disposition
[Billions of dollars; quarterly estimates are seasonally adjusted at annual rates]
Level
Change from preceding period
2004
2004
2004
2003
2004
IV
I
II
III
IV
Compensation of employees, received..............................................................................
Wage and salary disbursements...................................................................................
Private industries..............
Goods-producing industries..................................................................................
Manufacturing.....................................................................................................
Services-producing industries..............
Trade, transportation, and utilities...
Other services-producing industries
Government................................................
Supplements to wages and salaries.............................................................................
Proprietors’ income with IVA and CCAdj..........................................................................
Farm..................................................................................................................................
Nonfarm ..............................................
Rental income of persons with CCAdj..
Personal income receipts on assets..................................................................................
Personal interest income......
Personal dividend incom e....
Personal current transfer receipts.......................................................................................
Less: Contributions for government social insurance......................................................
6,616.6
5,342.6
4,416.7
1,039.5
682.5
3,377.3
891.4
2,485.8
925.8
1,274.1
902.4
18.0
884.4
165.6
1,386.6
945.6
441.1
1,406.3
818.3
6,741.1
5,443.2
4,508.9
1,057.6
691.8
3,451.3
908.3
2,543.0
934.3
1,297.9
933.1
21.6
911.6
163.1
1,489.3
957.9
531.4
1,430.2
832.3
219.5
127.3
91.9
-2.5
-6.4
94.5
15.0
79.5
35.3
92.3
64.5
12.1
52.4
-17.1
-11.9
-16.8
4.9
52.7
24.9
327.6
239.0
211.1
31.8
13.7
179.3
32.8
146.4
27.9
88.6
68.3
-3.8
72.1
11.8
63.9
15.7
48.3
70.9
45.1
81.2
50.3
37.9
-6.6
-10.2
44.6
0.4
44.1
12.3
31.0
7.4
-6.8
14.2
5.7
11.3
4.2
7.1
28.3
18.9
92.1
73.6
67.5
15.9
10.6
51.5
13.8
37.8
6.2
18.4
29.3
1.0
28.3
-0.2
15.2
5.5
9.7
21.4
10.1
77.4
62.2
57.5
11.4
7.4
46.1
12.7
33.3
4.7
15.1
1.5
-5.3
6.8
-18.8
15.5
4.8
10.7
15.0
9.0
83.7
68.2
62.1
11.3
3.9
50.8
9.4
41.4
6.1
15.6
30.2
8.0
22.3
9.3
121.5
11.4
110.1
14.8
9.3
Equals: Personal income..................................................................................................
Less: Personal current taxes....
Equals: Disposable personal incom e................................................................................
Less: Personal outlays.............
Equals: Personal saving......................................................................................................
9,659.1
1,036.4
8,622.8
8,532.8
90.0
9,924.6
1,064.5
8,860.0
8,742.8
117.2
282.9
-49.3
332.2
380.8
-48.6
497.3
34.5
462.9
483.5
-20.6
115.0
-2.8
117.9
142.2
-24.3
147.7
24.0
123.7
97.1
26.6
81.6
13.1
68.6
139.4
-70.8
250.3
20.8
229.3
154.7
74.6
5.5
0.0
8.8
5.2
0.3
0.9
0.3
12
-0 9
00
-1 5
-0 3
00
00
10
7.2
7.2
00
00
00
Addenda: Special factors in personal income
In government wages and salaries:
Federal pay raise.........................................................................................................
Federal civilian retroactive pay..................................................................................
In supplements to wages and salaries:
Employer contributions for social insurance............................................................
In nonfarm proprietors’ income:
Hurricane-related destruction of uninsured business property............................
In rental income of persons:
Hurricane-related destruction of uninsured residential property..........................
In personal dividend income:
Microsoft “special” dividend payments.....................................................................
In personal current transfer receipts:
Social security retroactive payments........................................................................
Cost-of-living adjustments under Federal transfer program s................................
Earned-income tax cre dit...........................................................................................
Hurricane-related net insurance settlements (excluding owner-occupied
housing)...................................................................................................................
In contributions for government social insurance:
Changes in premium for supplementary medical insurance.................................
In personal current taxes:
Federal tax law changes............................................................................................
Refunds, settlements, and other...............................................................................
Dollar levels are from NIPA tables 2.1 and 2.2B.
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
N ote.
0.0
0.0
00
-4.0
4.0
0.0
0.0
00
-1 3 6
13 6
99.4
00
00
00
99.4
2.5
12.4
2.7
-2.5
11.4
27
00
00
0.0
00
00
0.0
25
05
0.0
0.0
00
0.0
13.7
-13.7
3.2
3.2
0.0
0.0
0.0
-3.2
-8.8
-3.2
-8 8
00
0.0
00
0.0
00
0.0
February 2005
S u r v e y o f C u r r e n t B u s in e s s
the southern and eastern United States in the third
quarter.7 The acceleration in proprietors’ income re
flected an acceleration in nonfarm proprietors’ income
and an upturn in farm proprietors’ income. In the
third quarter, nonfarm proprietors’ income was re
duced $4.0 billion by the loss of uninsured business
property due to the hurricanes. The income of security
brokers turned up in the fourth quarter. The upturn in
farm proprietors’ income reflected an upturn in farm
output and a smaller decrease in the prices received by
farmers.
Rental income increased $9.3 billion after decreas
ing $18.8 billion. In the third quarter, rental income
was reduced $13.6 billion by the loss of uninsured resi
dential property due to the hurricanes.
Current transfer receipts increased about the same
in the fourth quarter as in the third quarter. A fourthquarter downturn in “other current transfer receipts”
was offset by an acceleration in government social ben
efits. The downturn reflected a downturn in net insur
ance settlements; payments for hurricane-related
damage to motor vehicles and to other consumer du
rable goods added $13.7 billion to third-quarter net
settlements. The acceleration in government social
benefits reflected an upturn in Medicaid payments by
states and an acceleration in Federal social security
payments.
Real G D P for 2004
Real GDP increased 4.4 percent in 2004 after increas
ing 3.0 percent in 2003 (table 1). Real gross domestic
purchases increased 4.8 percent after increasing 3.3
percent.8 (In the expansion of the 1990s, real GDP
growth averaged 3.5 percent at an annual rate, and the
growth of real gross domestic purchases averaged 4.0
percent.9)
The acceleration in real GDP in 2004 reflected accel
erations in nonresidential fixed investment and in ex
ports, an upturn in inventory investment, and an
acceleration in consumer spending that were partly
offset by an acceleration in imports and by a decelera
tion in government spending.
Nonresidential fixed investment increased 10.3
7. For more inform ation on the effects o f the third-quarter hurricanes, go
to < www.bea.gov/bea/dn/hurricane.htm> .
8. All the 2004 changes are calculated from annual levels for 2003 and
2004. From the fourth quarter o f 2003 to the fourth quarter o f 2004, real
GDP increased 3.7 percent, real gross domestic purchases increased 4.5 per
cent, real D PI increased 3.9 percent, and the price index for gross domestic
purchases increased 2.9 percent.
9. Growth rates are calculated from the trough o f real GDP in the first
quarter o f 1991 to the peak o f real GDP in the fourth quarter o f 2000.
7
percent in 2004 and contributed 1.02 percentage
points to GDP growth; in 2003, it increased 3.3
percent and contributed 0.33 percentage point. In
2004, investment in equipment and software picked
up, and investment in structures turned up. The
pickup reflected accelerations in information pro
cessing equipment and software and in “other”
equipment and an upturn in transportation equip
ment.
Exports increased 8.1 percent in 2004 and contrib
uted 0.77 percentage point to GDP growth; in 2003,
exports increased 1.9 percent and contributed 0.18
percentage point (in 2002, exports decreased). In 2004,
exports of both goods and services accelerated.
Businesses added to their inventories in 2004
after drawing down inventories in 2003. The swing
from liquidation to accumulation added 0.44 per
centage point to GDP growth in 2004. In 2003, the
swing from accumulation to liquidation subtracted
0.10 percentage point from GDP growth.
Consumer spending increased 3.8 percent in
2004 and contributed 2.67 percentage points to GDP
growth; in 2003, it increased 3.3 percent and con
tributed 2.29 percentage points. Spending on ser
vices and on nondurable goods accelerated in 2004;
in contrast, spending on big-ticket consumer goods
(such as motor vehicles) slowed.
Imports increased 9.8 percent in 2004 and sub
tracted 1.38 percentage points from GDP growth; in
2003, imports increased 4.4 percent and subtracted
0.61 percentage point. The acceleration primarily re
flected an acceleration in imports of goods.
Government spending increased 2.0 percent in
2004 and contributed 0.37 percentage point to GDP
growth; in 2003, it increased 2.8 percent and
contributed 0.52 percentage point. The decelera
tion reflected a downturn in Federal nondefense
spending and slight decelerations in national de
fense spending and in state and local government
spending. In Federal nondefense spending, both
compensation and intermediate services turned down
in 2004.
The price index for gross domestic purchases in
creased 2.4 percent after increasing 2.0 percent (table
3). The price index for gross domestic purchases ex
cluding food and energy increased 1.9 percent after in
creasing 1.6 percent.
Real DPI increased 3.4 percent after increasing
2.3 percent. The acceleration mainly reflected an accel
eration in current-dollar personal income that was
partly offset by an upturn in personal current taxes.
8
February 2005
Reliability of the NIPA Estimates of U.S. Economic
Activity
By Dennis J. Fixler and Bruce T. Grimm
T
HE goal of BEA’s national income and product
accounts (NIPAs) is to provide timely, compre
hensive, and reliable descriptions of the condition of
the U.S. economy. Two featured measures— gross do
mestic product (GDP) and gross domestic income
(GDI)— aim to provide snapshots of the economy at
specified times.
This study analyzes the reliability of BEA’s quarterly
and annual estimates of GDP, of GDI, and of their
components for 1983-2002. In this article, “reliability”
refers to the magnitudes of the revisions to the esti
mates of these measures.1 The revisions are defined as
the changes from an earlier vintage of estimates to a
later vintage (see the box “Vintages and Timing of Re
visions”). The latest available estimates are presumed
to be the best estimates and are used as the standards
for reliability.
Confirming previous research, the study concludes
that BEA’s estimates are generally reliable and that
these estimates thus present a useful picture of the Na
tion’s output of goods and services. Specifically, succes
sive revisions to these estimates were usually able to
indicate whether growth was positive or negative,
whether growth was accelerating or decelerating,
whether growth was high or low relative to trend, and
where the economy was in relation to the business cy
cle.
In order to present timely estimates of GDP, BEA
prepares quarterly estimates that are based on prelimi
nary data from Census Bureau surveys, such as those
for retail sales and manufacturers’ shipments, and on
extrapolated estimates, such as those for international
trade and for consumer spending on domestic services.
The estimates are revised to incorporate more compre
hensive and more up-to-date data from surveys, tax
records, and other administrative records when the
data become available. The latest available estimates
typically reflect not only updated source data but
also changes in various definitions and statistical
1.
T h is d e fin itio n o f re lia b ility d iffers f r o m th a t u se d in s ta tis tic s to a n a
lyze su rv e y re s u lts a n d q u a lity c o n tr o l, a n d in s ta tis tic a l w o rk , th e t e r m
“a c c u r a c y ” refers t o th e to ta l m e a s u r e m e n t e r r o r , w h ic h in th e N IP A s is
n e v e r o b s e rv e d .
conventions.
Because these data come from a wide range of
sources— including random and nonrandom surveys,
administrative records, and extrapolated and interpo
lated estimates— the construction of confidence inter
vals and standard errors is not strictly possible.
Accordingly, the only way to measure the accuracy of
the estimates is to compare them with later estimates;
for example, the advance estimates are compared with
the final estimates.
The data show that since the early 1980s, the revi
sions to the annual rates of change— without regard to
sign— from the current quarterly estimates to the latest
estimates of current-dollar and real GDP have aver
aged slightly more than 1 percentage point. Substantial
portions of these revisions result from the introduc
tion of new concepts and new methods as part of the
annual and comprehensive revisions of the NIPAs. For
example, in the 2003 comprehensive revision, a new
measure of banking services identified services re
ceived by borrowers as well as by depositors, and as a
result, the cumulative growth of current-dollar GDP in
1992-2002 was reduced 0.4 percentage point.
The revisions— without regard to sign— from an
early vintage of current quarterly estimates to a later
vintage of quarterly estimates tend to be smaller; the
average revision from the advance estimates of real
GDP to the preliminary estimates is 0.5 percentage
point. The average revision from the advance estimates
to the final estimates is 0.6 percentage point, and the
average revision from the preliminary estimates to the
final estimates is 0.3 percentage point.
Further, many of the quarterly, annual, and compre
hensive revisions are offsetting. The mean revision,
which accounts for whether the revisions are positive
or negative, from the advance estimates of real GDP to
both the preliminary and final estimates is 0.1 per
centage point; the mean revision from the advance
estimates to the latest estimates is 0.4 percentage point.
Erick Sager contributed to the development o f this article.
He was an intern in the Joint Program on Survey Meth
odology at BEA in the summer o f 2004.
February 2005
S u r v e y o f C u r r e n t B u s in e s s
The mean revision from both the preliminary and final
estimates to the latest estimates is 0.3 percentage point.
For 1983-2002, the average growth rate for the
quarterly estimates of real GDP was 3.4 percent. The
growth rates ranged from -3 .0 to 9.3 percent, with a
standard deviation of 2.4 percentage points. The quar
terly estimates of real GDP successfully indicated the
following:
• The direction of change in real GDP 98 percent of
the time.
•Whether real GDP was accelerating or decelerating
74 percent of the time.
•Whether real GDP growth was high relative to trend
about two-thirds of the time and whether it was low
relative to trend about three-fifths of the time.
• The cyclical peaks in all five of the recessions in
1969-2000. (The quarterly movements of real GDP
around the 2001 recession are complex, and the
peak quarter has not been clearly identified; see the
next section.)
• The cyclical troughs in three of the five recessions;
both the missed troughs were within a quarter of
the latest estimates of the troughs for both quarters.
The remainder of this article discusses (1) revisions
to quarterly estimates of GDP, (2) revisions to annual
estimates of GDP, (3) revisions to the estimates of GDI,
(4) revisions and the relationship between GDP and
GDI, (5) the statistical discrepancy (the difference be
tween GDP and GDI), and (6) the conclusions of this
study.
1. Revisions to Quarterly Estimates of GDP
The measures of reliability featured in this evaluation
are mean revisions and mean absolute revisions from
the earlier estimates to the latest available estimates
(see the box on page 10). The mean absolute revisions
and the mean revisions for the three quarterly esti
mates of current-dollar and real GDP and their major
components for 1983-2002 are evaluated.2
Mean absolute revisions
For both current-dollar and real GDP, the mean abso
lute revisions from the advance estimates to the pre
liminary estimates decreased slightly. The mean
absolute revisions from the preliminary estimates to
the final estimates increased slightly (table 1). The
mean absolute revisions for both current-dollar GDP
and real GDP are slightly more than 1.0 percentage
point, and the revisions for real GDP are about 0.1 to
0.2 percentage point higher than those for the currentdollar GDP.
The pattern of the mean absolute revisions for the
17 components of GDP vary:
• From the advance estimates to the preliminary esti
mates of current-dollar GDP, the mean absolute
2. Current-dollar GDP is adjusted for the changes in prices over tim e in
order to prepare real GDP. At the m ost detailed level, the com ponents o f
real GDP are calculated by dividing the current-dollar estimates by price
indexes. Both real GDP and its components are estimated by using a Fisher
index chain formula, so the com ponents in chained dollars do not sum to
GDP.
Vintages and Tim ing of the Revisions
The Bureau of Economic Analysis (BEA) prepares
quarterly and annual estimates of gross domestic product
(GDP) in the national income and product accounts
(NIPAs). It prepares three vintages of quarterly GDP
estimates—advance, preliminary, and final estimates.
The advance estimates for a quarter are released near the
end of the first month after the end of the quarter; the
preliminary estimates for the quarter are released 2
months after the end of the quarter, and the final
estimates are released 3 months after the end of the
quarter. In addition, as part of the annual NIPA revision,
the quarterly estimates for the 3 preceding years are
revised.
BEA prepares four vintages of annual estimates for a
year—the “sum of finals,” the first annual estimates, the
second annual estimates, and the third annual estimates.
The “sum of finals” is an average of the final estimates for
each quarter of a year that is prepared when the final esti
mate for the fourth quarter of a year is available; these
estimates are released in March with the release of the
final fourth-quarter estimates. The annual estimates for 3
9
preceding years are revised as part of the annual NIPA
revision; these revised estimates are the first, second, and
third annual estimates. The most recent annual NIPA
revision was released in July 2004, and it presented
revised annual and quarterly estimates for 2000-2003.
After the third annual revision of the estimates for a
year is released, these estimates are not revised or
released again until the next comprehensive NIPA revi
sion.
Annual NIPA revisions are superseded by comprehen
sive NIPA revisions, which historically occurred about
every 5 years. These revisions incorporate changes in def
initions and classifications and statistical changes. The
most recent comprehensive revision was released in
December 2003, and it featured revised annual
estimates for 1929-2002 and revised quarterly estimates
for 1947-2003.
BEA also prepares revised quarterly estimates of gross
domestic income (GDI). The revised final estimates for a
quarter are now released with the preliminary estimates
of GDP for the succeeding quarter.
Reliability of the NIPA Estimates
10
revisions for 11 components decreased. For real
GDP, these revisions for only 8 components
decreased.
• From the preliminary estimates to the final esti
mates of current-dollar GDP, the mean absolute
revisions for only 8 components decreased. For real
GDP, these revisions for 10 components decreased.
The mean absolute revisions for the major compo
nents tended neither to increase nor to decrease with
the subsequent estimates. However, except for the
mean absolute revisions for personal consumption ex
penditures, the revisions for the other components of
GDP are considerably larger than the ones for currentdollar GDP and for real GDP.
Comparing the mean absolute revisions for the ma
jor components of GDP with their subcomponents
yields a mixed picture.
Personal consumption expenditures (PCE). The
mean absolute revisions for current-dollar and real
PCE for durable goods and nondurable goods and
current-dollar PCE for services are larger than those
for total PCE. The revisions for real PCE for services
February 2005
Mean Revisions and Mean
Absolute Revisions
The mean revision is calculated as the average of the
revisions in the relevant period:
MR = I ( L - E ) / n
E is the percent change in the earlier quarterly or
annual estimate, L is the percent change in the later
estimate, and n is the number of observations in the
sample period. Percent changes in quarterly estimates
are at quarterly rates, which corresponds to the con
vention generally used for the estimates.
The revisions can be positive or negative, so they
may be offsetting. As a result, it is useful to look at the
mean absolute revision:
M AR = S |L - E |/n
The mean absolute revision is the average of the
absolute values of the revisions.
For most of the analyses in this study, the latest esti
mates are used as the standards for the sizes of the
revisions.
Table 1. Averages of Revisions to Quarterly Estimates of GDP and Its Major Components in 1983-2002
[Percentage points]
Mean absolute revisions
Currentdollar GDP
G ross dom estic product
Advance ....................................................
Preliminary...............................................
Final..........................................................
Personal consum ption expenditures
Advance ...............................................
Preliminary......................... .................
F inal......................................................
1.18
1.12
1.15
1.29
1.22
1.21
Real
GDP
Mean revisions
Currentdollar GDP
1.29
1.26
1.32
0.40
0.25
0.25
1.27
1.19
1.22
Mean absolute revisions
Real
GDP
0.42
0.32
0.33
0.47
0.34
0.36
0.43
0.31
0.34
4.46
4.47
4.46
4.44
4.49
4.45
0.70
0.62
0.57
0.61
0.49
0.41
Nondurable goods
Advance ...........................................
Preliminary.......................................
Final..................................................
1.86
1.45
1.47
2.22
1.89
1.88
0.64
0.35
0.37
0.84
0.55
0.58
Services
Advance ...........................................
Preliminary......................................
Final..................................................
1.30
1.27
1.21
1.01
-0.51
-0.57
-0.53
0.22
0.15
0.25
Gross private dom estic investm ent
Advance ................................................
Preliminary...........................................
Final......................................................
7.61
7.82
7.92
7.52
7.71
7.55
-
1.00
-0.85
-1.29
Fixed investment
Advance ...........................................
Preliminary......................................
Final..................................................
3.00
2.76
2.71
3.26
3.06
3.23
-0.06
-0.49
-0.71
-0.65
-0.93
-1.23
Nonresidential
Advance ......................................
Preliminary..................................
Final.............................................
3.60
3.62
3.47
3.97
4.24
3.97
-0.26
-0.85
-1.13
-1.74
Structures
Advance..................................
Preliminary..............................
Final.........................................
6.12
5.79
5.81
5.75
5.63
5.32
0.86
0.31
0.33
0.29
0.05
4.21
1.02
1.07
4.76
0.88
-0.67
-
-
0.88
-0.49
-
-
1.10
1.02
0.21
-0.92
1. Negative values in some quarters make the calculation of percentage changes impossible.
2. A 1991 change in the accounting treatment of purchases and sales of agricultural goods by the
Real
GDP
Mean revisions
Currentdollar GDP
Real
GDP
Preliminary.............................................
Final........................................................
4.41
4.46
4.81
4.95
-1.31
-1.78
-1.71
Residential
Advance......................................................
Preliminary.................................................
Final............................................................
4.89
4.73
4.59
4.73
5.12
4.97
0.49
0.51
0.32
-0.08
0.32
0.16
Exports
Advance..........................................................
Preliminary......................................................
Fin al.................................................................
4.53
3.92
4.03
4.40
3.72
3.80
2.07
0.78
0.44
1.75
0.70
0.36
Im ports
Advance...........................................................
Preliminary......................................................
Final.................................................................
6.26
5.13
5.19
6.81
6.21
6.21
0.70
0.05
-0.35
-0.31
-1.17
-1.46
G overnment consum ption expenditures and
gross investment
Advance ...............................................................
Preliminary...........................................................
Final......................................................................
2.74
2.67
2.73
3.49
4.02
3.99
0.40
0.17
0.28
0.69
0.42
Federal
Advance...........................................................
Preliminary......................................................
Final.................................................................
5.78
5.89
5.88
6.39
6.49
6.48
0.23
-0.14
0.17
Defense
Advance......................................................
Preliminary.................................................
Final.............................................................
3.86
3.60
3.64
3.88
3.21
3.29
0.17
0.16
0.18
0.15
0.23
0.33
N ondefense2
Advance......................................................
Preliminary.................................................
Final.............................................................
19.80
20.46
20.01
22.98
23.42
22.94
-6.35
-7.88
-6.53
-5.51
-7.11
-5.54
State and local
Advance...........................................................
Preliminary......................................................
Final.................................................................
1.85
1.71
1.75
1.46
1.45
1.46
0.44
0.29
0.32
0.85
0.68
0.74
-
2.21
Change in private inventories 1........................
Net exports of goods and services 1
Durable goods
Advance...........................................
Preliminary......................................
Final..................................................
Equipment and software
Advance..................................
Currentdollar GDP
Commodity Credit Corporation affected nondefense revisions, but not GDP revisions.
0.66
0.21
-
0.11
0.34
February 2005
11
S u r v e y o f C u r r e n t B u s in e s s
are smaller than those for total real PCE.
Gross private domestic investment. The mean ab
solute revisions for the components of fixed invest
ment are all larger than those for total fixed
investment.
Government consumption expenditures and gross
investment. In contrast, the mean absolute revisions
for state and local government expenditures are much
smaller than those for total government expenditures.
The large mean absolute revisions for current-dollar
and real Federal Government nondefense expenditures
reflect a 1991 change in the treatment of the Commod
ity Credit Corporation’s commodity loan program; af
ter this change, the revisions for these expenditures
have been about an eighth of the size of the previous
revisions.3
Change in private inventories. The change in this
component is frequently negative, so mean absolute
revisions and mean revisions cannot be calculated.
However, the effects of revisions to this component can
be approximated by comparing the revisions for gross
private domestic investment (GPDI) with those for
fixed investment.4 The mean absolute revisions for
GPDI are more than double those for fixed investment,
indicating that the revisions to inventories contribute
significantly to the revisions to the estimates of GPDI.5
government expenditures and for most of its compo
nents are positive. However, the mean revisions for
nondefense expenditures are large and negative. These
mean revisions, however, are small and negative in the
period beginning with 1992, as a result of the revised
treatment of the purchases and sales by the Commod
ity Credit Corporation (CCC).
Revisions relative to the trend rate of GDP growth
In 1983-2002, the trend rate o f real GDP growth was
3.4 percent. “Near” trend growth is defined as growth
within one standard deviation of the trend— between
2.1 and 4.7 percent (table 2). Each row in table 2 sums
to the percent share of all the final estimates that were
below, near, or above trend, and each column sums to
the percent share of all the latest estimates that were
below, near, or above trend. For example, 38 percent of
the final estimates indicated below-trend growth, and
28 percent of the latest estimates indicated below-trend
growth; 23 percent of both the final estimates and lat
est estimates indicated below-trend growth.
Table 2. Final Current Quarterly and Latest Estimates of GDP and
Growth Rates Relative to Trends in Growth, 1983-2002
[Percent of total]
Latest estimate
Final estimate
Row total
Below trend
Mean revisions
The mean revisions for the advance estimates of both
current-dollar GDP and real GDP are about 0.4 per
centage point, much smaller than the mean absolute
revisions. The mean revisions for the preliminary and
final estimates are about 0.3 percentage point.
These mean revisions are not indications of bias.
Most of these revisions reflect definitional and statisti
cal changes that are part of comprehensive revisions in
order to improve the estimates (see Fixler 2004).
By component, the mean revisions for personal
consumption expenditures and expenditures for dura
ble goods and nondurable goods are all positive. The
mean revisions for current-dollar expenditures for ser
vices are negative, but the revisions for real expendi
tures for services are positive.
The mean revisions for gross private domestic in
vestment and for fixed investment are negative, but the
revisions for nonresidential structures and residential
investment are positive.6 The mean revisions for total
3. This changed treatm ent primarily affected the tim ing o f Federal n on
defense purchases and change in farm inventories, but not GDR
4. Gross private domestic investment is the sum o f change in private
inventories and fixed investment.
5. However, in previous studies, mean absolute revisions for final sales
(GDP less change in private inventories) were slightly smaller than those for
GDP; thus, revisions to inventories tend to be offset by revisions to the
other components o f GDP.
Near trend
Above trend
Below trend.....................................
Near trend.......................................
Above trend.....................................
23
4
1
15
24
7
0
12
14
38
40
22
Column total....................................
28
46
26
100
Note. Below trend is a change at annual rate of less than 2.1 percent, near trend is from 2.1 to 4.7 percent,
and above trend is more than 4.7 percent.
Three-fifths of the estimates remain below, near, or
above trend. O f the estimates that changed categories,
more than two-thirds were revised to a more rapid
growth category.
Distribution of mean revisions
The distribution of the mean revisions from the final
quarterly estimates to the latest estimates of currentdollar and real GDP and their major components are
shown in table 3.
The standard deviations for the revisions are the
distributions of the revisions that are approximately
normally distributed. About two-thirds of these revi
sions are within one standard deviation of the mean.
The mean revisions of current-dollar and real GDP
are not statistically significantly different from zero,
and seven of the current-dollar components and nine
6. The mean revisions for equipment and software, the other com ponent
o f fixed investment, are positive the second and third annual revision esti
mates and later estimates are used. The change from negative to positive
suggests that the annual source data that are available with a 2-year lag dif
fer from the earlier source data.
Reliability of the NIPA Estimates
12
of the real components are not statistically signifi
cantly different from zero. Because of the change in the
treatment of CCC purchases and sales in 1991, the sig
nificance of the revisions for total government expen
ditures, for Federal Government expenditures, and for
nondefense expenditures cannot be tested. For
1992-2002, all these components may be tested, and
none are statistically different from zero.
For the other components of GDP, four of the cur
rent-dollar components are not testable, but all of the
real components are testable; three current-dollar
mean revisions and five real mean revisions are signifi
cantly different from zero.7
February 2005
standard deviations in 1985-2002 are only about twofifths as large as those in 1978-84 (table 4). In both
periods, the standard deviations from the advance esti
mates to the latest estimates increase; the increases re
flect the use of more and better source data to prepare
the later vintages of the estimates.
The coefficients of variation give a sense of the
“tightness” of the distributions.10 The coefficients of all
four vintages are smaller in 1985-2002 than in
9. The earliest year for which BEA has found it feasible to reconstruct the
vintages o f the quarterly estimates o f GDP, GD I, and their m ajor com po
nents is 1978.
10. The coefficients o f variation are defined as the standard deviations
divided by the mean percent changes in real GDP.
Sm oothness of GDP estim ates
Some analysts have discerned that the volatility of real
GDP estimates dropped sharply around 1984; since
then, volatility has remained relatively low. Volatility is
typically measured as the standard deviation of percent
changes at an annual rate.8
The smoothness or standard deviations of four vin
tages of quarterly estimates of real GDP for 1978-84
and 1985-2002 are analyzed.9 For all four vintages, the
7. Although the revisions for some o f the nongovernm ent com ponents do
not pass tests for normality, with a sample size o f 80 observations, t-test sta
tistics are reasonably robust even in the absence o f normality. For the four
current-dollar com ponents that were not tested, none had t-statistics as
large as 1.99, the critical value for statistically significant values that differ
from 0 with p = .0 5 . Thus, it may be reasonably concluded that their means
are not statistically significantly different from zero.
8. For example, see Howrey (2003), Kahn, M cConnell, and Perez-Quiros
(2003), Kim, Nelson, and Piger (2001), and Stock and Watson (2002).
Table 4. Estimates of the Smoothness of Real GDP Estimates
1978:1-1984: IV
1985:1—2002:1V
Standard deviations of estimates; percentage points
Advance..................................
Preliminary..............................
Final........................................
Latest......................................
1.771
1.937
2.019
2.098
4.425
4.521
4.583
5.302
Coefficients of variation
Advance..................................
Preliminary.............................
Final........................................
Latest......................................
1.104
1.124
1.104
1.099
0.626
0.659
0.687
0.641
Standard deviations of revisions; percentage points
Latest less advance..............
Latest less preliminary..........
Latest less fin a l......................
2.525
2.384
2.510
1.593
1.528
1.593
Ratios of standard deviations of revisions to those of estimates
Advance..................................
Preliminary.............................
Final........................................
0.571
0.527
0.548
0.899
0.789
0.787
Table 3. Revisions to Quarterly Current-Dollar and Real Estimates of GDP in 1983-2002
[Percentage points]
Current-dollar GDP
Mean
revision
Minimum
revision1
Maximum
revision2
Real GDP
Standard
deviation
Statistical
significance
Mean
revision
Minimum
revision'
Maximum
revision2
Standard
deviation
Statistical
significance
Gross domestic product......................................................................
0.25
-3.94
3.09
1.43
NS
0.33
-4.45
3.25
1.62
NS
Personal consumption expenditures...............................................
Durable goods
Nondurable goods...............................................................................
Services,
0.36
0.56
0.37
0.28
-2.93
-14.11
-6.00
-3.47
6.56
11.71
3.41
9.16
1.60
5.55
1.81
1.88
S
NS
NT
NT
0.34
0.41
0.58
0.25
-2.90
-14.42
-5.53
-2.50
5.14
13.06
5.52
1.39
1.52
5.61
2.18
1.49
NS
NS
S
NS
Gross private domestic investment..................................................
Fixed investment.................................................................................
Nonresidential.................................................................................
Structures.....................................................................................
Equipment and software...........................................................
Residential.......................................................................................
Change in private inventories 3.........................................................
-1.00
-0.71
-1.13
0.33
-1.78
0.26
-24.75
-10.62
-9.93
-25.54
-10.05
-19.53
23.77
8.70
8.58
21.05
9.82
29.77
9.99
3.57
4.31
7.68
5.06
6.61
NS
NS
NS
S
NT
-1.29
-1.29
-1.74
0.21
-2.21
-22.11
-31.43
-12.01
-17.90
-13.34
-20.11
-24.85
20.84
8.16
8.18
19.06
10.36
0.16
9.95
0.88
4.92
6.77
5.80
6.69
NS
S
S
NS
S
NS
Net exports of goods and services3................................................
Exports..................................................................................................
Imports..................................................................................................
0.44
-0.35
-12.51
-41.34
14.07
35.84
5.07
9.17
NS
NT
0.36
-1.46
-10.86
-54.28
17.16
41.68
5.13
11.65
NS
NS
Government consumption expenditures and gross investment
Federal..................................................................................................
D efense...........................................................................................
Nondefense 4..................................................................................
State and local.....................................................................................
0.28
0.17
0.18
-4.04
0.32
-11.09
-33.11
-13.55
-227.88
-3.96
14.56
24.28
10.15
64.36
7.03
3.79
8.58
4.55
39.25
2.28
NT
NT
NS
NT
NS
0.63
0.43
0.47
-5.52
0.64
-12.67
-32.24
-10.07
-216.03
-4.70
18.21
28.05
11.54
69.06
7.54
4.40
9.79
4.30
43.10
2.40
NT
NT
NS
NT
S
NS Not statistically significant at 5 percent.
NT No test; revisions not normally distributed at a 5-percent or lower level.
S Statistical significance of at least 5 percent.
1. The minimum revision is the largest negative revision.
s
2. The maximum revision is the largest positive revision.
3. Negative values in some quarters make the calculation of percentage changes impossible.
4. A 1991 change in the accounting treatment of purchases and sales of agricultural goods by the
Commodity Credit Corporation affected nondefense revisions, but not GDP revisions.
February 2005
1978-84, and they are about three-fifths as large as
in 1985-2002. Thus, the coefficients of variation in
1978-84 show less improvement in smoothness than
in 1985-2002.
The ratio of standard deviations of the revisions of
the four vintages of real GDP estimates in 1985-2002
are smaller than those in 1978-84. In line with the
findings on mean absolute revisions shown in table 1,
no particular trends in the standard deviations are
shown when the vintages of the estimates progress
from advance estimates to final estimates.
If the volatility of the revisions declines in line with
the volatility of the estimates, the ratios of the standard
deviations of the revisions to the standard deviation of
the estimates would be about the same in both periods.
Instead, the ratios in 1985-2002 are considerably
higher than in 1978-84. Thus, the reductions in the
volatility of the estimates are not fully mirrored in the
reductions in the revisions.
In sum, the volatility of real GDP has been lower
since 1984, regardless of the vintage of the estimates.
The volatility of the revisions has also been lower, but
not by nearly as much, and the declines in volatility are
roughly in line with those found for the coefficients of
variation. Because all of the latest estimates through
1997 have been benchmarked to the benchmark inputoutput accounts, future revisions are unlikely to re
verse this finding.
Reliability at cyclical turning points
For economic policymakers and business analysts, ac
curate measurements of the changes in real GDP are
particularly important around cyclical peaks and
troughs.
A previous BEA study found that the advance, pre
liminary, and final quarterly estimates have correctly
captured the cyclical peaks in four of the five recessions
in 1969-91 (Grimm and Parker 1998, 12). As a result
of the 2003 comprehensive NIPA revision, the quar
terly estimates are now found to correctly capture the
cyclical peaks in all five recessions (table 5). This study
also found that about half of the five cyclical troughs
were correctly captured by the quarterly estimates, and
this finding was unchanged by the comprehensive revi
sion.
Determining the peaks and troughs of the 2001 re
cession is more complex. The dating committee at the
National Bureau of Economic Research (NBER), using
monthly data that differ from the data used in the esti
mates of real GDP, has determined that the peak was in
March 2001 and that the trough was in November
2001. However, the final quarterly estimates of real
GDP indicated that real GDP declined only in the third
quarter of 2001.
13
S u r v e y o f C u r r e n t B u s in e s s
The latest estimates, which include the 2003 com
prehensive NIPA revision and the 2004 annual revi
sion, indicate a more complex pattern of movements:
Real GDP decreased in the third quarter of 2000 and in
the first and third quarters of 2001, and it increased
in the fourth quarter of 2000 and in the second
quarter of 2001 (chart 1). The NBER dating committee
Chart 1. Percent Change in Real GDP
Percentage points
U.S. Bureau of Economic Analysis
determined that the trough was in November 2001, so
on a quarterly basis, the third quarter of 2001 is indeed
the quarterly trough of real GDP. However, it is unclear
in which quarter GDP peaked. Even though real GDP
decreased in two of the three quarters before the sec
ond quarter of 2001, it is higher in the second quarter
than in any previous quarter.
If the peak were in the second quarter of 2001, then
the peak and trough quarters shown in the final esti
mates are the same as those in the latest estimates. The
Table 5. Timing Accuracy of Real GDP Estimates
at Peaks and Troughs
Peaks
Vintage of estimate
1973:1V
1969:111
Advance..................................
Preliminary..............................
Final........................................
First annual............................
Second annual.......................
Third annual...........................
1980:1
C
C
0
0
C
C
C
C
(’)
C
C
C
1990:1V
1981:1
C
C
C
(')
C
C
C
C
C
C
1
1
C
C
C
(1)
I
C
Troughs
1970:1V
Advance..................................
Preliminary.............................
Final........................................
First annual............................
Second annual.......................
Third annual...........................
C Correctly identified.
I Incorrectly identified.
1. No estimate was prepared.
1975:1
C
C
0)
c
c
c
1982:111
1980:111
1
C
(')
C
C
C
1
1
1
(’)
1
1
1991:1
1
1
1
1
C
(’)
C
C
C
C
C
C
Reliability of the NIPA Estimates
14
shape of the trajectory of the economy is more easily
observed by taking three-quarter centered, moving av
erages. Both the final estimates and latest estimates in
dicate a retreat in the growth rates of real GDP from
high values in the second quarter of 2000 to lowest and
negative values in the third quarter o f 2001, and the re
treat was followed by a recovery (chart 2). The ampli-
Chart 2. Percent Changes in Real GDP:
Three-Quarter Moving Average__________________
Percentage points
February 2005
penditures among the quarters of the years.
Like the mean absolute revisions for the quarterly
estimates, the mean absolute revisions for the annual
estimates of real GDP and most of its major compo
nents are slightly larger than those for current-dollar
GDP and its major components.
Except for the mean absolute revisions for PCE, the
revisions for current-dollar and real GDP are smaller
than those for their major components. Among the
components, PCE has the smallest mean absolute revi
sions, and Federal nondefense expenditures has the
largest (reflecting the changes in treatment of the CCC
commodity loan program).
The mean revisions for current-dollar and real GDP
and for most of their major components are similar to
those for the current quarterly estimates. The mean re
visions for some of the annual vintages of investment
and for real imports are negative. Most of the other
mean revisions are positive, including those for the
second and third annual estimates of fixed investment
and its components.
3. Revisions to Estimates of GDI
The quarterly estimates
U.S. Bureau of Economic Analysis
tude of quarter-to-quarter variations in growth rates is
greater for the latest estimates before the trough, and
the amplitude is greater for the final estimates after the
trough. Both the final estimates and latest estimates
show declines from high rates near the beginning of
2000 to low rates in mid-2001; growth rates increased
in the first half of 2002, and then in the second half of
2002, growth rates diminished.
The final estimates of GDP for the quarters around
the 2001 recession may be considered as being success
ful in capturing the general movements in real GDP.
2. Revisions to Annual Estimates of GDP
The revisions to the annual estimates of current-dollar
and real GDP and their major components that are
shown in table 6 are much smaller than those to the
quarterly estimates of GDP in table 2. The size of the
mean absolute revisions tend to decrease as the annual
estimates are revised. For current-dollar and real GDP,
the largest decreases occur between the second and
third annual estimates; the next largest decreases are
those between the “sum of finals” and first annual revi
sions.
These results partly reflect that annual estimates are
unaffected by revisions to seasonal adjustments that
affect the quarterly estimates or other allocations of ex
As part of the 2003 comprehensive revision, a number
of revisions reflect new definitions and classifications
that affected income components; in particular, the
concept of national income was redefined. Net na
tional factor income is essentially the same as the pre
vious national income component.11
Advance estimates of GDI, net national factor in
come, and some of its components are not published.
Additionally, preliminary estimates of net national fac
tor income and most of its components for the fourth
quarters of each year have not been published since
1994, and as a result, the revisions for their prelimi
nary estimates are not shown in table 7.
The mean absolute revisions for the final estimates
of GDI and net national factor income are similar to
those for current-dollar GDP (table 7). Among the
components of net national factor income, only com
pensation of employees has mean absolute revisions
that are similar to those for most of the major compo
nents of GDP. For the other components, the mean ab
solute revisions are much larger, primarily reflecting
the limited availability of quarterly source data. For ex
ample, corporate profits are estimated using sources
such as corporate financial statements; beginning with
the second annual revision estimates, tax return data
11.
Net national factor income equals the new definition o f national
income plus subsidies, less taxes on production and imports, “business cur
rent transfer payments (net),” and current surplus o f government enter
prises. National income is now net national product less the statistical
discrepancy.
February 2005
15
S u r v e y o f C u r r e n t B u s in e s s
are used for the estimates. The second annual revisions
of the quarterly estimates of the components incorpo
rate the final revisions of some annual data. The large
mean absolute revisions for proprietors’ income reflect
typically large revisions to farm proprietors’ income;
the mean absolute revisions for nonfarm proprietors’
income are less than half as large as those for total pro
prietors’ income.
Mean revisions for GDI, for net national factor in
come, and for most vintages of compensation of em
ployees are all positive, but less than 0.1 percentage
point. The revisions for most other GDI components
are similar to those for current-dollar major GDP
components; thus, the larger mean absolute revisions
do not translate into larger mean revisions.
Table 7. Averages of Revisions to Quarterly Estimates of GDI
and of Selected Components in 1983-2002
[Percentage points]
Mean absolute revision
Mean revision
Advance Preliminary Final Advance Preliminary Final
Gross domestic incom e.........................
Consumption of fixed capital.....................
Taxes on production and imports.............
Compensation of employees....................
Proprietors’ income with IVA and CCAdj
Nonfarm..................................................
Rental income of persons with C C A dj2
3.62
3.21
1.28
3.41
3.31
1.03
0.18
1.47
1.43 1.40
11.16 10.58
4.87 5.00
0.28
-1.29
-1.02
3.40
3.20
1.58
11.45
5.52
0.09
0.09 0.09
-0.77 -0.66
-0.48 -0.39
12.13
7.98
Net interest and miscellaneous payments
0.08
0.83
0.02
0.83
-0.03
-1.19
0.31
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
1. Equals the new definition of national income plus subsidies, less taxes on production and imports, busi
ness current transfer payments (net), and current surplus of government enterprises.
2. Negative values in some quarters make the calculation of percent changes impossible.
Table 6. Averages of Revisions to Annual Estimates of GDP and Its Major Components in 1983-20021
[Percentage points]
Mean absolute revisions
Currentdollar GDP
Real
GDP
Mean revisions
Currentdollar GDP
Mean absolute revisions
Gross domestic product
Sum of fin a ls.............................................................
First annual...............................................................
Second annual..........................................................
Third annual..............................................................
0.48
0.41
0.37
0.29
0.65
0.57
0.52
0.41
0.27
0.18
0.21
0.12
0.38
0.39
0.42
0.37
Personal consumption expenditures................
Sum of fin a ls.........................................................
First annual...........................................................
Second annual.....................................................
Third annual..........................................................
0.59
0.46
0.38
0.29
0.61
0.58
0.49
0.44
0.45
0.32
0.26
0.19
0.47
0.50
0.47
0.44
Durable goods
Sum of finals....................................................
First annual.......................................................
Second annual.................................................
Third annual.....................................................
1.37
1.27
1.08
1.03
1.26
1.11
1.00
0.91
0.67
0.38
0.32
0.30
0.62
0.46
0.41
0.44
Nondurable goods
Sum of finals....................................................
First annual.......................................................
Second annual.................................................
Third annual.....................................................
0.58
0.52
0.30
0.25
0.85
0.75
0.56
0.51
0.23
0.15
0.12
0.05
0.50
0.46
0.41
0.35
Services
Sum of finals....................................................
First annual.......................................................
Second annual.................................................
Third annual.....................................................
0.76
0.63
0.63
0.48
0.68
0.63
0.57
0.51
0.54
0.39
0.34
0.27
0.47
0.55
0.53
0.51
Gross private domestic investment
Sum of finals.........................................................
First annual
Second annual.....................................................
Third annual..........................................................
2.18
1.93
1.52
1.23
2.05
1.92
1.53
1.25
-0.55
-0.47
-0.02
-0.04
-0.72
-0.59
0.04
0.07
Fixed investment
Sum of finals....................................................
First annual.......................................................
Second annual.................................................
Third annual......................................................
1.25
1.20
0.89
0.88
1.48
1.28
1.03
0.82
-0.45
-0.47
0.30
0.17
-0.76
-0.64
0.24
0.18
Nonresidential
Sum of finals................................................
First annual..................................................
Second annual.............................................
Third annual.................................................
1.84
1.48
1.24
1.11
2.13
1.64
1.71
2.19
-0.81
-0.67
0.44
0.27
-1.16
-0.91
0.88
0.21
Structures
Sum of finals............................................
First annual..............................................
Second annual.........................................
Third annual.............................................
Real
GDP
Currentdollar GDP
Real
GDP
Second annual........................................
Third annual.............................................
1.71
1.41
1.95
1.51
0.42
0.24
0.23
0.17
Sum of fin a ls................................................
First annual..................................................
Second annual.............................................
Third annual.................................................
1.44
0.94
0.96
0.98
1.42
1.03
0.85
0.82
0.52
0.10
0.19
0.26
0.34
-0.04
0.17
0.18
Exports
Sum of fin a ls....................................................
First annual........................................................
Second annual.................................................
Third annual......................................................
0.87
0.73
0.63
0.72
1.38
1.16
0.97
0.99
0.42
0.50
0.23
-0.10
0.39
0.32
-0.01
-0.27
Imports
Sum of fin a ls....................................................
First annual
Second annual.................................................
Third annual......................................................
0.66
0.49
0.41
0.42
1.22
0.87
0.73
0.69
0.32
0.26
0.13
0.03
-0.46
-0.21
-0.14
-0.14
Government consumption expenditures and
gross investment
Sum of finals..........................................................
First annual............................................................
Second annual......................................................
Third annual..........................................................
0.65
0.58
0.62
0.55
0.78
0.66
0.74
0.58
0.19
0.09
0.15
0.01
0.71
0.44
0.37
0.18
Sum of fin a ls.....................................................
First annual........................................................
Second annual.................................................
Third annual......................................................
1.08
1.03
1.04
1.15
1.40
1.44
1.47
1.41
0.18
0.09
0.22
0.22
0.51
0.40
0.38
0.26
Defense3
Sum of fin a ls................................................
First annual
Second annual.
Third annual
0.66
0.57
0.51
0.53
0.96
0.77
0.58
0.46
0.01
-0.03
0.04
0.09
0.24
0.16
0.20
0.07
4.28
4.21
4.04
4.46
3.03
2.22
2.02
2.00
0.33
0.16
0.62
0.45
0.61
0.26
0.93
0.54
0.92
0.66
0.67
0.50
1.06
0.77
0.72
0.48
0.26
0.12
0.13
-0.12
0.64
0.48
0.33
0.11
Net exports of goods and services2
2.48
1.28
1.00
1.09
2.19
0.90
1.33
1.26
0.51
0.21
0.63
0.37
0.27
0.31
0.82
0.49
2.20
2.01
2.36
2.16
-1.30
-0.98
-1.47
-1.22
Equipment and software
Nondefense3' 4
Second annual.............................................
State and local
First annual........................................................
1. Second annual estimates are for 1983-2001, and third annual estimates are for 1983-99.
2. Negative values in some years make the calculation of percentage changes impossible.
3. Estimates for 1983 and 1984 were not prepared.
Currentdollar GDP
Real
GDP
Mean revisions
4. A 1991 change in the accounting treatment of purchases and sales of agricultural goods by the
Commodity Credit Corporation affected nondefense revisions, but not GDP revisions.
Reliability of the NIPA Estimates
16
Annual estimates
Like the quarterly estimates, the mean absolute revi
sions for GDI and net national factor income are simi
lar to those for current-dollar GDP (table 8). The
mean absolute revisions for compensation of employ
ees are somewhat smaller than those for GDI and net
national factor income. The mean absolute revisions
for GDI and net national factor income are succes
sively smaller from the “sum of finals” estimates to the
first annual revision estimates and then to the second
annual revision estimates. However, the mean absolute
revisions increase somewhat to the third annual revi
sion estimates.
The mean revisions for GDI, net national factor in
come, and their components are generally quite small
and are generally similar to the mean revisions for the
major components of GDP. Like GDP, the mean revi
sions for all vintages of GDI and net national factor in
come are positive.
February 2005
about the product side of the NIPAs; and the final esti
mates of net national factor income, which summarize
the available information about the income side of the
NIPAs.13
The coefficients for all three variables are statisti
cally significant, and the equations explain about
one-fifth of the variance of the revisions (table 9). The
positive coefficient on the median forecast variable
suggests that professional forecasters used information
that is related to economic activity but that was not
13.
The Survey o f Professional Forecasters, which is the oldest quarterly
survey o f m acroeconom ic forecasts in the United States, was begun in 1968
by the American Statistical Association and the National Bureau o f Eco
nom ic Research. The survey has been conducted by the Federal Reserve
Bank o f Philadelphia since 1990. The forecasts underlying the survey esti
mates are typically made following the release o f advance estimates for the
preceding quarter; thus, they incorporate inform ation available at about
the middle o f the initial quarter being forecasted.
Table 9. Regression Equations Explaining Revisions in Income and
Product Estimates in 1983:1—2002:1V
4. Revisions, GDP, and GDI
GDP and GDI may be viewed as two less-than-perfect
measures of “true” U.S. economic activity. GDP mea
sures activity as the sum of final sales and change in
private inventories. GDI measures activity as the sum
of income generated in the production process.12
To explore whether contemporaneously available
information helps explain revisions from the final cur
rent quarterly estimates to the latest estimates, the re
visions for current-dollar GDP were regressed on the
following: The median forecast of GDP by the Society
of Professional Forecasters was used as a proxy for
non-NIPA information; the final quarterly GDP esti
mates, which summarize the available information
Dependent variable
Gross
domestic
product
Explanatory variable
C onstant....................................................................
T-test sta tistics ....................................................
Gross domestic product (GDP)
T-test s ta tis tic s ...............................................
T-test s ta tis tic s ...............................................
Final sales
0.171
(0.372)
Net
national
factor
income1
-0.234
(0.613)
-0.239
(0.500)
-0.736
(1.315)
0.227
** (2.871)
0.271
** (2.939)
0.275
** (2.787)
-0.218
* (2.609)
T-test s ta tis tic s ...............................................
Net national factor income
0.164
‘ (2.001)
-0.146
** (2.701)
-0.415
” (2.701)
0.216
1.265
** 8.242
0.243
1.488
** 9.327
T-test s ta tis tic s ...............................................
R-bar square.............................................................
Standard error...........................................................
F-statistic...................................................................
Gross
domestic
income
0.362
** (3.363)
-0.498
** (4.488)
T-test................................................
statistics
Gross domestic income
T-test...............................................
s ta tis tic s
12.
BEA views GDP as a m ore reliable measure o f output than GDI
because it considers the source data underlying the estimates o f GDP to be
more accurate. For example, m ost o f the annual source data used for esti
mating GD P are based on complete enumerations, such as Federal Govern
ment budget data or are regularly adjusted to complete enumerations, such
as the quinquennial econom ic censuses and census o f governments.
Final sales
-0.136
(1.914)
0.089
1.545
* 4.877
0.072
1.784
*4.061
* Significant at a 5-percent level.
** Significant at a 1-percent level.
Table 8. Averages of Revisions to Annual Changes in GDI and Selected Components
[Percentage points]
Mean absolute revision
Sum of finals1
Mean revision
First annual1 Second annual2 Third annual3
Sum of finals1
First annual1 Second annual2 Third annual3
Gross domestic income............................................................................
Consumption of fixed capital......................................................................
Taxes on production and im ports..............................................................
0.85
1.59
0.72
0.41
1.16
0.96
0.28
1.23
1.14
0.36
1.35
0.88
0.25
0.37
0.26
0.08
0.74
0.30
0.04
0.85
0.21
0.13
0.11
0.09
Net national factor incom e4....................................................................
Compensation of employees......................................................................
Proprietors’ income with IVA and CCAdj..................................................
Nonfarm ....................................................................................................
Rental income of persons with C C A dj5....................................................
Corporate profits with IVA and CC Adj.
Net interest and miscellaneous payments................................................
0.86
0.97
4.05
4.13
0.47
0.33
2.72
3.21
0.34
0.19
1.99
2.47
0.44
0.22
2.46
2.91
0.28
0.18
0.37
0.57
0.07
0.10
0.64
0.40
0.03
0.06
-0.05
0.00
0.10
0.12
0.30
0.22
7.20
5.68
6.11
5.07
4.05
3.47
3.36
2.23
-0.25
0.43
-0.64
-0.13
-0.43
-0.26
-1.16
-0.28
IVA Inventory valuation adjustment.
CCAdj Capital consumption adjustment.
1. Sum of final and first annual estimates are for 1983-2002.
2. Second annual estimates are for 1983-2001.
3. Third annual estimates are for 1983-99.
4. Equals the new definition of national income plus subsidies, less taxes on production and imports, business current transfer payments (net), and current surplus of government enterprises.
5. Negative values in some years make the calculation of percent changes impossible.
February 2005
S u r v e y o f C u r r e n t B u s in e s s
used in the preparation of the final estimates. The neg
ative coefficient on the final GDP estimate is consistent
with a tendency to revise early estimates toward aver
age values.14 The positive coefficient on the final esti
mate of net national factor income is consistent with
the hypothesis that the income-side estimates contain
information that is significant in explaining revisions
to GDP.15
The results of a regression that estimates revisions
from the final estimates to the latest estimates of final
sales, which is defined as GDP less change in private
inventories, are also shown in table 9. Nearly onefourth of the variance of the revisions is explained by
the equation. Both the estimates of final sales and of
net national factor income are significant, but the signs
of their coefficients are the opposite of those expected.
The negative coefficient for net national factor income
appears to capture the impact of revisions to change in
private inventories, which is not included in final sales.
In addition, a first order autoregressive correction is
significant, at a p value of .01; its negative sign indi
cates that it is correcting for negative serial correlation.
The regressions equations that estimate revisions
from the final estimates to the latest estimates of gross
domestic income and of net national factor income
find that final estimates of final sales are statistically
significant, but they explain less than one-tenth of the
variances. In both equations, the coefficient of the final
estimate of final sales is statistically significant, with
positive coefficients that indicate that the product-side
estimate contains information that is significant in ex
plaining revisions to the income-side measures. The fi
nal estimate of GDI has a negative coefficient in the
GDI revisions equation, which is consistent with a ten
dency to revise early estimates toward average values.
The final estimate of net national factor income has a
negative coefficient in the equation, but its t-test
statistic falls a bit short of statistical significance at the
p = .05 level. Alternative versions of the first, third, and
fourth equations— that include first-order autoregres
sive corrections— found that the corrections were not
statistically significant.
Thus, the regressions show two general tendencies.
First, early-vintage estimates tend to be revised toward
long-run averages. Second, the estimates of incomeside economic activity contain information about the
product side that is not embodied in the product-side
14. It is consistent because the equation can be renormalized to include
the difference between the final GDP estimate and the long-run average of
GDP; only the constant term is affected. I f GDP is higher than its long-term
average, the negative coefficient will lower the estimated value o f the revi
sion, and conversely.
15. GDI was not significant, presumably because the inform ation on net
national factor incom e was masked by the other com ponents that are added
to net national factor incom e to obtain GDI.
17
estimates; the same is true about information in the
pro duct-side estimates versus the contemporaneously
available income-side estimates, but less strongly so.
5. The Statistical Discrepancy
In principle, GDP and GDI should be equal. However,
they usually differ because they rely on different source
data that are not necessarily compatible. The statistical
discrepancy is defined as the difference between GDP
and GDI. The statistical discrepancy may be regarded
as the net sum of offsetting, unknown, measurement
errors. For example, if the output of drycleaning and
laundry services is measured in a Census Bureau sur
vey, and the income for this activity is measured in IRS
income tax documents, a discrepancy might arise. This
is true of many income-side and product-side mea
sures.16
In theory, an econometric analysis should be able to
determine which income-side and product-side mea
sures have the greatest ability to explain the statistical
discrepancy. In practice, most major GDP components
are highly correlated with one another, and most ma
jor GDI components are only slightly less highly corre
lated with one another. All of the measures are
considerably less correlated with the statistical discrep
ancy.17
As a result of the correlations among GDP and GDI
components, the principal contributors to the statisti
cal discrepancy are difficult to identify. Revisions to
each component of GDP and of GDI will pass through
one-for-one to the statistical discrepancy, but the ef
fects of the revisions partly offset one another, and
multicollinearity is again a substantial problem.
BEA’s statistical findings about the relationships be
tween the movements in the statistical discrepancy and
those in GDP and GDI components have been incon
clusive. Research on the statistical discrepancy and re
lated topics is continuing at BEA.
For the latest annual estimates, the statistical dis
crepancy has large positive values in 1989-97; it dips
16. Some analysts have advocated using weighted averages o f GDP and
GDI to approximate the true size o f econom ic activity; see Weale (1992),
Howrey (2003), and Fixler and Nalewaik (2004). The first two papers
implicitly assume that the differences between the two measures and the
true size o f econom ic activity is “noise,” or completely uncorrelated with
the true state o f the economy. The third paper assumes that the differences
are “news,” or perfectly correlated with the true state o f the economy.
17. According to a study o f the statistical discrepancy in 1 9 47-97 by Klein
and Makino (2000), the discrepancy was statistically significant in explain
ing its values four quarters later, and after the discrepancy was adjusted to
remove trends, the sum o f corporate profits and proprietors’ income,
exports, and government consum ption expenditures were statistically sig
nificant in explaining the statistical discrepancy. Replication o f their work
by BEA for 1983-2002 and using data from the 2003 comprehensive NIPA
revision found that none o f the explanatory measures were statistically sig
nificant and that the four-quarter-lag effects o f the discrepancy were also
not significant.
18
Reliability of the NIPA Estimates
sharply to negative values in 1998, and then it recovers
to a near-zero value in 2002 (chart 3).
Annual data should be used to study the statistical
discrepancy and revisions to it; if quarterly data are
used, two factors act to obscure the relationships be
tween the statistical discrepancy and the income-side
and product-side components:
• Seasonal adjustments. Although these adjustments
remove regular fluctuations from seasonally unad
justed source data, the adjustments are not made in
lockstep, and the adjustment process includes some
judgments that might not be the same for related
income-side and product-side measures.
• Interpolation and extrapolation. The use of meth
odologies to interpolate or to extrapolate quarterly
estimates by less-than-perfect indicator series may
lead to incompatible quarterly estimates for
income-side and product-side components. In
addition, revisions to the indicator series or the use
of different indicator series in later estimates may
lead to revisions to the estimates of the statistical
discrepancy.
Com prehensive revisions and statistical discrep
ancies
The comprehensive revisions to the NIPAs feature two
types of revisions: Revisions that reflect new defini
tions or classifications and revisions that reflect new
statistical methodologies. In addition, new or newly
available source data are incorporated into the esti
mates when possible, and the estimates are benchmarked to the most recent benchmark input-output
accounts.
The revisions due to new definitions are designed to
February 2005
contain offsetting amounts on the income side and the
product side, and these revisions do not affect the sta
tistical discrepancy. For example, the changed treat
ments of banking and insurance services as part of the
2003 comprehensive revision had offsetting effects on
GDP and GDI (Seskin and Larkins 2004, 9).
The changes in statistical methodology and the in
corporation of newly available data can have substan
tial and differing effects on GDP and GDI.
The total revisions to GDP are relatively small, but
they contain substantial year-to-year variation (chart
4). The total changes to GDI are generally negative,
and they are relatively large in the middle of the pe
riod. The revisions to the statistical discrepancy are
equal to the revisions to GDP less those to GDI; these
revisions are relatively small near the end of the period,
and they are large and positive in the middle of the pe
riod.
6. Conclusions
The results of this study are generally consistent with
those of previous BEA studies:
• The estimates of GDP and GDI are reliable; the
mean absolute revisions for the quarterly estimates
of both measures are slightly more than 1 percent
age point, and the mean absolute revisions for the
annual estimates are about half the size of those for
the quarterly estimates.
• The mean revisions for GDP and GDI are positive,
primarily as a result of improvements in the mea
sures of economic activity and expansions of the
definition of economic activity that have been
introduced in comprehensive NIPA revisions in
Chart 4. Revisions to GDP, GDI, and the Statistical
February 2005
S u r v e y o f C u r r e n t B u s in e s s
order to adapt GDP and GDI to a changing econ
omy.
•The quarterly estimates are reliable indicators of
whether the economy is growing at rates above,
near, or below the long-term trend.
• For the annual estimates, the mean absolute revi
sions from the “sum of finals” estimates to the first
annual revisions are substantially reduced. The
mean absolute revisions are also substantially
reduced between the first and second annual revi
sion estimates and between the second and third
annual revision estimates.
• The quarterly estimates of real GDP have accu
rately portrayed the peaks in five of the last six
recessions. They also accurately portrayed the
troughs of four of the last six recessions, but they
were late by one quarter for the other two reces
sions.
•The mean revisions for the quarterly estimates of
current-dollar and real GDP are not statistically sig
nificant; similarly, where it is possible to test, the
19
mean revisions for most of the major components
are not statistically significant. The revisions from
the final quarterly estimates to the latest estimates
of current-dollar GDP, of final sales, of GDI, and of
net national factor income are partly explained by
contemporaneously available information. In addi
tion, for net national factor income, the final quar
terly estimates contain significant information
about revisions to the final estimates of GDP and of
final sales.
Changes in statistical methodologies as part of com
prehensive NIPA revisions and source data can signifi
cantly affect the estimates of the statistical discrepancy.
Changes in definitions, however, do not result in
changes, because these revisions are designed to have
the same effects on both the income-side estimates and
the product-side estimates of economic activity. Revi
sions to the estimates of the components of GDP and
GDI significantly affect the statistical discrepancy, but
multicollinearity obscures the information that can be
gleaned from statistical studies.
R eferences
Fixler, Dennis J. 2004. “Revisions to GDP Estimates in
the United States” Paper presented to the OECD
Workshop on Revisions, Paris, October 7, 2004;
< www.bea.gov/bea/papers.htm>.
Fixler, Dennis J., and Bruce T. Grimm. 2003. “Revi
sions, Rationality, and Turning Points in GDP.” Paper
presented at the meeting of the American Economic
Association, Washington, DC, January 3-5, 2003;
< www.bea.gov/bea/working_papers.htm>.
Fixler, Dennis J., and Bruce T. Grimm. 2002. “Reli
ability of GDP and Related NIPA Estimates ” S u r v e y
of
C u rren t
B u s in e s s
82 (January 2002): 9-27;
< www.bea.gov/bea/pubs.htm>.
Fixler, Dennis J., and Jeremy J. Nalewaik. 2005.
“News, Noise, and the Estimates of the ‘True’ Unob
served State of the Economy”; < www.bea.gov/bea/
working_papers.htm>.
Grimm, Bruce T., and Robert P. Parker. 1998. “Reli
ability of the Quarterly and Annual Estimates of GDP
and Gross Domestic Income.” S u r v e y o f C u r r e n t B u s i
n e s s 78 (December 1998): 12-21; < www.bea.gov/bea/
pubs.htm>.
Howrey, E. Philip. 2003. “The Accuracy of the Gov
ernment’s Estimates of GDP.” Draft. Ann Arbor, MI.
Kahn, James A., Margaret M. McConnell, and Gab
riel Perez-Qurios. 2003. “On the Causes o f the In
creased Stability of the U.S. Economy.” FRBNY
Economic Policy Review (May 2002): 183-202.
Kim, Chang-Jin, Charles Nelson, and Jeremy Piger.
2001. “The Less Volatile U.S. Economy: A Bayesian In
vestigation of Timing, Breadth, and Potential Explana
tions.” International Financial Discussion Paper 707.
Board of Governors of the Federal Reserve System,
Washington, DC; < www.federalreserve.gov/pubs/ifdp/
2001/707/ifdp707.pdf>.
Klein, Lawrence R., and J. Makino. 2000. “Eco
nomic Interpretations of the Statistical Discrepancy.”
Journal o f Economic and Social Measurement 26 (2000):
11-29.
Mankiw, N. Gregory, and Matthew D. Shapiro.
1986. “News or Noise: An Analysis of GNP Revisions.”
S u r v e y o f C u r r e n t B u s in e s s 66 (May 1986): 20-25.
Seskin, Eugene P., and Daniel Larkins. 2004. “Im
proved Estimates o f the National Product Accounts for
1929-2002.” S u r v e y o f C u r r e n t B u s in e s s 84 (February
2004): 7-29; < www.bea.gov/bea/pubs.htm>.
Stock, James H., and Mark W. Watson. 2002. “Has
the Business Cycle Changed and Why?” National Bu
reau of Economic Research Working Paper 9127. Cam
bridge, MA; < www.nber.org/~confer/2002/macros02/
stock.pdf>.
Weale, Martin. 1992. “Estimation of Data Measured
With Errors and Subject to Linear Restrictions.” Jour
nal o f Applied Econometrics (April-June 1992): 167-74.
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22
Research Spotlight
Hedonic Price Indexes for Digital Cameras
By Kari Manninen
CONOMISTS generally agree that changes in the
quality of products should be considered when
price indexes are compiled. However, economists tend
to disagree on which method or combination of meth
ods can best account for quality changes, especially of
rapidly changing, high-technology products.
Hedonic methods basically attempt to derive or to
adjust price indexes with regression-driven methods
that relate a product’s price to its features. Applying
hedonic approaches to digital cameras, for example,
entails calculating price estimates based on the number
of pixels, storage capacity, manufacturer, resolution
options, size of camera and other quality characteris
tics. (See the box “What Does ‘Hedonic’ mean?”)
Since hedonic approaches were introduced in the
early 1960s, they have generated a large body of schol
arly literature and, over the past decade, have become
an accepted and even integral tool for U.S. statistical
agencies.1 The Bureau of Economic Analysis (BEA)
uses hedonically adjusted price indexes to deflate 22
percent of the final expenditures captured by gross do
mestic product. The Bureau of Labor Statistics (BLS)
uses hedonic adjustments for high-tech items and ap
pliances, which account for about 1 percent of the
Consumer Price index. BLS also uses hedonic adjust
ments to reduce the effects of aging in housing units
and to make price comparisons among apparel items
easier.
While other economists have explored hedonically
adjusted price indexes for a host of high-technology
E
1. See Jack E. Triplett, H a n d b o o k on H edon ic Indexes an d Q uality A djust
ments in Price Indexes: S pecial A pplication to In form ation Technology P rod
ucts (W ashington, DC: Brookings Institution, July 2004).
K ari M anninen, Senior Statistician a t Statistics Finland,
visited the B ureau o f E conom ic Analysis in 2002-2003.
D uring his visit, h e conducted a study o f the quality
adjustm ent o f a p rice index fo r digital cam eras. His
working p a p e r “T he Effects o f Q uality A djustm ent
M ethods on Price Indices fo r D igital C am eras ” is avail
able on BEA’s Web site a t < w w w .bea.gov/bea/
w orkin g_papers.htm >. This research spotlight su m m a
rizes that w orking paper.
products, such as computers and camcorders, this ap
pears to be the first case study of digital cameras.
Specifically, six well-known techniques— conven
tional and hedonic— were used to calculate price in
dexes for digital cameras for 1998-2002. By comparing
these methods, two main conclusions emerged:
• The quality adjustment techniques explored in the
study, including three hedonic techniques and the
conventional matched model-method, deliver simi
lar results.
• Hedonic methods offer a practical and accurate tool
for statistical agencies that aim to produce price
W hat Does “Hedonic” Mean?
The term “hedonic” refers to a relation between the
prices of different varieties of a product and their
quality characteristics. The relation is typically esti
mated by regression analysis.
In the case of digital cameras, hedonic-based adjust
ments would require a function that estimates the
prices of camera based on various “quality” measures:
Price=f(pixels, storage size, manufacturer, size, etc.)
Hedonic formulas can be used in several ways to
create quality-adjusted price indexes. The most com
mon method is a composite method that combines
conventional price indexes, notably the matched
model, with hedonic techniques that are used to fill
gaps in price data coverage.
Some government indexes are calculated solely
from hedonic functions. Examples include the Census
Bureau’s single-family house price index and BEA’s
multifamily house price indexes. The Federal Reserve
Board’s indexes for LAN routers and switches are cal
culated based on the coefficients of dummy variables.1
The BLS CPIs for rent and owners’ equivalent rent use
hedonically derived coefficients to adjust price
changes for the increased age of the units.
1.
Brent R. M oulton, “The Expanding Role o f Hedonic Methods
in the Official Statistics o f the United States (presented at the
meeting o f the BEA Advisory Com m ittee, November 30, 2001);
< www.bea.gov/bea/papers.htm.>
February 2005
S u r v e y o f C u r r e n t B u s in e s s
indexes for rapidly changing, high-technology
goods. In some cases, hedonic measures may be
preferable to other methods.
The rest of this article is divided into two sections.
The first describes each of six digital camera price in
dex calculations explored in the study and the results
when calculating digital camera price indexes. The sec
ond section discusses the author’s conclusions in more
detail.
Q uality A d ju stm en t M ethods
To develop an accurate quality-adjusted price index,
the author first had to document the improvements
that were taking place in the quality of digital cameras.
The study could not account for every characteristic of
digital cameras, only the basics, such as manufacturer,
number of megapixels, amount of memory, scale of
optical and magnification.2 (For a more detailed look
at how data for this study were developed, see the box
“Source of Data.”)
In 1998-2001, the average values of select quality
measures generally rose. Over the same period, average
digital camera prices without adjustments for quality
held steady for about 3 years and then substantially
dropped (chart 1).
To analyze the phenomena of flat or declining digi-
23
tal camera prices in concert with rising quality indexes,
six methods were explored:
• Grand unit value method
• Class unit value method
• Matched-model method
• Time dummy pooled regression method
• Time dummy two-period regression method
• Full hedonic regression method
Of these six methods, the first method does not ex
plicitly account for quality changes, the second and
third are considered conventional methods of account
ing for quality changes, and the last three are hedonic
methods.
Grand unit value method
2. Ideally, statistically valuable explanatory “characteristics” for hedonic
regression would offer great variability both over tim e and within each time
period. Ideally, they would be correlated with the price but not closely with
each other to avoid colinearity issues. The author collected data on the fol
lowing: Megapixels, megabytes, movie feature, remote control, external
flash, m anual focus, optical zoom, digital zoom, USB connection, serial
connection, battery charger, type o f camera, various resolution options,
ISO, manufacturer.
This method provides a basic price index calculation
that is useful for comparisons with price indexes de
rived by other methods. The index is created by simply
dividing the average (geometric) price of all products
in the sample by the average price in the preceding pe
riod.
The only way that this method could account for
quality would be if all the products in the sample of
fered an identical set of features. If the features were
exactly the same for all the products in the sample, this
method would be identical to the so-called matched
model, which remains the most widely used method of
accounting for quality (see also the section on matched
models).
The price index calculated with the grand unit value
method shows that the average price of digital cameras
remained steady until roughly the middle of 2001 and
then fell steadily (chart 2).
Chart 1. Price and Quality Indexes
Chart 2. Grand Unit Value Index
U.S. Bureau of Economic Analysis
U.S. Bureau of Economic Analysis
24
Research Spotlight
Class unit value method
This method accounts for quality differences by group
ing cameras into separate classes based on their fea
tures and then by calculating separate price indexes for
each class. Three classes were created: The first class
was based on manufacturer; the second was based on
manufacturer and the number of pixels; and the third
was based on manufacturer, the number of pixels, and
whether the camera had a manual focus feature.
All three price indexes showed declines. The price
index for the first class declined more slowly than the
other two, while the price index for the third class
showed the least volatile changes (chart 3).
February 2005
quarters, and only 52 models had prices observations
for more than six quarters.
For statisticians, high rates of products leaving or
entering the sample raise questions about how well the
sample reflects the population. Despite this limitation,
a matched-model price index was calculated. It con
firmed the downward trend of prices shown by the
other indexes, but it declined more than the grand unit
value index (chart 4).
Chart 4. Matched-Model and Grand Unit Value
Time dummy pooled hedonic regression
method
Matched-model method
This method, perhaps the most common method of
accounting for quality, has long been used by various
statistical agencies. The matched-model method con
trols for quality by evaluating prices of products that
offer identical features. For digital cameras, this
method requires creating a class of products with the
same amount of memory, the same manufacturer, the
same amount of pixels, and so on.
This method is difficult to use in practice, especially
for products that have rapidly changing features, such
as high-technology products.3 The difficulty was evi
dent in the data collected for the study. For nearly all of
the 288 models in the data set, there were observations
for at least two quarters, but there were only 167 mod
els that had price observations for more than four
3. In practice, statistical agencies often use the m atched-model m ethod to
calculate an index when a full set o f data is available. Hedonic methods are
used as a supplement to estimate prices when many values are missing
because o f new or retiring models.
Time dummy methods, which are explored in the next
two sections, are among the most widely used hedonic
methods. Typically, they require regressing a product’s
price on various measures of quality, often the natural
logarithms of quantitative variables and some dummy
variables.4
To explore time dummy methods, the author con
structed price indexes for cameras based on four
classes of quality measures. The four classes can be
described as follows:
• Class 1 consists of manual focus (whether the cam
era offered this feature) and the number of mega
pixels.
• Class 2 consists of manual focus, the number of
megapixels, and the number of megabytes.
• Class 3 consists of manual focus, the number of
megapixels, and optical zoom (whether it was
offered).
4. D um m y variables typically are zero or one depending on the absence or
presence o f a specific feature.
February 2005
S u r v e y o f C u r r e n t B u s in e s s
• Class 4 consists of manual focus, the number of
megapixels, and optical zoom, the number of mega
bytes and external flash (whether it was offered).
For the time dummy pooled regression method,
prices were calculated based on changes in the quality
indexes over 5 years. All four regressions show similar
price trends (chart 5). They also show that adding
more quality features as explanatory variables only
modestly improved the fit of the model. In classes 2
and 4, including the number of megabytes as an ex
planatory variable resulted in slightly lower estimates
in the last few quarters.
Chart 5. Pooled Regression indexes
25
Time dummy two-period hedonic regression
method
For this method, regressions are performed only for
consecutive periods. The two-period results are then
linked to form a price index. This approach re
quires much more computation. The author’s data
set included 20 periods, requiring 19 regressions
(one for each set of consecutive periods) instead of
just 1.
The benefit o f this method is that it allows for more
flexibility; the coefficients of each quality indicator can
vary over time, which may be more realistic than as
suming that they remain constant.
The author applied this approach to classes 1 and 3
from the previous section. A comparison of the
classes calculated in the previous section and this
section shows again that the differences are small
(chart 6).
Chart 6. Pooled and Two-Period Regression Indexes
U.S. Bureau of Economic Analysis
This method has several benefits. For one thing, the
computation is relatively simple. For another thing,
unmatched observations do not have to be discarded.
In general, this method would likely be particularly
useful when the coefficients of the quality measures are
relatively stable.
However, over long periods, the linear nature of
these regressions could present drawbacks. A long
time series approach basically assumes that the effect
of each variable remains constant over time— which
may not be realistic. Sudden changes in coefficients
may go unnoticed if a large number of periods were
used.
In addition, the quality correction factor is the same
for all observations at the magnitude given by the time
indicator coefficient, something that may make this
method unsuitable as a supplement to a matchedmodel index.
U.S. Bureau of Economic Analysis
Full hedonic method
Another way to capture quality changes would be to
use hedonic measures to help create a full set of price
data that can be used to create standard price indexes.
For classes 1 and 3, the author performed separate re
gressions for each of the 20 quarters. Based on those
regressions, estimates for all missing price observations
were calculated and added to the data set. This com
plete set of data was then used to derive price indexes
for consecutive periods using Laspeyres, Paasche,
26
Research Spotlight
Fisher, and Tornqvist index formulas.5
The Tornqvist results show that the differences in
the quality-adjusted price indexes are minor (chart
7). Moreover, the quality correction factors between
the two models differed at most by about 8 percent.6
In addition, when the matched-model index (chart
4) is compared with the hedonically derived class 1
and 3 indexes, the differences are small. However,
some of the hedonic indexes declined slightly faster.
5. The Tornqvist index formulas is calculated as a geom etric mean with
average expenditure shares as weights, and it behaves very similarly to the
Fisher index formula used by BEA.
6. Total quality correction factors are defined as the difference between
quality adjusted index and the grand unit value index.
February 2005
Comparisons with BLS indexes
The results of the two-period index for class 4 (rescaled
to 1998=100) was compared with the BLS index for
personal computers and photographic equipment. The
author chose the computer index mainly because it in
corporates hedonic methods, though not the methods
investigated in this article. The photographic equip
ment index was chosen because it was generally com
parable with the digital camera indexes constructed in
the study.
Neither BLS index corresponds perfectly to the digi
tal camera price indexes, but the results were similar.
The personal computer price index and the class 4
index tracked especially closely (chart 8).
Chart 8. BLS CPIs and Two-Period Regression
February 2005
27
S u r v e y o f C u r r e n t B u s in e s s
C on clusion s
All five broad quality-adjustment methods provided
similar results: All five did a reasonably good job of ac
counting for changes in quality. Specifically, the price
estimates delivered by regression models with only a
few quality variables were not meaningfully improved
when additional variables were added.
For statistical agencies, these conclusions have prac
tical implications. For one thing, relatively simple he
donic methods may be sufficient to accurately control
for the quality of products, even high-tech products
with rapidly changing features, and additional, largescale data collection may not be necessary for sound
hedonic adjustment. As Pakes noted, the matchedmodel approach requires much of the same data about
quality characteristics as simple regression models.7 In
practice, agencies relying on the matched-model
method will likely have already collected a sufficient
amount of data on characteristics. These data could be
used for simple regression models similar to ones used
by the author. Statistical agencies thus could soundly
adjust for quality without significantly raising sam
pling requirements and costs.
The study also suggests that simple hedonic mea
sures can be used to supplement the conventional
matched model. Even when constructing indexes for
high-technology goods, which tend to change rapidly,
7. Ariel, Pakes, “A Reconsideration o f Hedonic Price Indexes with
an Application to PC’s,” A m erican E conom ic R eview (Decem ber 2003):
1578-1596.
hedonic techniques can be used to determine reason
able prices estimates that can be used to complete data
sets, providing a way to overcome missing observa
tions.
Source of Data
To test different quality adjustment methods, the
author compiled a quarterly digital camera database
that included roughly 1,200 prices from over 250 dif
ferent digital camera models for 1998-2002.
The price data were gleaned from various sources.
Before the third quarter of 2002, all prices quoted
for the models advertised in the Journal of Popular
Photography were recorded. For some advertised mod
els, no price was available, as readers were told to
call for the price. Prices for the third quarter and
fourth quarter of 2002 were gathered from
< www.pricescan.com>.
Gathering prices from < www.pricescan.com> may
have introduced a downward bias into the data. The
prices reported are usually the “best price” advertised
by several online retailers and do not include shipping
charges.
The quality characteristics were compiled from
<www.dpreviw.com>. Most of the makes and models
were included in the sample; models were included
when they were first advertised. Overall, no attempt
was made to track a fixed sample of models.
isit BEA’s improved Web site
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D-
February 2005
BEA C urrent and H istorical Data
National, International, and Regional Data
A selection of estimates from the national, industry, in
ternational, and regional accounts of the Bureau of Eco
nomic Analysis (BEA) are presented in this section. BEA’s
estimates are not copyrighted and may be reprinted with
out BEA’s permission, and citing the S u r v e y o f C u r r e n t
B u s in e s s and BEA as the source is appreciated.
More detailed estimates from BEA’s accounts are avail
able on BEA’s Web site at < www.bea.gov>. These esti
mates are available in a variety of formats, including
interactive access. In addition, news releases, articles, and
other information, including methodologies and work
ing papers, are available.
The tables present annual [A], quarterly [Q], and monthly [M] data.
N ational 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]................................D-47
C. Historical measures [A, Q]
C.l GDP and other major NIPA aggregates............. D-48
D. Charts
Selected NIPA series................................................... D-52
In ternation al Data
E. Transactions tables
E.l U.S. international transactions in goods
and services [A, M] ...........................................D-58
E.2 U.S. international transactions [A, Q ]............... D-59
E.3 U.S. international transactions by area [Q]....... D-60
E.4 Private services transactions [A].........................D-63
F. Investment tables [A]
F.l U.S. international investment position.............. D-64
F.2 USDIA: Selected items.........................................D-65
F.3 Selected financial and operating data of foreign
affiliates of US. companies............................D-66
F.4 FDIUS: Selected items.........................................D-67
F.5 Selected financial and operating data of U.S.
affiliates of foreign companies...................... D-68
G. Charts
The United States in the international economy..... D-69
Regional D ata
H. State and regional tables
H.l Personal income [Q]...........................................D-70
H.2 Personal income and per capita
personal income [A]..........................................D-71
H.3 Disposable personal income and per capita
disposable personal income [A]...................... D-72
H.4 Gross state product [A].......................................D-73
I. Local area table
I.1 Personal income and per capita personal income
by metropolitan area [A]..................................D-74
J. Charts
Selected regional estimates.........................................D-76
Appendixes
A: Additional information about the N IP A estimates
Statistical conventions................................................D-78
Reconciliation table [A, Q ]........................................D-79
B: Suggested reading....................................................... D-80
The following sections have been discontinued: “D.
Domestic Perspectives”; “E. Charts: Other Indicators
of the Domestic Economy”; and “H. International Per
spectives.” As a result, the section letters have been
changed.
D-2
February 2005
National Data
A. S elected N IPA T ables
The tables in this section include the most recent estimates of gross domestic product and its components.
These estimates were released on January 28, 2005, and they include the “advance” estimates for the fourth
quarter of 2004.
The selected set o f NIPA tables shown in this section presents quarterly estimates, which are updated
monthly. In most of these tables, annual estimates are also shown.
The news release on gross domestic product is available on BEA’s Web site < www.bea.gov> within
minutes of the time of release, and the “Selected NIPA Tables” are available later that day.
1. Domestic Product and Incom e
Table 1.1.1. Percent Change From Preceding Period in Real
Gross Domestic Product
Table 1.1.2. Contributions to Percent Change in Real
Gross Domestic Product
[Percent]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Gross domestic product....
Personal consumption
expenditures.............................
Durable goods............................
Nondurable goods.....................
S ervices.....................................
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.................................
Im ports.......................................
Goods.....................................
Services.................................
Government consumption
expenditures and gross
investment.................................
Federal.......................................
National defense....................
Nondefense............................
State and local............................
Seasonally adjusted at annual rates
2004
I
II
Line
III
2003
2004
IV
2003
IV
1
3.0
4.4
4.2
4.5
3.3
4.0
3.1
2
3
4
5
3.3
7.4
3.7
2.2
3.8
6.9
4.5
2.8
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
4.7
3.0
4.6
6.7
5.8
3.7
6
7
8
9
10
11
1?
4.4
5.1
3.3
-5.6
6.4
8.8
12.9
10.0
10.3
1.0
13.4
9.5
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
2.4
8.8
13.0
-1.1
17.5
1.6
9.2
6.7
10.3
-4.1
14.9
0.3
in
14
15
16
17
18
19
1.9
2.2
1.4
4.4
4.7
3.1
8.1
8.2
7.8
9.8
10.6
5.7
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
6.0
9.5
-1.8
4.6
5.0
2.8
-3.9
-6.9
3.4
9.1
12.2
-6.0
20
21
22
23
24
2.8
6.6
9.0
2.4
0.7
2.0
4.7
7.4
-0.5
0.4
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
0.7
4.8
10.1
-5.3
-1.7
0.9
1.6
0.0
5.1
0.6
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........................................
G oods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal.........................................
National defense....................
Nondefense...........................
State and local...........................
2004
I
II
III
IV
1
3.0
4.4
4.2
4.5
3.3
4.0
3.1
2
3
4
5
2.29
0.63
0.73
0.93
2.67
0.58
0.91
1.18
2.50
0.33
1.01
1.15
2.90
0.19
1.33
1.39
1.10
-0.02
0.03
1.10
3.57
1.37
0.94
1.26
3.22
0.56
1.16
1.50
6
7
8
9
10
11
12
0.66
0.76
0.33
-0.15
0.48
0.43
-0.10
1.96
1.52
1.02
0.02
1.00
0.50
0.44
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
0.40
1.37
1.27
-0.03
1.30
0.09
-0.97
1.48
1.06
1.05
-0.10
1.15
0.01
0.42
13
14
15
16
17
18
19
-0.43
0.18
0.14
0.04
-0.61
-0.54
-0.07
-0.61
0.77
0.54
0.23
-1.38
-1.25
-0.14
-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
-0.10
0.59
0.64
-0.06
-0.69
-0.62
-0.07
-1.73
-0.40
-0.50
0.10
-1.34
-1.49
0.15
20
21
22
23
24
0.52
0.43
0.38
0.06
0.09
0.37
0.32
0.33
-0.01
0.05
0.31
0.33
0.50
-0.18
-0.02
0.48
0.48
0.47
0.00
0.00
0.41
0.18
0.09
0.10
0.23
0.13
0.33
0.45
-0.12
-0.20
0.18
0.11
0.00
0.11
0.07
February 2005
D-3
S u r v e y o f C u r r e n t B u s in e s s
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
2003
2004
2004
2003
IV
Gross domestic product....
Personal consumption
expenditures.............................
Durable goods...........................
Nondurable goods.....................
S ervices.....................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential.......................
Structures..........................
Equipment and software...
Residential..............................
Change in private inventories...
Net exports of goods and
services.....................................
Exports........................................
Goods.....................................
S ervices.................................
Im ports........................................
Goods.....................................
Services.................................
Government consumption
expenditures and gross
investment.................................
Federal.......................................
National defense....................
Nondefense...........................
State and local...........................
1 105.749
110.393
Seasonally adjusted
I
Line
II
107.780 108.969 109.858
III
IV
110.941
111.803
2
3
4
5
109.143 113.284 110.794 111.925 112.360 113.776 115.076
119.378 127.559 123.902 124.572 124.482 129.529 131.653
108.481 113.408 110.517 112.331 112.367 113.659 115.275
107.418 110.440 108.346 109.237 109.955 110.782 111.784
6
7
8
9
10
11
1?
93.852 105.972 98.771 101.672 106.191 106.823 109.199
96.924 106.636 101.412 102.529 105.913 108.170 109.932
90.157 99.477 94.235 95.204 98.041 101.075 103.588
75.810 76.541
77.406 75.886 77.171
76.958 76.149
95.679 108.454 100.735 102.699 106.157 110.524 114.436
114.392 125.214 119.916 121.400 126.122 126.628 126.708
1U
14 94.116
15 92.018
16 99.330
17 105.048
18 105.131
19 104.753
101.737 98.170
99.578 95.694
107.097 104.310
115.311 108.725
116.284 108.824
110.726 108.360
99.924
97.810
105.173
111.504
112.116
108.675
101.690 103.176
99.242 101.526
107.765 107.275
114.862 116.167
115.593 117.005
111.458 112.241
102.159
99.734
108.175
118.711
120.421
110.531
20 110.906
21 119.140
22 122.014
23 113.972
24 106.739
113.073
124.724
131.002
113.388
107.166
112.443
123.249
128.984
112.900
106.965
113.062 113.259
124.068 125.539
129.582 132.723
114.117 112.563
107.482 107.033
113.527
126.038
132.721
113.972
107.185
111.738
121.154
125.765
112.840
106.968
2003
2004
2004
2003
IV
Gross domestic product....
Personal consumption
expenditures............................
Durable g oods...........................
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.......................................
G oods.....................................
Services..................................
Imports........................................
G oods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense...................
Nondefense...........................
State and local...........................
III
IV
107.314 108.169
108.551
109.091
2 105.511 107.810 106.005 106.860 107.683
90.725
3 92.244 90.380 90.747 90.741
4 104.154 107.612 104.564 105.914 107.616
5 109.237 111.982 110.266 111.085 111.667
108.021
90.008
107.869
112.314
108.677
90.047
109.048
112.861
1 106.003 108.281
6
7
8
9
10
11
1?
1M
14
15
16
17
18
19
I
106.586
II
102.304 104.882 102.968 103.514 104.644 105.405 105.966
102.435 104.958 103.101 103.618 104.709 105.482 106.024
98.546 99.336 98.729
98.793 99.220 99.449
99.880
110.176 115.543 110.633 111.926 113.984 116.677 119.585
94.626 94.256
94.107
94.754 94.400 94.862
94.611
111.951 118.258 113.675 115.179 117.710 119.674 120.470
101.395
100.640
103.219
99.615
98.068
107.784
20 108.702
21 109.081
22 109.875
23 107.631
24 108.485
104.929
104.428
106.171
104.533
102.908
113.070
102.146
101.438
103.865
99.837
98.011
109.502
112.178 109.167
112.193 109.447
112.961 110.278
110.790 107.917
112.177 109.007
103.565
103.023
104.897
102.163
100.355
111.718
104.746 105.175
104.356 104.665
105.726 106.440
103.760 105.066
102.267 103.560
111.566 112.937
110.522 111.703 112.682 113.804
111.203 112.020 112.491 113.059
111.825 112.790 113.317 113.912
110.095 110.613 110.970 111.484
110.131 111.524 112.802 114.253
Table 1.1.5. Gross Domestic Product
Table 1.1.6. Real Gross Domestic Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2003
2004
IV
Gross domestic product....
Personal consumption
expenditures.............................
Durable goods...........................
Nondurable goods.....................
S ervices.....................................
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.................................
Im ports.......................................
Goods.....................................
S ervices.................................
Government consumption
expenditures and gross
investment.................................
Federal.......................................
National defense....................
Nondefense...........................
State and local...........................
Line
2004
2003
I
II
III
106.232
105.668
107.620
107.142
105.450
116.059
2003
2004
1 11,004.0 11,728.0 11,270.9 11,472.6 11,657.5 11,814.9 11,967.0
2
3
4
5
7,760.9
950.7
2,200.1
4,610.1
8,231.1
995.7
2,376.5
4,859.0
7,914.9
971.1
2,250.1
4,693.6
8,060.2
976.3
2,316.6
4,767.3
8,153.8
975.5
2,354.6
4,823.8
8,282.5
1,007.0
2,387.2
4,888.2
8,428.1
1,023.9
2,447.6
4,956.5
6
7
8
9
10
11
12
1,665.8
1,667.0
1,094.7
261.6
833.1
572.3
-1.2
1,922.4
1,879.3
1,217.6
277.0
940.7
661.7
43.1
1,758.8
1,755.2
1,146.3
268.2
878.1
609.0
3.5
1,819.7
1,783.5
1,158.8
266.0
892.8
624.6
36.2
1,920.7
1,861.7
1,198.5
275.5
923.1
663.2
59.0
1,947.0
1,915.4
1,238.5
281.2
957.3
677.0
31.6
2,002.2
1,956.6
1,274.7
285.2
989.6
681.9
45.5
13
14
15
16
17
18
19
-498.1
1,046.2
726.4
319.8
1,544.3
1,282.0
262.3
-609.3
1,170.2
815.6
354.7
1,779.6
1,488.8
290.8
-502.8
1,099.2
761.3
337.9
1,602.0
1,326.4
275.6
-546.8
1,134.3
790.3
344.1
1,681.2
1,399.2
282.0
-591.3
1,167.6
812.2
355.4
1,758.9
1,470.1
288.8
-611.8
1,189.5
833.4
356.1
1,801.2
1,506.9
294.4
-687.5
1,189.6
826.5
363.1
1,877.1
1,579.1
297.9
20
21
22
23
24
2,075.5
752.2
496.4
255.7
1,323.3
2,183.8
810.0
548.1
261.9
1,373.9
2,100.0
767.5
513.6
253.9
1,332.6
2,139.5
793.3
534.1
259.1
1,346.3
2,174.3
804.4
541.2
263.2
1,369.9
2,197.2
817.4
557.0
260.4
1,379.8
2,224.3
824.8
559.9
264.9
1,399.5
Gross domestic product....
Personal consumption
expenditures............................
Durable g oods...........................
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...........................
Residual...........................................
2004
2003
IV
IV
I
II
III
IV
1 10,381.3 10,837.2 10,580.7 10,697.5 10,784.7 10,891.0 10,975.7
2
3
4
5
7,355.6
1,030.6
2,112.4
4,220.3
7,634.7
1,101.3
2,208.3
4,339.0
7,466.8
1,069.7
2,152.0
4,256.7
7,543.0
1,075.5
2,187.3
4,291.7
7,572.4
1,074.7
2,188.0
4,320.0
7,667.8
1,118.3
2,213.2
4,352.4
7,755.4
1,136.6
2,244.7
4,391.8
6
7
8
9
10
11
12
1,628.8
1,627.3
1,110.8
237.4
879.2
511.2
-0.8
1,839.1
1,790.4
1,225.6
239.7
996.6
559.6
45.3
1,714.1
1,702.7
1,161.0
242.4
925.6
535.9
8.6
1,764.5
1,721.4
1,173.0
237.7
943.7
542.5
40.0
1,842.9
1,778.3
1,207.9
241.7
975.5
563.6
61.1
1,853.9
1,816.1
1,245.3
241.0
1,015.6
565.9
34.5
1,895.1
1,845.7
1,276.3
238.5
1,051.5
566.3
45.8
13
14
15
16
17
18
19
-518.5
1,031.8
721.7
309.9
1,550.3
1,307.3
243.3
-586.4
1,115.3
781.0
334.1
1,701.7
1,446.0
257.2
-528.3
1,076.2
750.6
325.4
1,604.5
1,353.2
251.7
-550.1
1,095.4
767.2
328.1
1,645.5
1,394.1
252.4
-580.3
1,114.8
778.4
336.2
1,695.1
1,437.4
258.9
-583.2
1,131.1
796.3
334.6
1,714.3
1,454.9
260.7
-631.9
1,120.0
782.3
337.4
1,751.9
1,497.4
256.8
20
21
22
23
24
25
1,909.4
689.6
451.8
237.6
1,219.8
0.8
1,946.7
721.9
485.1
236.4
1,224.7
-10.7
1,923.7
701.2
465.7
235.2
1,222.5
-4.7
1,935.8
713.3
477.6
235.4
1,222.4
-5.1
1,946.5
718.1
479.9
237.9
1,228.3
-4.3
1,949.9
726.6
491.5
234.7
1,223.2
-14.6
1,954.5
729.5
491.5
237.6
1,224.9
-19.0
N ote. 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-4
National Data
Table 1.1.7. Percent Change From Preceding Period in Prices for
Gross Domestic Product
February 2005
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
2003
2004
2003
IV
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.................................
Im ports.......................................
Goods.....................................
Services.................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense....................
Nondefense............................
State and local............................
Addendum:
Gross national product.............
Line
2003
2004
2004
I
II
2003
IV
III
IV
1
1.8
2.1
1.6
2.8
3.2
1.4
2.0
2
3
4
5
1.9
-3.4
2.0
3.0
2.2
-2.0
3.3
2.5
1.2
-4.3
0.5
2.7
3.3
0.0
5.3
3.0
3.1
-0.1
6.6
2.1
1.3
-3.1
0.9
2.3
2.5
0.2
4.4
2.0
6
7
8
9
10
11
1?
1.1
1.2
-0.4
2.1
-1.2
4.4
2.5
2.5
0.8
4.9
-0.4
5.6
2.7
2.8
1.2
1.4
1.2
5.8
2.1
2.0
0.3
4.8
-1.1
5.4
4.4
4.3
1.7
7.6
0.1
9.1
2.9
3.0
0.9
9.8
-1.6
6.8
2.1
2.1
1.7
10.3
-0.6
2.7
1U
14
15
16
17
18
19
2.1
2.0
2.4
3.4
2.9
5.9
3.5
3.8
2.9
4.9
4.9
4.9
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
1.6
1.2
2.7
5.1
5.2
5.0
4.1
3.9
4.5
8.1
7.5
11.5
20
21
22
23
24
3.2
3.6
4.2
2.6
3.0
3.2
2.9
2.8
2.9
3.4
1.0
1.0
1.3
0.3
1.0
5.1
6.6
5.7
8.3
4.2
4.3
3.0
3.5
1.9
5.2
3.6
1.7
1.9
1.3
4.7
4.0
2.0
2.1
1.9
5.2
25
1.8
1.6
2.8
3.2
1.4
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.....................................
E xports.......................................
Goods.....................................
Services..................................
Imports........................................
Goods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense...................
Nondefense...........................
State and local...........................
2004
I
II
III
IV
1
1.8
2.1
1.6
2.8
3.2
1.4
2.0
2
3
4
5
1.33
-0.30
0.40
1.24
1.53
-0.18
0.67
1.04
0.85
-0.38
0.11
1.13
2.28
0.00
1.04
1.24
2.18
-0.01
1.30
0.88
0.88
-0.27
0.19
0.96
1.71
0.02
0.89
0.81
6
7
8
9
10
11
12
0.16
0.18
-0.04
0.05
-0.09
0.22
-0.02
0.40
0.39
0.08
0.11
-0.03
0.30
0.01
0.42
0.42
0.12
0.03
0.09
0.30
-0.01
0.34
0.31
0.03
0.11
-0.08
0.29
0.02
0.71
0.67
0.18
0.17
0.01
0.49
0.05
0.48
0.48
0.10
0.22
-0.13
0.38
0.01
0.36
0.34
0.18
0.24
-0.05
0.15
0.02
13
14
15
16
17
18
19
-0.27
0.20
0.13
0.07
-0.47
-0.33
-0.13
-0.38
0.34
0.26
0.08
-0.72
-0.60
-0.12
0.17
0.30
0.27
0.03
-0.13
-0.05
-0.08
-0.78
0.54
0.43
0.12
-1.33
-1.13
-0.20
-0.47
0.45
0.36
0.10
-0.92
-0.94
0.01
-0.59
0.16
0.08
0.08
-0.76
-0.64
-0.12
-0.81
0.40
0.27
0.13
-1.21
-0.94
-0.27
20
21
22
23
24
0.60
0.24
0.18
0.06
0.36
0.59
0.19
0.13
0.07
0.40
0.18
0.06
0.06
0.01
0.12
0.93
0.44
0.26
0.18
0.49
0.80
0.20
0.16
0.04
0.60
0.65
0.12
0.09
0.03
0.54
0.74
0.14
0.10
0.04
0.60
Table 1.1.9. Implicit Price Deflators for Gross Domestic Product
Table 1.1.10. Percentage Shares of Gross Domestic Product
[Index numbers, 2000=100]
[Percent]
Seasonally adjusted
2003
Line
Line
2003
2004
2003
IV
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.................................
Im ports.......................................
Goods.....................................
S ervices.................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense....................
Nondefense............................
State and local............................
Addendum:
Gross national product.............
II
IV
III
IV
108.220 106.523
107.246 108.093 108.482 109.033
2 105.510
3 92.244
4 104.153
5 109.237
107.813
90.414
107.617
111.984
106.000
90.788
104.560
110.263
106.856 107.679 108.016 108.673
90.783 90.767 90.049 90.089
105.909 107.611 107.864 109.043
111.080 111.663 112.310 112.857
104.529 102.603
104.967 103.086
99.348 98.728
115.534 110.624
94.392
94.863
118.245 113.630
103.130 104.221 105.022 105.649
103.603 104.693 105.466 106.009
98.792 99.220 99.449 99.880
111.916 113.974 116.667 119.574
94.627 94.257 94.107
94.611
115.133 117.664 119.627 120.422
1U
14
15
16
17
18
19
102.271
102.436
98.547
110.180
94.754
111.952
101.396
100.640
103.219
99.615
98.068
107.784
20 108.702
21 109.082
22 109.876
23 107.632
24 108.485
25
105.992
104.924
104.423
106.164
104.576
102.964
113.046
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
105.161
104.652
106.423
105.068
103.569
112.911
106.218
105.655
107.603
107.145
105.459
116.031
112.182 109.167 110.523 111.703 112.683 113.804
112.201 109.449 111.205 112.022 112.493 113.061
112.975 110.283 111.830 112.795 113.323 113.917
110.793 107.919 110.097 110.616 110.971 111.485
112.177 109.007 110.130 111.523 112.802 114.253
106.516
107.240
108.087
108.479
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.......................................
G oods.....................................
Services..................................
Imports........................................
Goods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense...................
Nondefense...........................
State and local...........................
2004
2004
2004
I
1 105.998
6
7
8
9
10
11
1?
2003
II
III
IV
1
100.0
100.0
100.0
100.0
I
100.0
100.0
100.0
2
3
4
5
70.5
8.6
20.0
41.9
70.2
8.5
20.3
41.4
70.2
8.6
20.0
41.6
70.3
8.5
20.2
41.6
69.9
8.4
20.2
41.4
70.1
8.5
20.2
41.4
70.4
8.6
20.5
41.4
6
7
8
9
10
11
12
15.1
15.1
9.9
2.4
7.6
5.2
0.0
16.4
16.0
10.4
2.4
8.0
5.6
0.4
15.6
15.6
10.2
2.4
7.8
5.4
0.0
15.9
15.5
10.1
2.3
7.8
5.4
0.3
16.5
16.0
10.3
2.4
7.9
5.7
0.5
16.5
16.2
10.5
2.4
8.1
5.7
0.3
16.7
16.4
10.7
2.4
8.3
5.7
0.4
13
14
15
16
17
18
19
-4.5
9.5
6.6
2.9
14.0
11.7
2.4
-5.2
10.0
7.0
3.0
15.2
12.7
2.5
-4.5
9.8
6.8
3.0
14.2
11.8
2.4
-4.8
9.9
6.9
3.0
14.7
12.2
2.5
-5.1
10.0
7.0
3.0
15.1
12.6
2.5
-5.2
10.1
7.1
3.0
15.2
12.8
2.5
-5.7
9.9
6.9
3.0
15.7
13.2
2.5
20
21
22
23
24
18.9
6.8
4.5
2.3
12.0
18.6
6.9
4.7
2.2
11.7
18.6
6.8
4.6
2.3
11.8
18.6
6.9
4.7
2.3
11.7
18.7
6.9
4.6
2.3
11.8
18.6
6.9
4.7
2.2
11.7
18.6
6.9
4.7
2.2
11.7
February 2005
D-5
S u r v e y o f C u r r e n t B u s in e s s
Table 1.2.1. Percent Change From Preceding Period in Real
Gross Domestic Product by Major Type of Product
Table 1.2.2. Contributions to Percent Change in Real Gross Domestic Product
by Major Type of Product
[Percent]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Gross domestic product....
Final sales of domestic
product..........................
Change in private
inventories.....................
G oods.............................................
Final sales..............................
Change in private inventories
Durable goods...........................
Final sales..............................
Change in private
inventories1.......................
Nondurable goods.....................
Final sales..............................
Change in private
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..............................
Seasonally adjusted at annual rates
2004
I
II
Line
III
2003
2004
IV
IV
1
3.0
4.4
4.2
4.5
3.3
4.0
3.1
2
3.1
4.0
3.7
3.3
2.5
5.0
2.7
S
4
5
fi
7
8
4.3
4.7
7.3
5.9
5.8
4.3
8.2
4.6
2.5
0.1
8.3
11.7
4.7
3.5
5.8
6.6
10.1
8.3
11.9
4.6
8.7
4.7
2.6
-1.1
10.6
19.4
7.2
5.3
q
10
11
3.2
3.1
5.0
4.0
0.9
4.1
7.8
4.4
2.4
1.0
6.5
5.8
2.7
2.0
1?
13
14
2.3
3.0
2.7
5.1
3.1
5.4
3.0
0.7
2.3
12.7
2.8
-2.5
3.2
-2.1
15
4.2
5.6
2.9
8.8
-15.2
10.4
28.0
16
17
3.0
41.0
4.3
22.1
4.2
29.0
4.3
0.1
4.0
0.1
3.8
20.7
2.3
61.7
18
2.8
4.2
4.0
4.5
3.3
3.9
2.7
19
3.0
4.5
4.3
5.0
4.0
3.6
4.2
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates;
Final sales of domestic
product...........................
Change in private
inventories.....................
Goods.............................................
Final sales..............................
Change in private inventories
Durable goods...........................
Final sa le s..............................
Change in private
inventories1........................
Nondurable g oods.....................
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
2003
I
II
III
IV
1
3.0
4.4
4.2
4.5
3.3
4.0
3.1
2
3.14
3.95
3.71
3.32
2.52
4.97
2.73
3
4
5
6
7
8
-0.10
1.41
1.51
-0.10
0.85
0.96
0.44
2.35
1.91
0.44
1.46
1.20
0.47
1.90
1.42
0.47
1.71
0.70
1.17
2.65
1.49
1.17
1.28
0.70
0.78
0.82
0.03
0.78
0.39
-0.15
-0.97
2.67
3.63
-0.97
1.53
2.62
0.42
1.54
1.13
0.42
1.05
0.78
9
10
11
-0.11
0.56
0.55
0.26
0.89
0.71
1.02
0.18
0.73
0.58
1.37
0.79
0.54
0.42
0.18
-1.09
1.14
1.01
0.27
0.49
0.35
12
13
14
0.01
1.35
0.29
0.18
1.55
0.49
-0.54
1.77
0.52
0.58
1.76
0.07
0.25
1.30
1.19
0.12
1.59
-0.25
0.14
1.81
-0.21
15
0.19
0.20
0.11
0.30
-0.58
0.34
0.87
16
17
2.85
0.31
4.19
0.20
4.08
0.26
4.18
0.00
3.88
0.00
3.66
0.18
2.28
0.48
18
2.73
4.19
3.93
4.48
3.30
3.82
2.66
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.
Table 1.2.3. Real Gross Domestic Product by Major Type of Product,
Quantity Indexes
Table 1.2.4. Price Indexes for Gross Domestic Product
by Major Type of Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2003
2004
IV
Gross domestic product . ..
Final sales of domestic
product..........................
Change in private
G oods.............................................
Final sales..............................
Change in private inventories
Durable goods...........................
Final sales..............................
Change in private
Nondurable goods.....................
Final sales..............................
Change in private
inventories1.......................
Services2.......................................
Structures.....................................
Addenda;
Motor vehicle output.................
Gross domestic product
excluding motor vehicle
o utput.....................................
Final sales of computers3.........
Gross domestic product
excluding final sales of
computers...............................
Gross domestic purchases
excluding final sales of
computers to domestic
purchasers..............................
Seasonally adjusted
2004
2003
I
II
Line
III
1 105.749
110.393 107.780
108.969
109.858 110.941
111.803
110.551
109.173
109.854
111.963
M
4 103.840
5 105.526
111.415 107.331
111.788 108.771
I 101.797
8 103.950
112.056
112.564
4
10 105.827
11 107.017
111.125
111.298
111.211
112.367 113.674
113.099 114.065
107.357
108.676
109.632
109.931
110.325
109.632
113.146
114.602
115.121
116.089
107.543
108.988
109.586
110.174
110.228
110.448
111.965
112.013
112.723
112.556
Nondurable goods.....................
Final sales..............................
Change in private
VS
13 107.839
14 100.891
110.711 108.836 109.656 110.269 111.022 111.897
106.055 103.985 104.164 107.319 106.651 106.084
15
117.053
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...............................
110.849
114.894
117.344
112.620
115.444
122.803
16 105.570 110.160 107.531 108.676 109.758 110.782 111.425
17 174.608 213.133 201.418 201.489 201.553 211.262 238.228
18
105.248
109.700
107.136
108.329
109.221
110.258
110.990
19
106.238
111.040
108.120
109.444
110.524
111.519
112.672
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....
Final sales of domestic
product...........................
Change in private
G oods.............................................
Final sa le s..............................
Change in private inventories
Durable goods...........................
Final sa le s.............................
Change in private
2004
2003
IV
109.477 110.142
109.988 110.003
fi
2004
IV
2 106.346
108.290
2003
I
II
III
IV
1 106.003
108.281
106.586 107.314 108.169
108.551
109.091
2 106.025
108.292
106.608
108.178
108.561
109.097
99.533
99.592
99.924
99.940
99.533
99.593
99.733 100.325
99.778 100.344
99.742
99.748
99.897
99.890
94.128
94.159
92.382
92.371
93.086
93.139
92.741
92.791
92.630
92.635
92.068
92.028
92.090
92.029
4
10 104.499
11 104.616
106.911
106.973
105.469
105.570
106.191
106.259
107.457
107.507
106.856
106.924
107.140
107.202
S
4
5
6
/
8
107.332
13 109.124 111.996 109.971 110.943 111.699
14 110.979 116.823 112.146 113.408 115.849
15
112.370 112.970
118.188 119.846
96.462
95.938
96.048
96.266
96.347
95.086
96.051
16 106.372
17 53.457
108.763
48.881
106.995
51.321
107.744
50.327
108.630
49.946
109.078
48.608
109.599
46.643
18 106.710
109.121
107.344
108.106
108.983
109.401
109.996
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 Data
D-6
February 2005
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
Seasonally adjusted at annual rates
Line
2003
2004
2004
2003
1
IV
Gross domestic product . ..
Final sales of domestic
product..........................
Change in private
inventories.....................
G oods.............................................
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...............................
II
Line
2003
2004
IV
III
IV
1 11,004.0 11,728.0 11,270.9 11,472.6 11,657.5 11,814.9 11,967.0
2 11,005.3 11,684.9 11,267.4 11,436.4 11,598.5 11,783.3 11,921.5
3
4
5
6
7
8
-1.2
3,564.5
3,565.7
-1.2
1,618.8
1,618.2
43.1
3,833.5
3,790.4
43.1
1,749.4
1,719.6
3.5
3,679.0
3,675.4
3.5
1,689.1
1,674.2
36.2
3,759.7
3,723.4
36.2
1,718.4
1,687.2
59.0
3,804.0
3,745.0
59.0
1,727.2
1,679.8
31.6
3,859.1
3,827.6
31.6
1,760.5
1,744.4
45.5
3,911.3
3,865.8
45.5
1,791.6
1,767.0
9
10
11
0.6
1,945.7
1,947.5
29.8
2,084.1
2,070.9
14.9
1,989.9
2,001.3
31.2
2,041.3
2,036.2
47.4
2,076.9
2,065.3
16.1
2,098.7
2,083.2
24.6
2,119.7
2,098.7
12
13
14
-1.8
6,384.7
1,054.8
13.3
6,727.4
1,167.1
-11.4
6,493.6
1,098.4
5.0
6,600.3
1,112.6
11.6
6,682.5
1,171.0
15.5
6,768.5
1,187.2
21.0
6,858.3
1,197.5
15
390.2
409.9
402.9
412.3
396.1
400.7
430.6
16 10,613.8 11,318.1 10,868.0 11,060.3 11,261.4 11,414.2 11,536.5
113.4
114.1
122.7
17
102.6
114.8
111.9
111.1
18 10,901.4 11,613.2 11,156.8 11,360.7 11,546.4 11,701.5 11,844.4
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....
Final sales of domestic
product...........................
Change in private
inventories.....................
Residual..............................
G oods.............................................
Final sales..............................
Change in private inventories
Durable goods...........................
Final sa le s..............................
Change in private
inventories’ ........................
Nondurable goods.....................
Final sales.............................
Change in private
inventories1........................
Services2.......................................
Structures......................................
Residual...........................................
Addenda:
Motor vehicle output..................
Gross domestic product
excluding motor vehicle
output......................................
Final sales of computers3.........
Gross domestic product
excluding final sales of
computers...............................
2004
2003
I
II
III
2 10,379.9 10,790.2 10,569.6 10,655.8 10,722.3 10,854.7 10,928.1
3
4
5
6
7
8
9
-0.8
2.2
3,581.8
3,580.3
-0.8
1,719.7
1,718.6
45.3
1.7
3,843.1
3,792.8
45.3
1,893.0
1,861.0
8.6
2.5
3,702.2
3,690.4
8.6
1,813.7
1,796.8
40.0
1.7
3,776.2
3,731.7
40.0
1,852.1
1,817.5
61.1
1.3
3,799.2
3,732.2
61.1
1,863.8
1,812.6
34.5
1.8
3,875.9
3,837.3
34.5
1,911.5
1,894.7
45.8
1.8
3,921.0
3,870.1
45.8
1,944.8
1,919.3
10
11
12
0.4
1,862.5
1,861.6
29.3
1,955.8
1,936.1
14.9
1,892.7
1,895.9
31.3
1,928.7
1,916.5
46.8
1,940.0
1,921.3
15.6
1,970.5
1,948.5
23.7
1,983.9
1,957.9
13
14
15
16
-1.1
5,850.9
950.4
0.5
16.8
6,006.7
999.1
-11.8
-5.5
5,905.0
979.6
-6.0
9.8
5,949.5
981.3
-8.4
16.1
5,982.7
1,011.0
-5.8
18.9
6,023.6
1,004.7
-15.0
22.3
6,071.1
999.4
-18.0
17
404.6
427.2
419.3
428.3
411.0
421.3
448.2
18
19
9,978.5 10,412.4 10,163.8 10,272.1 10,374.3 10,471.1 10,531.9
221.4
192.0
234.3
221.6
232.3
261.9
221.5
20 10,216.5 10,648.6 10,399.7 10,515.5 10,602.1 10,702.8 10,773.8
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.
N ote. 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.
Table 1.3.1. Percent Change From Preceding Period in Real Gross
Value Added by Sector
Table 1.3.3. Real Gross Value Added by Sector,
Quantity Indexes
[Percent]
[Index numbers, 2000=100]
Seasonally adjusted at annual rates
Line
2003
2004
I
IV
Gross domestic product....
Business1......................................
Nonfarm2....................................
Farm ............................................
Households and institutions....
Households................................
Nonprofit institutions serving
households3..........................
General government4..................
Federal........................................
State and local............................
Addendum:
Gross housing value added
Seasonally adjusted
2004
2003
II
Line
2004
1
2
3
4
5
6
3.0
3.8
3.8
4.0
-0.3
-0.9
4.4
5.1
5.3
-9.9
3.3
4.7
4.2
4.2
4.6
-30.6
7.7
11.4
4.5
5.3
5.7
-31.3
3.0
4.4
3.3
3.9
4.2
-21.3
2.8
3.6
4.0
4.5
4.2
36.4
3.0
3.8
3.1
3.3
2.8
76.9
2.9
4.0
7
8
9
10
0.5
1.1
2.6
0.5
1.5
0.9
0.8
0.9
3.0
0.8
-0.3
1.3
1.2
0.9
1.8
0.5
1.6
0.1
-0.7
0.5
1.9
1.7
1.3
1.9
1.5
2.2
2.6
2.0
11
-1.8
3.4
9.4
3.5
2.8
3.0
3.2
Gross domestic product....
Business1......................................
Nonfarm2....................................
Farm ............................................
Households and institutions....
Households.................................
Nonprofit institutions serving
households3 ..........................
General government4.................
Federal........................................
State and local...........................
Addendum:
Gross housing value added
1
2
3
4
5
6
2004
2003
IV
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.
2003
IV
III
IV
1 10,381.3 10,837.2 10,580.7 10,697.5 10,784.7 10,891.0 10,975.7
I
II
III
IV
105.749 110.393 107.780 108.969 109.858 110.941 111.803
106.071 111.451 108.428 109.826 110.870 112.095 113.014
106.115 111.691 108.550 110.077 111.205 112.358 113.125
97.378 88.652 83.502
101.633 91.615
90.240 104.066
104.793 108.297 106.378 107.156 107.887 108.677 109.467
104.599 109.564 106.911 108.056 109.027 110.038 111.134
7 105.039 106.662 105.688
8 104.718 105.638 105.017
9 105.174 106.063 105.385
10 104.514 105.448 104.851
105.992
105.247
105.856
104.976
106.415
105.281
105.681
105.102
106.922 107.319
105.730 106.295
106.015 106.699
105.599 106.114
11
105.769
106.500
107.287
103.364
106.924
104.862
108.140
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.
February 2005
Su r v e y
D-7
C u r r e n t B u sin ess
of
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
Line
2003
2004
IV
Gross domestic product. ..
Business1......................................
Nonfarm2....................................
Farm ............................................
Households and institutions....
Households................................
Nonprofit institutions serving
households3..........................
General government4..................
Federal........................................
State and local...........................
Addendum:
Gross housing value added.....
Seasonally adjusted at annual rates
2004
2003
I
Line
II
III
106.003
104.226
104.112
116.649
112.440
111.344
108.281 106.586
106.069 104.594
105.739 104.281
142.574 139.298
116.597 114.189
115.408 113.096
7
8
9
10
113.887
112.072
114.086
111.239
118.171
115.629
117.700
114.772
115.632 116.835
113.035 114.640
114.406 117.357
112.472 113.511
117.437
115.391
117.617
114.469
118.643 119.767
115.982 116.502
117.753 118.075
115.251 115.855
11
111.081
115.179
112.938
114.909
115.624
107.314 108.169 108.551 109.091
105.144 106.020 106.302 106.809
104.795 105.557 106.038 106.566
144.434 160.638 133.627 131.599
115.341 116.146 117.058 117.844
114.211 115.165 115.859 116.397
116.201
2004
2003
IV
IV
1
2
3
4
5
6
113.981
2003
2004
Gross domestic product....
Business1......................................
Nonfarm2....................................
Farm ............................................
Households and institutions....
Households.................................
Nonprofit institutions serving
households3 ..........................
General government4..................
Federal........................................
State and local...........................
Addendum:
Gross housing value added
I
II
III
IV
1 11,004.0 11,728.0 11,270.9 11,472.6 11,657.5 11,814.9 11,967.0
2 8,472.3 9,053.6 8,685.4 8,843.3 9,000.7 9,125.2 9,245.1
3 8,387.5 8,966.6 8,593.7 8,757.8 8,911.8 9,044.6 9,152.2
91.7
4
84.8
87.0
85.5
88.9
80.6
92.9
5 1,276.5 1,367.9 1,315.8 1,338.8 1,357.4 1,378.0 1,397.4
6
717.0
778.4
744.3
759.7
772.9
784.8
796.3
7
8
9
10
559.5
1,255.3
378.4
876.9
589.5
1,306.5
393.7
912.8
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
593.3
1,311.6
393.7
917.9
601.1
1,324.5
397.3
927.2
11
912.0
978.2
940.6
957.5
972.0
985.2
998.0
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.
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.
Table 1.3.6. Real Gross Value Added by Sector, Chained Dollars
Table 1.4.1. Percent Change From Preceding Period in Gross Domestic
Product, Gross Domestic Purchases, and Final Sales to Domestic Purchasers
[Billions of chained (2000) dollars]
[Percent]
Seasonally adjusted at annual rates
Line
2003
2004
IV
Gross domestic product. ..
Business1......................................
Nonfarm2....................................
Farm ............................................
Households and institutions....
Households................................
Nonprofit institutions serving
households3..........................
General government4..................
Federal........................................
State and local............................
Residual..........................................
Addendum:
Gross housing value added
Seasonally adjusted at annual rates
2004
2003
I
II
III
7
8
9
10
11
488.5
1,120.1
331.7
788.3
-3.5
496.0
1,129.9
334.5
795.3
-11.7
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
497.3
1,130.9
334.3
796.5
-12.8
499.1
1,136.9
336.5
800.3
-10.8
12
821.0
849.3
832.9
840.1
845.9
852.2
858.9
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
IV
1 10,381.3 10,837.2 10,580.7 10,697.5 10,784.7 10,891.0 10,975.7
2 8,132.1 8,544.6 8,312.8 8,420.0 8,500.0 8,594.0 8,664.4
3 8,059.6 8,483.1 8,244.5 8,360.5 8,446.2 8,533.8 8,592.0
4
72.7
69.7
63.4
59.7
65.5
64.5
74.4
5 1,132.5 1,170.4 1,149.6 1,158.0 1,165.9 1,174.5 1,183.0
6
644.0
674.5
658.2
665.2
671.2
677.4
684.2
2003
2004
IV
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
2003
I
II
III
IV
1
3.0
4.4
4.2
4.5
3.3
4.0
3.1
2
1.9
8.1
17.5
7.3
7.3
6.0
-3.9
3
4.4
9.8
17.1
10.6
12.6
4.6
9.1
4
3.3
4.8
4.7
5.0
4.2
3.9
4.7
6
3.4
4.4
4.2
3.9
3.5
4.9
4.3
7
3.1
4.0
3.7
3.3
2.5
5.0
2.7
National Data
D-8
February 2005
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
Gross domestic product............
Less: Exports of goods and
services......................................
Plus: Imports of goods and
services.......................................
Equals: Gross domestic
purchases..................................
Less: Change in private
2003
2004
Seasonally adjusted
2004
2003
Line
IV
I
II
III
IV
1 105.749
110.393
107.780
108.969
109.858
110.941
111.803
2
101.737
98.170
99.924
101.690
103.176
102.159
111.504
94.116
3 105.048
115.311
108.725
114.862
116.167
118.711
4 106.858
111.968
108.904 110.253 111.393
112.465
113.761
S
Equals: Final sales to domestic
purchasers................................
Addendum:
Final sales of domestic product
6 107.438
112.126 109.401
110.455
111.396 112.731
113.923
7 106.346
110.551
109.173
109.854
111.963
108.290
111.211
2003
2004
2003
2004
IV
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
III
IV
1 106.003
108.281
106.586 107.314 108.169
108.551
109.091
2 101.395
104.929
102.146
3
I
II
103.565
104.746
105.175
106.232
102.163
103.760 105.066
107.142
99.615
104.533
99.837
4 105.571
108.118
106.086
6 105.592
108.129
106.107 106.997
107.923 108.440 109.157
7 106.025
108.292
106.608
108.178
106.980 107.913 108.429 109.149
107.332
108.561
109.097
Table 1.4.5. Relation of Gross Domestic Product, Gross Domestic Purchases,
and Final Sales to Domestic Purchasers
Table 1.4.6. Relation of Real Gross Domestic Product, Real Gross Domestic
Purchases, and Real Final Sales to Domestic Purchasers, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2003
2004
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
2003
IV
Seasonally adjusted at annual rates
I
II
III
1 11,004.0 11,728.0 11,270.9 11,472.6 11,657.5 11,814.9 11,967.0
2
1,046.2
1,170.2
1,099.2
1,134.3
1,167.6
1,189.5
1,189.6
3
1,544.3
1,779.6
1,602.0
1,681.2
1,758.9
1,801.2
1,877.1
4 11,502.2 12,337.3 11,773.7 12,019.4 12,248.8 12,426.6 12,654.5
5
-1.2
43.1
3.5
36.2
59.0
31.6
2003
2004
45.5
6 11,503.4 12,294.3 11,770.1 11,983.2 12,189.8 12,395.1 12,609.0
7 11,005.3 11,684.9 11,267.4 11,436.4 11,598.5 11,783.3 11,921.5
2003
IV
IV
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
I
II
III
IV
1 10,381.3 10,837.2 10,580.7 10,697.5 10,784.7 10,891.0 10,975.7
2
1,031.8
1,115.3
1,076.2
1,095.4
1,114.8
1,131.1
1,120.0
3
1,550.3
1,701.7
1,604.5
1,645.5
1,695.1
1,714.3
1,751.9
4 10,895.7 11,416.8 11,104.3 11,241.9 11,358.1 11,467.4 11,599.6
5
-0.8
45.3
8.6
40.0
61.1
34.5
45.8
6 10,894.2 11,369.6 11,093.2 11,200.1 11,295.5 11,430.9 11,551.7
7 10,379.9 10,790.2 10,569.6 10,655.8 10,722.3 10,854.7 10,928.1
N ote. 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.
February 2005
Survey
of
D-9
C u r r e n t B u sin ess
Table 1.5.2. Contributions to Percent Change in Real Gross Domestic Product,
Expanded Detail
Table 1.5.1. Percent Change From Preceding Period in Real
Gross Domestic Product, Expanded Detail
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2003
2004
IV
Gross domestic product. ..
Personal consumption
expenditures.............................
Durable goods...........................
Motor vehicles and parts......
Furniture and household
equipment..........................
O th er......................................
Nondurable goods.....................
Food........................................
Clothing and shoes...............
Gasoline, fuel oil, and other
energy goods.....................
O th er......................................
S ervices.....................................
Housing..................................
Household operation............
Electricity and g as............
Other household operation
Transportation........................
Medical care..........................
Recreation
O th er.......
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential.......................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
equipm ent............
Software1.................
O ther.........................
Industrial equipment....
Transportation
equipm ent................
Other equipm ent..........
Residential..............................
Change in private inventories...
Line
2004
2003
I
II
III
2003
2004
I
IV
1
3.0
4.4
4.2
4.5
3.3
4.0
3.1
2
3
4
3.3
7.4
5.5
3.8
6.9
3.4
3.6
3.9
-1.8
4.1
2.2
-5.8
1.6
-0.3
-6.0
5.1
17.2
28.7
4.6
6.7
4.7
5
6
7
8
9
9.1
9.1
3.7
3.8
4.3
11.7
6.5
4.5
4.8
6.7
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
3.5
4.7
4.4
6.0
8.6
8.1
5.8
6.9
9.9
10
11
12
13
14
15
16
17
18
19
20
0.7
4.1
2.2
1.3
1.5
1.7
1.4
-0.8
4.0
3.1
2.0
0.1
4.7
2.8
1.7
2.7
2.3
2.9
1.1
3.7
3.1
3.3
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
2.6
5.3
3.0
2.4
1.3
-0.9
2.7
1.7
5.0
2.7
2.5
0.2
4.1
3.7
2.0
6.5
13.6
2.0
3.0
4.1
-0.1
5.2
21
22
23
24
25
4.4
5.1
3.3
-5.6
6.4
12.9
10.0
10.3
1.0
13.4
13.9
10.5
11.0
7.9
12.0
12.3
4.5
4.2
-7.6
8.0
19.0
13.9
12.5
6.9
14.2
2.4
8.8
13.0
-1.1
17.5
9.2
6.7
10.3
-4.1
14.9
26
12.0
16.1
16.3
16.4
14.1
7.5
17.5
2/
28
29
30
33.0
4.7
9.2
0.1
26.4
12.3
14.3
5.0
31.5
9.3
15.0
-4.5
6.5
16.8
22.1
6.6
26.5
8.7
12.7
2.1
20.7
6.8
1.1
27.7
48.7
19.9
0.1
5.8
31
32
33
34
SS
36
-3.1
5.4
8.8
11.2
15.2
9.5
11.9
16.5
9.6
-15.0
8.3
5.0
26.1
16.1
16.5
38.1
22.6
1.6
19.7
11.8
0.3
38
39
40
41
42
43
1.9
2.2
1.4
4.4
4.7
3.1
8.1
8.2
7.8
9.8
10.6
5.7
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
6.0
9.5
-1.8
4.6
5.0
2.8
-3.9
-6.9
3.4
9.1
12.2
-6.0
44
45
46
47
48
49
50
61
52
53
64
2.8
6.6
9.0
9.0
8.9
2.4
2.5
1.8
0.7
0.7
0.7
2.0
4.7
7.4
6.4
14.3
-0.5
-1.3
4.6
0.4
0.5
0.0
1.6
4.8
11.6
10.9
16.8
-7.5
-8.7
1.7
-0.1
0.9
-4.1
2.5
7.1
10.6
7.2
37.2
0.2
-0.3
3.9
0.0
0.2
-1.0
2.2
2.7
1.9
4.1
-12.0
4.4
-0.7
44.0
1.9
0.0
10.0
0.7
4.8
10.1
9.6
13.1
-5.3
-2.6
-21.1
-1.7
1.3
-12.5
0.9
1.6
0.0
-3.6
27.7
5.1
4.6
8.4
0.6
1.3
-2.2
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2004
IV
Net exports of goods and
Exports........................................
Goods.....................................
S ervices.................................
Im ports.......................................
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...................
2003
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures............................
Durable goods...........................
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 g a s ............
Other household operation
Transportation........................
Medical ca re ..........................
Recreation..............................
Other.......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential........................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
equipment.............
Software1..................
O th er.........................
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...................
II
III
IV
1
3.0
4.4
4.2
4.5
3.3
4.0
3.1
2
3
4
2.29
0.63
0.22
2.67
0.58
0.13
2.50
0.33
-0.07
2.90
0.19
-0.23
1.10
-0.02
-0.24
3.57
1.37
0.98
3.22
0.56
0.18
5
6
7
8
9
0.27
0.15
0.73
0.37
0.12
0.34
0.11
0.91
0.47
0.18
0.28
0.12
1.01
0.25
0.11
0.32
0.10
1.33
0.77
0.43
0.22
0.00
0.03
0.22
-0.15
0.33
0.06
0.94
0.42
0.16
0.25
0.13
1.16
0.67
0.26
10
11
12
13
14
15
16
17
18
19
20
0.01
0.23
0.93
0.15
0.06
0.03
0.04
-0.02
0.46
0.09
0.20
0.00
0.26
1.18
0.19
0.10
0.04
0.07
0.03
0.44
0.09
0.33
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
0.30
1.26
0.25
0.05
-0.01
0.06
0.04
0.59
0.08
0.24
0.00
0.23
1.50
0.21
0.24
0.20
0.05
0.08
0.48
0.00
0.50
21
22
23
24
25
0.66
0.76
0.33
-0.15
0.48
1.96
1.52
1.02
0.02
1.00
2.04
1.57
1.07
0.18
0.89
1.86
0.69
0.42
-0.19
0.61
2.85
2.07
1.21
0.16
1.05
0.40
1.37
1.27
-0.03
1.30
1.48
1.06
1.05
-0.10
1.15
26
0.45
0.62
0.61
0.62
0.55
0.30
0.68
27
28
29
30
0.24
0.07
0.14
0.00
0.22
0.18
0.22
0.06
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
0.10
0.02
0.31
0.39
0.29
0.00
0.08
31
32
33
34
35
36
-0.04
0.06
0.43
-0.10
0.02
-0.12
0.13
0.19
0.50
0.44
0.04
0.40
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
0.41
0.28
0.09
-0.97
0.07
-1.04
0.24
0.16
0.01
0.42
-0.03
0.44
37
38
39
40
41
42
43
-0.43
0.18
0.14
0.04
-0.61
-0.54
-0.07
-0.61
0.77
0.54
0.23
-1.38
-1.25
-0.14
-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
-0.10
0.59
0.64
-0.06
-0.69
-0.62
-0.07
-1.73
-0.40
-0.50
0.10
-1.34
-1.49
0.15
44
45
46
47
48
49
50
51
52
53
54
0.52
0.43
0.38
0.33
0.05
0.06
0.05
0.01
0.09
0.07
0.02
0.37
0.32
0.33
0.26
0.08
-0.01
-0.03
0.01
0.05
0.05
0.00
0.31
0.33
0.50
0.42
0.09
-0.18
-0.18
0.01
-0.02
0.08
-0.10
0.48
0.48
0.47
0.29
0.19
0.00
-0.01
0.01
0.00
0.02
-0.02
0.41
0.18
0.09
0.16
-0.08
0.10
-0.01
0.11
0.23
0.00
0.23
0.13
0.33
0.45
0.38
0.07
-0.12
-0.05
-0.07
-0.20
0.12
-0.32
0.18
0.11
0.00
-0.15
0.15
0.11
0.09
0.02
0.07
0.12
-0.05
1. Excludes software “embedded," or bundled, in computers and other equipment.
D-10
National Data
February 2005
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
Gross domestic product....
Personal consumption
expenditures.............................
Durable goods...........................
Motor vehicles and parts.....
Furniture and household
equipment..........................
O ther......................................
Nondurable goods.....................
Food........................................
Clothing and shoes...............
Gasoline, fuel oil, and other
energy goods.....................
O th er......................................
S ervices.....................................
Housing..................................
Household operation............
Electricity and g as............
Other household operation
Transportation........................
Medical care..........................
Recreation..............................
O ther......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential.......................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
equipment............
Software1 ..................
O ther.........................
Industrial equipment....
Transportation
equipm ent................
Other equipm ent..........
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...................
2003
2004
2003
2004
IV
I
108.969
II
Line
III
110.393
107.780
2 109.143
3 119.378
4 116.971
113.284
127.559
120.929
110.794 111.925 112.360 113.776 115.076
123.902 124.572 124.482 129.529 131.653
119.929 118.149 116.320 123.901 125.346
5
6
7
8
9
125.771
113.772
108.481
107.556
110.914
140.529
121.209
113.408
112.712
118.333
132.505 136.028 138.480 142.327 145.280
118.345 120.152 120.082 121.106 123.498
110.517 112.331 112.367 113.659 115.275
109.018 111.160 111.793 112.992 114.902
113.595 117.960 116.374 118.093 120.904
10
11
12
13
14
15
16
17
18
19
20
103.062
110.646
107.418
106.915
102.597
102.729
102.496
95.346
115.340
108.225
104.731
103.127
115.843
110.440
108.769
105.319
105.100
105.433
96.372
119.630
111.634
108.229
106.147 105.544
112.986 113.848
108.346 109.237
107.334 107.906
104.080 104.914
105.112 106.021
103.394 104.181
95.009 95.470
116.703 117.632
109.631 111.211
105.751 106.899
101.862
115.111
109.955
108.445
104.677
103.820
105.205
96.160
118.915
111.286
107.768
93.852 105.972
96.924 106.636
90.157
99.477
75.810
76.541
95.679 108.454
98.771 101.672
101.412 102.529
94.235 95.204
77.406 75.886
100.735 102.699
106.191 106.823 109.199
105.913 108.170 109.932
98.041 101.075 103.588
77.171
76.958 76.149
106.157 110.524 114.436
120.907
21
22
23
24
25
109.858 110.941
102.524
116.620
110.782
109.090
105.014
103.597
105.907
96.567
120.386
112.040
108.428
111.803
102.577
117.791
111.784
109.634
106.670
106.960
106.440
97.289
121.587
112.001
109.821
26
105.291
122.292
112.621
116.982
27
28
29
30
151.298
97.197
94.409
86.411
191.176
109.192
107.889
90.741
171.109
101.347
100.200
85.923
173.806 184.318 193.210 213.369
105.355 107.579 109.374 114.462
105.333 108.535 108.828 108.858
87.305 87.752 93.289
94.616
31
32
33
34
75.618
99.963
114.392
84.116
115.145
125.214
79.468
106.143
119.916
76.298
108.274
121.400
80.847
112.402
126.122
87.643
118.280
126.628
91.676
121.623
126.708
38
39
40
41
42
43
94.116
92.018
99.330
105.048
105.131
104.753
101.737
99.578
107.097
115.311
116.284
110.726
98.170
95.694
104.310
108.725
108.824
108.360
99.924
97.810
105.173
111.504
112.116
108.675
101.690
99.242
107.765
114.862
115.593
111.458
103.176
101.526
107.275
116.167
117.005
112.241
102.159
99.734
108.175
118.711
120.421
110.531
44
45
46
47
48
49
50
51
52
53
54
110.906
119.140
122.014
121.413
126.207
113.972
114.745
109.408
106.739
105.581
111.498
113.073 111.738 112.443
124.724 121.154 123.249
131.002 125.765 128.984
129.194 124.845 127.048
144.299 132.347 143.249
113.388 112.840 112.900
113.298 113.585 113.492
114.442 108.421 109.472
107.166 106.968 106.965
106.104 105.790 105.851
111.527 111.806 111.532
113.062
124.068
129.582
128.318
138.750
114.117
113.304
119.922
107.482
105.854
114.232
113.259 113.527
125.539 126.038
132.723 132.721
131.300 130.109
143.091 152.106
112.563 113.972
112.561 113.834
113.035 115.339
107.033 107.185
106.190 106.523
110.475 109.871
123.101
2003
2004
IV
1 105.749
128.177
36
1. Excludes software “embedded,” or bundled, in computers and other equipment.
Seasonally adjusted
2004
2003
IV
Gross domestic p roduct....
Personal consumption
expenditures............................
Durable g oods...........................
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 g a s ............
Other household operation
Transportation........................
Medical ca re ..........................
Recreation..............................
Other.......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential........................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
equipment.............
Software1...................
O th er.........................
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...................
I
II
III
IV
1 106.003 108.281
106.586 107.314 108.169 108.551
2 105.511 107.810
3 92.244 90.380
4 97.340 96.098
106.005
90.747
95.768
106.860 107.683 108.021 108.677
90.741
90.725 90.008 90.047
95.966 96.166 95.697 96.564
5 83.345 79.886 81.451
6 97.924 98.065 97.447
7 104.154 107.612 104.564
8 106.979 110.257 108.265
9 93.045 92.667 92.976
80.963 80.367 79.368 78.849
97.999 98.760 98.098 97.403
105.914 107.616 107.869 109.048
108.950 109.989 110.687 111.402
92.533 93.191
92.502 92.440
10
11
12
13
14
15
16
17
18
19
20
105.517
105.175
109.237
110.437
107.766
113.651
104.367
105.880
109.858
109.248
108.826
124.087 103.679
106.187 105.166
111.982 110.266
113.157 111.344
110.021 107.886
118.018 113.642
105.395 104.566
107.481 107.140
113.265 111.335
111.968 109.958
111.332 109.852
113.693
105.752
111.085
111.912
108.879
115.595
104.993
107.109
112.340
110.875
110.851
124.711 125.030
106.136 106.152
111.667 112.314
112.941 113.608
109.598 110.703
117.118 119.488
105.243 105.627
107.281 107.572
112.955 113.617
111.559 112.268
110.944 111.450
109.091
132.914
106.708
112.861
114.166
110.902
119.872
105.719
107.961
114.149
113.172
112.083
21 102.304 104.882 102.968 103.514 104.644 105.405 105.966
22 102.435 104.958 103.101 103.618 104.709 105.482 106.024
23 98.546 99.336 98.729 98.793 99.220 99.449 99.880
24 110.176 115.543 110.633 111.926 113.984 116.677 119.585
25 94.754 94.400 94.862 94.611
94.626 94.256 94.107
26
87.570
84.662
86.283
85.604
85.016
84.434
83.595
2/
62.100
28 96.862
29 94.763
30 101.641
57.117
94.814
93.175
104.150
60.053
95.459
94.348
101.950
59.030
95.229
93.613
102.970
58.015
94.929
93.189
103.750
56.548
94.921
92.952
104.515
54.876
94.178
92.946
105.367
31
32
33
34
35
36
104.064
103.305
111.951
109.577 109.654
104.445 103.386
118.258 113.675
109.754
103.221
115.179
110.286
104.371
117.710
108.675
104.840
119.674
109.594
105.348
120.470
'M
38 101.395
39 100.640
40 103.219
41
99.615
42 98.068
43 107.784
104.929 102.146
104.428 101.438
106.171 103.865
104.533 99.837
102.908 98.011
113.070 109.502
103.565
103.023
104.897
102.163
100.355
111.718
104.746 105.175
104.356 104.665
105.726 106.440
103.760 105.066
102.267 103.560
111.566 112.937
106.232
105.668
107.620
107.142
105.450
116.059
44
45
46
47
48
49
50
51
52
53
54
112.178 109.167 110.522
112.193 109.447 111.203
112.961 110.278 111.825
115.015 112.169 113.879
99.767 98.093 98.642
110.790 107.917 110.095
112.662 109.455 111.953
99.525 98.670 98.903
112.177 109.007 110.131
112.933 109.825 111.152
109.220 105.814 106.154
111.703
112.020
112.790
114.805
99.832
110.613
112.481
99.370
111.524
112.386
108.151
113.804
113.059
113.912
115.983
100.607
111.484
113.372
100.117
114.253
114.762
112.256
108.702
109.081
109.875
111.711
98.039
107.631
109.065
98.993
108.485
109.233
105.558
1. Excludes software “embedded,” or bundled, in computers and other equipment.
112.682
112.491
113.317
115.393
99.988
110.970
112.840
99.710
112.802
113.434
110.319
February 2005
S urvey
of
D-11
C u r r e n t B u sin ess
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
2003
2004
2004
2003
IV
Gross domestic product . ..
Personal consumption
expenditures.............................
Durable goods............................
Motor vehicles and parts......
Furniture and household
equipment..........................
O th er......................................
Nondurable goods.....................
F ood........................................
Clothing and shoes...............
Gasoline, fuel oil, and other
energy goods.....................
O th e r......................................
S ervices.....................................
Housing..................................
Household operation............
Electricity and g as............
Other household operation
Transportation........................
Medical care..........................
Recreation..............................
O th er......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential.......................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
equipment............
Software1..................
O ther.........................
Industrial equipment....
Transportation
equipm ent................
Other equipm ent..........
Residential..............................
Change in private inventories...
Farm........................................
Nonfarm..................................
Net exports of goods and
services.....................................
Exports........................................
Goods.....................................
S ervices.................................
Im ports........................................
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...................
I
II
Line
III
2003
2004
IV
IV
1 11,004.0 11,728.0 11,270.9 11,472.6 11,657.5 11,814.9 11,967.0
2
3
4
7,760.9
950.7
440.1
8,231.1
995.7
449.3
7,914.9
971.1
444.1
8,060.2
976.3
438.4
8,153.8
975.5
432.5
8,282.5
1,007.0
458.4
8,428.1
1,023.9
468.0
5
6
7
8
9
328.0
182.6
2,200.1
1,064.5
307.2
351.5
194.8
2,376.5
1,149.7
326.5
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
194.7
2,387.2
1,157.0
325.2
358.8
197.2
2,447.6
1,184.1
332.8
10
11
12
13
14
15
16
17
18
19
20
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
244.8
655.5
4,859.0
1,238.8
452.1
177.8
274.3
301.7
1,391.3
335.3
1,139.8
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
245.4
659.6
4,888.2
1,247.3
453.5
177.4
276.1
302.6
1,404.4
337.4
1,143.1
261.0
669.7
4,956.5
1,259.7
461.5
183.8
277.7
305.9
1,425.0
340.0
1,164.3
21
22
23
24
25
1,665.8
1,667.0
1,094.7
261.6
833.1
1,922.4
1,879.3
1,217.6
277.0
940.7
1,758.8
1,755.2
1,146.3
268.2
878.1
1,819.7
1,783.5
1,158.8
266.0
892.8
1,920.7
1,861.7
1,198.5
275.5
923.1
1,947.0
1,915.4
1,238.5
281.2
957.3
2,002.2
1,956.6
1,274.7
285.2
989.6
26
431.2
484.3
454.7
468.5
480.9
486.3
501.3
27
28
29
30
95.3
165.8
170.0
139.8
110.8
182.4
191.0
150.5
104.5
170.5
179.7
139.5
104.4
176.8
187.4
143.1
108.8
180.0
192.2
145.0
111.1
182.9
192.2
155.2
119.1
190.0
192.3
158.7
31
32
33
34
35
36
126.6
135.5
572.3
-1.2
0.3
-1.5
148.0
157.8
661.7
43.1
-0.7
43.7
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
153.0
162.7
677.0
31.6
-0.2
31.8
161.4
168.1
681.9
45.5
-1.0
46.5
37
38
39
40
41
42
43
-498.1
1,046.2
726.4
319.8
1,544.3
1,282.0
262.3
-609.3
1,170.2
815.6
354.7
1,779.6
1,488.8
290.8
-502.8
1,099.2
761.3
337.9
1,602.0
1,326.4
275.6
-546.8
1,134.3
790.3
344.1
1,681.2
1,399.2
282.0
-591.3
1,167.6
812.2
355.4
1,758.9
1,470.1
288.8
-611.8
1,189.5
833.4
356.1
1,801.2
1,506.9
294.4
-687.5
1,189.6
826.5
363.1
1,877.1
1,579.1
297.9
44
45
46
47
48
49
50
51
52
53
54
2,075.5
752.2
496.4
436.1
60.4
255.7
222.5
33.2
1,323.3
1,058.5
264.9
2,183.8
810.0
548.1
477.8
70.3
261.9
227.0
34.9
1,373.9
1,099.8
274.1
2,100.0
767.5
513.6
450.2
63.4
253.9
221.1
32.8
1,332.6
1,066.3
266.2
2,139.5
793.3
534.1
465.2
69.0
259.1
225.9
33.2
1,346.3
1,079.8
266.4
2,174.3
804.4
541.2
473.6
67.6
263.2
226.6
36.5
1,369.9
1,091.8
278.0
2,197.2
817.4
557.0
487.1
69.8
260.4
225.9
34.5
1,379.8
1,105.5
274.3
2,224.3
824.8
559.9
485.2
74.7
264.9
229.5
35.4
1,399.5
1,122.0
277.6
Gross domestic product....
Personal consumption
expenditures............................
Durable g oods...........................
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......................................
H ousing..................................
Household operation............
Electricity and g a s ............
Other household operation
Transportation........................
Medical ca re ..........................
Recreation.............................
Other.......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential........................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
Software2..................
O th er.........................
Industrial equipment....
Transportation
equipment.................
Other equipment...........
Residential..............................
Change in private inventories...
Farm ........................................
Nonfarm..................................
Net exports of goods and
services.....................................
Exports.......................................
Goods.....................................
Services..................................
Imports........................................
Goods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal.........................................
National defense....................
Consumption expenditures
Gross investment..............
Nondefense...........................
Consumption expenditures
Gross investment..............
State and local...........................
Consumption expenditures...
Gross investment...................
Residual...........................................
2004
2003
I
II
III
IV
1 10,381.3 10,837.2 10,580.7 10,697.5 10,784.7 10,891.0 10,975.7
2
3
4
7,355.6
1,030.6
452.1
7,634.7
1,101.3
467.4
7,466.8
1,069.7
463.5
7,543.0
1,075.5
456.7
7,572.4
1,074.7
449.6
7,667.8
1,118.3
478.9
7,755.4
1,136.6
484.5
5
6
7
8
9
393.5
186.5
2,112.4
995.1
330.2
439.7
198.7
2,208.3
1,042.8
352.3
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
445.4
198.5
2,213.2
1,045.4
351.6
454.6
202.4
2,244.7
1,063.0
359.9
10
11
12
13
14
15
16
17
18
19
20
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
197.5
617.3
4,339.0
1,094.7
410.9
150.6
260.2
280.7
1,228.4
299.5
1,023.8
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
196.3
621.4
4,352.4
1,097.9
409.7
148.5
261.4
281.3
1,236.1
300.6
1,025.7
196.4
627.7
4,391.8
1,103.4
416.1
153.3
262.7
283.4
1,248.5
300.5
1,038.8
21
22
23
24
25
1,628.8
1,627.3
1,110.8
237.4
879.2
1,839.1
1,790.4
1,225.6
239.7
996.6
1,714.1
1,702.7
1,161.0
242.4
925.6
1,764.5
1,721.4
1,173.0
237.7
943.7
1,842.9
1,778.3
1,207.9
241.7
975.5
1,853.9
1,816.1
1,245.3
241.0
1,015.6
1,895.1
1,845.7
1,276.3
238.5
1,051.5
26
492.4
571.9
526.6
547.0
565.4
575.6
599.4
71
28
29
30
171.2
179.4
137.6
192.4
205.0
144.5
178.5
190.4
136.8
185.6
200.2
139.0
189.5
206.2
139.7
192.7
206.8
148.5
201.6
206.9
150.6
31
32
33
34
35
36
121.6
131.2
511.2
-0.8
0.3
-1.1
135.3
151.1
559.6
45.3
3.6
41.7
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
141.0
155.2
565.9
34.5
3.8
30.4
147.5
159.6
566.3
45.8
2.7
43.3
3/
38
39
40
41
42
43
-518.5
1,031.8
721.7
309.9
1,550.3
1,307.3
243.3
-586.4
1,115.3
781.0
334.1
1,701.7
1,446.0
257.2
-528.3
1,076.2
750.6
325.4
1,604.5
1,353.2
251.7
-550.1
1,095.4
767.2
328.1
1,645.5
1,394.1
252.4
-580.3
1,114.8
778.4
336.2
1,695.1
1,437.4
258.9
-583.2
1,131.1
796.3
334.6
1,714.3
1,454.9
260.7
-631.9
1,120.0
782.3
337.4
1,751.9
1,497.4
256.8
44
45
46
47
48
49
50
51
52
53
54
55
1,909.4
689.6
451.8
390.3
61.6
237.6
204.0
33.5
1,219.8
969.0
250.9
-14.9
1,946.7
721.9
485.1
415.4
70.4
236.4
201.5
35.1
1,224.7
973.8
251.0
-42.3
1,923.7
701.2
465.7
401.4
64.6
235.2
202.0
33.2
1,222.5
970.9
251.6
-26.7
1,935.8
713.3
477.6
408.5
69.9
235.4
201.8
33.6
1,222.4
971.5
251.0
-31.3
1,946.5
718.1
479.9
412.5
67.7
237.9
201.5
36.8
1,228.3
971.5
257.1
-35.6
1,949.9
726.6
491.5
422.1
69.8
234.7
200.2
34.6
1,223.2
974.6
248.6
-44.5
1,954.5
729.5
491.5
418.3
74.2
237.6
202.4
35.4
1,224.9
977.6
247.3
-57.5
1. Excludes software “embedded,” or bundled, in computers and other equipment.
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 aggregate
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.
The residual line is the difference between the first
and the sum of the most detailed lines.
Note.
line
D-12
National Data
February 2005
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
Line
Gross domestic purchases...
Personal consumption
expenditures.............................
Durable goods............................
Motor vehicles and parts......
Furniture and household
equipment...........................
O th er.......................................
Nondurable goods.....................
Food........................................
Clothing and shoes...............
Gasoline, fuel oil, and other
energy goods.....................
O ther......................................
S ervices.....................................
Housing..................................
Household operation............
Electricity and g as............
Other household operation
Transportation........................
Medical care..........................
Recreation..............................
O th er......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential.......................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
equipm ent............
Software1..................
O ther.........................
Industrial equipment....
Transportation
equipment.................
Other equipm ent..........
Residential..............................
Chanqe 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....
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..............................
2003
2004
2003
Line
IV
I
II
III
IV
106.086
106.980
1 105.571
108.118
107.913
108.429
109.149
2 105.511
3 92.244
4 97.340
107.810 106.005 106.860 107.683
90.380 90.747 90.741
90.725
96.098 95.768 95.966
96.166
108.021
90.008
95.697
108.677
90.047
96.564
5 83.345
6 97.924
7 104.154
8 106.979
9 93.045
79.886
98.065
107.612
110.257
92.667
81.451
97.447
104.564
108.265
92.976
80.963 80.367
97.999 98.760
105.914 107.616
108.950 109.989
92.533 93.191
79.368
98.098
107.869
110.687
92.502
78.849
97.403
109.048
111.402
92.440
124.087
106.187
111.982
113.157
110.021
118.018
105.395
107.481
113.265
111.968
111.332
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
10
11
12
13
14
15
16
17
18
19
20
105.517
105.175
109.237
110.437
107.766
113.651
104.367
105.880
109.858
109.248
108.826
21 102.304
22 102.435
23 98.546
24 110.176
25 94.754
104.882 102.968
104.958 103.101
99.336 98.729
115.543 110.633
94.400 94.862
124.711 125.030 132.914
106.136 106.152 106.708
111.667 112.314 112.861
112.941 113.608 114.166
109.598 110.703 110.902
117.118 119.488 119.872
105.243 105.627 105.719
107.281 107.572 107.961
112.955 113.617 114.149
111.559 112.268 113.172
110.944 111.450 112.083
103.514 104.644 105.405 105.966
103.618 104.709 105.482 106.024
98.793 99.220 99.449 99.880
111.926 113.984 116.677 119.585
94.611
94.626 94.256 94.107
26
87.570
84.662
86.283
85.604
85.016
84.434
83.595
2/
28
29
30
62.100
96.862
94.763
101.641
57.117
94.814
93.175
104.150
60.053
95.459
94.348
101.950
59.030
95.229
93.613
102.970
58.015
94.929
93.189
103.750
56.548
94.921
92.952
104.515
54.876
94.178
92.946
105.367
31
32
33
m
35
36
104.064
103.305
111.951
109.577
104.445
118.258
109.654 109.754
103.386 103.221
113.675 115.179
110.286
104.371
117.710
108.675 109.594
104.840 105.348
119.674 120.470
3/
38
39
40
41
42
43
44
45
46
47
108.702
109.081
109.875
111.711
98.039
107.631
109.065
98.993
108.485
109.233
105.558
112.178
112.193
112.961
115.015
99.767
110.790
112.662
99.525
112.177
112.933
109.220
109.167
109.447
110.278
112.169
98.093
107.917
109.455
98.670
109.007
109.825
105.814
48
56.063
50.793
53.639
52.687
51.756
50.307
48.424
49
50
51
106.406
106.878
108.727
109.146
110.252
121.342
106.991
108.188
107.470
107.929
108.948
114.088
108.908
110.072
120.618
109.476
110.646
122.498
110.270
111.342
128.166
52
53
105.299
106.003
107.314
108.281
105.809
106.586
106.461
107.314
107.128
108.169
107.579
108.551
108.088
109.091
54 106.710
55 107.350
109.121
111.081
107.344
109.021
108.106 108.983
109.932 111.260
109.401
111.358
109.996
111.775
b6
115.542
109.412
113.063
115.342
116.727
107.743 106.228 106.843 107.548 108.027
108.292 106.608 107.332 108.178 108.561
108.554
109.097
108.129
109.157
109.709
6 / 105.739
58 106.025
59
105.592
106.107
110.522 111.703 112.682 113.804
111.203 112.020 112.491 113.059
111.825 112.790 113.317 113.912
113.879 114.805 115.393 115.983
98.642 99.832 99.988 100.607
110.095 110.613 110.970 111.484
111.953 112.481 112.840 113.372
98.903 99.370
99.710 100.117
110.131 111.524 112.802 114.253
111.152 112.386 113.434 114.762
106.154 108.151 110.319 112.256
106.997
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
117.036
107.923
108.440
2003
2004
2003
IV
Gross domestic purchases. ..
Personal consumption
expenditures............................
Durable g oods...........................
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......................................
H ousing..................................
Household operation............
Electricity and g a s ............
Other household operation
Transportation........................
Medical ca re ..........................
Recreation..............................
Other.......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential........................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
equipment.............
Software1...................
O th er.........................
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....
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.............................
2004
I
II
III
IV
1
2.0
2.4
1.4
3.4
3.5
1.9
2.7
2
3
4
1.9
-3.4
-2.1
2.2
-2.0
-1.3
1.2
-4.3
-5.6
3.3
0.0
0.8
3.1
-0.1
0.8
1.3
-3.1
-1.9
2.5
0.2
3.7
5
6
7
8
9
-6.0
-1.6
2.0
1.9
-2.5
-4.2
0.1
3.3
3.1
-0.4
-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
-2.6
-2.8
4.4
2.6
-0.3
10
11
12
13
14
15
16
17
18
19
20
16.6
0.2
3.0
2.4
3.9
7.8
1.5
2.9
3.4
2.7
2.8
17.6
1.0
2.5
2.5
2.1
3.8
1.0
1.5
3.1
2.5
2.3
-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
2.3
2.4
4.1
8.3
1.5
1.1
2.4
2.6
1.8
27.7
2.1
2.0
2.0
0.7
1.3
0.3
1.5
1.9
3.3
2.3
21
22
23
24
25
1.1
1.2
-0.4
2.1
-1.2
2.5
2.5
0.8
4.9
-0.4
2.7
2.8
1.2
1.4
1.2
2.1
2.0
0.3
4.8
-1.1
4.4
4.3
1.7
7.6
0.1
2.9
3.0
0.9
9.8
-1.6
2.1
2.1
1.7
10.3
-0.6
26
-3.9
-3.3
-4.4
-3.1
-2.7
-2.7
-3.9
2/
28
29
30
-12.0
-2.0
-1.1
0.8
-8.0
-2.1
-1.7
2.5
-8.1
-5.5
-1.1
0.8
-6.6
-1.0
-3.1
4.1
-6.7
-1.3
-1.8
3.1
-9.7
0.0
-1.0
3.0
-11.3
-3.1
0.0
3.3
31
32
33
34
35
36
3.7
1.0
4.4
5.3
1.1
5.6
24.8
-0.4
5.8
0.4
-0.6
5.4
2.0
4.5
9.1
-5.7
1.8
6.8
3.4
2.0
2.7
3/
38
39
40
41
42
43
44
45
46
4/
3.2
3.6
4.2
4.8
0.1
2.6
3.0
-0.4
3.0
3.4
1.5
3.2
2.9
2.8
3.0
1.8
2.9
3.3
0.5
3.4
3.4
3.5
1.0
1.0
1.3
1.5
0.0
0.3
0.6
-1.5
1.0
1.1
0.5
5.1
6.6
5.7
6.2
2.3
8.3
9.4
0.9
4.2
4.9
1.3
4.3
3.0
3.5
3.3
4.9
1.9
1.9
1.9
5.2
4.5
7.7
3.6
1.7
1.9
2.1
0.6
1.3
1.3
1.4
4.7
3.8
8.3
4.0
2.0
2.1
2.1
2.5
1.9
1.9
1.6
5.2
4.8
7.2
48
-14.5
-9.4
-8.6
-6.9
-6.9
-10.7
-14.2
49
50
51
2.2
1.9
13.1
2.6
3.2
11.6
1.5
4.1
-7.1
3.6
2.8
27.0
3.7
4.2
24.9
2.1
2.1
6.4
2.9
2.5
19.8
b2
53
1.6
1.8
1.9
2.1
1.5
1.6
2.5
2.8
2.5
3.2
1.7
1.4
1.9
2.0
54
55
2.0
2.2
2.3
3.5
1.7
5.6
2.9
3.4
3.3
4.9
1.5
0.4
2.2
1.5
b6
8.2
5.3
-7.6
14.0
14.8
-5.7
4.9
b/
58
1.6
1.8
1.9
2.1
1.5
1.6
2.3
2.7
2.7
3.2
1.8
1.4
2.0
2.0
59
2.0
2.4
1.4
3.4
3.5
1.9
2.7
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2. For some components of final sales of computers, includes computer parts.
February 2005
S urvey
of
D-13
C u r r e n t B u sin ess
Table 1.7.1. Percent Change from Preceding Period in Real Gross Domestic
Product, Real Gross National Product, and Real Net National Product
Table 1.6.8. Contributions to Percent Change in the Gross Domestic
Purchases Price Index
[Percent]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Percent change at annual rate:
Gross domestic purchases...
Percentage points at annual
rates:
Personal consumption
expenditures.............................
Durable goods...........................
Motor vehicles and p arts......
Furniture and household
equipment..........................
O th er......................................
Nondurable goods.....................
Food........................................
Clothing and shoes...............
Gasoline, fuel oil, and other
energy goods.....................
O ther......................................
S ervices.....................................
H ousing..................................
Household operation............
Electricity and g as............
Other household operation
Transportation........................
Medical care ..........................
Recreation..............................
O th er......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential.......................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
equipment............
Software1.................
O ther.........................
Industrial equipment....
Transportation
equipm ent................
Other equipm ent..........
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
III
Line
IV
2003
2004
2003
IV
1
2.0
2.4
1.4
3.4
3.5
1.9
2.7
Gross domestic product............
Plus: Income receipts from the
1
3.0
?
6.9
4
5
6
7
8
-2.1
3.3
3.0
3.1
2.5
2.5
9
10
2.8
3.3
11
1?
13
14
2.7
2.9
3.1
2.6
4.4
2004
I
II
IV
III
4.2
4.5
3.3
4.0
59.5
-1.2
12.2
18.6
7.5
5.5
3.4
3.6
2.6
2.6
19.6
3.9
0.0
-0.5
2.5
2.4
82.5
1.9
2.1
2.0
2.5
2.4
18.5
4.0
36.9
44.6
2.4
2.3
2.7
5.8
2.7
4.5
2.7
1.9
2.5
0.2
5.1
6.4
4.3
5.3
2.7
2.1
5.1
3.1
3.6
2.2
3.5
3.8
2.8
2.9
0.1
-1.2
3.1
Less: Income payments to the rest
2
3
4
1.28
-0.29
-0.08
1.47
-0.17
-0.05
0.82
-0.37
-0.22
2.19
0.00
0.03
2.08
-0.01
0.03
0.84
-0.25
-0.07
1.64
0.01
0.13
5
6
7
8
9
-0.18
-0.03
0.38
0.18
-0.07
-0.12
0.00
0.64
0.28
-0.01
-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
-0.07
-0.04
0.85
0.24
-0.01
10
11
12
13
14
15
16
17
18
19
20
0.27
0.01
1.19
0.25
0.14
0.11
0.04
0.07
0.38
0.07
0.26
0.31
0.05
1.00
0.25
0.08
0.06
0.02
0.04
0.35
0.07
0.21
-0.21
-0.06
1.08
0.24
-0.05
-0.08
0.03
0.06
0.41
0.04
0.38
0.69
0.12
1.20
0.21
0.14
0.10
0.04
0.00
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
0.92
0.24
0.15
0.11
0.03
0.03
0.27
0.07
0.17
0.50
0.11
0.77
0.20
0.03
0.02
0.01
0.04
0.21
0.09
0.21
21
22
23
24
25
0.16
0.17
-0.04
0.05
-0.09
0.38
0.37
0.08
0.11
-0.03
0.40
0.40
0.12
0.03
0.09
0.32
0.30
0.03
0.10
-0.08
0.68
0.64
0.17
0.17
0.01
0.46
0.45
0.09
0.21
-0.12
0.34
0.32
0.18
0.22
-0.05
26
-0.15
-0.13
-0.17
-0.12
-0.11
-0.11
-0.16
Less: Consumption of fixed capital
Private...........................
Government...................
General government.
Government
enterprises...........
4.0
4.3
2.5
2.4
2.7
-23.5
-27.6
2.3
2.2
2.6
Addenda:
Net domestic product................
Net domestic income3 ..............
4.4
7.5
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.
Table 1.7.3. Real Gross Domestic Product, Real Gross National Product, and
Real Net National Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
27
28
29
30
-0.10
-0.03
-0.02
0.01
-0.07
-0.03
-0.03
0.03
-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
0.00
-0.02
0.04
-0.11
-0.05
0.00
0.04
31
32
33
34
35
36
0.04
0.01
0.21
-0.02
0.00
-0.01
0.06
0.01
0.29
0.01
0.00
0.01
0.25
0.00
0.29
-0.01
0.01
-0.02
0.00
-0.01
0.28
0.02
0.03
-0.01
0.02
0.06
0.47
0.04
0.01
0.03
-0.07
0.02
0.36
0.01
-0.04
0.04
0.04
0.03
0.15
0.02
-0.02
0.04
37
38
39
40
41
42
43
44
45
46
4/
0.58
0.23
0.17
0.17
0.00
0.06
0.06
0.00
0.35
0.31
0.03
0.57
0.19
0.12
0.11
0.01
0.06
0.06
0.00
0.38
0.30
0.08
0.18
0.06
0.06
0.06
0.00
0.01
0.01
0.00
0.11
0.10
0.01
0.89
0.42
0.25
0.24
0.01
0.18
0.17
0.00
0.47
0.44
0.03
0.77
0.20
0.15
0.13
0.03
0.04
0.04
0.01
0.57
0.40
0.17
0.62
0.11
0.08
0.08
0.00
0.03
0.02
0.00
0.51
0.33
0.18
0.71
0.13
0.09
0.08
0.01
0.04
0.03
0.00
0.57
0.42
0.16
48
-0.19
-0.13
-0.11
-0.09
-0.09
-0.15
-0.20
Line
49
50
51
2.20
0.18
0.47
2.54
0.30
0.46
1.50
0.38
-0.29
3.50
0.27
0.98
3.63
0.40
0.94
2.07
0.20
0.26
2.89
0.24
0.79
52
1.36
1.66
1.31
2.16
2.19
1.47
1.65
2003
2004
2003
IV
Gross domestic product............
Plus: Income receipts from the
1 105.749 110.393
'>
81 493
4
5
6
7
8
75.413
105.865
112.502
113.440
107.804
107.847
107.780
91.642
2004
II
I
108.969 109.858
91.359
III
IV
110.941
111.803
94.028
98.119
Less: Income payments to the rest
Less: Consumption of fixed capital
Private...........................
Government...................
General government.
Government
enterprises...........
Addendum:
Net domestic product................
116.989
118.298
110.476
110.482
77.974 81.545 94.785 98.890
108.192 109.241 109.769 110.863
113.870 113.874 114.468 123.809
114.876 114.745 115.324 126.468
108.835 109.501 110.166 110.808
108.869 109.522 110.177 110.811
115.805
116.657
111.430
111.418
9 107.603
m 104.963
110.476
108.687 109.416 110.139
107.414 108.596 109.115
110.822
109.160
111.526
11
109.492
106.945
109.212
109.239
111.232
104.828
108.286
Table 1.7.4. Price Indexes for Gross Domestic Product, Gross National
Product, and Net National Product
[Index numbers, 2000=100]
Seasonally adjusted
Line
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
2004
IV
Gross domestic product............
Plus: Income receipts from the
1 106.003
108.281
2004
2003
I
106.586 107.314
II
III
108.16s 108.551
? 105.515
106.056
S
4
5
6
7
8
106.207 107.143 108.024 108.459
106.579 107.308 108.164 108.549
101.591 100.170 101.133 101.849
101.361
99.595 100.470 101.087
102.785 103.190 104.619 105.874
102.337 102.741 104.096 105.211
106.959
107.880
IV
109.091
108.375
Less: Income payments to the rest
Less: Consumption of fixed capital
Private...........................
Government...................
General government.
Government
enterprises...........
Addendum:
Net domestic product................
105.666
105.997
101.318
101.052
102.705
102.307
101.222
100.462
105.242
104.628
101.734
100.694
107.285
106.461
9 104.841
m 106.677
108.553
105.191 105.599
107.304 108.343
107.432
109.183
109.450
109.519
111.732
11
109.310
107.314
109.195
109.527
110.164
106.687
108.355
D-14
National Data
February 2005
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
Line
2003
2004
IV
Gross domestic product............
Plus: Income receipts from the
Seasonally adjusted at annual rates
2004
2003
I
II
Line
III
371.8
329.0
373.8
388.0
406.8
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 (n e t).............
Current surplus of
government enterprises
Wage accruals less
disbursements..............
Plus: Personal income receipts on
assets..........................................
Personal current transfer
receipts..........................
Equals: Personal income...........
Addenda:
Net domestic product................
Net national factor income2
8
273.9
4 11,059.2
5 1,353.9
6 1,135.9
7
942.6
284.6
351.9
300.3
368.6
11,358.1 11,546.1 11,693.6 11,853.0
1,406.9 1,374.2 1,355.0 1,375.2 1,497.9
1,177.9 1,153.8 1,132.4 1,148.1 1,266.8
955.0
966.9
936.4
948.8 1,021.8
8
1,225.6
1,351.7
1,278.4
1,319.8
1,327.7
1,378.0
1,399.5
1,164.0
960.8
1,381.4
9
283.0
384.8
323.3
383.4
378.9
356.2
420.6
10
11
12
193.3
218.1
183.6
210.9
229.0
192.3
198.8
220.4
185.4
196.0
222.6
187.2
199.4
227.0
190.8
245.1
231.1
194.0
203.2
235.5
197.4
13
14
15
1fi
34.5
9,705.2
25.6
9,679.6
36.7
36.2
35.0
35.4
37.1
9,983.9 10,191.1 10,318.4 10,355.1
12.8
56.4
90.4
63.0
9,971.1 10,128.1 10,262.0 10,264.7
38.1
2004
1/
1,021.1
18
751.3
19
20
Gross domestic product............
Plus: Income receipts from the
rest of the w orld .........................
Less: Income payments to the rest
Equals: Gross national product
Less: Consumption of fixed capital
P rivate...........................
Government..................
General government.
Government
enterprises...........
Equals: Net national product....
Addenda:
Gross domestic income1 ..........
Gross national income2............
Net domestic product................
Net domestic income3 ..............
I
II
III
IV
1 10,381.3 10,837.2 10,580.7 10,697.5 10,784.7 10,891.0 10,975.7
?
311.9
3
259.2
4 10,433.9
5 1,336.3
6 1,124.0
7
212.4
179.4
8
9
10
32.9
9,098.3
11 10,357.2
1? 10,409.8
13 9,045.8
14 9,021.8
350.7
1,389.6
1,172.2
217.6
183.8
33.8
9,448.2
349.6
359.8
375.5
280.3
268.0
325 8
339.9
10,663.3 10,766.7 10,818.7 10,926.5
1,352.6 1,352.6 1,359.7 1,470.6
1,138.2 1,137.0 1,142.7 1,253.1
214.4
215.7
217.0
218.3
182.2
184.4
181.1
183.3
33.3
9,310.7
33.5
9,413.2
33.7
9,458.2
33.9
9,462.1
10,568.7 10,638.7 10,732.5 10,807.8
10,651.2 10,707.9 10,766.5 10,843.3
9,228.4 9,344.1 9,424.1 9,426.4
9,216.4 9,285.9 9,372.3 9,343.8
1,375.6
1,155.9
219.5
185.4
34.1
9,598.4
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.
1,129.1
1,165.6
1,173.9
1,118.0
800.1
769.4
782.9
796.3
803.5
817.9
773.2
818.3
785.0
803.9
814.0
823.0
832.3
543.0
548.2
545.3
554.5
548.5
546.7
543.0
Table 1.8.3. Command-Basis Real Gross National Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
Line
21
77.7
81.7
80.1
82.7
83.5
76.0
84.4
22
9.5
6.7
8.7
8.1
7.4
6.5
4.7
23
0.0
0.0
0.0
1.5
-1.5
0.0
0.0
24
1,322.7
1,386.6
1,325.8
1,337.1
1,352.3
1,367.8
1,489.3
25
26
1,335.4
9,161.8
1,406.3
9,659.1
1,350.7
9,330.0
1,379.0
9,445.0
1,400.4
9,592.7
1,415.4
9,674.3
1,430.2
9,924.6
?7 10,978.5
11,258.1 11,409.6 11,601.1
?H 11,033.6
11,345.2 11,483.1 11,637.2
?9 10,195.1
10,487.0 10,609.5 10 750.0
30 9,650.1 10,321.1 9,896.7 10,117.6 10,282.3
31 9,624.5
9,883.9 10,054.6 10,225.9
32 8,841.1
9,112.8 9,254.5 9,374.9
11,724.5
11,762.7
10,876 7
10,316.9 10,567.6
10,226.6
9,378.8
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
IV
Less: Income payments to the rest
Less: Consumption of fixed capital
Private............................
Domestic business...
Capital
consumption
allowances.......
Less: Capital
consumption
adjustm ent.......
Households and
institutions............
Government...................
General government.
Government
enterprises...........
2004
IV
1 11,004.0 11,728.0 11,270.9 11,472.6 11,657.5 11,814.9 11,967.0
'?
2003
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
world ’ ..........................................
Equals: Command-basis gross
national product.......................
Addendum:
Percent change from preceding
period in command-basis
real gross national product...
2003
2004
1 105.865
2003
2004
IV
I
108.192
109.241
II
III
IV
109.769 110.863
?
90.825
96.507
97.721
99.727
101.904
3
92.380
98.550
98 953
100 611
102.104
108.498 109.426
109.901
110.893
1.8
3.7
4 106.098
5
3.1
5.8
3.5
1.
Exports of goods and services and income receipts deflated by the implicit price deflator for imports of goods and
services and income payments.
Table 1.8.6. Command-Basis Real Gross National Product, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
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..........................................
Equals: Command-basis gross
national product.......................
Addendum:
Terms of trade2..........................
1 10.433.9
2
1.343.2
3
1.366.2
2004
I
II
III
IV
10,663.3 10,766.7 10,818.7 10.926.5
1,427.3
1,445.2
1,474.9
1.507.1
1,457.5
1,463.5
1,488.0
1.510.1
4 10.456.9
10,693.6 10,784.9 10,831.9 10.929.5
5 101.712
102.120
101.263
100.891
100.199
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.
N ote. 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.
February 2005
S u rvey
of
D-15
C u rr e n t B u sin e ss
Table 1.10. Gross Domestic Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
IV
Gross domestic incom e.......................................................................................................................
Compensation of employees, paid
Wage and salary accruals..
Disbursements................
To persons............................................................................................................................................
To the rest of the world...........
Wage accruals less disbursements........................................................................................................
Supplements to wages and salaries..........................................................................................................
Taxes on production and imports...
Less: Subsidies...............................................................................................................................................
Net operating surplus....................................................................................................................................
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 adjustm ents.........................
Net dividends...................................................................................................................................
Undistributed corporate profits with inventory valuation and capital consumption
adjustments.................................................................................................................................
Current surplus of government enterprises..............................................................................................
Consumption of fixed capital.......................................................................................................................
Private............................................................................................................................................................
Government..................................................................................................................................................
Addendum :
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
.................
6,622.4
5,348.3
5,348.3
..................
2004
2003
I
II
III
10,978.5
6,294.5
5,109.1
5,109.1
5,100.5
8.5
0.0
0.0
1,274.1
1,185.5
840.1
798.1
46.7
39.9
2,578.7 .................
2,569.2 .................
659.3 .................
77.7
81.7
834.1
902.4
165.6
153.8
11,258.1
6,412.2
5,194.4
5,194.4
5,185.8
8.7
0.0
1,217.8
813.9
44.4
2,702.3
2,693.6
668.5
80.1
864.7
167.1
11,409.6
6,495.0
5,246.3
5,244.8
5,236.1
8.6
1.5
1,248.8
823.3
40.4
2,776.7
2,768.6
680.7
82.7
872.1
172.8
.................
.................
..................
.................
913.3
960.3
252.3
256.5
988.6
271.2
929.3 ..................
253.3 ..................
660.9
371.5
703.8
367.5
717.4
360.5
676.0 ..................
378.4 ..................
234.5 .................
6.7
9.5
1,406.9
1,353.9
1,177.9
1,135.9
229.0
218.1
289.5
8.7
1,374.2
1,153.8
220.4
336.3
8.1
1,355.0
1,132.4
222.6
356.9
7.4
1,375.2
1,148.1
227.0
12.8
63.0
56.4
844.2
234.9
609.3
374.8
25.6
11,601.1
6,584.7
5,317.5
5,319.0
5,309.9
9.1
-1.5
1,267.2
835.7
39.4
2,844.9
2,837.5
691.6
83.5
901.4
172.6
IV
11,724.5
6,663.0
5,380.7
5,380.7
5,371.9
8.8
0.0
1,282.3
843.1
39.7
2,760.1
2,753.6
691.6
76.0
902.9
153.8
..................
6,746.8
5,448.9
5,448.9
..................
..................
0.0
1,297.9
858.1
40.2
..................
..................
..................
84.4
933.1
163.1
297.6 ...................
6.5
4.7
1,497.9
1,399.5
1,266.8
1,164.0
231.1
235.5
90.4
National Data
D-16
February 2005
Table 1.12. National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
National incom e......................................................................................................................................
Compensation of employees
Wage and salary accruals............................................................................................................................
Government...........
O ther..........................................................................................................................................................
Supplements to wages and salaries..........................................................................................................
Employer contributions for employee pension and insurance fu n d s.................................................
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 incom e................
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 (n e t).......................................................................................................................
Current surplus of government enterprises.............................................................................................
Cash flow:
Net cash flow with IVA and C C A dj.............................................................................................................
Undistributed profits with IVA and CCAdj..............................................................................................
Consumption of fixed capital...................................................................................................................
Less: Inventory valuation adjustment.........................................................................................................
Equals: Net cash flow....................................................................................................................................
Addenda:
Proprietors’ income with IVA and CCAdj....................................................................................................
Farm............................................................................................................................................................
Proprietors' income with IVA....
Capital consumption adjustment
Nonfarm.....................................................................................................................................................
Proprietors’ income (without IVA and CCAdj)..................................................................................
Inventory valuation adjustm ent..........................................................................................................
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 IV A ..............
Profits before tax (without IVA and C C A dj).......................................................................................
Taxes on corporate income............................................................................................................
Profits after tax (without IVA and CCAdj).....................................................................................
Net dividends......................
Inventory valuation adjustm ent..........................................................................................................
Capital consumption adjustment............................................................................................................
IVA Inventory valuation adjustment
CCAdj Capital consumption adjustment
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
9,679.6
6,289.0
5,103.6
897.9
4,205.6
1,185.5
808.9
376.6
834.1
21.8
812.3
153.8
1,021.1
234.9
786.2
395.3
390.9
543.0
798.1
46.7
77.7
28.9
46.6
2.2
9.5
?7
28
?9
30
1,173.4
390.9
782.5
-14.1
1,187.5
31
32
33
34
35
36
37
38
39
40
41
4?
43
44
45
46
47
48
49
50
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
6,616.6
5,342.6
925.8
4,416.7
1,274.1
875.4
398.7
902.4
18.0
884.4
165.6
443.9
548.2
840.1
39.9
81.7
32.7
48.8
0.2
6.7
795.8
902.4
18.0
23.8
-5.7
884.4
724.4
-5.1
165.1
165.6
179.5
-14.0
443.9
239.4
2004
1
II
III
9,971.1
6,406.7
5,188.9
905.0
4,283.9
1,217.8
835.9
381.9
864.7
24.7
840.0
167.1
1,129.1
252.3
876.8
396.4
480.4
545.3
813.9
44.4
80.1
28.8
47.5
3.8
8.7
10,128.1
6,489.4
5,240.7
918.8
4,321.8
1,248.8
856.5
392.3
872.1
17.9
854.2
172.8
1,165.6
256.5
909.1
403.4
505.7
554.5
823.3
40.4
82.7
29.3
49.4
4.0
8.1
10,262.0
6,578.5
5,311.4
922.0
4,389.3
1,267.2
870.4
396.8
901.4
18.9
882.5
172.6
1,173.9
271 2
902.7
413.2
489.5
548.5
835.7
39.4
83.5
29.3
50.1
4.0
7.4
10,264.7
6,657.4
5,375.0
928.2
4,446.8
1,282.3
881.6
400.8
902.9
13.6
889.3
153.8
1,118.0
253 3
864.7
424.0
440.7
546.7
843.1
39.7
76.0
42.9
44.0
-10.9
6.5
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 2734
489 5
783.9
-4 7 8
1,321.2
1 271 8
440 7
831.2
-3 7 8
1,309.6
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
-4 7 8
233.3
902.9
13.6
19.5
-5.9
889.3
734.6
-4.5
159.2
153.8
173.9
-20.1
1.1180
895 0
932.8
253 3
679 5
424.0
255 5
-3 7 8
223.0
IV
6,741.1
5,443.2
934.3
4,508.9
1,297.9
892.9
405.0
933.1
21.6
911.6
163.1
534.7
543.0
858.1
40.2
84.4
29.2
51.6
3.7
4.7
794.6
933.1
21.6
27.2
-5.7
911.6
740.1
-5.6
177.0
163.1
175.0
-11.9
534.7
261.2
February 2005
S u rvey
of
D-17
C u rr e n t B u sin ess
Table 1.14. Gross Value Added of Domestic Corporate Business in Current Dollars and Gross Value Added of Nonfinancial
Domestic Corporate Business in Current and Chained Dollars
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2004
2003
IV
Gross value added o f corporate b usiness1.......................
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 paym ents.............................
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.......................
Gross value added o f financial corporate busine ss1.....
Gross value added o f n onfinancial corporate busine ss1
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 paym ents..............................
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..............................................
N onfinancial corporate business:
Profits before tax (without IVA and CCAdj)............................
Profits after tax (without IVA and CCAdj)................................
Inventory valuation adjustm ent................................................
Capital consumption adjustment..............................................
6,518.0
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
795.8
4,377.9
3,550.5
827.4
552.6
82.7
6.702.1
6.793.6
6.911.3
7,000.4
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
831.2
6,169.3
4.407.7
3.574.6
833.1
553.8
1.207.8
164.5
114.0
929.3
253.3
676.0
378.4
297.6
794.6
4,467.7
3,624.4
843.3
564.1
73.4
911.2
934.6
954.2
955.8
963.8
5.606.8
5.767.5
5.839.4
5.955.5
6.036.7
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
726.8
5.309.8
3.928.2
3.179.2
749.0
511.7
870.0
177.3
42.5
650.2
167.5
482.7
278.7
204.0
239.4
750.4
498.1
-24.3
187.2
757.0
500.6
-37.0
240.2
803.0
531.8
-47.8
233.3
744.1
490.8
-37.8
223.0
261.2
197.0
445.0
298.2
-24.3
156.6
443.4
295.6
-37.0
198.3
496.5
331.7
-47.8
192.0
506.5
338.9
-37.8
181.5
216.0
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
697.6
462.6
-14.1
160.8
397.7
267.7
-14.1
132.9
692.4
3,901.6
3,157.8
743.8
510.6
63.0
690.0
3,981.6
3,223.5
758.1
521.3
70.9
Value added, in billions of chained (2000) dollars
Gross value added of nonfinancial corporate business2
Consumption of fixed capital3..............................................
Net value added4..................................................................
5,423.0
647.2
4,775.8
668.3
5,552.0
5,598.7
5,657.4
5,731.7
655.1
4,897.0
654.1
4,944.6
657.2
5,000.2
697.3
5,034.4
664.6
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 December 22, 2004, chained-dollar gross value added of nonfinancial corporate business was revised beginning with 1929. The current-dollar gross value added is 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
Table 1.15. Price, Costs, and Profit Per Unit of Real Gross Value Added of Nonfinancial Domestic Corporate Business
[Dollars]
Seasonally adjusted
Line
2003
2004
2004
2003
IV
Price per unit of real gross value added of nonfinancial corporate business1...............
Compensation of employees (unit labor cost)........................................................................
Unit nonlabor c o s t..........................................................................................................................
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...........................................................................................
II
III
1.034
1.039
1.043
1.053
1.053
0.682
0.679
0.682
0.686
0.685
0.258
0.255
0.253
0.253
0.255
0.125
0.101
0.032
0.123
0.101
0.031
0.120
0.102
0.031
0.120
0.102
0.031
0.127
0.097
0.031
0.095
0.104
0.108
0.113
0.113
0.024
0.071
0.026
0.078
0.026
0.082
0.029
0.084
0.029
0.084
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 December 22,2004, chained-dollar gross value added of nonfinancial corporate business was revised beginning with 1929. The current-dollar gross value added is 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
February 2005
National Data
Personal Income and Outlays
Table 2.1. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2004
2003
2003
2004
IV
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...........................................................
O ther......................................................................................................................................................
Other current transfer receipts, from business (net).............................................................................
Less: Contributions for government social insurance...............................................................................
Less: Personal current taxes.......................................
Equals: Disposable personal incom e........................
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....................................................................
I
II
III
IV
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
9,161.8
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
1,001.9
8,159.9
8,049.3
7,760.9
185.3
103.1
64.9
38.2
110.6
1.4
9,659.1
6,616.6
5,342.6
4,416.7
925.8
1,274.1
875.4
398.7
902.4
18.0
884.4
165.6
1,386.6
945.6
441.1
1,406.3
1,373.6
778.8
34.6
33.7
18.7
507.8
32.7
818.3
1,036.4
8,622.8
8,532.8
8,231.1
188.2
113.5
71.0
42.5
90.0
1.0
9,330.0
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
1,009.4
8,320.5
8,209.4
7,914.9
185.9
108.6
67.0
41.6
111.1
1.3
9,445.0
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
1,006.6
8,438.4
8,351.6
8,060.2
181.1
110.3
68.6
41.7
86.8
1.0
9,592.7
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
1,030.6
8,562.1
8,448.7
8,153.8
182.6
112.2
70.2
42.1
113.4
1.3
9,674.3
6,657.4
5,375.0
4,446.8
928.2
1,282.3
881.6
400.8
902.9
13.6
889.3
153.8
1,367.8
946.5
421.3
1,415.4
1,372.5
782.4
32.4
33.8
18.7
505.2
42.9
823.0
1,043.7
8,630.7
8,588.1
8,282.5
190.6
115.0
71.8
43.2
42.6
0.5
9,924.6
6,741.1
5,443.2
4,508.9
934.3
1,297.9
892.9
405.0
933.1
21.6
911.6
163.1
1,489.3
957.9
531.4
1,430.2
1,401.0
796.7
31.1
33.9
18.8
520.6
29.2
832.3
1,064.5
8,860.0
8,742.8
8,428.1
198.4
116.4
73.5
42.9
117.2
1.3
35
7,733.8
7,997.9
7,849.6
7,897.0
7,951.5
7,990.2
8,152.9
36
37
38
28,034
26,570
291,073
29,334
27,208
293,951
28,474
26,862
292,217
28,813
26,964
292,872
29,168
27,088
293,540
29,325
27,148
294,315
30,026
27,630
295,077
39
40
4.2
2.3
5.7
3.4
2.6
1.4
5.8
2.4
6.0
2.8
3.2
2.0
11.1
8.4
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.
Table 2.2B. Wage and Salary Disbursements by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
5,103.6
4,205.6
1,007.7
668.8
3,198.0
858.6
2,339.4
897.9
5,342.6
4,416.7
1,039.5
682.5
3,377.3
891.4
2,485.8
925.8
5,188.9
4,283.9
1,025.6
680.1
3,258.3
872.0
2,386.4
905.0
IV
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
I
5,239.2
4,321.8
1,019.0
669.9
3,302.9
872.4
2,430.5
917.3
II
5,312.8
4,389.3
1,034.9
680.5
3,354.4
886.2
2,468.3
923.5
III
5,375.0
4,446.8
1,046.3
687.9
3,400.5
898.9
2,501.6
928.2
IV
5,443.2
4,508.9
1,057.6
691.8
3,451.3
908.3
2,543.0
934.3
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.
Note. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
February 2005
S u rvey
of
D-19
C u r r e n t B u sin ess
Table 2.3.2. Contributions to Percent Change in Real Personal
Consumption Expenditures by Major Type of Product
Table 2.3.1. Percent Change From Preceding Period in Real Personal
Consumption Expenditures by Major Type of Product
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Personal consumption
expenditures....................
Durable goods..............................
Motor vehicles and parts..........
Furniture and household
equipment...............................
O th er...........................................
Nondurable goods.......................
F ood............................................
Clothing and shoes....................
Gasoline, fuel oil, and other
energy goods.........................
Gasoline and oil.....................
Fuel oil and co a l....................
O ther...........................................
Services.
Housing......................................
Household operation................
Electricity and g as.................
Other household operation...
Transportation.............................
Medical care...............................
Recreation..................................
O ther...........................................
Addenda:
Energy goods and services1 ....
Personal consumption
expenditures excluding food
and energy.............................
Line
2004
II
I
III
2003
2004
2004
2003
IV
IV
1
2
3
3.3
7.4
5.5
3.8
6.9
3.4
3.6
3.9
-1.8
4.1
2.2
-5.8
1.6
-0.3
-6.0
5.1
17.2
28.7
4.6
6.7
4.7
4
b
6
/
8
9.1
9.1
3.7
3.8
4.3
11.7
6.5
4.5
4.8
6.7
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
3.5
4.7
4.4
6.0
8.6
8.1
5.8
6.9
9.9
9
10
11
12
13
14
1b
16
1/
18
19
20
21
0.7
0.7
0.3
4.1
2.2
1.3
1.5
1.7
1.4
-0.8
4.0
3.1
2.0
0.1
-0.3
4.8
4.7
2.8
1.7
2.7
2.3
2.9
1.1
3.7
3.1
3.3
19.1
17.3
41.4
5.8
2.8
0.8
7.5
17.5
1.6
-0.5
3.1
4.0
3.2
-2.3
-0.8
-16.5
3.1
3.3
2.1
3.2
3.5
3.1
2.0
3.2
5.9
4.4
-13.2
-14.2
-1.5
4.5
2.7
2.0
-0.9
-8.0
4.0
2.9
4.4
0.3
3.3
2.6
1.7
13.9
5.3
3.0
2.4
1.3
-0.9
2.7
1.7
5.0
2.7
2.5
0.2
2.0
-16.6
4.1
3.7
2.0
6.5
13.6
2.0
3.0
4.1
-0.1
5.2
22
1.1
1.0
18.4
0.2
-11.1
1.2
5.6
23
3.3
3.8
2.9
3.7
2.3
5.5
4.2
1. Consists ot 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 p a rts ..........
Furniture and household
equipment...............................
Other............................................
Nondurable goods.......................
Food.............................................
Clothing and shoes....................
Gasoline, fuel oil, and other
energy goods.........................
Gasoline and o il.....................
Fuel oil and c o a l....................
Other............................................
Services..........................................
Housing.......................................
Household operation.................
Electricity and g a s ................
Other household operation...
Transportation............................
Medical ca re ...............................
Recreation..................................
Other............................................
Addenda:
Energy goods and services’ ....
Personal consumption
expenditures excluding food
and energy.............................
I
III
II
IV
1
3.3
3.8
3.6
4.1
1.6
5.1
4.6
2
3
0.90
0.31
0.83
0.19
0.48
-0.10
0.27
-0.33
-0.03
-0.34
1.97
1.40
0.81
0.26
4
5
6
7
8
0.38
0.21
1.04
0.52
0.17
0.48
0.15
1.29
0.66
0.26
0.41
0.17
1.45
0.36
0.16
0.45
0.15
1.90
1.10
0.62
0.31
-0.01
0.04
0.32
-0.22
0.48
0.08
1.35
0.61
0.24
0.36
0.19
1.67
0.96
0.38
9
10
11
12
13
14
15
16
17
18
19
20
21
0.02
0.02
0.00
0.33
1.32
0.21
0.09
0.04
0.05
-0.03
0.65
0.13
0.28
-0.01
-0.02
0.01
0.37
1.68
0.27
0.15
0.05
0.10
0.04
0.63
0.13
0.47
0.47
0.40
0.08
0.46
1.64
0.13
0.41
0.35
0.05
-0.02
0.52
0.16
0.44
-0.06
-0.02
-0.04
0.25
1.98
0.33
0.18
0.08
0.10
0.07
0.55
0.24
0.61
-0.42
-0.41
0.00
0.35
1.56
0.30
-0.05
-0.18
0.13
0.11
0.74
0.01
0.45
0.08
0.05
0.03
0.43
1.82
0.37
0.07
-0.02
0.09
0.06
0.85
0.11
0.35
0.01
0.05
-0.05
0.33
2.17
0.31
0.35
0.28
0.07
0.11
0.69
-0.01
0.72
22
0.05
0.04
0.83
0.01
-0.60
0.06
0.29
23
2.68
3.09
2.38
3.03
1.84
4.46
3.40
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Table 2.3.3. Real Personal Consumption Expenditures by Major
Type of Product, Quantity Indexes
Table 2.3.4. Price Indexes for Personal Consumption Expenditures by Major
Type of Product
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted
Line
2003
2004
2003
IV
Personal consumption
expenditures....................
Durable goods..............................
Motor vehicles and parts..........
Furniture and household
equipment...............................
O ther...........................................
Nondurable goods.......................
Food............................................
Clothing and shoes....................
Gasoline, fuel oil, and other
energy goods.........................
Gasoline and oil.....................
Fuel oil and coal....................
O ther..........................................
Services.........................................
Housing......................................
Household operation................
Electricity and g a s................
Other household operation...
Transportation............................
Medical care...............................
Recreation..................................
O ther...........................................
Addenda:
Energy goods and services1 ....
Personal consumption
expenditures excluding food
and energy.............................
I
II
III
4
5
6
7
8
125.771
113.772
108.481
107.556
110.914
140.529 132.505
121.209 118.345
113.408 110.517
112.712 109.018
118.333 113.595
136.028 138.480
120.152 120.082
112.331 112.367
111.160 111.793
117.960 116.374
2003
2004
142.327 145.280
121.106 123.498
113.659 115.275
112.992 114.902
118.093 120.904
9
10
11
12
13
14
15
16
17
18
19
20
21
103.062 103.127
103.587 103.245
97.397 102.050
110.646 115.843
107.418 110.440
106.915 108.769
102.597 105.319
102.729 105.100
102.496 105.433
95.346 96.372
115.340 119.630
108.225 111.634
104.731 108.229
106.147
106.110
106.512
112.986
108.346
107.334
104.080
105.112
103.394
95.009
116.703
109.631
105.751
105.544 101.862 102.524
105.886 101.915 102.340
101.828 101.439 104.787
113.848 115.111 116.620
109.237 109.955 110.782
107.906 108.445 109.090
104.914 104.677 105.014
106.021 103.820 103.597
104.181 105.205 105.907
95.470 96.160 96.567
117.632 118.915 120.386
111.211 111.286 112.040
106.899 107.768 108.428
102.577
102.840
100.146
117.791
111.784
109.634
106.670
106.960
106.440
97.289
121.587
112.001
109.821
22
102.952
103.986
105.714
105.779
102.722
103.017
104.428
23
109.787
113.962
111.398
112.422
113.060
114.591
115.776
2004
2003
IV
IV
1 109.143 113.284 110.794 111.925 112.360 113.776 115.076
2 119.378 127.559 123.902 124.572 124.482 129.529 131.653
3 116.971 120.929 119.929 118.149 116.320 123.901 125.346
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Line
2004
Personal consumption
expenditures....................
Durable goods...............................
Motor vehicles and p arts..........
Furniture and household
equipment...............................
Other............................................
Nondurable goods.......................
Food.............................................
Clothing and shoes....................
Gasoline, fuel oil, and other
energy goods.........................
Gasoline and o il.....................
Fuel oil and c o a l....................
Other............................................
Services..........................................
Housing.......................................
Household operation..................
Electricity and g a s ................
Other household operation...
Transportation............................
Medical ca re ...............................
Recreation..................................
Other............................................
Addenda:
Energy goods and services'....
Personal consumption
expenditures excluding food
and energy.............................
I
II
III
IV
1 105.511 107.810 106.005 106.860 107.683 108.021 108.677
2 92.244 90.380 90.747 90.741
90.725 90.008 90.047
95.697 96.564
3 97.340 96.098 95.768 95.966 96.166
80.963 80.367
4 83.345 79.886 81.451
97.447 97.999 98.760
5 97.924 98.065
6 104.154 107.612 104.564 105.914 107.616
7 106.979 110.257 108.265 108.950 109.989
8 93.045 92.667 92.976 92.533 93.191
79.368
98.098
107.869
110.687
92.502
78.849
97.403
109.048
111.402
92.440
9
10
11
12
13
14
15
16
17
18
19
20
21
105.517
105.154
109.634
105.175
109.237
110.437
107.766
113.651
104.367
105.880
109.858
109.248
108.826
124.087
123.901
125.869
106.187
111.982
113.157
110.021
118.018
105.395
107.481
113.265
111.968
111.332
103.679
103.317
107.675
105.166
110.266
111.344
107.886
113.642
104.566
107.140
111.335
109.958
109.852
113.693
113.541
115.313
105.752
111.085
111.912
108.879
115.595
104.993
107.109
112.340
110.875
110.851
124.711
125.424
116.528
106.136
111.667
112.941
109.598
117.118
105.243
107.281
112.955
111.559
110.944
125.030
124.725
128.027
106.152
112.314
113.608
110.703
119.488
105.627
107.572
113.617
112.268
111.450
132.914
131.913
143.606
106.708
112.861
114.166
110.902
119.872
105.719
107.961
114.149
113.172
112.083
22
108.958
121.413
107.898
114.463
121.386
122.590
127.213
23
105.072
106.635 105.527
106.081
106.523
106.753
107.181
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
D-20
February 2005
National Data
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
2003
2004
2003
Line
2004
IV
Personal consumption
expenditures....................
Durable goods..............................
Motor vehicles and parts..
Furniture and household
equipment...............................
O ther.............
Nondurable goods.......................
Food..............
Clothing and shoes....................
Gasoline, fuel oil, and other
energy goods.........................
Gasoline and o il.....................
Fuel oil and co a l....................
O ther.
Services
Housing......................................
Household operation................
Electricity and g as................
Other household operation...
Transportation.............................
Medical care...............................
Recreation..................................
O ther...........................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy.............................
Seasonally adjusted at annual rates
I
II
III
2003
2004
IV
1
2
3
7,760.9
950.7
440.1
8,231.1
995.7
449.3
7,914.9
971.1
444.1
8,060.2
976.3
438.4
8,153.8
975.5
432.5
8,282.5
1,007.0
458.4
8,428.1
1,023.9
468.0
4
5
6
7
8
328.0
182.6
2,200.1
1,064.5
307.2
351.5
194.8
2,376.5
1,149.7
326.5
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
194.7
2,387.2
1,157.0
325.2
358.8
197.2
2,447.6
1,184.1
332.8
9
10
11
12
13
14
15
16
17
18
19
20
21
208.2
191.3
16.9
620.1
4,610.1
1,188.4
431.3
167.3
264.0
294.0
1,301.1
317.2
1,078.1
244.8
224.5
20.3
655.5
4,859.0
1,238.8
452.1
177.8
274.3
301.7
1,391.3
335.3
1,139.8
210.7
192.5
18.2
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
211.1
18.6
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
224.5
18.7
651.0
4,823.8
1,232.7
447.6
174.3
273.3
300.5
1,379.1
333.0
1,130.9
245.4
224.2
21.3
659.6
4,888.2
1,247.3
453.5
177.4
276.1
302.6
1,404.4
337.4
1,143.1
261.0
238.2
22.8
669.7
4,956.5
1,259.7
461.5
183.8
277.7
305.9
1,425.0
340.0
1,164.3
22
375.5
422.6
381.9
405.4
417.5
422.8
444.8
23
6,320.8
6,658.8
6,441.1
6,534.5
6,598.9
6,702.7
6,799.1
Personal consumption
expenditures....................
Durable goods...............................
Motor vehicles and p a rts ..........
Furniture and household
equipment...............................
Other............................................
Nondurable g oods.......................
Food.............................................
Clothing and shoes....................
Gasoline, fuel oil, and other
energy goods.........................
Gasoline and o il.....................
Fuel oil and coal
Other......................
Services....................
Housing..................
Household operation.................
Electricity and g a s ................
Other household operation...
Transportation............................
Medical ca re ...............................
Recreation..................................
Other............................................
Residual...........................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy..............................
2003
2004
IV
I
II
III
IV
1
2
3
7,355.6
1,030.6
452.1
7,634.7
1,101.3
467.4
7,466.8
1,069.7
463.5
7,543.0
1,075.5
456.7
7,572.4
1,074.7
449.6
7,667.8
1,118.3
478.9
7,755.4
1,136.6
484.5
4
5
6
7
8
393.5
186.5
2,112.4
995.1
330.2
439.7
198.7
2,208.3
1,042.8
352.3
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
445.4
198.5
2,213.2
1,045.4
351.6
454.6
202.4
2,244.7
1,063.0
359.9
9
10
11
12
13
14
15
16
17
18
19
20
21
22
197.3
182.0
15.4
589.6
4,220.3
1,076.1
400.2
147.2
253.0
277.7
1,184.3
290.3
990.7
-8.1
197.5
181.4
16.2
617.3
4,339.0
1,094.7
410.9
150.6
260.2
280.7
1,228.4
299.5
1,023.8
-19.0
203.3
186.4
16.9
602.1
4,256.7
1,080.3
406.0
150.6
255.2
276.7
1,198.3
294.1
1,000.3
-13.0
202.1
186.0
16.1
606.6
4,291.7
1,086.0
409.3
151.9
257.1
278.1
1,207.9
298.3
1,011.2
-15.0
195.0
179.0
16.1
613.4
4,320.0
1,091.5
408.4
148.8
259.7
280.1
1,221.0
298.5
1,019.4
-15.6
196.3
179.8
16.6
621.4
4,352.4
1,097.9
409.7
148.5
261.4
281.3
1,236.1
300.6
1,025.7
-21.3
196.4
180.6
15.8
627.7
4,391.8
1,103.4
416.1
153.3
262.7
283.4
1,248.5
300.5
1,038.8
-23.7
23
344.7
348.1
353.9
354.1
343.9
344.9
349.6
24
6,015.7
6,244.5
6,104.0
6,160.1
6,195.0
6,278.9
6,343.9
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.
February 2005
S u rv ey
of
D-21
C u rr e n t B u sin e ss
3. Governm ent Current Receipts and Expenditures
Table 3.1. Government Current Receipts and Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Personal current taxes.........
Taxes on production and im ports..........................................................
Taxes from the rest of the w o rld ............................................................
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.........................................................................................
Subsidies...............................................
Less: Wage accruals less disbursements................................................
Net government saving............
Social insurance funds........................
1
?
3
4
S
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
?3
?4
25
26
27
28
P9
3,032.0
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
3,399.7
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
-367.8
46.6
-414.4
31
32
33
34
35
36
3/
38
39
3,060.4
3 032 0
28.4
3,566.7
3,399.7
358.5
16.8
9.7
218.1
-506.3
1,036.4
840.1
8.9
818.3
106.0
103.2
2.8
119.8
48.8
71.0
6.7
3,559.2
1,804.5
1,402.4
1,376.5
1,373.6
3.0
25.8
312.4
39.9
0.0
65.9
2004
I
II
3,089.2
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
3,433.0
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
-343.9
48.4
-392.3
3,120.0
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
3,499.2
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
-379.2
60.5
-439.7
3,181.1
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
3,542.8
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
-361.7
67.2
-429.0
3,189.3
2,137.7
1,043.7
843.1
242.6
8.2
823.0
106.4
103.7
2.7
115.8
44.0
71.8
6.5
3,568.9
1,818.5
1,397.8
1,375.4
1,372.5
3.0
22.4
312.9
226.3
86.5
39.7
0.0
-379.6
69.5
-449.1
III
3,118.2
3,089.2
29.0
3,601.1
3,433.0
362.4
16.7
9.3
220.4
-483.0
3,150.1
3,120.0
30.1
3,671.5
3,499.2
368.6
16.3
10.0
222.6
-521.4
3,209.8
3,181.1
28.7
3,723.5
3,542.8
382.2
16.3
9.3
227.0
-513.7
3,221.0
3,189.3
31.7
3,744.7
3,568.9
378.7
16.3
11.9
231.1
-523.6
IV
1,064.5
858.1
10.5
832.3
107.7
104.3
3.4
125.1
51.6
73.5
4.7
3,626.1
1,836.6
1,428.4
1,404.1
1,401.0
3.1
24.3
320.8
40.2
0.0
66.4
Addenda:
Capital transfer receipts......................................................................
Total expenditures
Current expenditures..........................................................................
Gross government investment...........................................................
Capital transfer payments...................................................................
Net purchases of nonproduced assets.............................................
Less: Consumption of fixed capital...................................................
29.5
3,736.0
3,559.2
379.3
16.4
10.1
229.0
27.5
3,804.1
3,626.1
387.7
16.8
9.1
235.5
D-22
February 2005
National Data
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
Personal current taxes....................
Taxes on production and imports...
Excise taxes................................
Customs duties............................
Taxes from the rest of the w o rld ....
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 w orld..............
Other current transfer payments....
Grants-in-aid to state and local
governments............................
To the rest of the world (net).....
Interest payments................................
Subsidies..............................................
Less: Wage accruals less
disbursements.................................
Net Federal Government
Social insurance funds.......................
2003
2004
2003
Seasonally adjusted at annual rates
2004
Line
IV
I
II
III
8.9
1,900.6
1,074.9
772.5
89.6
68.1
21.5
204.9
20.1
184.8
7.9
1,915.3
1,073.9
768.3
89.0
66.5
22.6
207.9
20.9
187.0
8.6
1,949.1
1,098.5
781.5
89.3
66.2
23.1
219.5
20.8
198.7
8.3
1,956.7
1,096.7
794.3
89.2
66.2
23.1
204.9
21.8
183.1
8.2
801.8
22.8
16.2
6.6
26.3
14.9
11.5
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
806.2
22.9
16.6
6.3
26.6
15.1
11.5
815.3
23.2
16.6
6.6
26.5
14.9
11.6
5.8
2,241.6
658.6
1,322.5
958.9
956.1
2.8
363.6
4.1
2,341.7
704.8
1,378.0
1,001.8
998.8
3.0
376.2
5.0
2,279.8
671.3
1,350.6
972.5
969.6
2.9
378.0
4.6
2,306.3
691.1
1,365.9
986.2
983.3
2.9
379.7
4.5
2,329.1
700.3
1,367.9
993.0
990.1
2.9
374.9
4.3
2,340.8
713.0
1,368.8
1,004.3
1,001.3
3.0
364.5
3.1
2,390.7
714.7
1,409.5
1,023.6
1,020.5
3.1
385.9
26
27
28
?9
%
31
339.9
23.7
214.1
142.1
72.0
46.4
350.4
25.8
219.7
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
22.4
220.0
133.5
86.5
39.0
361.6
24.3
227.0
39.2
357.2
20.8
214.7
141.4
73.3
43.2
32
0.0
0.0
0.0
1.5
-1.5
0.0
0.0
33
34
35
-364.5
45.5
-410.0
64.5
-379.2
47.2
-426.4
-391.0
59.2
-450.2
-380.0
65.9
-445.9
-384.1
68.1
-452.2
36
37
38
39
40
41
42
1,899.0
1,877.0
22.0
2,306.6
2,241.6
93.6
61.9
23.8
2,415.2
2,341.7
105.2
61.4
1,923.5
1,900.6
22.9
2,346.0
2,279.8
96.2
61.5
1,939.5
1,915.3
24.2
2,376.9
2,306.3
102.2
60.0
1,972.0
1,949.1
23.0
2,397.2
2,329.1
104.1
57.5
1,982.7
1,956.7
26.1
2,420.4
2,340.8
104.4
66.9
22.0
2,466.3
2,390.7
110.1
61 0
43
-0.2
0.0
-0.7
0.0
-0.8
1.8
-1.1
44
45
90.2
-407.6
93.1
90.7
-422.6
91.6
-437.4
92.8
-425.1
93.4
-437.7
94.5
1
?
3
4
5
6
7
8
q
10
1,877.0
1,064.5
775.8
89.4
67.9
21.4
191.4
22.0
169.3
8.1
11
12
13
14
15
16
17
758.2
23.0
16.5
6.5
25.5
14.4
11.1
18
19
20
21
22
23
24
25
788.4
89.7
66.5
23.3
2004
IV
809.5
91.4
67.1
24.3
Current receipts.........................
Current tax receipts..............................
Personal current taxes.....................
Income taxes................................
Other..............................................
Taxes on production and imports....
Sales taxes...................................
Property ta xe s.............................
Other..............................................
10.5
39.5
65.0
Addenda:
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 (-)
2003
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 paym ents.................................
Subsidies...............................................
Less: Wage accruals less
disbursements..................................
Net state and local
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 fixe d '
capital.......................................
Net lending or net borrowing ( - ).
2003
2004
IV
I
II
III
1,545.8
998.8
236.9
214.6
22.3
724.3
352.3
309.6
62.4
37.6
1,550.6
1,011.1
238.3
215.9
22.5
734.2
358.2
313.7
62.4
38.5
1,583.9
1,036.0
249.1
226.4
22.7
746.4
362.4
319.0
65.0
40.5
1,574.7
1,041.0
249.3
226.2
23.2
753.9
364.3
324.2
65.5
37 7
16.5
83.2
72.2
2.8
8.1
443.8
350.4
33.9
59.6
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
83.5
72.5
2.7
8.3
431.3
342.1
28.9
60.3
17.0
84.5
72.6
3.4
8.5
460.1
361.6
36.7
61.9
3.7
1,498.1
1,058.5
2.6
1,567.9
1,099.8
3.7
1,510.5
1,066.3
3.5
1,538.8
1,079.8
2.9
1,565.7
1,091.8
2.2
1,570.2
1,105.5
1.6
1,596.9
1,122.0
350.3
88.9
0.3
374.7
92.7
0.7
352.3
90.7
1.2
366.3
92.0
0.7
381.0
92.1
0.7
371.1
92.9
0.7
380.5
93.8
0.7
26
0.0
0.0
0.0
0.0
0.0
0.0
0.0
71
28
?9
-3.2
1.1
-4.3
1.4
35.3
1.2
34.1
11.8
1.3
10.6
18.3
1.4
16.9
4.5
1.5
30
1.4
30
31
32
33
34
35
36
1,546.4
1,494.9
51.5
1,645.0
1,498.1
264.9
50.6
1,716.1
1,567.9
274.1
1,596.7
1,545.8
50.9
1,657.0
1,510.5
266.2
1,600.2
1,550.6
49.6
1,684.2
1,538.8
266.4
1,630.9
1,583.9
47.0
1,719.5
1,565.7
278.0
1,630.9
1 574.7
56.2
1,716.9
1,570.2
274.3
49.7
1,743.7
1,596.9
277.6
3/
10.0
10.1
10.0
10.0
10.1
10.1
10.1
38
39
127.9
-98.7
136.0
129.7
-60.4
131.0
-84.0
134.3
-88.6
137.7
-86.0
141.0
1
?
3
4
5
6
7
8
9
10
1,494.9
969.2
226.1
204.6
21.6
708.7
343.9
305.0
59.7
34.4
11
12
13
14
15
16
17
18
19
15.0
81.0
71.3
2.5
7.1
425.9
339.9
32.2
53.8
20
21
22
23
24
25
247.9
225.0
23.0
750.3
364.0
321.5
64.8
IV
255.0
231.5
23.5
766.8
371.1
329.3
66.4
February 2005
S u rvey
D-23
C u r r e n t B u sin ess
of
Table 3.9.1. Percent Change From Preceding Period in Real Government
Consumption Expenditures and Gross Investment
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
2003
2004
2003
IV
Government consumption
expenditures and gross
investm ent.......................
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
2003
2004
2004
I
II
I
IV
III
IV
1
2.8
2.0
1.6
2.5
2.2
0.7
0.9
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2.9
2.1
0.6
4.9
6.6
6.7
6.3
5.5
6.4
9.0
9.0
8.9
15.8
8.3
2.4
2.5
1.8
0.9
2.2
0.7
0.7
0.7
0.2
2.6
1.8
2.8
-0.9
9.6
4.7
3.8
10.9
-5.5
14.2
7.4
6.4
14.3
-2.9
16.0
-0.5
-1.3
4.6
-6.8
9.8
0.4
0.5
0.0
-0.5
2.5
2.0
-0.3
-6.9
12.6
4.8
3.9
11.3
-21.2
19.3
11.6
10.9
16.8
-3.5
19.0
-7.5
-8.7
1.7
-29.7
20.0
-0.1
0.9
-4.1
-5.8
3.0
1.9
5.5
-0.3
16.1
7.1
4.7
25.1
2.1
29.9
10.6
7.2
37.2
14.2
39.7
0.2
-0.3
3.9
-4.4
7.6
0.0
0.2
-1.0
-0.4
-3.2
1.0
8.3
8.9
7.4
2.7
2.5
3.9
-22.4
9.3
1.9
4.1
-12.0
-58.1
-6.2
4.4
-0.7
44.0
8.4
61.2
1.9
0.0
10.0
11.5
4.1
2.9
-9.2
-14.1
-0.4
4.8
5.6
0.1
17.6
-2.7
10.1
9.6
13.1
55.2
10.2
-5.3
-2.6
-21.1
2.1
-28.9
-1.7
1.3
-12.5
-15.9
3.7
0.4
3.8
-5.9
22.1
1.6
-1.0
21.0
-23.9
30.9
0.0
-3.6
27.7
-26.5
33.5
5.1
4.6
8.4
-22.5
24.3
0.6
1.3
-2.2
-4.5
8.1
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
expenditures'...............
Gross investment2............
Structures......................
Equipment and software
Federal............................................
Consumption expenditures...
Gross investment..................
Structures..........................
Equipment and SoftwareNational 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
II
IV
III
1
2.8
2.0
1.6
2.5
2.2
0.7
0.9
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
2.40
0.37
0.06
0.30
2.31
2.04
0.28
0.04
0.24
2.01
1.77
0.25
0.04
0.21
0.30
0.27
0.03
0.00
0.03
0.45
0.37
0.09
0.02
0.07
1.47
0.49
-0.10
0.59
1.70
1.22
0.49
-0.04
0.53
1.76
1.35
0.41
-0.01
0.42
-0.06
-0.13
0.07
-0.03
0.11
0.25
0.25
0.00
-0.06
0.06
1.67
-0.05
-0.79
0.74
1.71
1.23
0.49
-0.18
0.67
2.66
2.20
0.46
-0.01
0.47
-0.95
-0.98
0.03
-0.17
0.20
-0.09
0.45
-0.54
-0.61
0.07
1.61
0.94
-0.03
0.96
2.56
1.50
1.06
0.02
1.04
2.53
1.53
1.00
0.04
0.96
0.03
-0.03
0.06
-0.02
0.08
-0.01
0.12
-0.12
-0.04
-0.08
0.81
1.41
0.94
0.47
0.99
0.80
0.19
-0.18
0.37
0.47
0.87
-0.40
-0.22
-0.19
0.52
-0.07
0.59
0.04
0.56
1.23
0.01
1.22
1.12
0.10
2.39
-1.69
-1.66
-0.03
1.75
1.75
0.00
0.11
-0.11
2.41
2.02
0.39
0.10
0.28
-0.66
-0.27
-0.38
0.01
-0.39
-1.05
0.64
-1.69
-1.78
0.09
0.30
0.65
-0.65
1.31
0.59
-0.34
0.93
-0.19
1.12
0.00
-0.80
0.80
-0.08
0.88
0.59
0.47
0.13
-0.12
0.25
0.36
0.63
-0.27
-0.46
0.19
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 lor fixed assets;
inventory investment is included in government consumption expenditures.
Table 3.9.3. Real Government Consumption Expenditures and
Gross Investment, Quantity Indexes
Table 3.9.4. Price Indexes for Government Consumption Expenditures and
Gross Investment
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2003
2004
2003
IV
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
1 110.906
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Seasonally adjusted
2004
I
II
Line
III
112.443
113.062 113.259
113.527
110.346 112.300 111.130
113.527 116.755 114.595
111.107 110.135 110.934
117.928 129.202 121.326
119.140 124.724 121.154
119.064 123.604 120.884
119.683 132.710 123.058
107.013 101.166 105.127
122.318 139.682 126.886
122.014 131.002 125.765
121.413 129.194 124.845
126.207 144.299 132.347
97.119
94.343 103.291
129.629 150.393 135.754
113.972 113.388 112.840
114.745 113.298 113.585
109.408 114.442 108.421
112.923 105.240 106.211
107.950 118.534 109.419
106.739 107.166 106.968
105.581 106.104 105.790
111.498 111.527 111.806
111.418 110.818 111.375
111.903 114.689 113.676
111.665
116.141
110.862
125.933
123.249
122.281
130.146
105.684
135.463
128.984
127.048
143.249
106.774
147.586
112.900
113.492
109.472
105.017
111.450
106.965
105.851
111.532
111.255
112.751
111.937
118.487
113.249
128.193
124.068
123.038
131.408
99.193
138.523
129.582
128.318
138.750
85.912
145.229
114.117
113.304
119.922
107.145
125.584
107.482
105.854
114.232
114.320
113.890
112.848
116.744
107.396
134.616
126.038
124.386
137.856
96.488
147.168
132.721
130.109
152.106
88.793
159.951
113.972
113.834
115.339
101.081
121.776
107.185
106.523
109.871
108.226
117.189
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.
2004
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...
1 108.702 112.178
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
109.807
103.691
108.812
95.389
109.081
110.779
98.411
108.869
96.501
109.875
111.711
98.039
109.206
96.995
107.631
109.065
98.993
108.692
95.345
108.485
109.233
105.558
108.806
93.832
113.389
106.679
113.756
95.518
112.193
114.183
99.738
114.625
97.128
112.961
115.015
99.767
115.104
98.401
110.790
112.662
99.525
114.368
94.063
112.177
112.933
109.220
113.690
93.175
2004
2003
IV
IV
113.073 111.738
112.748
115.649
109.032
128.068
125.539
124.712
131.428
103.299
137.575
132.723
131.300
143.091
95.893
148.806
112.563
112.561
113.035
107.716
115.326
107.033
106.190
110.475
109.469
114.924
2003
I
II
III
IV
109.167 110.522
111.703
112.682 113.804
110.339
103.855
109.316
95.031
109.447
111.217
98.335
109.946
96.222
110.278
112.169
98.093
110.188
96.968
107.917
109.455
98.670
109.817
94.462
109.007
109.825
105.814
109.268
93.356
112.977
105.922
112.361
95.658
112.020
113.983
99.728
113.369
97.298
112.790
114.805
99.832
113.915
98.551
110.613
112.481
99.370
113.074
94.285
111.524
112.386
108.151
112.285
93.265
113.817
107.523
115.163
95.531
112.491
114.496
99.946
115.854
97.182
113.317
115.393
99.988
116.589
98.530
110.970
112.840
99.710
115.463
93.941
112.802
113.434
110.319
115.109
93.121
111.913
104.226
109.841
95.170
111.203
113.189
98.780
111.047
96.560
111.825
113.879
98.642
111.347
97.466
110.095
111.953
98.903
110.883
94.396
110.131
111.152
106.154
109.752
93.183
114.849
109.047
117.659
95.715
113.059
115.067
100.496
118.232
97.473
113.912
115.983
100.607
118.564
99.057
111.484
113.372
100.117
118.052
93.629
114.253
114.762
112.256
117.613
93.132
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.
D-24
February 2005
National Data
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
2003
2004
IV
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......
Seasonally adjusted at annual rates
2004
2003
I
II
Line
III
2004
IV
1
2,075.5
2,183.8
2,100.0
2,139.5
2,174.3
2,197.2
2,224.3
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
1,717.1
358.5
228.9
129.6
752.2
658.6
93.6
15.5
78.1
496.4
436.1
60.4
5.3
55.1
255.7
222.5
33.2
10.2
23.0
1,323.3
1,058.5
264.9
213.4
51.5
1,804.5
379.3
237.1
142.2
810.0
704.8
105.2
15.4
89.8
548.1
477.8
70.3
5.4
64.9
261.9
227.0
34.9
10.0
24.9
1,373.9
1,099.8
274.1
221.7
52.4
1,737.6
362.4
229.6
132.8
767.5
671.3
96.2
15.4
80.8
513.6
450.2
63.4
5.7
57.7
253.9
221.1
32.8
9.7
23.1
1,332.6
1,066.3
266.2
214.2
52.0
1,770.9
368.6
230.5
138.1
793.3
691.1
102.2
15.6
86.6
534.1
465.2
69.0
5.9
63.1
259.1
225.9
33.2
9.7
23.5
1,346.3
1,079.8
266.4
214.9
51.5
1,792.1
382.2
240.9
141.3
804.4
700.3
104.1
14.9
89.2
541.2
473.6
67.6
4.9
62.8
263.2
226.6
36.5
10.1
26.4
1,369.9
1,091.8
278.0
226.0
52.1
1,818.5
378.7
237.7
140.9
817.4
713.0
104.4
15.9
88.5
557.0
487.1
69.8
5.6
64.3
260.4
225.9
34.5
10.4
24.2
1,379.8
1,105.5
274.3
221.8
52.5
1,836.6
387.7
239.2
148.4
824.8
714.7
110.1
15.2
94.9
559.9
485.2
74.7
5.2
69.5
264.9
229.5
35.4
9.9
25.5
1,399.5
1,122.0
277.6
224.1
53.5
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.
2003
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 lo c a l.............................
Consumption expenditures.......
Gross investment.......................
Structures...............................
Equipment and software.......
Residual...........................................
2003
2004
IV
I
II
III
IV
1
1,909.4
1,946.7
1,923.7
1,935.8
1,946.5
1,949.9
1,954.5
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
1,563.7
345.7
210.4
135.8
689.6
594.5
95.1
14.2
80.9
451.8
390.3
61.6
4.8
56.8
237.6
204.0
33.5
9.4
24.1
1,219.8
969.0
250.9
196.1
54.8
0.1
1,591.4
355.5
208.5
148.8
721.9
617.2
105.5
13.4
92.4
485.1
415.4
70.4
4.7
65.9
236.4
201.5
35.1
8.8
26.5
1,224.7
973.8
251.0
195.1
56.2
-1.2
1,574.8
349.0
210.0
139.8
701.2
603.6
97.8
14.0
84.0
465.7
401.4
64.6
5.1
59.5
235.2
202.0
33.2
8.8
24.4
1,222.5
970.9
251.6
196.1
55.7
-0.2
1,582.4
353.7
209.9
145.1
713.3
610.6
103.4
14.0
89.6
477.6
408.5
69.9
5.3
64.7
235.4
201.8
33.6
8.7
24.9
1,222.4
971.5
251.0
195.8
55.3
-0.7
1,586.2
360.8
214.4
147.7
718.1
614.3
104.4
13.2
91.7
479.9
412.5
67.7
4.3
63.7
237.9
201.5
36.8
8.9
28.0
1,228.3
971.5
257.1
201.2
55.8
-0.9
1,597.7
352.2
206.4
147,5
726.6
622.7
104.4
13.7
91.0
491.5
422.1
69.8
4.8
65.2
234.7
200.2
34.6
9.0
25.8
1,223.2
974.6
248.6
192.7
56.3
-0.8
1,599.2
355,5
203.3
155.1
729.5
621.1
109.5
12.8
97.4
491.5
418.3
74.2
4.4
70.1
237.6
202.4
35.4
8.4
27.2
1,224.9
977.6
247.3
190.5
57.4
-1.8
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.
N ote. 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-doliar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines.
February 2005
S urv ey
of
D-25
C u rr e n t B u sin e ss
Table 3.10.1. Percent Change From Preceding Period in Real Government Consumption Expenditures and
General Government Gross Output
[Percent]
Seasonally adjusted at annual rates
Line
2003
2004
IV
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 governm ent................................................................................................
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.........................................................................................................................
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
2003
I
II
III
IV
2.9
3.1
1.1
0.9
2.5
6.4
4.8
2.8
7.7
-1.3
4.5
6.7
6.5
2.6
3.1
1.0
12.0
7.5
1.6
13.7
-4.3
-7.0
9.0
8.7
2.8
3.6
0.7
16.9
8.2
8.0
19.2
-2.5
-27.2
2.5
2.5
2.3
2.4
1.8
2.7
0.2
1.8
2.2
0.9
0.6
2.4
4.2
8.2
2.1
4.6
2.7
4.4
3.8
3.8
0.8
0.8
1.0
7.7
13.1
1.4
7.7
6.8
0.3
6.4
6.3
1.6
1.8
0.9
12.2
13.2
4.6
12.8
4.0
-8.9
-1.3
-1.1
-0.5
-0.9
1.2
-1.9
12.1
2.0
2.0
0.8
0.6
2.6
4.0
5.1
3.1
4.1
3.4
2.0
3.9
3.1
-0.3
-0.7
1.3
7.5
7.9
10.4
7.2
36.8
-77.3
10.9
9.7
0.1
-0.3
1.2
22.5
7.5
8.7
26.3
19.3
-96.7
-8 .7
-8.8
-1.0
-1.5
1.4
-19.3
13.2
1.9
2.3
0.9
0.6
2.4
4.5
3.9
4.7
4.5
-1.4
4.3
4.7
4.6
1.8
2.1
0.9
8.3
5.4
23.3
7.3
5.7
-11.3
7.2
7.4
3.7
4.6
0.8
11.9
5.1
101.4
8.3
8.4
88.2
-0.3
-0.7
-1.5
-2.0
1.2
0.4
9.0
1.0
1.7
0.1
-0.3
2.4
4.2
16.7
0.4
4.4
14.9
4.9
2.5
2.7
-0.7
-1.1
1.0
7.1
28.3
-12.4
7.0
9.9
44.4
4.1
4.3
-1.1
-1.8
1.0
10.8
31.4
-24.8
11.1
3.1
171.7
-0.7
-0.4
0.1
-0.1
1.0
-1.2
-4.1
2.9
3.5
1.7
1.6
2.3
6.3
6.8
-0.9
8.7
-4.2
7.2
5.6
6.9
1.3
1.4
0.8
14.0
11.0
-18.4
18.1
9.9
521.3
9.6
10.5
2.8
3.5
0.6
19.7
9.4
4.7
22.6
2.4
965.4
-2.6
-0.4
-1.4
-2.0
1.4
1.1
32.0
0.4
0.8
2.2
2.1
2.2
-1.2
12.0
4.8
-4.2
1.4
3.4
-1.0
-1.6
2.6
3.2
0.7
-6.5
19.7
25.3
-11.9
-6.9
-53.5
-3.6
-4.8
2.4
3.0
0.7
-12.1
19.1
-8.0
-16.6
2.7
-98.7
4.6
5.2
2.9
3.4
0.7
8.7
27.5
-3.0
4.0
-5.8
7.7
0.7
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
4.9
-2.4
9.3
4.8
0.5
1.4
0.9
0.5
3.7
2.2
2.1
2.2
2.2
1.6
4.5
3.9
5.1
3.8
4.0
-24.0
55.1
-45.4
0.9
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
2.8
5.2
3.3
-32.5
0.2
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
-13.1
-1.9
16.3
7.5
0.0
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
-9.6
8.0
16.7
353.2
1.3
1.9
1.9
1.7
3.6
1.8
1.3
1.9
1.7
-7.5
4.4
4.5
4.5
4.3
11.8
0.3
-14.5
70.8
1.3
2.1
2.0
1.8
3.5
2.2
2.1
2.1
2.3
3.7
4.7
4.5
4.5
5.3
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-26
February 2005
National Data
Table 3.10.3. Real Government Consumption Expenditures and
General Government Gross Output, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
Line
2003
2004
2003
IV
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............................................
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 s a le s........
1
2
3
4
5
(>
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
62
53
54
55
56
57
58
59
60
2004
I
II
III
IV
110.346
111.362
104.718
104.173
107.847
123.720
112.816
118.486
126.649
113.695
117.478
119.064
118.343
105.174
105.968
102.632
140.457
115.081
131.608
145.347
122.134
61.811
121.413
121.241
105.213
107.114
100.394
147.732
113.683
135.682
156.815
167.268
66.691
114.745
113.173
105.099
104.237
108.939
127.107
132.825
112.300
113.781
105.638
104.811
110.482
128.970
122.033
121.025
132.459
116.716
122.661
123.604
122.851
106.063
106.814
103.663
151.263
130.131
133.432
156.580
130.434
62.005
129.194
128.935
106.899
109.080
101.310
165.748
128.642
141.891
176.816
173.975
60.752
113.298
111.954
104.569
103.335
110.297
124.670
148.939
111.130
112.250
105.017
104.352
108.869
125.719
115.586
119.354
128.964
114.628
119.002
120.884
119.981
105.385
106.107
103.082
144.563
119.506
131.226
149.929
125.437
48.619
124.845
124.474
105.638
107.548
100.798
155.761
117.936
125.506
167.486
168.728
38.529
113.585
111.940
104.933
103.920
109.521
123.987
139.582
111.665
112.877
105.247
104.512
109.522
127.098
116.688
120.719
130.377
114.222
120.253
122.281
121.344
105.856
106.648
103.315
147.481
121.076
138.270
152.593
127.189
47.186
127.048
126.708
106.591
108.771
100.999
160.198
119.400
149.517
170.845
172.179
45.129
113.492
111.738
104.544
103.393
109.846
124.119
142.627
111.937
113.353
105.281
104.446
110.177
128.411
121.293
120.835
131.785
118.245
121.695
123.038
122.164
105.681
106.345
103.575
150.049
128.856
133.778
155.193
130.238
51.728
128.318
128.048
106.301
108.288
101.250
164.371
127.831
139.245
175.414
173.507
57.942
113.304
111.625
104.573
103.372
110.128
123.754
141.131
112.748
114.330
105.730
104.864
110.811
130.378
123.299
120.559
134.560
116.998
123.836
124.712
124.205
106.015
106.714
103.793
155.060
132.251
127.147
161.780
133.344
81.669
131.300
131.290
107.029
109.222
101.409
171.937
130.746
140.845
184.596
174.533
104.683
112.561
111.512
104.205
102.858
110.516
124.092
151.269
112.848
114.564
106.295
105.423
111.418
129.994
126.854
121.987
133.113
117.401
124.861
124.386
123.690
106.699
107.549
103.968
152.464
138.340
134.531
156.753
130.967
67.437
130.109
129.693
107.675
110.040
101.583
166.486
136.590
137.958
176.409
175.682
35.254
113.834
112.941
104.954
103.717
110.696
126.714
160.729
141.593
126.808
97.830
60.014
105.581
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
148.545
123.803
106.972
62.884
106.104
109.758
105.448
104.072
116.967
118.154
112.514
119.176
118.083
113.708
124.465
122.792
130.632
116.179
152.270
121.498
102.119
53.335
105.790
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
153.333
123.034
102.960
48.346
105.851
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
148.046
122.440
106.922
49.233
105.854
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
144.353
124.821
111.140
71.834
106.190
109.950
105.599
104.181
117.485
118.428
112.771
119.487
118.339
113.395
125.116
123.462
131.345
116.716
148.449
124.915
106.866
82.124
106.523
110.514
106.114
104.638
118.497
119.085
113.356
120.115
119.017
114.426
126.572
124.834
132.804
118.239
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.
February 2005
S u rvey
of
D-27
C u rr e n t B u sin e ss
Table 3.10.4. Price Indexes for Government Consumption Expenditures and
General Government Gross Output
[Index numbers, 2000=100]
Seasonally adjusted
Line
2003
2004
2003
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
113.389
114.016
115.629
117.692
104.628
111.179
102.161
112.736
111.706
112.591
117.827
114.183
114.179
117.700
122.567
103.616
109.313
101.261
101.052
111.501
116.326
111.837
115.015
115.028
119.484
125.822
104.399
109.173
102.191
93.876
112.240
115.805
116.426
112.662
112.654
114.643
117.721
101.586
109.655
91.112
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
113.817
114.463
115.982
118.000
105.211
111.762
102.327
113.430
112.292
113.057
118.381
114.496
114.490
117.753
122.548
103.878
109.918
101.410
103.424
111.971
116.812
111.760
115.393
115.407
119.564
125.818
104.684
109.856
102.374
97.920
112.701
116.402
117.033
112.840
112.826
114.649
117.680
101.788
110.067
90.885
114.849
115.526
116.502
118.378
106.461
113.620
102.834
118.641
113.195
113.880
119.639
115.067
115.067
118.075
122.613
104.962
110.776
101.784
107.017
112.615
117.137
113.310
115.983
115.996
119.989
125.913
105.937
110.601
102.820
100.721
113.325
117.047
117.002
113.372
113.379
114.789
117.697
102.434
111.204
90.476
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
111.252
110.308
116.719
109.267
112.933
113.954
114.772
115.990
105.558
112.328
103.250
114.678
111.836
111.683
117.935
133.237
116.930
109.601
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
111.222
110.801
117.109
108.926
113.434
114.467
115.251
116.415
106.417
112.897
103.439
115.088
112.514
112.144
118.498
134.527
117.404
109.832
115.412
111.493
117.157
110.915
114.762
115.773
115.855
116.905
107.808
115.384
104.135
120.567
113.625
113.093
119.752
137.239
118.278
110.759
IV
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................................................
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..........................................................................................................................
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
I
II
III
IV
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-28
February 2005
National Data
Table 3.10.5. Government Consumption Expenditures and General
Government Gross Output
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
1,717.1
2,038.6
1,255.3
1,071.7
183.6
783.4
50.2
179.7
553.4
22.4
299.1
658.6
667.4
378.4
293.5
84.9
289.0
27.7
24.4
236.9
4.4
4.4
436.1
439.6
242.7
181.2
61.5
197.0
25.6
13.1
158.4
2.1
1.5
222.5
227.8
135.7
112.3
23.4
92.1
2.2
11.3
-0.1
11.5
78.6
2.3
3.0
1,058.5
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
1,804.5
2,156.7
1,306.5
1,114.1
192.3
850.2
55.0
198.3
596.9
23.8
328.3
704.8
714.3
393.7
306.0
87.7
320.6
31.7
25.5
263.4
4.9
4.6
477.8
481.4
254.4
190.7
63.7
227.0
29.3
13.8
183.9
2.3
1.4
227.0
232.8
139.3
115.3
23.9
93.5
2.4
11.7
-1.0
12.7
79.4
2.6
3.2
1,099.8
1,442.4
912.8
808.1
104.7
529.6
23.3
172.8
333.5
18.9
323.7
72.5
161.2
90.1
1,737.6
2,069.4
1,269.7
1,084.3
185.4
799.7
51.5
180.6
567.6
22.8
309.0
671.3
679.4
380.2
294.9
85.3
299.2
28.8
23.8
246.6
4.6
3.5
450.2
453.2
244.5
182.7
61.8
208.7
26.5
11.6
170.6
2.1
0.8
221.1
226.2
135.7
112.2
23.5
90.4
2.3
12.2
-0.2
12.5
76.0
2.4
2.7
1,066.3
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
IV
Government consumption expenditures1...................................................................................
Gross output of general governm ent............................................................................................
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.......................................................................................................................
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..........................................................................................................................
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
51
62
53
54
55
56
57
58
59
60
2004
I
1,770.9
2,110.7
1,290.5
1,103.3
187.2
820.2
52.2
188.9
579.1
23.0
316.7
691.1
699.3
391.8
305.6
86.2
307.6
29.3
24.5
253.7
4.7
3.5
465.2
468.4
252.6
190.1
62.5
215.8
27.0
13.0
175.8
2.2
1.0
225.9
230.9
139.2
115.5
23.7
91.8
2.3
11.5
-1.2
12.8
77.9
2.5
2.5
1,079.8
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
II
1,792.1
2,140.4
1,299.4
1,108.5
190.8
841.1
54.5
195.3
591.2
24.0
324.3
700.3
709.0
392.0
304.6
87.4
317.0
31.3
25.4
260.3
4.9
3.8
473.6
477.2
252.8
189.3
63.5
224.4
29.1
13.5
181.9
2.3
1.3
226.6
231.7
139.2
115.4
23.9
92.5
2.3
11.9
-0.6
12.5
78.4
2.6
2.5
1,091.8
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
III
1,818.5
2,175.4
1,311.6
1,117.6
194.0
863.8
55.6
198.8
609.5
23.9
333.0
713.0
724.1
393.7
305.7
88.0
330.4
32.2
24.9
273.2
5.0
6.0
487.1
491.8
254.9
190.9
63.9
236.9
29.8
14.4
192.8
2.3
2.4
225.9
232.3
138.8
114.8
24.0
93.4
2.4
10.6
-1.8
12.3
80.4
2.7
3.7
1,105.5
1,451.4
917.9
811.9
106.0
533.5
23.4
173.8
336.2
18.9
326.9
73.6
162.7
90.7
IV
1,836.6
2,200.1
1,324.5
1,127.2
197.4
875.6
57.5
210.4
607.7
24.2
339.3
714.7
724.7
397.3
308.3
89.0
327.4
33.8
27.3
266.3
5.0
5.1
485.2
488.3
257.3
192.5
64.8
231.0
31.3
14.5
185.3
2.3
0.8
229.5
236.4
140.0
115.7
24.2
96.4
2.6
12.8
-0.3
13.2
81.0
2.6
4.3
1,122.0
1,475.4
927.2
818.9
108.3
548.2
23.7
183.1
341.5
19.2
334.3
75.9
165.7
92.6
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.
February 2005
S u rvey
of
D-29
C u rr e n t B u sin ess
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
2003
2004
2003
1,563.7
1,851.3
1,120.1
940.9
179.4
733.4
49.7
172.2
510.9
20.6
266.9
594.5
602.6
331.7
247.7
83.7
272.2
27.7
24.9
219.3
3.9
4.1
390.3
393.5
209.6
148.8
60.5
185.3
25.3
14.1
145.4
1.9
1.3
204.0
208.9
122.1
98.8
23.3
86.9
2.3
10.7
-0.2
10.9
73.7
2.1
2.8
969.0
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
1,591.4
1,891.5
1,129.9
946.7
183.8
764.5
53.8
175.9
534.3
21.1
278.7
617.2
625.5
334.5
249.7
84.6
293.2
31.3
25.2
236.2
4.2
4.1
415.4
418.5
212.9
151.6
61.0
207.9
28.6
14.8
163.9
2.0
1.2
201.5
206.7
121.5
98.0
23.6
85.3
2.6
10.6
-0.8
11.4
72.0
2.2
2.9
973.8
1,265.7
795.3
696.7
99.2
471.4
22.6
150.6
298.2
16.9
274.5
54.4
137.8
82.2
-3.0
1,574.8
1,866.0
1,123.2
942.5
181.1
745.2
51.0
173.4
520.2
20.7
270.4
603.6
610.9
332.3
248.0
84.1
280.2
28.7
24.8
226.2
4.1
3.2
401.4
404.0
210.4
149.4
60.7
195.3
26.3
13.1
155.3
1.9
0.8
202.0
206.6
121.9
98.5
23.4
84.8
2.5
11.6
-0.1
11.7
70.7
2.1
2.5
970.9
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
IV
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 g oods........................................................................................................................
Nondurable g oods..................................................................................................................
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.......................................................................................................................
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
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
61
2004
I
1,582.4
1,876.4
1,125.7
944.0
182.2
753.4
51.4
175.4
525.9
20.7
273.2
610.6
617.8
333.8
249.3
84.3
285.8
29.1
26.2
230.2
4.1
3.1
408.5
411.3
212.3
151.1
60.8
200.9
26.6
15.6
158.4
2.0
0.9
201.8
206.3
121.5
98.0
23.5
84.9
2.5
10.7
-1.0
11.8
71.5
2.2
2.3
971.5
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
II
1,586.2
1,884.3
1,126.1
943.4
183.3
761.2
53.5
175.6
531.6
21.4
276.5
614.3
622.0
333.3
248.6
84.5
290.8
31.0
25.3
234.1
4.2
3.4
412.5
415.6
211.7
150.5
61.0
206.1
28.5
14.5
162.6
2.0
1.1
201.5
206.1
121.5
98.0
23.5
84.7
2.5
10.8
-0.6
11.4
71.2
2.2
2.3
971.5
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
III
1,597.7
1,900.6
1,130.9
947.1
184.4
772.9
54.4
175.2
542.8
21.2
281.3
622.7
632.4
334.3
249.5
84.7
300.5
31.8
24.0
244.1
4.3
5.4
422.1
426.1
213.2
151.8
61.1
215.6
29.1
14.7
171.2
2.0
2.0
200.2
205.8
121.1
97.5
23.6
84.9
2.7
9.5
-1.6
11.1
72.6
2.3
3.4
974.6
1,267.9
796.5
697.4
99.6
472.5
22.6
151.0
298.8
16.9
276.0
54.7
138.6
82.6
-3.0
IV
1,599.2
1,904.5
1,136.9
952.2
185.4
770.6
55.9
177.3
537.0
21.2
283.7
621.1
629.8
336.5
251.4
84.8
295.5
33.2
25.4
236.5
4.2
4.5
418.3
421.0
214.5
152.9
61.2
208.8
30.4
14.4
163.6
2.0
0.7
202.4
208.5
121.9
98.3
23.7
86.7
2.8
11.3
-0.1
11.4
72.6
2.2
3.8
977.6
1,274.4
800.3
700.5
100.5
475.1
22.7
151.8
300.5
17.0
279.2
55.3
140.1
83.6
-3.3
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.
D-30
February 2005
National Data
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
National defense consumption expenditures and gross investm ent........................................
Consumption expenditures1.........................................................................................................................
Gross output of general government..........................................................................................................
Value added...............................................................................................................................................
Compensation of general government employees...........................................................................
M ilitary...............................................................................................................................................
C ivilian...............................................................................................................................................
Consumption of general government fixed capital2 ........................................................................
Intermediate goods and services purchased3......................................................................................
Durable goods..................................................
A ircraft...............................................................................................................................................
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 m aterial...............................................................................................................
Travel of persons..............................................................................................................................
Less: Own-account investment4 .................................................................................................................
Sales to other sectors......................................................................................................................
Gross investment5 ...............
Structures.............................
Equipment and software..............................................................................................................................
Aircraft.........................................................................................................................................................
M issiles......................................................................................................................................................
S hips...........................................................................................................................................................
Vehicles......................................................................................................................................................
Electronics and software..........................................................................................................................
Other equipm ent.......................................................................................................................................
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
2003
9.0
9.0
8.7
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
8.9
15.8
8.3
-0.5
3.9
8.4
20.8
8.7
11.8
2004
7.4
6.4
6.3
1.6
1.8
1.2
3.2
0.9
12.2
13.2
7.1
14.9
7.0
-2.1
25.1
19.1
4.6
-16.8
29.6
12.3
12.8
16.4
5.5
26.6
14.9
-7.7
7.1
4.0
-8.9
14.3
-2.9
16.0
32.7
13.2
-3.5
-9.5
27.2
16.3
2003
2004
IV
I
II
III
11.6
10.9
9.7
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
16.8
-3.5
19.0
118.8
211.6
-25.2
-46.0
24.5
1.1
10.6
7.2
7.4
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
37.2
14.2
39.7
130.4
-47.1
12.9
32.8
38.1
43.9
1.9
4.1
4.3
-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
-12.0
-58.1
-6.2
-10.3
-28.2
-41.9
72.2
-2.5
11.4
10.1
9.6
10.5
2.8
3.5
-0.3
12.3
0.6
19.7
9.4
33.2
-37.7
35.2
3.9
37.7
-13.2
4.7
-9.9
21.0
5.6
22.6
7.9
23.4
72.1
30.1
-5.7
5.3
2.4
965.4
13.1
55.2
10.2
-29.5
124.7
137.9
-58.1
47.6
-17.2
IV
0.0
-3.6
-4.8
2.4
3.0
5.1
-1.4
0.7
-12.1
19.1
8.5
6.5
-54.7
135.2
29.0
50.6
-8.0
-33.5
2.7
6.5
-16.6
-12.3
-14.6
-33.2
-16.1
-18.2
-0.8
2.7
-98.7
27.7
-26.5
33.5
101.7
-40.1
-55.4
47.1
50.0
85.8
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.
February 2005
S u rvey
of
D-31
C u rr en t B u sin ess
Table 3.11.3. Real National Defense Consumption Expenditures
and Gross Investment by Type, Quantity Indexes
Table 3.11.4. Price Indexes for National Defense Consumption
Expenditures and Gross Investment by Type
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
2003
2004
2003
IV
National defense
consumption
expenditures and gross
investm ent.......................
Consumption expenditures1....
Gross output of general
government...........................
Value a dd e d..........................
Compensation of general
government employees
Military...........................
Civilian...........................
Consumption of general
government fixed
capital2..........................
Intermediate goods and
services purchased3 ........
Durable goods...................
Aircraft...........................
M issiles.........................
S hips..............................
Vehicles.........................
Electronics.....................
Other durable goods....
Nondurable goods............
Petroleum products.....
Ammunition...................
Other nondurable goods
S ervices............................
Research and
development.............
Installation support.......
Weapons support.........
Personnel support........
Transportation of
material.....................
Travel of persons..........
Less: Own-account investment4
Sales to other se ctors..
Gross investment5.......................
Structures...................................
Equipment and software...........
Aircraft....................................
Missiles...................................
S hip s......................................
Vehicles..................................
Electronics and software......
Other equipment....................
Seasonally adjusted
2004
I
II
Line
III
1 122.014
2 121.413
131.002 125.765
129.194 124.845
128.984
127.048
129.582 132.723 132.721
128.318 131.300 130.109
3 121.241
4 105.213
128.935
106.899
124.474
105.638
126.708
106.591
128.048
106.301
131.290
107.029
129.693
107.675
5 107.114
6 111.549
7 98.811
109.080
112.921
101.978
107.548
111.592
100.043
108.771
113.440
100.040
108.288
112.340
100.766
109.222
112.242
103.731
110.040
113.660
103.376
8 100.394
101.310
100.798
100.999
101.250
101.409
101.583
165.748
128.642
112.004
123.697
102.714
109.365
169.257
152.009
141.891
125.449
186.366
133.381
176.816
155.761 160.198
117.936 119.400
109.414 101.661
124.097 110.217
92.376 89.795
112.755 107.907
135.105 154.512
129.588 149.875
125.506 149.517
102.911 167.973
155.105 177.661
125.679 127.036
167.486 170.845
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
171.937 166.486
130.746 136.590
117.354 119.772
122.412 124.352
116.836 95.869
102.063 126.398
174.815 186.309
145.725 161.441
140.845 137.958
113.947 102.917
191.826 193.090
135.392 137.539
184.596 176.409
9
10
11
12
13
14
15
16
17
18
19
20
21
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
22
23
24
25
171.371 199.443
128.167 135.235
164.753 208.605
167.716 192.681
26
27
28
29
30
31
32
33
34
35
36
37
38
199.089
117.803
167.268
66.691
126.207
97.119
129.629
132.780
126.818
142.087
166.266
111.127
130.311
191.116
132.563
179.428
180.312
183.816 184.764
126.169 120.612
173.975 168.728
60.752 38.529
144.299 132.347
94.343 103.291
150.393 135.754
176.206 145.663
143.612 166.794
137.155 138.478
150.477 137.332
141.354 121.253
151.598 133.352
194.564 200.693 204.555 197.959
132.357 133.215 140.399 134.971
191.934 202.007 231.356 209.121
184.456 189.727 202.619 193.921
186.555
121.877
172.179
45.129
143.249
106.774
147.586
179.462
142.215
142.752
147.426
131.451
146.064
187.749 185.017
126.593 128.229
173.507 174.533
57.942 104.683
138.750 143.091
85.912 95.893
145.229 148.806
174.633 160.026
130.917 160.281
124.614 154.764
168.890 135.912
130.637 143.988
150.068 143.147
175.942
127.979
175.682
35.254
152.106
88.793
159.951
190.705
141.033
126.489
149.682
159.341
167.115
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
2004
IV
IV
National defense
consumption
expenditures and gross
investment........................
Consumption expenditures1 ....
Gross output of general
government............................
Value added...........................
Compensation of general
government employees
M ilitary...........................
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
2003
I
II
III
IV
1 109.875 112.961
2 111.711 115.015
110.278
112.169
111.825 112.790 113.317 113.912
113.879 114.805 115.393 115.983
3 111.718 115.028
4 115.800 119.484
112.176 113.892 114.816 115.407
116.198 118.994 119.390 119.564
115.996
119.989
5 121.750
6 125.391
7 114.687
125.822
129.375
118.919
122.248
126.004
114.924
125.913
129.470
119.001
125.775 125.783
129.299 129.354
118.932 118.845
125.818
129.379
118.898
104.399
101.807
102.808
104.167
104.684
105.937
9
10
11
12
13
14
15
16
17
18
19
20
21
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
109.173
102.191
103.928
104.214
104.179
113.854
93.686
101.372
93.876
84.069
107.703
103.348
112.240
106.835
101.107
102.350
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
109.856
102.374
104.113
104.424
104.677
113.780
93.746
101.578
97.920
95.522
108.426
103.308
112.701
110.601
102.820
104.391
104.762
105.728
116.374
93.694
102.304
100.721
103.850
109.432
103.673
113.325
22
23
24
25
105.616
109.028
107.093
110.995
108.333
113.791
109.735
114.414
106.309
110.277
107.953
112.114
107.110
112.196
108.774
113.528
107.945
113.184
109.449
114.161
108.744
114.243
110.060
114.995
109.536
115.542
110.658
114.974
26
27
28
29
30
31
32
33
34
35
36
37
38
117.812 119.924 118.469 117.581
113.280 116.388 115.354 115.906
111.450 115.805 112.045 114.511
112.690 116.426 112.916 115.501
98.039 99.767 98.093 98.642
109.206 115.104 110.188 111.347
96.995 98.401
96.968 97.466
90.459 90.296 90.130 90.440
98.230 99.436
99.270 98.209
101.715 110.985 102.536 106.021
97.973 99.271 100.173 99.387
92.043 89.751
90.781
90.355
101.242 102.531 101.203 101.510
119.417
117.383
115.261
116.169
99.832
113.915
98.551
90.846
99.861
110.921
98.910
90.161
102.368
120.727 121.971
116.417 115.845
116.402 117.047
117.033 117.002
99.988 100.607
116.589 118.564
98.530 99.057
89.736 90.160
99.588 100.088
112.435 114.561
97.686 101.099
89.682 88.807
102.846 103.400
8 101.656
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.
D-32
February 2005
National Data
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
Line
2003
2004
2003
IV
National defense
consumption
expenditures and gross
investment.......................
Consumption expenditures1 ....
Gross output of general
governm ent............................
Value a dded..........................
Compensation of general
government employees
Military............................
Civilian............................
Consumption of general
government fixed
capital2..........................
Intermediate goods and
services purchased3 ........
Durable goods...................
Aircraft............................
Missiles..........................
S hips..............................
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
m aterial.....................
Travel of persons..........
Less: Own-account investment4
Sales to other se ctors..
Gross investment5.......................
Structures...................................
Equipment and software...........
Aircraft....................................
Missiles...................................
S hips......................................
Vehicles..................................
Electronics and software......
Other equipment....................
Seasonally adjusted at annual rates
2004
I
II
Line
III
1
2
496.4
436.1
548.1
477.8
513.6
450.2
534.1
465.2
541.2
473.6
557.0
487.1
559.9
485.2
3
4
439.6
242.7
481.4
254.4
453.2
244.5
468.4
252.6
477.2
252.8
491.8
254.9
488.3
257.3
5
6
7
181.2
125.1
56.1
190.7
130.6
60.1
182.7
125.7
56.9
190.1
131.2
58.9
189.3
129.9
59.3
190.9
129.9
61.1
192.5
131.6
60.9
8
61.5
63.7
61.8
62.5
63.5
63.9
64.8
9
10
11
12
13
14
15
16
17
18
19
20
21
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
227.0
29.3
11.4
3.2
1.4
1.0
4.6
7.7
13.8
3.9
3.6
6.3
183.9
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
236.9
29.8
12.0
3.1
1.6
0.9
4.8
7.4
14.4
4.2
3.8
6.4
192.8
231.0
31.3
12.3
3.2
1.3
1.1
5.1
8.2
14.5
4.1
3.8
6.5
185.3
22
23
24
25
47.6
34.8
16.9
42.7
56.7
38.3
21.9
50.6
53.4
36.4
18.6
46.4
54.7
37.0
20.0
48.0
56.9
37.6
21.2
49.7
58.4
40.0
24.4
53.4
56.9
38.9
22.2
51.1
26
27
28
29
30
31
32
33
34
35
36
37
38
10.1
6.3
2.1
1.5
60.4
5.3
55.1
9.3
3.4
9.5
3.0
10.3
19.6
9.5
6.9
2.3
1.4
70.3
5.4
64.9
12.4
3.8
10.0
2.7
12.8
23.1
9.4
6.5
2.1
0.8
63.4
5.7
57.7
10.2
4.4
9.3
2.5
11.1
20.1
9.4
6.6
2.2
1.0
69.0
5.9
63.1
12.6
3.8
10.0
2.7
12.0
22.1
9.6
7.0
2.3
1.3
67.6
4.9
62.8
12.3
3.5
9.1
3.1
11.9
22.8
9.6
7.0
2.3
2.4
69.8
5.6
64.3
11.1
4.3
11.5
2.4
13.1
21.9
9.2
7.0
2.3
0.8
74.7
5.2
69.5
13.3
3.8
9.5
2.8
14.3
25.7
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
2004
IV
2003
IV
National defense
consumption
expenditures and gross
investment........................
Consumption expenditures1 ....
Gross output of general
government............................
Value added...........................
Compensation of general
government employees
M ilitary...........................
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....................
Residual...........................................
2004
I
II
III
IV
1
2
451.8
390.3
485.1
415.4
465.7
401.4
477.6
408.5
479.9
412.5
491.5
422.1
491.5
418.3
3
4
393.5
209.6
418.5
212.9
404.0
210.4
411.3
212.3
415.6
211.7
426.1
213.2
421.0
214.5
5
6
7
148.8
99.8
48.9
151.6
101.0
50.5
149.4
99.8
49.5
151.1
101.4
49.5
150.5
100.5
49.9
151.8
100.4
51.4
152.9
101.6
51.2
8
60.5
61.0
60.7
60.8
61.0
61.1
61.2
9
10
11
12
13
14
15
16
17
18
19
20
21
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
207.9
28.6
11.0
3.0
1.4
0.8
4.9
7.6
14.8
5.1
3.4
6.1
163.9
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
215.6
29.1
11.5
3.0
1.5
0.8
5.1
7.2
14.7
4.6
3.5
6.2
171.2
208.8
30.4
11.8
3.1
1.3
1.0
5.4
8.0
14.4
4.2
3.5
6.3
163.6
22
23
24
25
45.0
31.9
15.8
38.5
52.4
33.7
20.0
44.2
50.2
33.0
17.2
41.4
51.1
33.0
18.4
42.3
52.7
33.2
19.4
43.5
53.7
35.0
22.2
46.5
52.0
33.6
20.0
44.5
26
27
28
29
30
31
32
33
34
35
36
37
38
39
8.6
5.5
1.9
1.3
61.6
4.8
56.8
10.3
3.4
9.4
3.0
11.2
19.4
-0.5
7.9
5.9
2.0
1.2
70.4
4.7
65.9
13.7
3.9
9.0
2.8
14.3
22.5
-2.5
7.9
5.7
1.9
0.8
64.6
5.1
59.5
11.3
4.5
9.1
2.5
12.3
19.8
-0.5
8.0
5.7
2.0
0.9
69.9
5.3
64.7
13.9
3.8
9.4
2.7
13.3
21.7
-2.3
8.1
5.9
2.0
1.1
67.7
4.3
63.7
13.5
3.5
8.2
3.1
13.2
22.3
-1.9
8.0
6.0
2.0
2.0
69.8
4.8
65.2
12.4
4.3
10.2
2.5
14.6
21.3
-2.3
7.6
6.0
2.0
0.7
74.2
4.4
70.1
14.8
3.8
8.3
2.7
16.1
24.9
-3.1
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.
N ote. 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.
February 2005
S u rv ey
of
D-33
C u rr e n t B u sin ess
4. Foreign Transactions
Table 4.1. Foreign Transactions in the National Income and Product Accounts
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Current receipts from the rest of the w orld.....................................................................................
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.............................................................................................
1
2
3
4
5
6
7
R
q
m
11
1?
13
14
15
16
17
18
19
?n
?1
??
?3
?4
25
26
27
28
?9
1,375.2
1,046.2
726.4
497.1
229.3
319.8
329.0
3.0
326.0
75.3
82.1
168.6
1,886.1
1,544.3
1,282.0
800.2
481.8
262.3
273.9
8.5
265.4
191.5
61.6
12.2
67.9
38.2
18.4
11.3
-510.9
30
31
32
-514.0
-510.9
3.1
1,170.2
815.6
558.6
257.0
354.7
1,779.6
1,488.8
926.2
562.6
290.8
73.5
42.5
19.9
11.1
2004
I
II
III
1,471.0
1,099.2
761.3
523.7
237.6
337.9
371.8
3.2
368.6
75.3
81.9
211.5
1,957.6
1,602.0
1,326.4
840.0
486.4
275.6
284.6
8.7
276.0
198.4
57.0
20.6
71.0
41.6
15.8
13.6
-486.6
1,508.2
1,134.3
790.3
541.7
248.6
344.1
373.8
3.0
370.8
71.8
101.0
198.0
2,065.2
1,681.2
1,399.2
870.3
528.9
282.0
300.3
8.6
291.6
198.0
65.0
28.6
83.8
41.7
28.0
14.1
-557.0
1,555.6
1,167.6
812.2
556.2
256.0
355.4
388.0
3.0
385.1
79.5
106.0
199.6
2,185.7
1,758.9
1,470.1
924.8
545.3
288.8
351.9
9.1
342.8
? ?? fi
53.3
67.0
74.9
42.1
17.6
15.2
-630.1
1,596.3
1,189.5
833.4
573.3
260.1
356.1
406.8
3.1
403.6
90.5
99.5
213.7
2,230.0
1,801.2
1,506.9
942.7
564.2
294.4
368.6
8.8
359.8
235 4
53.8
70.6
60.1
43.2
17.1
-0.2
-633.7
-487.8
-486.6
1.2
-558.4
-557.0
1.4
-631.2
-630.1
1.1
-635.0
-633 7
1.3
IV
1,189.6
826.5
563.3
263.2
363.1
1,877.1
1,579.1
967.0
612.1
297.9
75.2
42.9
16.8
15.4
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.
D-34
February 2005
National Data
Table 4.2.1. Percent Change From Preceding Period in Real Exports and in
Real Imports of Goods and Services by Type of Product
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
2003
2004
I
II
IV
1
2
3
1.9
2.2
1.7
8.1
8.2
-9.2
17.5
16.1
-6.0
7.3
9.1
-30.0
7.3
6.0
-24.3
6.0
9.5
28.6
-3.9
-6.9
27.0
4
5
6
2.6
2.6
2.5
5.4
3.6
6.4
5.2
6.1
4.8
14.4
14.0
14.7
6.9
3.6
8.7
-0.1
-5.5
2.8
-7.3
-3.2
-9.3
7
2.2
12.2
31.0
13.1
6.2
6.2
-8.2
8
-10.8
3.1
42.1
-14.0
-17.5
30.8
-11.7
9
10
6.1
4.9
7.1
15.3
19.8
30.8
-8.3
25.2
-1.8
13.5
22.4
-0.9
-4.2
-8.2
11
1.5
8.1
14.8
5.1
8.2
34.8
-10.2
12
13
14
15
16
6.0
4.4
7.7
-5.8
1.4
12.0
14.5
9.4
9.1
7.8
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
-0.7
10.1
-11.4
39.9
-1.8
5.5
-2.1
14.7
-41.6
3.4
17
18
19
20
21
22
23
4.9
-5.2
-17.7
3.1
7.0
6.1
-8.9
9.6
14.5
6.7
14.3
5.0
5.0
-1.1
9.1
49.7
20.4
41.3
9.0
11.3
-2.2
-6.3
^ .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
-32.2
2.9
-12.2
-2.2
9.4
-2.6
-6.5
-9.8
12.8
10.0
-3.5
2.3
1.9
-3.2
24
25
26
4.4
4.7
7.7
9.8
10.6
5.4
17.1
18.4
18.9
10.6
12.7
2.3
12.6
13.0
7.4
4.6
5.0
-10.1
9.1
12.2
11.0
27
28
29
30
1.6
1.1
2.1
6.4
15.2
20.8
9.4
6.9
0.7
21.7
-15.8
16.5
16.9
21.4
12.4
39.1
38.2
47.2
29.0
-33.1
23.6
23.8
23.3
2.0
-5.1
9.9
-20.2
56.4
31
6.0
17.0
26.0
13.4
30.6
14.0
7.5
32
-5.9
-2.7
67.0
-55.7
59.0
49.3
33
34
9.0
6.4
23.2
17.1
34.2
18.7
12.8
26.4
38.6
25.1
29.9
11.0
8.4
3.4
35
2.6
6.6
21.7
6.0
10.1
3.2
-5.1
36
37
38
39
40
41
42
43
44
45
46
47
8.7
7.3
10.1
-7.0
3.1
12.1
-9.1
2.8
3.2
2.2
11.1
-2.1
10.4
15.0
5.5
-1.2
5.7
-1.5
4.2
8.6
6.6
10.0
7.4
-1.6
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
-9.8
-11.5
-7.8
16.5
2.8
-9.4
-0.8
10.8
2.3
52.8
-1.8
-3.2
25.2
36.8
13.2
-3.7
-6.0
-19.9
-13.4
-8.4
8.5
-41.2
8.8
-5.1
48
49
50
2.0
2.5
1.3
10.6
3.2
-7.5
23.4
1.6
-19.1
11.3
4.6
-23.2
8.4
0.9
-19.1
10.3
7.8
24.6
-9.0
-2.0
22.7
51
52
53
54
2.2
4.1
5.7
4.5
9.8
13.4
6.0
11.1
20.1
25.2
7.6
18.6
12.7
11.1
15.3
9.8
8.5
23.6
-2.8
20.9
8.4
6.8
2.0
5.4
-8.9
9.5
16.7
6.8
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.
2004
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
m aterials.................................
Durable goods.......................
Nondurable g oods................
Capital goods, except
automotive..............................
Civilian aircraft, engines, and
p a rts ...................................
Computers, peripherals, and
p arts...................................
Other.......................................
Automotive vehicles, engines,
and p a rts................................
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 fe e s........
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
p a rts...................................
Computers, peripherals, and
p a rts...................................
Other.......................................
Automotive vehicles, engines,
and p a rts................................
Consumer goods, except
automotive.............................
Durable g oods.......................
Nondurable goods................
Other............................................
Imports of services1....................
Direct defense expenditures....
Travel...........................................
Passenger fares.........................
Other transportation...................
Royalties and license fe e s........
Other private services...............
Other............................................
2004
2003
IV
III
00
CO
I
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...................................
O ther......................................
Automotive vehicles, engines,
and parts................................
Consumer goods, except
automotive..............................
Durable goods.......................
Nondurable goods.................
O ther...........................................
Exports of services1 ...................
Transfers under U.S. military
agency sales contracts.........
Travel...........................................
Passenger fares.........................
Other transportation..................
Royalties and license fees.......
Other private services..............
O ther...........................................
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...................................
O ther......................................
Automotive vehicles, engines,
and parts................................
Consumer goods, except
automotive..............................
Durable goods.......................
Nondurable goods................
O ther...........................................
Imports of services1....................
Direct defense expenditures....
Travel...........................................
Passenger fares..........................
Other transportation..................
Royalties and license fees........
Other private services..............
O th er...........................................
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
2003
2004
2003
IV
Line
I
II
III
IV
1
1.9
8.1
17.5
7.3
7.3
6.0
-3.9
2
3
1.50
0.09
5.71
-0.54
11.21
-0.32
6.30
-1.83
4.19
-1.35
6.52
1.21
-4.90
1.12
4
5
6
0.40
0.14
0.26
0.89
0.20
0.69
0.87
0.34
0.53
2.23
0.74
1.49
1.14
0.21
0.93
-0.02
-0.33
0.31
-1.28
-0.18
-1.09
7
0.63
3.37
8.25
3.61
1.75
1.73
-2.36
8
-0.55
0.14
1.73
-0.68
-0.82
1.16
-0.53
9
10
0.23
0.96
0.27
2.96
0.76
5.76
-0.33
4.62
-0.06
2.63
0.75
-0.18
-0.15
-1.68
11
0.12
0.62
1.13
0.38
0.60
2.31
-0.82
12
13
14
15
16
0.50
0.19
0.31
-0.23
0.42
1.02
0.63
0.39
0.34
2.39
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
-0.06
0.44
-0.50
1.35
-0.54
0.47
-0.09
0.56
-2.03
1.01
17
18
19
20
21
22
23
0.05
-0.34
-0.31
0.09
0.31
0.75
-0.13
0.11
0.89
0.11
0.43
0.23
0.63
-0.01
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
-0.46
0.19
-0.20
-0.07
0.40
-0.32
-0.08
-0.11
0.80
0.15
-0.12
0.10
0.23
-0.04
24
4.4
9.8
17.1
10.6
12.6
4.6
9.1
25
26
3.90
0.27
8.80
0.20
15.11
0.68
10.41
0.08
10.82
0.27
4.15
-0.37
10.03
0.37
27
28
29
30
0.18
0.06
0.12
0.50
1.77
1.22
0.55
0.61
0.16
1.17
-1.01
1.33
1.87
1.17
0.69
3.13
3.97
2.48
1.49
-3.88
2.76
1.49
1.27
0.19
-0.66
0.69
-1.35
4.95
31
1.15
3.17
4.83
2.55
5.43
2.59
1.43
32
-0.10
-0.04
0.87
-1.17
0.65
-0.13
0.58
33
34
0.45
0.81
1.09
2.13
1.59
2.37
0.62
3.10
1.71
3.06
1.33
1.38
0.41
0.45
35
0.37
0.89
2.88
0.82
1.33
0.42
-0.65
36
37
38
39
40
41
42
43
44
45
46
47
1.84
0.81
1.03
-0.40
0.53
0.17
-0.38
0.04
0.09
0.03
0.59
-0.01
2.21
1.64
0.58
-0.06
0.97
-0.03
0.16
0.12
0.20
0.13
0.41
-0.01
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
-2.13
-1.34
-0.80
0.70
0.47
-0.15
-0.03
0.13
0.07
0.57
-0.10
-0.02
4.75
3.53
1.22
-0.16
-0.97
-0.34
-0.51
-0.11
0.24
-0.68
0.44
-0.03
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.
February 2005
S urvey
of
D-35
C u rr e n t B u sin e ss
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
Seasonally adjusted
Line
2003
2004
2003
IV
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...................................
O th er......................................
Automotive vehicles, engines,
and p a rts................................
Consumer goods, except
automotive..............................
Durable goods.......................
Nondurable goods................
O th er...........................................
Exports of services1 ...................
Transfers under U.S. military
agency sales contracts.........
Travel...........................................
Passenger fares.........................
Other transportation..................
Royalties and license fees........
Other private services..............
O th er...........................................
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...................................
O ther......................................
Automotive vehicles, engines,
and p a rts................................
Consumer goods, except
automotive..............................
Durable goods.......................
Nondurable goods................
O ther...........................................
Imports of services1....................
Direct defense expenditures....
Travel...........................................
Passenger fares.........................
Other transportation.................
Royalties and license fees........
Other private services..............
O th er...........................................
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
1 94.116
2 92.018
3 102.509
101.737
99.578
93.070
98.170
95.694
102.254
4 98.856
5 87.637
6 105.953
104.239
90.752
112.779
100.012
88.045
107.581
2004
I
II
Line
III
105.150
90.487
114.442
103.186
89.764
111.686
7
84.189
94.424
90.331
93.162
94.573
96.000
93.962
8
86.257
88.961
93.302
89.857
85.636
91.576
88.773
9
10
81.186
84.666
86.946
97.578
87.139
90.664
85.262
95.900
84.885
98.976
89.292
98.760
88.344
96.678
11
98.862
106.899
100.810 102.073 104.114
112.191
109.219
12 100.902
13 98.368
14 103.711
15 88.135
16 99.330
113.045 104.699
112.659 104.645
113.491 104.762
96.142 90.109
107.097 104.310
17
18
19
20
21
22
23
104.118 102.082 100.440 113.207 102.718 100.109
88.290 85.602 84.704 88.158 88.792 91.504
69.875 68.999 68.111
71.436 69.145 70.808
116.562 109.630 114.506 118.040 117.378 116.326
111.068 108.976 110.144 109.511 111.986 112.630
127.026 124.284 125.831 127.782 126.945 127.548
90.091
89.384 90.769 91.128 89.600 88.867
94.991
77.128
65.481
102.011
105.788
121.009
91.111
109.267 113.923 113.724 115.267
106.391 113.106 115.870 115.269
112.437 114.837 111.407 115.285
92.583 96.095 104.514 91.374
105.173 107.765 107.275 108.175
24 105.048 115.311 108.725 111.504 114.862 116.167 118.711
25 105.131 116.284 108.824 112.116 115.593 117.005 120.421
26 118.666 125.103 123.573 124.264 126.516 123.184 126.446
27
28
29
30
100.739
99.819
101.657
107.572
31
92.361
116.005 102.465
120.599 103.196
111.244 101.689
114.974 110.589
106.538
108.328
104.706
120.103
115.505
119.317
111.580
108.606
121.783
125.866
117.575
109.142
120.194
128.885
111.113
122.044
108.048
100.546
107.481
111.072
113.092
97.433
32
86.412
84.076
92.966
75.857
85.182
83.250
92.016
33
34
109.730
87.240
135.163
102.158
118.543
90.939
122.170
96.429
132.566
101.972
141.518
104.676
144.396
105.554
35
106.478
113.515
109.791
113.529
36 120.896 133.443
37 118.602 136.432
38 123.461 130.269
39 98.316 97.172
40 104.753 110.726
41 151.794 149.561
42 81.066 84.450
43 73.884 80.257
44 100.325 106.990
45 115.483 127.066
46 131.485 141.231
47 101.550 99.911
111.395
114.112
115.025
125.724 128.645
126.665 130.189
124.757 127.027
98.151
97.601
108.360 108.675
158.961 150.249
83.993 81.215
79.608 77.125
99.321 107.729
121.618 120.530
136.989 139.189
100.942 99.510
134.796
137.646
131.774
94.876
111.458
154.544
86.670
80.510
105.614
125.674
141.354
101.030
131.371 138.959
133.511 144.384
129.112 133.163
98.563 97.647
112.241 110.531
150.797 142.654
86.488 83.428
82.595 80.799
106.212 108.404
139.719 122.340
140.698 143.683
100.199 98.905
48
49
50
87.974
102.844
101.977
97.284
106.135
94.313
92.688
103.929
100.607
95.198
105.103
94.183
97.144
105.332
89.335
99.561
107.325
94.385
97.233
106.778
99.347
51
52
53
54
91.295
101.657
111.931
104.839
100.245 95.413
115.317 106.382
118.665 113,720
116.488 108.610
98.303
109.226
117.836
111.179
100.321
115.179
117.012
116.579
102.358
117.085
117.592
118.114
99.997
119.777
122.219
120.079
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.
2004
Exports of goods and
services............................
Exports of goods1.......................
Foods, feeds, and beverages....
Industrial supplies and
materials.................................
Durable g oods.......................
Nondurable goods................
Capital goods, except
automotive..............................
Civilian aircraft, engines, and
p a rts...................................
Computers, peripherals, and
p arts...................................
Other.......................................
Automotive vehicles, engines,
and p a rts ................................
Consumer goods, except
automotive..............................
Durable goods.......................
Nondurable g oods................
Other............................................
Exports of services1....................
Transfers under U.S. military
agency sales contracts.........
Travel...........................................
Passenger fares.........................
Other transportation...................
Royalties and license fe e s........
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
p a rts...................................
Computers, peripherals, and
p a rts...................................
Other.......................................
Automotive vehicles, engines,
and p a rts ................................
Consumer goods, except
automotive.............................
Durable g oods.......................
Nondurable goods................
Other............................................
Imports of services1....................
Direct defense expenditures....
Travel...........................................
Passenger fares.........................
Other transportation...................
Royalties and license fe e s........
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
2004
2003
IV
IV
99.924 101.690 103.176 102.159
97.810 99.242 101.526 99.734
93,521
87.242 92.900 98.616
103.437 105.185
90.972 91.786
111.322 113.665
2003
I
1 101.395 104.929 102.146 103.565
2 100.640 104.428 101.438 103.023
3 112.133 125.061 120.104 126.145
II
104.746 105.175
104.356 104.665
133.508 121.842
4 102.151 113.663 103.779 108.493 111.629
5 102.787 116.061 104.862 110.503 114.143
6 101.663 112.258 103.055 107.293 110.170
7
97.693
97.468
97.134
97.201
8 112.636
117.159
114.399
115.443
87.444
95.546
88.302
95.414
88.659
95.240
9
10
11
88.541
96.483
101.566 102.352
III
IV
106.232
105.668
118.750
115.172
118.379
113.364
119.358
121.220
118.204
97.484
97.791
115.862 117.918
119.414
97.395
86.990
95.525
85.435
95.993
101.754 101.883 102.226 102.460
102.838
88.691
95.426
12 99.695 100.682 100.099 100.258 100.380
13 100.234 100.601 100.609 100.330 100.410
14 99.101 100.754 99.537 100.162 100.329
15 102.245 106.816 103.343 105.178 106.644
16 103.219 106.171 103.865 104.897 105.726
100.944 101.146
100.624 101.039
101.280 101.245
107.104 108.340
106.440 107.620
17
18
19
20
21
22
23
98.034 99.494
101.504 104.926
115.849 127.814
104.706 108.665
105.450 108.054
101.274 103.139
109.564 111.093
98.341
98.405 99.421
102.479 103.261 105.019
120.781 126.073 124.621
104.622 106.226 106.617
105.968 106.885 107.806
101.507 102.162 102.904
110.400 112.014 111.775
99.681 100.468
105.100 106.325
127.907 132.658
109.054 112.762
108.291 109.234
103.494 103.997
111.042 109.539
24
25
26
99.615 104.533
98.068 102.908
102.328 107.601
99.837 102.163 103.760 105.066 107.142
98.011 100.355 102.267 103.560 105.450
102.908 105.282 107.410 107.440 110.272
27 100.105
28 94.838
29 105.572
30 102.940
111.430
111.423
111.356
131.255
100.692
97.955
103.590
101.114
106.217
103.903
108.659
112.501
110.836
111.983
109.462
125.787
112.887
114.536
110.949
136.856
115.779
115.268
116.355
149.875
92.300
91.282
91.906
91.990
91.331
91.035
90.769
32 105.680
31
109.565
107.220
107.960
108.677
110.247
111.377
77.680
96.928
72.676
97.425
75.610
97.144
75.292
97.361
73.631
97.085
71.769
97.430
70.013
97.825
35 100.771
102.537
101.282
101.795
102.199
102.659
103.495
36
37
38
39
40
41
42
43
44
45
46
47
97.967
96.439
99.642
100.731
107.784
122.818
107.929
116.853
107.717
105.423
102.511
105.360
98.602
96.395
101.050
104.046
113.070
137.357
116.463
115.392
117.095
108.016
103.562
111.120
98.023
96.324
99.888
101.278
109.502
127.412
111.151
115.094
112.155
105.931
102.192
107.377
98.725
96.456
101.246
102.773
111.718
134.661
115.897
113.952
114.250
106.848
102.719
109.986
98.622
98.581
98.480
96.387 96.227
96.511
101.016 100.984 100.955
103.741 104.347 105.321
111.566 112.937 116.059
132.960 136.998 144.808
113.324 115.228 121.404
114.008 113.645 119.965
115.749 117.848 120.535
107.768 108.254 109.196
103.285 103.980 104.264
109.866 110.873 113.755
48
49
50
99.263
103.634
113.072
100.867
112.551
125.041
99.260
106.270
122.770
99.963
109.944
127.914
100.583
112.994
133.058
101.150
112.670
121.450
101.774
114.594
117.742
51
52
53
54
99.642
95.914
101.816
97.562
102.730
97.860
112.044
99.897
99.723
96.216
101.143
97.707
101.046
97.097
106.127
99.037
102.120
97.843
110.189
99.725
103.211
98.114
113.438
100.045
104.541
98.385
118.422
100.779
33
34
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.
D-36
February 2005
National Data
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
Seasonally adjusted at annual rates
Line
2003
2004
IV
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...................................
O ther......................................
Automotive vehicles, engines,
and parts................................
Consumer goods, except
automotive..............................
Durable goods.......................
Nondurable goods.................
O ther...........................................
Exports of services1 ...................
Transfers under U.S. military
agency sales contracts.........
Travel...........................................
Passenger fares.........................
Other transportation..................
Royalties and license fees........
Other private services..............
O ther...........................................
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...................................
O ther......................................
Automotive vehicles, engines,
and parts................................
Consumer goods, except
automotive..............................
Durable goods.......................
Nondurable goods.................
O ther...........................................
Imports of services1....................
Direct defense expenditures....
Travel...........................................
Passenger fares..........................
Other transportation..................
Royalties and license fees........
Other private services..............
O th er...........................................
Addenda:
Exports of durable g oods.........
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
I
II
Line
III
2004
IV
1
2
3
1,046.2
726.4
55.0
1,170.2
815.6
55.6
1,099.2
761.3
58.8
1,134.3
790.3
56.5
1,167.6
812.2
55.8
1,189.5
833.4
54.2
1,189.6
826.5
56.1
4
5
6
168.3
57.3
111.0
197.4
67.0
130.4
172.9
58.7
114.2
187.0
64.0
123.0
195.6
66.6
129.0
201.8
68.1
133.6
205.2
69.2
136.0
7
293.6
328.6
313.3
323.3
328.9
334.2
328.1
8
46.7
50.1
51.3
49.9
47.7
51.9
51.0
9
10
39.9
207.0
42.2
236.3
42.7
219.3
42.0
231.5
41.8
239.4
43.1
239.1
41.9
235.2
11
80.7
87.9
82.4
83.6
85.5
92.4
90.3
12
13
14
15
16
89.9
46.1
43.9
38.9
319.8
101.7
52.9
48.8
44.3
354.7
93.7
49.2
44.5
40.1
337.9
97.9
49.8
48.1
42.0
344.1
102.2
53.0
49.2
44.2
355.4
102.6
54.4
48.1
48.3
356.1
104.2
54.4
49.8
42.7
363.1
17
18
19
20
21
22
23
11.9
64.5
15.7
31.8
48.2
134.0
13.6
13.3
76.4
18.5
37.8
51.9
143.2
13.7
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
13.1
76.9
18.3
38.2
52.4
143.6
13.6
12.9
80.2
19.4
39.1
53.2
145.0
13.3
24
25
26
1,544.3
1,282.0
55.8
1,779.6
1,488.8
61.9
1,602.0
1,326.4
58.5
1,681.2
1,399.2
60.2
1,758.9
1,470.1
62.5
1,801.2
1,506.9
60.9
1,877.1
1,579.1
64.1
27
28
29
30
174.3
83.7
90.5
133.1
223.7
119.1
104.6
181.5
178.3
89.4
88.9
134.4
195.6
99.5
96.0
162.4
221.2
118.1
103.1
164.2
237.6
127.4
110.1
179.5
240.5
131.3
109.1
219.8
31
295.8
342.2
310.8
321.0
340.7
350.9
356.3
32
24.1
24.3
26.3
21.6
24.4
24.2
27.0
33
34
76.5
195.2
88.1
229.8
80.5
203.9
82.7
216.7
87.7
228.6
91.3
235.5
90.8
238.4
35
210.2
228.0
217.8
222.1
228.4
231.3
230.1
36
37
38
39
40
41
42
43
44
45
46
47
334.0
171.0
163.0
78.8
262.3
25.1
56.6
21.0
44.8
20.0
86.3
8.5
371.1
196.7
174.4
80.5
290.8
27.6
63.6
22.5
52.0
22.6
93.6
8.8
347.5
182.5
165.1
79.1
275.6
27.3
60.4
22.3
46.2
21.2
89.6
8.6
358.2
187.8
170.4
79.8
282.0
27.2
60.9
21.3
51.1
21.2
91.5
8.7
374.7
198.4
176.3
78.4
288.8
27.7
63.6
22.3
50.7
22.3
93.5
8.8
364.8
192.1
172.7
81.9
294.4
27.8
64.5
22.8
51.9
24.9
93.7
8.8
386.5
208.4
178.1
81.9
297.9
27.8
65.5
23.5
54.2
22.0
95.9
8.9
48
49
50
497.1
229.3
60.9
558.6
257.0
62.2
523.7
237.6
65.2
541.7
248.6
63.6
556.2
256.0
62.8
573.3
260.1
60.5
563.3
263.2
61.8
51
52
53
54
665.5
800.2
481.8
1,148.9
753.4
926.2
562.6
1,307.3
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
772.8
942.7
564.2
1,327.3
764.7
967.0
612.1
1,359.3
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.
2003
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
p a rts...................................
Computers, peripherals, and
Other.......................................
Automotive vehicles, engines,
and p a rts................................
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 fe e s........
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 g oods.......................
Nondurable goods................
Petroleum and products............
Capital goods, except
automotive..............................
Civilian aircraft, engines, and
p a rts ...................................
Computers, peripherals, and
Other.......................................
Automotive vehicles, engines,
and p a rts ................................
Consumer goods, except
automotive.............................
Durable g oods.......................
Nondurable goods................
Other............................................
Imports of services1....................
Direct defense expenditures....
Travel...........................................
Passenger fares.........................
Other transportation..................
Royalties and license fe e s........
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
2003
IV
I
II
III
IV
1
2
3
1,031.8
721.7
49.1
1,115.3
781.0
44.6
1,076.2
750.6
49.0
1,095.4
767.2
44.8
1,114.8
778.4
41.8
1,131.1
796.3
44.5
1,120.0
782.3
47.2
4
5
6
164.7
55.8
109.1
173.7
57.7
116.2
166.6
56.0
110.8
172.3
57.9
114.7
175.3
58.4
117.1
175.2
57.6
117.9
171.9
57.1
115.0
/
300.6
337.1
322.5
332.6
337.6
342.7
335.4
8
41.5
42.8
44.9
43.2
41.2
44.0
42.7
q
10
214.5
247.2
229.7
243.0
250.8
250.2
245.0
11
79.4
85.9
81.0
82.0
83.7
90.2
87.8
12
13
14
15
16
90.2
45.9
44.3
38.0
309.9
101.0
52.6
48.4
41.5
334.1
93.6
48.9
44.7
38.9
325.4
97.7
49.7
48.0
39.9
328.1
101.8
52.8
49.0
41.4
336.2
101.6
54.1
47.5
45.1
334.6
103.0
53.8
49.2
39.4
337.4
17
18
19
20
21
22
23
24
12.2
63.6
13.5
30.4
45.7
132.3
12.5
-1.1
13.4
72.8
14.5
34.7
48.0
138.9
12.3
-4.5
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
13.2
73.2
14.3
35.0
48.4
138.8
12.3
-4.8
12.8
75.4
14.6
34.7
48.7
139.4
12.2
-4.1
2b
26
27
1,550.3
1,307.3
54.6
1,701.7
1,446.0
57.5
1,604.5
1,353.2
56.8
1,645.5
1,394.1
57.1
1,695.1
1,437.4
58.2
1,714.3
1,454.9
56,6
1,751.9
1,497.4
58.1
28
29
30
31
174.1
88.3
85.8
129.3
200.5
106.7
93.8
138.2
177.1
91.3
85.8
132.9
184.1
95.8
88.3
144.3
199.6
105.5
94.1
130.5
210.4
111.3
99.2
131.2
207.7
114.0
93.7
146.7
32
320.5
375.0
338.1
348.9
373.0
385.4
392.5
33
22.8
22.2
24.5
20.0
22.5
22.0
24.3
M
‘
3b
201.4
235.9
210.0
222.6
235.4
241.7
243.7
36
208.6
222.3
215.1
218.2
223.5
225.3
222.4
37
38
39
40
41
42
43
44
45
46
47
48
49
340.9
177.4
163.5
78.3
243.3
20.5
52.5
17.9
41.6
19.0
84.2
8.0
-1.9
376.3
204.0
172.6
77.3
257.2
20.2
54.6
19.5
44.3
20.9
90.4
7.9
-7.9
354.6
189.4
165.3
78.1
251.7
21.4
54.3
19.3
41.1
20.0
87.7
8.0
-2.9
362.8
194.7
168.3
77.7
252.4
20.2
52.6
18.7
44.6
19.8
89.1
7.9
-4.1
380.1
205.8
174.6
75.5
258.9
20.8
56.1
19.5
43.8
20.7
90.5
8.0
-8.9
370.5
199.7
171.0
78.5
260.7
20.3
56.0
20.0
44.0
23.0
90.1
7.9
-10.5
391.9
215.9
176.4
77.7
256.8
19.2
54.0
19.6
44.9
20.1
92.0
7.8
-8.2
50
51
52
500.8
221.2
53.8
553.8
228.3
49.8
527.6
223.6
53.1
541.9
226.1
49.7
553.0
226.6
47.2
566.7
230.9
49.8
553.5
229.7
52.5
53
54
55
56
667.9
834.3
473.2
1,177.6
733.3
946.4
501.7
1,308.5
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
748.8
960.9
497.2
1,326.8
731.5
983.0
516.7
1,348.8
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.
February 2005
S u rv ey
of
D-37
C u r r e n t B u sin e ss
5. Saving and Investm ent
Table 5.1. Saving and Investment
Table 5.3.1. Percent Change From Preceding Period in Real Private Fixed
Investment by Type
[Billions of dollars]
[Percent]
Seasonally adjusted at annual rates
Line
Gross saving........................
Net private saving......................
Personal saving.....................
Undistributed corporate
profits with inventory
valuation and capital
consumption adjustments.
2003
2004
2003
Seasonally adjusted at annual rates
2004
Line
IV
I
II
III
1,621.7
247.6
591.5
111.1
1,568.3
213.3
592.4
86.8
1,616.3
241.2
602.9
113.4
1,601.5
103.6
483.2
42.6
390.9
244.2
480.4
317.5
505.7
302.5
489.5
303.9
440.7
255.5
t
-14.1
-24.3
-37.0
-47.8
-37.8
8
160.8
239.4
187.2
240.2
233.3
223.0
261.2
9
10
11
1?
13
14
15
16
17
18
19
0.0
-367.8
-364.5
-3.2
1,353.9
1,135.9
942.6
193.3
218.1
90.2
127.9
0.0
0.0
-379.2
-391.0
11.8
1,355.0
1,132.4
936.4
196.0
222.6
91.6
131.0
0.0
-361.7
-380.0
18.3
1,375.2
1,148.1
948.8
199.4
227.0
92.8
134.3
0.0
-379.6
-384.1
4.5
1,497.9
1,266.8
1,021.8
245.1
231.1
93.4
137.7
0.0
1,406.9
1,177.9
966.9
210.9
229.0
93.1
136.0
0.0
-343.9
-379.2
35.3
1,374.2
1,153.8
955.0
198.8
220.4
90.7
129.7
?n
21
1,513.3
2,024.2
2,301.7
1,634.6
2,121.2
1,631.3
2,188.3
1,672.8
2,302.9
1,691.9
2,325.6
2,389.8
22
23
1,665.8
358.5
1,922.4
379.3
1,758.8
362.4
1,819.7
368.6
1,920.7
382.2
1,947.0
378.7
2,002.2
387.7
1
?
3
4
1,487.7
133.8
501.5
110.6
5
6
90.0
IV
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
?4
Net lending or net borrowing (-),
NIPAs...........................................
Statistical discrepancy.....
Addenda:
1.2
1.4
1.1
117.2
-487.8
12.8
-558.4
63.0
-631.2
56.4
-635.0
90.4
30
31
1,637.4
-149.7
-274.3
124.7
670.3
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
1,750.1
-148.5
-290.7
142.2
827.7
W
13.5
14.3
13.7
13.9
13.6
33
1.2
2.2
1.9
2.1
0.9
894.8
1. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets.
1,399.5
1,164.0
960.8
203.2
235.5
94.5
141.0
1.3
-514.0
25.6
?fi
71
?R
State and local.......................
Net domestic investment..........
Gross saving as a percentage
of gross national income...
Net saving as a percentage of
gross national incom e......
3.1
2004
990.3
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 fam ily......................
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
IV
Inventory valuation
Capital consumption
adjustment.....................
Wage accruals less
disbursements...................
Net government saving.............
2003
I
II
III
IV
1
2
3
4
5
6
5.1
3.3
-5.6
-7.0
-14.7
-19.9
10.0
10.3
1.0
-0.8
-4.9
-8.9
10.5
11.0
7.9
-6.3
-4.1
71.4
4.5
4.2
-7.6
-9.1
-16.8
-13.4
13.9
12.5
6.9
21.3
-14.2
-37.0
8.8
13.0
-1.1
-1.8
25.4
-20.9
6.7
10.3
-4.1
-14.0
-3.0
-2.6
7
8
9
23.1
-2.7
6.4
18.5
2.2
13.4
13.7
2.3
12.0
6.7
-7.0
8.0
20.0
16.8
14.2
9.5
1.6
17.5
18.8
-1.0
14.9
10
12.0
16.1
16.3
16.4
14.1
7.5
17.5
11
12
13
14
15
16
17
18
19
20
21
22
23
33.0
4.7
9.2
0.1
-3.1
5.4
8.8
8.8
10.5
11.3
3.5
6.2
9.2
26.4
12.3
14.3
5.0
11.2
15.2
9.5
9.4
10.2
11.1
2.3
8.3
11.1
31.5
9.3
15.0
-4.5
11.9
16.5
9.6
9.5
21.6
24.8
-4.4
-7.2
12.7
6.5
16.8
22.1
6.6
-15.0
8.3
5.0
4.9
6.7
7.1
2.8
2.1
11.9
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
20.7
6.8
1.1
27.7
38.1
22.6
1.6
1.5
2.7
3.0
0.2
-0.4
9.1
48.7
19.9
0.1
5.8
19.7
11.8
0.3
0.1
-3.3
-2.9
-7.6
6.1
8.7
24
3.7
6.8
9.0
0.9
13.7
0.7
-1.1
25
6.4
13.3
12.0
8.1
14.1
17.4
14.9
26
27
28
2.9
-5.6
8.1
5.6
0.9
8.1
12.8
7.8
15.6
0.9
-7.6
5.5
6.7
6.8
6.7
1.7
-1.2
3.1
-1.9
-4.2
-0.7
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’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
National Data
D-38
Table 5.3.2. Contributions to Percent Change in Real Private Fixed
Investment by Type
February 2005
Table 5.3.3. Real Private Fixed Investment by Type, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
Seasonally adjusted at annual rates
Line
2003
2004
IV
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 w e lls............................
Other structures1...................
Equipment and software........
Information processing
equipment and software...
Computers and peripheral
equipm ent.....................
Software2 ..........................
Other3.................................
Industrial equipment.............
Transportation equipment....
Other equipment4..................
Residential....................................
Structures.................................
Permanent s ite ......................
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
II
I
III
2004
1
5.1
10.0
10.5
4.5
13.9
8.8
6.7
2
3
4
5
6
2.21
-0.98
-0.52
-0.15
-0.63
6.74
0.15
-0.06
-0.04
-0.22
7.20
1.22
-0.42
-0.03
1.30
2.73
-1.19
-0.60
-0.15
-0.35
8.11
1.07
1.24
-0.12
-1.03
8.21
-0.16
-0.11
0.17
-0.48
6.59
-0.61
-0.92
-0.02
-0.05
/
8
9
0.43
-0.10
3.19
0.39
0.08
6.59
0.29
0.08
5.97
0.14
-0.25
3.92
0.42
0.55
7.05
0.21
0.05
8.37
0.42
-0.03
7.20
10
3.00
4.08
4.11
4.01
3.67
1.92
4.24
11
12
13
14
15
16
17
18
19
20
21
22
23
1.61
0.47
0.91
0.01
-0.25
0.43
2.86
2.82
2.03
1.95
0.07
0.79
0.04
1.44
1.20
1.44
0.42
0.86
1.23
3.28
3.23
2.14
2.09
0.05
1.10
0.05
1.70
0.91
1.50
-0.36
0.92
1.31
3.34
3.28
4.25
4.34
-0.09
-0.97
0.06
0.37
1.54
2.10
0.52
-1.26
0.66
1.75
1.70
1.43
1.37
0.06
0.27
0.05
1.47
0.87
1.33
0.17
1.88
1.32
5.76
5.74
1.99
1.78
0.21
3.75
0.02
1.14
0.66
0.11
2.03
2.64
1.78
0.59
0.55
0.60
0.60
0.00
-0.05
0.04
2.43
1.80
0.01
0.47
1.50
0.98
0.09
0.05
-0.73
-0.57
-0.16
0.79
0.04
24
1.83
3.38
4.50
0.50
6.81
0.39
-0.56
25
3.23
6.64
6.03
3.97
7.06
8.41
7.24
26
27
28
1.29
-0.98
2.27
2.53
0.14
2.38
5.61
1.21
4.40
0.45
-1.19
1.64
3.13
1.05
2.09
0.77
-0.17
0.94
-0.84
-0.62
-0.22
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 fam ily......................
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
96.924 106.636
90.157 99.477
75.810 76.541
74.227 73.597
41.256 39.231
79.852 72.744
2004
2003
IV
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’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers' commissions on the sale of structures.
2003
IV
I
II
III
IV
101.412
94.235
77.406
73.538
41.163
84.585
102.529 105.913 108.170
95.204 98.041 101.075
76.958
75.886 77.171
71.796 75.348 75.006
39.318 37.839 40.038
81.600 72.699 68.565
109.932
103.588
76.149
72.238
39.730
68.110
126.642 117.689
80.292 79.285
108.454 100.735
119.605 125.188 128.066
77.869 80.959 81.272
102.699 106.157 110.524
133.709
81.067
114.436
10 105.291
122.292
112.621
116.982
120.907
123.101
128.177
11
12
13
14
15
16
17
18
19
20
21
22
23
151.298
97.197
94.409
86.411
75.618
99.963
114.392
114.426
115.579
115.795
113.665
112.649
112.240
191.176
109.192
107.889
90.741
84.116
115.145
125.214
125.225
127.374
128.658
116.235
121.947
124.745
171.109 173.806 184.318
101.347 105.355 107.579
100.200 105.333 108.535
85.923 87.305 87.752
79.468 76.298 80.847
106.143 108.274 112.402
119.916 121.400 126.122
119.939 121.396 126.168
123.160 125.180 127.898
124.222 126.382 129.101
113.946 114.747 117.456
114.981 115.571 123.534
118.530 121.900 123.005
193.210
109.374
108.828
93.289
87.643
118.280
126.628
126.645
128.752
130.047
117.517
123.421
125.711
213.369
114.462
108.858
94.616
91.676
121.623
126.708
126.692
127.667
129.102
115.218
125.260
128.364
24
98.345
105.004
102.240
102.480
105.817
106.012
105.707
25
95.814
108.587
100.880
102.855
106.294
110.649
114.551
26
27
28
96.308
75.950
112.870
101.698
76.644
121.996
100.145
77.537
118.507
100.373
76.014
120.115
102.019
77.278
122.073
102.445
77.051
123.013
101.956
76.233
122.782
/ 106.863
8 78.553
9 95.679
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’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
February 2005
S u rvey
of
D-39
C u rr e n t B u sin ess
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
Line
2003
2004
2003
IV
1
2
3
4
5
6
102.435 104.958
98.546
99.336
110.176 115.543
109.279 114.730
108.466 113.631
107.935 115.716
7 122.504
8 109.106
9 94.754
I
II
III
125.526
114.069
94.400
119.664
109.998
94.862
121.300
111.088
94.611
121.461
112.995
94.626
125.956
115.160
94.256
133.388
117.031
94.107
85.016
10
87.570
84.662
86.283
85.604
84.434
83.595
11
12
13
14
15
16
17
18
19
20
21
22
23
62.100
96.862
94.763
101.641
104.064
103.305
111.951
112.202
112.911
113.270
109.951
111.123
96.804
57.117
94.814
93.175
104.150
109.577
104.445
118.258
118.656
120.134
120.490
116.690
116.341
94.224
60.053
95.459
94.348
101.950
109.654
103.386
113.675
113.972
114.633
114.972
111.346
112.962
95.757
59.030
95.229
93.613
102.970
109.754
103.221
115.179
115.511
116.381
116.725
113.044
114.160
95.148
58.015
56.548
94.929 94.921
93.189 92.952
103.750 104.515
110.286 108.675
104.371 104.840
117.710 119.674
118.093 120.104
119.304 121.768
119.657 122.128
115.883 118.276
116.194 117.493
94.629 93.658
54.876
94.178
92.946
105.367
109.594
105.348
120.470
120.917
123.084
123.448
119.555
117.516
93.462
24
111.569
117.667
112.920
114.382
116.803
119.020
120.463
25
94.770
94.395
94.867
94.612
94.623
94.247
94.098
26
27
28
111.407
110.212
112.003
117.931
115.621
119.131
116.881 119.357
114.055 116.761
118.343 120.702
121.212
119.688
122.014
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’
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers' commissions on the sale of structures.
2004
2003
IV
I
II
III
IV
1
2
3
4
5
6
1,667.0
1,094.7
261.6
111.6
14.2
40.3
1,879.3
1,217.6
277.0
116.1
14.2
39.3
1,755.2
1,146.3
268.2
111.5
14.3
43.1
1,783.5
1,158.8
266.0
110.0
13.8
42.2
1,861.7
1,198.5
275.5
117.7
13.5
38.9
1,915.4
1,238.5
281.2
119.6
14.6
37.7
1,956.6
1,274.7
285.2
117.2
14.8
38.4
7
8
9
35.6
59.9
833.1
43.3
64.0
940.7
38.3
60.9
878.1
39.5
60.4
892.8
41.4
63.9
923.1
43.9
65.4
957.3
48.5
66.3
989.6
10
431.2
484.3
454.7
468.5
480.9
486.3
501.3
11
12
13
14
15
16
17
18
19
20
21
22
23
95.3
165.8
170.0
139.8
126.6
135.5
572.3
564.3
345.9
310.6
35.3
218.4
8.0
110.8
182.4
191.0
150.5
148.0
157.8
661.7
653.0
405.5
367.1
38.3
247.6
8.7
104.5
170.5
179.7
139.5
140.0
144.0
609.0
600.6
374.0
338.2
35.9
226.6
8.4
104.4
176.8
187.4
143.1
134.5
146.6
624.6
616.1
386.0
349.3
36.7
230.1
8.5
108.8
180.0
192.2
145.0
143.2
153.9
663.2
654.6
404.3
365.8
38.5
250.4
8.6
111.1
182.9
192.2
155.2
153.0
162.7
677.0
668.3
415.4
376.1
39.3
252.9
8.7
119.1
190.0
192.3
158.7
161.4
168.1
681.9
673.1
416.3
377.4
38.9
256.8
24
825.9
930.0
868.8
882.1
930.1
949.5
958.2
25
841.1
949.3
886.5
901.4
931.6
965.9
998.4
26
27
28
748.0
261.3
486.7
836.0
276.6
559.4
786.7
267.8
518.8
799.4
265.7
533.8
831.1
275.1
556.0
852.2
280.8
571.4
861.3
284.8
576.6
IV
103.101 103.618 104.709 105.482 106.024
98.729 98.793 99.220 99.449 99.880
110.633 111.926 113.984 116.677 119.585
110.250 111.436 113.585 115.927 117.974
109.194 110.371 112.497 114.814 116.840
108.932 110.582 114.409 117.479 120.395
112.704 114.275
110.676 111.979
113.753 115.463
2003
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
equipment......................
Software2...........................
Other3.................................
Industrial equipment.............
Transportation equipment....
Other equipment4..................
Residential.....................................
Structures.
Permanent site.......................
Single fam ily......................
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
CO
CO
Private fixed investment....
Nonresidential..............................
Structures.................................
Commercial and health care
Manufacturing........................
Power and communication...
Mining exploration, shafts,
and w e lls...........................
Other structures1...................
Equipment and software........
Information processing
equipment and software...
Computers and peripheral
equipm ent.....................
Software2 ..........................
Other3.................................
Industrial equipment.............
Transportation equipment....
Other equipment4.................
Residential....................................
Structures.................................
Permanent s ite ......................
Single fam ily......................
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...........
Seasonally adjusted at annual rates
2004
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'
commissions on the sale of residential structures.
6. Excludes net purchases of used structures and brokers’ commissions on the sale of structures.
D-40
National Data
February 2005
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 c a re .
Manufacturing.........................
Power and communication....
Mining exploration, shafts,
and w e lls.............................
Other structures1....................
Equipment and software.........
Information processing
equipment and software....
Computers and peripheral
Software3 ............................
Other4..................................
Industrial equipment..............
Transportation equipment.....
Other equipment5...................
Residential......................................
Structures..................................
Permanent s ite .......................
Single fam ily.......................
Multifamily...........................
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............
2003
2004
2003
Seasonally adjusted at annual rates
2004
Line
IV
I
II
III
IV
1
2
3
4
5
6
1,627.3
1,110.8
237.4
102.1
13.1
37.4
1,790.4
1,225.6
239.7
101.2
12.5
34.0
1,702.7
1,161.0
242.4
101.2
13.1
39.6
1,721.4
1,173.0
237.7
98.8
12.5
38.2
1,778.3
1,207.9
241.7
103.6
12.0
34.0
1,816.1
1,245.3
241.0
103.2
12.7
32.1
1,845.7
1,276.3
238.5
99.4
12.6
31.9
/
8
9
29.0
54.9
879.2
34.4
56.1
996.6
32.0
55.4
925.6
32.5
54.4
943.7
34.0
56.6
975.5
34.8
56.8
1,015.6
36.3
56.6
1,051.5
10
492.4
571.9
526.6
547.0
565.4
575.6
599.4
11
12
13
14
15
16
17
18
19
20
21
22
23
24
171.2
179.4
137.6
121.6
131.2
511.2
503.0
306.3
274.2
32.1
196.6
8.3
-14.9
192.4
205.0
144.5
135.3
151.1
559.6
550.4
337.6
304.6
32.8
212.8
9.2
-29.4
178.5
190.4
136.8
127.8
139.3
535.9
527.2
326.4
294.1
32.2
200.6
8.7
-20.6
185.6
200.2
139.0
122.7
142.1
542.5
533.6
331.8
299.3
32.4
201.7
9.0
-23.3
189.5
206.2
139.7
130.0
147.5
563.6
554.6
339.0
305.7
33.2
215.6
9.1
-25.4
192.7
206.8
148.5
141.0
155.2
565.9
556.7
341.3
307.9
33.2
215.4
9.3
-29.5
201.6
206.9
150.6
147.5
159.6
566.3
556.9
338.4
305.7
32.6
218.6
9.4
-40.0
25
740.3
790.4
769.6
771.4
796.5
798.0
795.7
26
887.5
1,005.8
934.4
952.7
984.5
1,024.9
1,061.0
27
28
29
671.4
237.1
434.6
709.0
239.2
469.7
698.2
242.0
456.3
699.7
237.3
462.4
711.2
241.2
470.0
714.2
240.5
473.6
710.8
238.0
472.7
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'
commissions 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.
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 tra d e .....................................
Motor vehicle and parts dealers
Food and beverage stores
General merchandise stores .
Other retail stores......................
Other industries..............................
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
tra d e ...................................
2003
2004
2003
2004
IV
I
II
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-1.2
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
43.1
-0.7
0.0
6.8
3.6
3.1
24.8
20.5
4.3
9.1
1.0
0.9
2.5
4.6
3.1
3.5
-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
36.2
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
59.0
-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
31.6
-0.2
5.5
7.2
8.2
-1.0
35.3
28.1
7.2
-20.4
-22.2
-0.1
0.3
1.6
4.2
45.5
-1.0
1.7
7.0
2.5
4.4
33.8
26.2
7.6
0.8
-8.1
1.7
4.0
3.3
3.3
16
17
18
19
-1.2
0.6
-1.8
-1.5
43.1
29.8
13.3
43.7
3.5
14.9
-11.4
4.5
36.2
31.2
5.0
35.2
59.0
47.4
11.6
61.4
31.6
16.1
15.5
31.8
45.5
24.6
21.0
46.5
20
16.9
97.1
31.7
82.0
119.2
73.8
113.3
21
22
23
24
-18.3
-0.3
1.5
1.1
-53.4
24.8
21.5
18.6
-27.2
3.8
4.2
9.5
-46.8
8.8
7.6
10.4
-57.8
21.2
16.5
15.3
-42.0
35.3
31.5
24.6
-66.8
33.8
30.5
24.3
25
0.4
2.9
-5.3
-2.8
1.3
6.9
6.2
26
-1.8
3.2
-0.4
1.2
4.6
3.8
3.3
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).
Table 5.6.6B. Real Change in Private Inventories by Industry, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
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 tra d e .....................................
Motor vehicle and parts dealers
Food and beverage stores........
General merchandise stores....
Other retail stores......................
Other industries..............................
Residual...........................................
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
tra d e ...................................
2003
2004
2003
2004
IV
I
II
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
-0.8
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
45.3
3.6
-0.1
6.3
3.5
2.8
23.3
19.9
3.8
9.1
1.1
0.8
2.5
4.5
3.1
-0.2
8.6
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
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
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
34.5
3.8
4.5
7.0
7.8
-0.6
33.2
27.2
6.6
-20.1
-23.1
-0.1
0.3
1.6
4.1
2.4
45.8
2.7
1.3
6.2
2.3
3.7
31.3
25.1
6.7
0.9
-8.2
1.5
3.8
3.2
3.3
0.4
17
18
19
20
21
22
23
-0.8
0.4
-1.1
-1.1
0.0
1.8
1.1
45.3
29.3
16.8
41.7
23.3
20.3
18.1
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
34.5
15.6
18.9
30.4
33.2
29.7
23.7
45.8
23.7
22.3
43.3
31.3
28.4
23.2
24
0.7
2.7
-4.7
-2.5
1.2
6.4
5.5
25
-1.8
3.0
-0.3
1.2
4.4
3.5
2.9
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.
February 2005
S u rvey
of
Table 5.7.5B. Private Inventories and Domestic Final Sales by Industry
Table 5.7.6B. Real Private Inventories and Real Domestic Final Sales
by Industry, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted quarterly totals
Line
2003
IV
Private inventories1................................................
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..................................................................
Addenda:
Private inventories.........................................................
Durable goods industries..........................................
Nondurable goods industries...................................
Nonfarm industries........................................................
Wholesale tra d e ............................................................
Merchant wholesale trade.......................................
Durable goods industries.....................................
Nondurable goods industries...............................
Nonmerchant wholesale trade.................................
Final sales of domestic business2......................
Final sales of goods and structures of
domestic business2 ...........................................
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....................................................................
Seasonally adjusted quarterly totals
2004
I
II
III
1,552.5
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
1,606.0
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
1,645.8
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
1,660.1
163.4
57.9
478.6
277.0
201.6
389.0
227.3
161.7
453.9
149.2
36.8
69.4
198.5
117.2
1,690.3
162.6
61.6
487.8
281.4
206.4
401.4
236.2
165.3
457.3
148.4
37.5
70.7
200.8
119.6
16
17
18
19
20
21
22
23
24
25
1,552.5
692.5
859.9
1,400.4
357.7
308.6
176.7
131.9
49.1
723.5
1,606.0
711.8
894.2
1,430.6
366.6
316.2
182.6
133.6
50.4
733.9
1,645.8
733.7
912.0
1,467.2
376.4
323.9
188.9
135.0
52.5
745.1
1,660.1
750.0
910.1
1,496.7
389.0
334.0
198.5
135.4
55.1
757.8
1,690.3
763.9
926.4
1,527.7
401.4
344.6
206.7
137.9
56.9
766.6
26
397.8
403.0
409.7
417.9
421.9
27
28
2.15
1.94
2.19
1.95
2.21
1.97
2.19
1.97
2.20
1.99
29
3.52
3.55
3.58
3.58
3.62
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).
Table 5.7.9B. Implicit Price Deflators for Private Inventories by Industry
[Index numbers, 2000=100]
Seasonally adjusted
IV
Private inventories1................................................
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..................................................................
Addenda:
Private inventories.........................................................
Durable goods industries..........................................
Nondurable goods industries...................................
Nonfarm industries........................................................
Wholesale tra d e ............................................................
Merchant wholesale trade.......................................
Durable goods industries.....................................
Nondurable goods industries...............................
Nonmerchant wholesale trade.................................
2004
2003
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
103.505
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
16
17
18
19
20
21
22
23
24
103.505 106.362
98.839 100.468
107.615 111.554
101.862 103.407
102.907 104.828
102.961 104.861
99.210 101.084
108.691 110.636
102.584 104.631
II
III
106.362 107.905 108.231
138.741 140.419 127.550
115.478 119.907 122.395
104.904 107.030 110.031
102.914 104.314 106.756
107.928 111.119 114.946
104.828 106.120 107.173
100.851 102.176 103.967
110.741 111.984 111.932
100.400 101.517 102.123
95.515 96.427 97.020
108.989 111.247 110.947
102.371 103.034 103.139
101.965 103.208 104.159
100.275 100.736 101.367
107.905
101.878
113.215
104.938
106.120
106.035
102.433
111.545
106.662
IV
109.388
126.263
129.344
111.742
108.201
117.054
108.263
105.006
113.096
102.826
97.808
111.589
103.546
104.907
102.730
108.231 109.388
103.570 104.648
112.319 113.545
106.465 107.844
107.173 108.263
106.732 107.679
104.304 105.383
110.437 111.178
109.930 111.909
1. Implicit price deflators are as of the end of the quarter and are consistent with inventory stocks.
Estimates in this table are based on the North American Industry Classification System (NAICS).
Note.
Line
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Line
D-41
C u rr e n t B u sin e ss
Private inventories1...............................................
Farm ...................................................................................
Mining, utilities, and construction....................................
Manufacturing.........................
Durable goods industries..
Nondurable goods industries......................................
Wholesale trade.....................
Durable goods industries..
Nondurable goods industries......................................
Retail tra d e ........................................................................
Motor vehicle and parts dealers.................................
Food and beverage stores
General merchandise stores.......................................
Other retail stores.............
Other industries.....................
Residual..................................
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................................
Final sales of domestic business2.....................
Final sales of goods and structures of
domestic business2...........................................
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.......................................................................
2003
2004
IV
I
II
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1,499.9
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
1,509.9
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
1,525.2
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
1,533.8
128.1
47.3
435.0
259.5
175.4
363.0
218.6
144.5
444.5
153.7
33.2
67.3
190.6
115.6
0.0
1,545.3
128.8
47.7
436.5
260.1
176.3
370.8
224.9
146.2
444.7
151.7
33.6
68.3
191.4
116.4
-0.1
17
18
19
20
21
22
23
24
25
26
1,499.9
700.7
799.1
1,374.8
347.5
299.7
178.1
121.4
47.8
618.7
1,509.9
708.5
801.5
1,383.5
349.7
301.5
180.7
120.8
48.1
624.5
1,525.2
720.2
805.6
1,398.2
354.7
305.5
184.4
121.0
49.2
628.7
1,533.8
724.1
810.3
1,405.8
363.0
312.9
190.3
122.6
50.1
637.8
1,545.3
730.0
815.9
1,416.6
370.8
320.0
196.1
124.0
50.8
643.0
27
387.3
390.8
393.5
401.4
403.5
28
29
2.42
2.22
2.42
2.22
2.43
2.22
2.40
2.20
2.40
2.20
30
3.55
3.54
3.55
3.50
3.51
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.
N ote. 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
February 2005
Incom e and Em ploym ent by Industry
Table 6.1 D. National Income Without Capital Consumption Adjustment by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
2004
IV
National income without capital consumption adjustment.
Domestic industries...................................................................................
Private industries.........................................................................................
Agriculture, forestry, fishing, and hunting
M in in g ........................................................
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 w orld..............................................................................................
9.396.6
9,341.5
8.158.7
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
1.182.8
55.1
9,647.7
9.560.6
8.363.9
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
1.196.7
87.2
9.744.7
9.671.2
8.455.9
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
1.215.2
73.5
9.883.2
9,847.0
8,626.4
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
1,220.6
36.1
9,908.5
9.870.4
8.640.8
74.3
107.5
164.8
516.0
1,193.2
702.1
491.1
611.9
732.5
274.4
347.4
1.829.9
1.306.5
870.9
354.6
256.9
1.229.6
38.2
1. Consists of professional, scientific, and technical services; management of companies and enterprises; and administrative and waste management services.
Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
N ote.
Table 6.16D. Corporate Profits by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
2004
IV
Corporate p rofits w ith inventory valuation and capital consum ption a d ju stm e n ts.
Domestic in d u strie s..........................................................................................................................
Financial1.........................................................................................................................................
Nonfinancial.....................................................................................................................................
Rest o f the w o rld .................................
Receipts from the rest of the w orld.
Less: Payments to the rest of the w orld.......................................................................................
Corporate profits w ith inventory valuation adjustm ent..................................................
Domestic in du strie s..........................................................................................................................
Financial....................
Federal Reserve banks..............................................................................................................
Other financial2....
Nonfinancial.............
Utilities.........................................................................................................................................
Manufacturing..................
Durable goods.............
Fabricated metal products...............................................................................................
M achinery...............
Computer and electronic products..................................................................................
Electrical equipment, appliances, and components......................................................
Motor vehicles, bodies and trailers, and p a rts.......
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 o f the w o rld ........
1,021.1
844.2
327.8
516.4
176.9
250.7
73.8
860.4
683.4
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
176.9
1,129.1
913.3
335.9
577.3
215.8
293.4
77.5
941.9
726.1
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
215.8
1,165.6
960.3
355.7
604.6
205.3
299.0
93.7
925.4
720.0
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
205.3
1,173.9
988.6
347.8
640.8
185.3
305.6
120.3
940.6
755.2
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
185.3
1,118.0
929.3
279.1
650.2
188.7
313.1
124.5
895.0
706.3
237.6
19.0
218.6
468.7
21.1
105.0
29.8
13.1
6.7
-10.5
-5.5
5.0
21.2
75.2
26.4
20.0
14.8
14.0
61.1
64.7
7.3
21.6
187.9
188.7
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.
N ote. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
February 2005
S u rv ey
of
D-43
C u rr e n t B u sin e ss
7. Supplem ental Tables
Table 7.1. Selected Per Capita Product and Income Series in Current and
Chained Dollars
Table 7.2.1 B. Percent Change from Preceding Period in Real
Motor Vehicle Output
[Dollars]
[Percent]
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
2003
2004
2003
IV
Current dollars:
Gross domestic product...........
Gross national product.............
Personal income........................
Disposable personal incom e....
Personal consumption
expenditures..........................
Durable goods.......................
Nondurable goods................
S ervices.................................
Chained (2000) dollars:
Gross domestic product...........
Gross national product.............
Disposable personal incom e....
Personal consumption
expenditures..........................
Durable goods.......................
Nondurable goods................
S ervices.................................
Population (midperiod, thousands)
1
?
3
4
37,805
37,995
31,476
28,034
b
6
7
8
9
10
11
Line
2004
I
II
III
32,860
29,334
38,570
38,869
31,928
28,474
39,173
39,424
32,250
28,813
39,713
39,837
32,679
29,168
40,144
40,273
32,871
29,325
33,634
30,026
26,663
3,266
7,559
15,838
28,002
3,387
8,085
16,530
27,086
3,323
7,700
16,062
27,521
3,334
7,910
16,278
27,778
3,323
8,021
16,433
28,142
3,421
8,111
16,609
28,562
3,470
8,295
16,797
35,666
35,846
26,570
36,867
36,208
36,491
26,862
36,526
36,762
26,964
36,740
36,856
27,088
37,005
37,125
27,148
37,196
39,898
27,208
2003
2004
40,556
27,630
12 25,270 25,973 25,552
25,755
25,797 26,053 26,283
3,541
3,661
3,672
13
3,746
3,661
3,800
3,852
14
7,257
7,364
7,512
7,469
7,454
7,520
7,607
14,567
15 14,499
14,761
14,654
14,717
14,788
14,884
16 291,073 293,951 292,217 292,872 293,540 294,315 295,077
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.................................
E xports....................................
Autos....................................
Trucks..................................
Im ports....................................
Autos....................................
Trucks..................................
Domestic..............................
Foreign.................................
Used....
Domestic..............................
Foreign.................................
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 ...
2004
2003
IV
IV
I
II
III
IV
1
2
3
4
4.2
-7.7
11.6
7.1
5.6
0.7
8.0
6.6
2.9
-22.1
17.8
-5.1
8.8
8.0
9.2
-11.2
-15.2
-9.0
-17.9
-6.7
10.4
16.3
7.7
64.5
28.0
6.9
39.2
9.2
b
6
7
5.4
8.2
-2.2
2.9
2.1
0.1
-3.0
-21.4
-10.8
-8.4
-2.3
9.9
-6.5
3.3
1.5
33.6
14.0
-19.3
2.1
-0.4
24.5
8
15.4
3.3
-26.6
OIO
oo
Line
4.4
37.8
-11.7
9
10
-0.9
-1.1
4.7
1.5
67.3
52.7
-21.8
-27.0
-28.3
-26.3
101.1
106.4
8.0
12.9
11
12
13
14
15
-0.6
2.9
-0.5
-6.1
3.3
7.9
15.7
12.1
4.9
16.5
82.7
9.0
23.2
13.6
29.5
-16.6
-3.2
-8.2
-13.4
-5.1
-30.1
5.0
-1.6
-10.6
3.9
96.2
72.0
55.0
31.1
69.6
3.5
18.7
11.8
30.9
2.8
16
17
3.0
4.1
11.1
33.6
22.3
54.5
-15.2
30.9
8.8
-8.4
68.3
73.3
-11.9
52.5
18
19
-5.2
-3.1
5.6
3.8
51.2
32.1
-16.5
-20.7
-12.8
-5.8
26.9
17.7
-0.6
26.0
20
-7.2
7.5
72.9
-12.5
-19.0
36.3
-21.3
21
22
23
?4
2b
26
27
28
29
30
31
V
33
34
S')
MK
37
38
39
40
41
1.9
-4.6
4.4
15.4
-8.0
23.6
16.5
14.3
17.2
9.8
-10.2
16.2
35.6
30.5
37.0
-4.7
-37.2
5.6
41.6
89.7
32.0
10.0
4.6
15.8
-0.2
-3.5
3.7
9.8
1.7
17.6
5.0
-0.2
10.8
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
113.3
46.5
188.1
1.3
36.6
-24.7
-36.1
-19.5
-46.5
-13.0
-30.7
9.6
42
4.8
5.9
-0.1
-6.8
-3.0
40.5
6.8
43
44
45
-1.3
-7.6
-3.8
8.3
-2.2
3.3
18.4
-16.0
-7.5
-14.4
-3.3
4.0
-0.2
-18.8
10.4
51.4
24.3
-5.4
4.3
0.0
29.8
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
February 2005
National Data
Table 7.2.3B. Real Motor Vehicle Output, Quantity Indexes
Table 7.2.4B. Price Indexes for Motor Vehicle Output
[Index numbers, 2000=100]
[Index numbers, 2000=100]
Seasonally adjusted
Line
Motor vehicle output.......
Auto output.....................
Truck output....................
Final sales of domestic product.
Personal consumption
expenditures.........................
New motor vehicles...............
A utos...................................
Light trucks (including
utility vehicles)................
Net purchases of used autos
and used light tru cks.........
Used autos.........................
Used light trucks (including
utility vehicles)...............
Private fixed investm ent.........
New motor vehicles................
A utos...................................
Trucks..................................
Light trucks (including
utility vehicles)...........
O ther...............................
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....
Foreign................................
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 ...
2003
2004
2004
2003
Line
IV
I
II
1 110.849 117.053
2 90.589 91.227
3 125.264 135.317
4 112.554 119.961
114.894
89.002
133.197
116.751
117.344
90.723
136.160
113.326
112.620
88.609
129.616
111.392
115.444 122.803
92.012 93.565
132.049 143.444
126.161 128.965
5 119.262
6 128.769
7 97.523
122.213
129.367
96.309
119.571
128.602
98.610
117.586
129.653
98.984
126.426
133.973
93.831
122.663
131.518
97.636
III
127.071
133.842
99.120
158.129
163.368
160.432
156.795
158.481
171.716
166.480
105.948
95.243
109.027
98.566
102.525
91.094
94.351
84.411
112.360
101.175
114.555
104.294
11 110.008
12 82.945
13 87.570
14 85.332
15 89.047
118.743
95.985
98.124
89.519
103.696
121.569
88.326
94.361
89.976
97.229
116.185
87.619
92.356
86.801
95.969
106.236 125.734
88.702 101.584
91.979 102.625
84.395 90.300
96.892 110.579
126.814
106.037
105.535
96.582
111.344
16
17
93.868
75.681
104.297
101.143
100.822
86.979
96.758
93.037
98.819
91.029
112.558
104.447
109.050
116.059
18
19
94.332
88.558
99.639
91.938
103.837
95.073
99.248
89.731
95.899
88.397
101.782
92.069
101.628
97.554
100.858 108.378 113.780 110.059
97.081 112.028 101.611 104.007
92.466 85.036 84.479 82.226
98.842 122.176 108.095 112.234
104.405
112.237
87.880
121.428
112.807
110.898
78.228
123.095
106.241
120.971
91.809
131.947
117.092 123.902
118.448 125.049
115.711 122.688
106.040 109.646
99.320 97.786
113.936 123.559
149.733
137.582
159.844
110.012
105.710
115.093
133.856
130.314
136.690
106.245
96.439
117.771
8
20
21
22
23
?4
2b
26
27
28
29
30
31
32
33
34
3S
36
37
38
39
40
41
119.396
125.759
113.713
102.801
100.009
106.091
131.146
127.848
133.733
107.986
99.814
117.590
124.853
128.662
121.354
105.439
104.208
106.895
2003
2004
IV
9 101.191
10 93.876
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 a utos.........................
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 a uto s.........................
Used light trucks (including
utility vehicles)...............
Gross government investment
Autos.........................................
Trucks......................................
Net exports
Exports..
Autos..
Trucks
Im ports...
Autos..
Trucks..................................
Change in private inventories....
New...........................................
U sed ........................................
Trucks...........................................
New...........................................
42
109.332
115.801
113.002
111.035
110.205
119.982
121.981
43
44
45
89.811
91.620
97.326
97.299
89.632
100.577
95.677
91.429
96.797
92.032
90.668
97.757
91.994
86.076
100.210
102.040
90.894
98.835
103.129
90.892
105.504
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.
Seasonally adjusted
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 ...
2004
2003
IV
I
II
III
IV
1
2
3
4
96.462
95.464
96.892
96.100
95.938
94.455
96.632
95.606
96.048
94.125
96.951
95.797
96.266
94.500
97.095
95.914
96.347
95.149
96.905
96.094
95.086
93.815
95.680
94.724
96.051
94.354
96.847
95.694
b
6
7
96.200
96.429
96.527
94.674
95.777
95.980
94.430
95.956
96.000
94.578
96.061
96.003
94.760
96.027
96.191
94.201
95.149
95.597
95.156
95.871
96.129
8
96.303
95.610
95.881
96.044
95.880
94.847
95.669
9
10
95.415
94.743
91.661
91.532
90.384
89.235
90.634
89.825
91.362
91.174
91.585
91.706
93.064
93.422
11
96.061
12 101.697
13 96.806
14 96.511
15 96.975
91.822
107.112
97.351
95.976
98.180
91.514 91.439
91.581
91.508 92.758
107.996 107.908 108.319 105.751 106.470
97.482 97.165 97.477 96.800 97.964
95.986
95.988 96.188 95.593 96.135
98.390 97.882 98.258 97.536 99.042
16
17
95.503
101.987
96.173
104.781
97.256
102.300
96.003
104.061
96.363
104.488
95.093
105.410
97.233
105.163
18
19
90.570
91.133
84.439
84.916
83.385
84.162
82.755
83.423
82.928
83.541
85.083
85.426
86.990
87.273
20
21
22
23
24
25
26
27
28
29
30
31
3?
33
34
3'S
36
37
38
39
40
41
90.016 83.956 82.621
82.092
82.317 84.725 86.690
100.398 102.683 102.386 102.693 102.739 102.600 102.700
99.649 98.915 102.260 100.347 98.962
98.461
97.892
100.655 103.729 102.407 103.353 103.796 103.750 104.019
103.701 105.678
102.543 103.964
104.901 107.354
102.154 103.859
101.661 103.142
102.733 104.657
104.205 104.745 105.318 105.903
102.898 103.335 104.063 104.028
105.545 106.179 106.613 107.711
102.928 103.095 103.530 104.130
102.343 102.477 102.674 103.344
103.596 103.799 104.469 104.998
106.748
104.431
108.912
104.681
104.075
105.363
42
97.305
97.237
97.232
97.337
97.562
96.587
97.462
43
44
45
95.999
97.366
96.581
96.130
97.316
96.009
96.738
96.586
96.830
96.041
97.287
96.031
96.331
97.554
96.222
95.346
96.951
95.626
96.802
97.470
96.157
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.
February 2005
S u rvey
of
D-45
C u r r e n t B u sin ess
Table 7.2.5B. Motor Vehicle Output
Table 7.2.6B. Real Motor Vehicle Output, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2003
2004
IV
Motor vehicle output
Auto output.....................
Truck output....................
Final sales of domestic product.
Personal consumption
expenditures.........................
New motor vehicles...............
A utos...................................
Light trucks (including
utility vehicles)...............
Net purchases of used autos
and used light tru cks.........
Used autos.........................
Used light trucks (including
utility vehicles)...............
Private fixed investment
New motor vehicles...............
A utos...................................
Trucks..................................
Light trucks (including
utility vehicles)...........
O ther...............................
Net purchases of used autos
and used light trucks
Used autos.........................
Used light trucks (including
utility vehicles)...............
Gross government
investment..............................
A utos.......................................
Trucks......................................
Net exports.................................
Exports....................................
Autos...................................
Trucks..................................
Im ports....................................
Autos...................................
Trucks..................................
Change in private inventories....
A utos............................................
N ew ..........................................
Domestic............................
Foreign................................
Used.........................................
Trucks...........................................
N ew ..........................................
Dom estic............................
Foreign................................
Used1......................................
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...
Line
II
III
IV
1
2
3
4
390.2
130.6
259.6
383.4
409.9
130.2
279.8
406.5
402.9
126.6
276.3
396.5
412.3
129.5
282.8
385.3
396.1
127.4
268.7
379.5
400.7
130.4
270.3
423.6
430.6
133.4
297.2
437.5
5
6
7
373.4
266.0
97.5
378.1
269.9
97.1
375.8
266.0
95.8
368.2
264.7
98.1
362.8
266.8
98.6
387.8
273.1
92.9
393.7
274.9
98.7
8
168.5
172.8
170.2
166.7
168.2
180.2
176.3
9
10
107.4
53.9
108.2
52.9
109.8
53.4
103.5
49.7
96.0
46.7
114.6
56.3
118.8
59.1
11
12
13
14
15
53.5
99.8
163.9
62.9
101.0
55.3
121.3
184.7
65.6
119.1
56.4
112.6
177.8
66.0
111.9
53.9
111.6
173.5
63.7
109.8
49.3
113.4
173.3
62.0
111.3
58.3
126.8
192.1
65.9
126.1
59.6
133.3
199.9
70.9
129.0
16
17
77.2
23.9
86.3
32.8
84.4
27.5
79.9
29.9
81.9
29.4
92.1
34.0
91.2
37.7
18
19
-64.2
-32.2
-63.4
-31.2
-65.2
-32.0
-61.9
-29.9
-59.9
-29.5
-65.3
-31.4
-66.6
-34.0
20
-32.0
-32.2
-33.3
-32.0
-30.4
-33.8
-32.6
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
12.1
3.1
8.9
-101.9
32.3
15.8
16.6
134.3
70.6
63.7
6.9
0.1
0.1
0.2
-0.1
0.0
6.8
6.7
6.7
0.0
0.0
14.3
2.9
11.4
-107.1
36.2
16.3
20.0
143.4
71.5
71.9
3.4
-2.0
-2.8
-1.8
-1.0
0.8
5.4
4.2
4.3
-0.1
1.2
12.9
2.9
9.9
-104.7
34.0
16.2
17.8
138.7
74.0
64.7
6.4
-1.6
-1.7
-2.6
0.9
0.0
8.0
8.1
4.4
3.7
0.0
13.2
2.8
10.4
-107.7
32.0
15.0
17.1
139.7
70.6
69.1
27.0
0.9
0.4
-1.0
1.5
0.5
26.1
25.6
24.1
1.6
0.5
14.3
3.0
11.3
-111.0
34.1
15.9
18.2
145.1
69.7
75.4
16.6
0.3
-6.3
^f.O
-2.4
6.7
16.3
10.1
7.8
2.3
6.2
14.1
2.6
11.5
-105.0
41.4
17.5
23.9
146.4
75.8
70.6
-23.0
2.4
3.6
1.3
2.3
-1.3
-25.3
-25.7
-21.1
-4.5
0.3
15.4
3.1
12.3
-104.8
37.3
16.7
20.7
142.2
69.7
72.5
-7.0
-11.4
-8.9
-3.5
-5.4
-2.5
4.5
6.8
6.6
0.2
-2.3
42
485.3
513.7
501.2
493.0
490.5
528.7
542.4
43
44
45
140.1
98.6
78.8
151.9
96.4
81.0
150.3
97.6
78.6
143.6
97.5
78.7
143.9
92.8
80.9
158.0
97.4
79.3
162.2
97.9
85.1
I
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.
Seasonally adjusted at annual rates
2004
2003
2003
2004
IV
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 a uto s.........................
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 a utos.........................
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 ......................................
Residual...........................................
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 ...
2004
2003
II
III
IV
1
2
3
4
404.6
136.9
267.9
398.9
427.2
137.8
289.4
425.2
419.3
134.5
284.9
413.8
428.3
137.1
291.2
401.7
I
411.0
133.9
277.2
394.8
421.3
139.0
282.4
447.2
448.2
141.4
306.8
457.1
5
6
7
388.2
275.9
101.0
399.3
281.8
101.1
397.8
277.2
99.8
389.2
275.5
102.1
382.7
277.8
102.5
411.5
287.0
97.2
413.6
286.8
102.7
8
175.0
180.8
177.5
173.5
175.4
190.0
184.2
9
10
112.6
56.9
117.9
57.8
121.3
59.8
114.1
55.2
105.0
51.2
125.0
61.4
127.4
63.3
11
12
13
14
15
55.7
98.1
169.3
65.2
104.2
60.1
113.5
189.7
68.4
121.3
61.5
104.5
182.5
68.7
113.7
58.8
103.6
178.6
66.3
112.3
53.8
104.9
177.9
64.5
113.3
63.6
120.1
198.5
69.0
129.4
64.2
125.4
204.1
73.8
130.3
16
17
80.8
23.4
89.8
31.3
86.8
26.9
83.3
28.8
85.1
28.1
96.9
32.3
93.9
35.9
18
19
-70.9
-35.3
-74.8
-36.6
-78.0
-37.9
-74.5
-35.8
-72.0
-35.2
-76.4
-36.7
-76.3
-38.9
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
-35.5
12.0
3.2
8.9
-100.2
31.2
15.4
15.8
131.4
69.4
62.0
10.3
3.5
0.1
0.2
-0.1
3.6
6.5
6.0
6.0
0.0
0.1
-4.3
-38.2
13.9
2.9
11.0
-103.8
34.3
15.6
18.6
138.0
69.3
68.7
3.5
-2.2
-2.8
-1.8
-1.0
1.0
4.8
3.5
3.5
-0.1
1.4
-0.4
^t0.1
12.6
2.9
9.7
-102.2
32.6
15.7
16.9
134.8
72.3
62.5
9.6
1.5
-1.7
-2.6
0.9
-0.1
7.3
6.8
3.7
3.0
-0.1
1.1
-38.8
12.9
2.8
10.1
-105.0
30.6
14.5
16.1
135.6
68.9
66.6
27.6
1.1
0.4
-1.1
1.4
0.6
23.6
21.2
19.9
1.3
0.5
4.3
-36.8
13.9
3.0
10.9
-107.8
32.4
15.3
17.0
140.2
67.9
72.2
17.2
0.4
-6.3
-4.0
-2.3
7.9
15.0
8.5
6.6
1.9
7.3
-1.1
-39.8
13.7
2.7
11.0
-101.5
39.1
16.8
22.2
140.6
73.4
67.2
-23.7
2.7
3.6
1.3
2.2
-1.5
-23.3
-21.6
-17.8
-3.8
0.3
-5.4
-37.4
15.0
3.1
11.8
-100.9
35.0
15.9
19.0
135.8
66.9
68.8
-7.1
-13.0
-8.8
-3.5
-5.2
-2.9
4.1
5.6
5.4
0.2
-2.7
1.1
43
498.7
528.2
515.5
506.5
502.7
547.3
556.4
44
45
46
145.9
101.2
81.6
158.1
99.0
84.3
155.4
101.0
81.2
149.5
100.2
82.0
149.5
95.1
84.0
165.8
100.4
82.9
167.5
100.4
88.5
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.
N ote. 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.
D-46
February 2005
B. O ther N IPA and N IP A -R elated T ables
Table B.l presents the most recent estimates of personal income and its components and the disposition of personal
income. These estimates were released on January 31, 2005.
Table B.1. Personal Income and Its Disposition
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
2003
2003
2004
2004
Nov.
Dec.
9,337.9
6,421.0
5,202.4
4,298.1
1,029.9
683.8
3,268.3
874.7
2,393.6
904.3
1,218.6
9,375.3
6,421.2
5,197.3
4,288.7
1,028.7
682.7
3,260.0
870.0
2,389.9
908.6
1,223.9
Personal income.................................................................
Compensation of employees, received.........................
Wage and salary disbursements...............................
Private industries...........
Goods-producing industries..................................
Manufacturing............
Services-producing industries...............................
Trade, transportation, and utilities....................
Other services-producing industries...............
Government..............................................................
Supplements to wages and salaries.........................
Employer contributions for employee pension
and insurance funds...........................................
Employer contributions for government social
insurance..............................................................
9,161.8
6,289.0
5,103.6
4,205.6
1,007.7
668.8
3,198.0
858.6
2,339.4
897.9
1,185.5
9,659.1
6,616.6
5,342.6
4,416.7
1,039.5
682.5
3,377.3
891.4
2,485.8
925.8
1,274.1
808.9
875.4
835.7
376.6
398.7
382.9
Proprietors’ income with IVA and CCA dj......................
Farm..............................................................................
Nonfarm.........................................................................
834.1
21.8
812.3
902.4
18.0
884.4
863.5
24.7
838.8
Jan.
Feb.
March
April
May
9,550.0
6,553.0
5,290.8
4,365.6
1,028.2
675.3
3,337.4
883.1
2,454.3
925.2
1,262.2
9,603.8
6,593.0
5,325.0
4,403.0
1,038.7
683.5
3,364.3
888.3
2,475.9
922.0
1,268.0
9,624.2
6,594.1
5,322.7
4,399.5
1,037.9
682.6
3,361.6
887.1
2,474.5
923.2
1,271.4
9,642.6
6,630.4
5,353.6
4,427.8
1,040.0
683.7
3,387.8
895.7
2,492.1
925.8
1,276.9
870.2
873.9
877.5
June
July
Aug.
Sept.
O ct.'
Nov.r
9,679.7
6,657.5
5,375.1
4,446.4
1,047.6
689.1
3,398.8
897.3
2,501.5
928.7
1,282.4
9,700.7
6,684.2
5,396.5
4,466.3
1,051.4
690.8
3,414.8
903.8
2,511.1
930.2
1,287.8
9,776.7
6,721.1
5,427.8
4,496.1
1,054.9
690.4
3,441.2
906.4
2,534.7
931.7
1,293.3
9,818.1 10,179.0
6,737.2 6,765.1
5,439.4 5,462.5
4,505.3 4,525.3
1,056.9 1,061.0
691.2
693.8
3,448.4 3,464.3
907.4
911.0
2,541.0 2,553.3
937.2
934.0
1,297.8 1,302.7
881.6
885.7
889.2
893.0
896.6
Dec.p
9,404.1
6,461.1
5,221.4
4,306.7
1,019.8
671.9
3,286.9
871.2
2,415.6
914.7
1,239.8
9,445.9
6,490.3
5,241.3
4,324.0
1,018.2
669.9
3,305.8
872.5
2,433.2
917.3
1,249.0
9,484.9
6,512.4
5,254.8
4,334.8
1,018.9
668.0
3,316.0
873.4
2,442.6
920.0
1,257.6
841.6
848.7
856.5
864.4
867.0
382.3
391.0
392.5
393.3
395.2
397.8
397.4
399.3
400.8
402.1
404.1
404.8
406.1
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
905.6
15.0
890.6
904.9
13.6
891.3
898.1
12.3
885.8
920.8
18.3
902.5
932.3
22.1
910.3
946.2
24.3
921.9
Rental income of persons with CCAdj..........................
153.8
165.6
166.5
175.7
174.1
172.6
171.8
172.0
172.8
172.9
170.5
156.8
134.2
164.0
162.6
162.6
Personal income receipts on assets..............................
Personal interest incom e............................................
Personal dividend incom e..........................................
1,322.7
929.9
392.8
1,386.6
945.6
441.1
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
1,363.6
945.8
417.8
1,367.8
946.5
421.3
1,372.1
947.2
424.9
1,381.1
952.6
428.5
1,389.9
957.9
431.9
1,696.9
963.3
733.6
Personal current transfer receipts..................................
Government social benefits to persons....................
Old-age, survivors, disability, and health
insurance benefits..............................................
Government unemployment insurance benefits
O ther.........................................................................
Other current transfer receipts, from business (net)
Less: Contributions for government social insurance
1,335.4
1,306.4
1,406.3
1,373.6
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
1,415.7
1,372.9
1,438.1
1,381.3
1,419.9
1,390.7
1,428.0
1,398.8
1,442.8
1,413.6
733.8
52.8
519.8
28.9
773.2
778.8
34.6
560.2
32.7
818.3
742.9
52.2
524.3
28.8
786.9
751.2
50.9
529.4
28.8
786.3
754.2
46.1
542.0
29.3
801.1
764.6
40.7
545.9
29.3
804.4
767.3
37.5
550.5
29.4
806.3
772.7
34.5
560.1
29.3
810.5
774.7
33.3
563.2
29.3
815.9
774.6
32.6
567.5
29.3
815.7
778.0
32.0
553.2
29.2
819.9
782.3
32.6
558.0
42.8
823.1
786.9
32.5
561.9
56.8
826,0
790.3
31.3
569.1
29.2
830.3
794.2
31.0
573.7
29.2
831.9
805.6
31.0
577.1
29.2
834.6
Less: Personal current taxes...........................................
1,001.9
1,036.4
1,011.5
1,010.8
1,003.3
1,006.9
1,009.6
1,024.5
1,032.6
1,034.6
1,039.3
1,043.6
1,048.1
1,059.4
1,063.9
1,070.4
Equals: Disposable personal income...........................
8,159.9
8,622.8
8,326.4
8,364.5
8,400.8
8,439.0
8,475.3
8,525.4
8,571.2
8,589.6
8,603.3
8,636.0
8,652.6
8,717.3
8,754.2
9,108.6
Less: Personal outlays......................................................
Personal consumption expenditures..............................
Durable goods
.....................................................
Nondurable goods..
Services.................
Personal interest payments1 ..........................................
Personal current transfer payments...............................
To government..............................................................
To the rest of the world (net)......................................
8,049.3
7,760.9
950.7
2,200.1
4,610.1
185.3
103.1
64.9
38.2
8,532.8
8,231.1
995.7
2,376.5
4,859.0
188.2
113.5
71.0
42.5
8,214.9
7,920.5
969.9
2,256.5
4,694.1
185.8
108.6
67.0
41.6
8,266.1
7,969.7
994.4
2,256.6
4,718.7
187.3
109.1
67.5
41.6
8,309.4
8,015.5
964.7
2,299.9
4,750.8
184.2
109.7
68.1
41.7
8,358.9
8,067.5
979.0
2,312.1
4,776.4
181.1
110.3
68.6
41.7
8,386.6
8,097.7
985.3
2,337.7
4,774.7
178.1
110.8
69.1
41.7
8,400.4
8,108.3
967.9
2,333.2
4,807.2
180.3
111.7
69.6
42.1
8,484.6
8,189.8
999.8
2,364.6
4,825.4
182.6
112.2
70.2
42.1
8,461.0
8,163.3
958.7
2,365.8
4,838.8
184.9
112.8
70.7
42.1
8,561.9
8,259.7
1,016.0
2,375.6
4,868.1
187.8
114.5
71.2
43.2
8,573.2
8,267.6
996.5
2,384.0
4,887.0
190.6
115.0
71.8
43.2
8,629.2
8,320.2
1,008.4
2,402.1
4,909.7
193.5
115.6
72.4
43.2
8,696.7
8,384.9
1,013.2
2,442.6
4,929.2
195.9
115.8
72.9
42.9
8,731.2
8,416.4
1,007.9
2,450.0
4,958.5
198.4
116.4
73.5
42.9
8,800.6
8,482.8
1,050.8
2,450.3
4,981.7
200.8
117.0
74.1
42.9
Equals: Personal saving...................................................
Personal saving as percentage of disposable
personal income........................................................
110.6
90.0
111.5
98.4
91.4
80.1
88.7
125.1
86.6
128.6
41.4
62.9
23.4
20.6
23.1
308.0
1.4
1.0
1.3
1.2
1.1
0.9
1.0
1.5
1.0
1.5
0.5
0.7
0.3
0.2
0.3
3.4
Addenda:
Disposable personal income:
Billions of chained (2000) dollars2...........................
Per capita:
Current dollars.........................................................
Chained (2000 dollars)...........................................
Population (midperiod, thousands)3..............................
7,733.8
7,997.9
7,860.9
7,880.1
7,883.6
7,899.0
7,908.4
7,943.8
7,956.4
7,954.5
7,970.5
7,996.4
8,003.5
8,028.2
8,048.0
8,382.8
28,034
26,570
291,073
29,334
27,208
293,951
28,493
26,900
292,223
28,602
26,945
292,448
28,705
26,937
292,666
28,815
26,971
292,872
28,918
26,984
293,078
29,067
27,084
293,299
29,200
27,105
293,537
29,238
27,076
293,783
29,259
27,107
294,042
29,343
27,169
294,315
29,372
27,168
294,587
29,566
27,228
294,846
29,667
27,274
295,083
30,845
28,387
295,303
Personal consumption expenditures:
Billions of chained (2000) dollars..............................
Durable goods..............................................................
Nondurable goods.......................................................
Services.......................................................................
Implicit price deflator, 2000= 100...............................
7,355.6
1,030.6
2,112.4
4,220.3
105.510
7,634.7
1,101.3
2,208.3
4,339.0
107.810
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
7,652.2
1,124.8
2,202.8
4,342.2
107.939
7,655.2
1,108.9
2,211.3
4,349.7
107.999
7,696.0
1,121.1
2,225.5
4,365.5
108.111
7,722.1
1,124.8
2,235.7
4,377.8
108.584
7,737.4
1,118.7
2,242.9
4,390.4
108.776
7,806.8
1,166.3
2,255.3
4,407.3
108.659
Personal income, current dollars...................................
3.2
5.4
0.7
0.4
0.3
0.4
0.4
0.7
0.6
0.2
0.2
0.4
0.2
0.8
0.4
3.7
Disposable personal income:
Current dollars..............................................................
Chained (2000) dollars...............................................
4.2
2.3
5.7
3.4
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
0.2
0.2
0.4
0.3
0.2
0.1
0.7
0.3
0.4
0.2
4.0
4.2
Personal consumption expenditures:
Current dollars..............................................................
Chained (2000) dollars...............................................
5.2
3.3
6.1
3.8
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
0.1
0.0
0.6
0.5
0.8
0.3
0.4
0.2
0.8
0.9
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 estimates for 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.
February 2005
S u rvey
of
D-47
C u rr e n t B u sin e ss
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 “Annual Industry Accounts: Revised Estimates for 2001-2003” in the January 2005 S u r v e y .
Table B.2. Current-Dollar and Real Value Added by Industry for 2001-2003
Billions of dollars
Billions of chained (2000) dollars
2001
2002
2003
Gross domestic product........................
10,128.0
10,487.0
11,004.0
9,890.7
Private industries.............................................
8,869.7
9,154.1
9,604.2
8,692.5
2001
2002
10,074.8 10,381.3
8,851.6
Billions of dollars
2003
9,123.0
2001
Federal Reserve banks, credit
intermediation, and related
activities.............................................
Securities, commodity contracts, and
investments.......................................
Insurance carriers and related
activities.............................................
Funds, trusts, and other financial
vehicles..............................................
2002
Billions of chained (2000) dollars
2003
2001
2002
2003
360.1
413.9
440.4
345.9
376.2
398.7
170.2
151.2
168.1
186.4
183.8
218.1
234.4
234.8
256.0
228.9
221.8
229.4
Agriculture, forestry, fishing, and
hunting.......................................................
Farm s..........................................................
Forestry, fishing, and related activities....
97.9
73.1
24.8
96.9
70.8
26.1
113.9
84.8
29.1
91.8
65.6
26.3
98.1
69.9
28.3
103.5
72.7
31.1
18.0
18.2
18.4
12.6
11.6
14.1
Mining.............................................................
Oil and gas extraction................................
Mining, except oil and gas........................
Support activities for m ining.....................
118.7
72.5
27.1
19.1
104.9
60.4
27.4
17.1
130.3
83.2
27.7
19.4
114.9
77.7
25.8
11.6
112.4
77.6
24.7
10.9
104.6
65.3
25.1
12.7
Real estate and rental and leasing.
Real estate........................................
Rental and leasing services and
lessors of intangible assets........
1.276.6
1.169.7
1.330.0
1,227.5
1,367.4
1,260.7
1.232.6
1.125.7
1,239.7
1.135.9
1,244.1
1,140.7
106.9
102.5
106.7
106.8
103.5
103.0
U tilities...........................................................
202.3
210.7
222.2
180.0
190.7
202.0
Professional and business services.
1,165.9
1.190.0
1,244.3
1,133.4
1.147.9
1,188.0
698.8
145.6
712.9
149.2
743.3
160.6
679.1
137.7
681.2
135.8
701.8
140.8
127.1
123.1
126.6
125.3
123.5
129.8
426.2
440.6
456.1
416.1
421.9
431.2
177.6
178.0
191.3
179.9
179.8
186.5
289.4
264.1
299.1
272.9
309.7
282.4
274.4
250.2
286.7
261.4
299.6
272.6
25.3
26.1
27.2
24.2
25.3
27.0
739.3
799.0
851.2
700.1
726.6
746.8
85.1
91.5
94.5
79.1
79.2
77.8
654.2
338.1
707.6
367.8
756.7
391.1
621.0
325.4
647.6
348.7
669.3
363.6
258.0
58.1
276.8
63.0
298.2
67.3
239.8
55.9
241.7
57.9
246.8
59.9
Construction.................................................
469.5
479.1
501.3
436.6
425.1
424.1
Manufacturing...............................................
Durable goods............................................
Wood products......................................
Nonmetallic mineral products..............
Primary m etals......................................
Fabricated metal products....................
Machinery...............................................
Computer and electronic products.....
Electrical equipment, appliances, and
components........................................
Motor vehicles, bodies and trailers,
and parts............................................
Other transportation equipm ent..........
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...............
1,341.3
778.9
31.3
44.9
41.1
112.0
103.2
136.9
1,347.2
771.9
30.0
43.3
41.6
109.4
97.6
130.5
1,402.3
798.0
32.0
43.3
38.9
112.2
96.4
147.6
1,346.9
813.6
30.9
45.2
43.2
109.4
100.4
181.9
1,378.2
824.3
29.9
42.8
43.6
106.3
94.5
195.3
1,440.0
874.5
29.9
43.4
41.9
109.9
93.7
250.9
49.2
46.1
47.3
48.5
46.4
48.9
103.7
69.2
30.2
57.2
562.5
114.1
70.0
30.0
59.4
575.3
121.9
67.6
28.9
62.0
604.4
104.6
65.2
29.1
55.3
533.1
120.3
64.5
28.2
55.9
553.0
131.0
60.1
27.2
57.8
566.2
167.1
22.7
172.5
22.3
173.3
21.7
156.0
21.5
153.0
21.7
154.6
21.9
22.8
48.9
46.9
33.4
157.2
63.4
24.7
50.8
46.0
25.7
167.0
66.2
25.0
51.5
45.2
38.2
181.5
68.0
22.7
48.8
45.3
23.9
153.1
61.4
25.0
51.3
44.2
31.5
163.3
63.6
25.5
53.6
43.2
28.1
174.0
66.1
Wholesale trade............................................
607.1
624.9
645.4
633.1
643.0
631.0
Retail trade.....................................................
691.6
744.3
770.5
708.6
746.4
788.4
Transportation and warehousing.............
Air transportation.......................................
Rail transportation.....................................
Water transportation..................................
Truck transportation...................................
Transit and ground passenger
transportation........................................
Pipeline transportation.............................
Other transportation and support
activities..................................................
Warehousing and storage........................
296.9
50.0
25.6
7.4
93.3
304.4
50.0
25.8
7.0
95.4
319.3
56.5
26.6
7.7
97.2
293.6
57.0
24.8
6.8
87.9
299.1
61.1
24.2
6.3
87.9
314.2
73.8
24.3
6.4
88.0
15.1
9.2
15.8
9.7
16.3
7.6
14.5
8.3
14.7
8.0
14.5
7.7
71.4
25.1
72.5
28.3
75.5
31.9
69.4
24.4
69.6
27.1
71.2
30.3
Information....................................................
Publishing industries (includes software)
Motion picture and sound recording
industries................................................
Broadcasting and telecommunications....
Information and data processing
services..................................................
476.9
118.7
470.0
116.1
493.8
120.9
476.8
115.7
475.5
113.6
502.4
121.3
33.6
283.2
36.4
272.8
41.2
283.0
31.9
289.1
33.5
285.7
35.5
299.2
41.5
44.7
48.6
40.2
42.5
46.1
Finance, insurance, real estate, rental,
and leasing................................................
2,059.2
2,148.2
2,005.4
Finance and insurance..........................
782.6
818.2
2,250.3
882.9
2,033.3
793.8
2,098.6
856.3
772.8
1. 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 value of not
allocated by industry reflects the difference between the first line and the sum of the most detailed lines, as well as the
differences in source data used to estimate GDP by industry and the expenditures measure of real GDP.
Professional, scientific, and technical
services................................................
Legal services.......................................
Computer systems design and related
services.............................................
Miscellaneous professional, scientific,
and technical services.....................
Management of companies and
enterprises.................................
Administrative and waste
management services.......................
Administrative and support services...
Waste management and remediation
services.............................................
Educational services, health care, and
social assistance...................................
Educational services.
Health care and social assistance.....
Ambulatory health care services........
Hospitals and nursing and residential
care facilities.....................................
Social assistance..................................
Arts, entertainment, recreation,
accommodation, and food services..
361.5
382.3
396.4
347.6
354.1
360.9
Arts, entertainment, and recreation..
Performing arts, spectator sports,
museums, and related activities...
Amusements, gambling, and
recreation industries......................
95.7
102.5
106.6
91.5
94.7
95.6
42.7
46.8
49.0
40.6
43.0
43.3
53.0
55.7
57.6
50.8
51.6
52.3
Accommodation and food services.
Accommodation.................................
Food services and drinking places..
265.8
87.5
178.3
279.8
90.4
189.4
289.8
93.2
196.6
256.2
85.4
170.8
259.4
87.9
171.5
265.2
89.2
176.0
Other services, except government.
241.5
252.1
263.0
225.3
223.4
224.5
Government...............................................
1,258.3
1,332.9
1,399.9
1,212.2
1230.4
1,247.3
Federal..................................
General government.......
Government enterprises.
385.7
325.7
60.0
415.8
350.4
65.4
447.1
378.4
68.7
372.5
317.0
55.7
380.6
323.2
57.7
390.3
331.7
58.8
State and lo c a l...................
General government.......
Government enterprises.,
872.6
800.8
71.9
917.1
844.3
72.8
952.8
876.9
75.9
839.7
772.3
67.5
849.7
784.3
65.6
856.!
-16.3
-13.6
-23.7
1,991.0
6,701.6
2,013.3
6,837.9
2,069.0
7,053.7
Not allocated by industry1
Addenda:
Private goods-producing industries2...
Private services-producing industries3
2,027.5
6,842.2
2,028.1
7,126.0
2,147.8
7,456.3
2. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.
3. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance,
real estate, rental, and leasing; professional and business services; educational services, health care, and social assis
tance; arts, entertainment, recreation, accommodation, and food sen/ices; and other services, except government.
N ote. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
D-48
February 2005
C. H istorical M easures
This table is derived from the “Selected NIPA Tables” that are published in this issue and from the “GDP and Other
Major NIPA Series” that was published in the August 2 0 0 4 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 . (The changes in
prices are calculated from indexes expressed to three decimal places.)
Table C.1. GDP and Other Major NIPA Aggregates—Continues
[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 pric e 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
2004
.....................
.....................
.....................
9,817.0
9,890.7
10,074.8
10,381.3
10,837.2
9,760.5
9,920.9
10,063.2
10,379.9
10,790.2
9,855.9
9,933.6
10,101.7
10,433.9
3.7
0.8
1.9
3.0
4.4
3.8
1.6
1.4
3.1
4.0
100.000
102.402
104.097
106.003
108.281
100.000
101.994
103.489
105.571
108.118
100.000
102.399
104.092
105.998
108.220
100.000
102.396
104.082
105.992
2.2
2.4
1.7
1.8
2.1
2.5
2.0
1.5
2.0
2.4
2.2
2.4
1.7
1.8
2.1
2.2
2.4
1.6
1.8
February 2005
S u rvey
of
D-49
C u rr e n t B u sin ess
Table C.1. GDP and Other Major NIPA Aggregates—Continues
[Q uarterly estim ates 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
1959: I....
11...
111..
IV.
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
1960: I....
11...
111..
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
1961: I....
11..
111..
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
1962: I....
11...
111..
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
1963: I....
11...
111..
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
1964: I....
11..
111..
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
1965: I....
11...
111..
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
1966: I...,
11...
111..
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
1967: I....
11...
111..
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
1968: I....
11...
111..
IV
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
1969: I...
11..
III.
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
1970: I...
11..
III.
IV
3,760.0
3,767.1
3,800.5
3,759.8
1971: I...
11..
III.
IV
Gross
domestic
purchases
Implicit price deflators
Gross
domestic
product
Gross
national
product
1.8
2.1
0.9
0.9
0.6
1.1
1.6
0.6
0.0
0.0
1.7
1.0
1.7
0.9
1.8
1.9
1.8
1.8
1.8
1.4
1.5
1.4
1.5
1.2
0.5
0.7
0.4
0.5
0.9
0.9
1.1
1.1
1.2
1.0
0.9
1.4
2.3
2.1
2.4
1.0
1.0
1.6
1.0
1.2
0.9
0.9
1.3
1.4
2.4
0.6
1.3
0.6
1.1
1.0
1.4
1.5
1.0
1.3
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
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
1.2
2.0
2.0
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
1.5
1.8
1.8
2.5
1.9
2.8
2.0
1.7
1.5
2.0
1.7
1.5
2.6
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
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
1.8
2.5
3.7
4.4
2.2
4.0
4.5
2.2
4.0
4.5
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
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
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
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
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
6.0
6.2
5.5
4.1
3.2
5.5
4.5
3.4
6.2
5.4
4.1
3.2
5.4
4.1
3.2
1972: I...
11..
III.
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...
lllll.
IV
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
5.4
7.7
7.6
7.7
4.9
6.3
4.9
6.4
8.0
1974: I...
11..
III.
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
7.9
9.8
12.3
12.5
6.0
6.8
7.9
7.1
1.8
12.8
12.1
2.6
2.6
3.4
4.3
3.7
8.0
8.2
1.0
1.3
0.8
0.8
3.0
1.1
1.6
2.7
3.4
4.3
3.7
1.8
8.2
7.8
9.7
12.3
12.5
February 2005
National Data
Table C.1. GDP and Other Major NIPA Aggregates—Continues
[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 pric e deflators
Gross
domestic
product
Gross
national
product
1975: I...
11..
III.
IV.
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
9.6
6.0
7.7
7.3
9.0
6.3
7.1
7.2
9.5
6.2
7.6
7.2
9.5
6.2
7.7
7.2
1976: I...
11..
III.
IV.
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
4.6
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
1977: I...
11..
III.
IV.
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
8.1
7.4
0.0
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
6.8
6.6
5.6
6.9
7.7
7.1
6.2
7.1
6.7
5.9
5.0
9.0
6.7
6.0
5.0
9.0
1978: I...
11..
III.
IV.
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
1.3
16.7
4.0
5.4
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
6.8
7.9
7.1
7.9
6.1
7.5
6.8
8.7
6.1
7.6
6.8
8.7
1979: I...
11..
III.
IV.
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
0.8
0.4
2.9
1.2
1.4
0.0
5.9
1.9
47.929
49.092
50.102
51.088
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
10.6
10.5
10.1
7.2
10.2
8.9
8.2
7.2
10.2
8.9
8.2
1980: I...
11..
III.
IV.
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
0.8
-7.5
5.4
3.6
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
11.4
10.1
9.4
11.0
8.7
9.1
9.4
11.5
8.7
9.1
9.4
11.5
1981: I...
11..
III.
IV.
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
1.7
0.8
0.4
-2.3
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
7.2
7.6
7.2
10.9
7.3
6.3
7.1
10.7
7.7
7.3
7.5
10.8
7.7
7.3
7.5
1982: I...
11..
III.
IV.
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
2.2
-1.5
0.4
-1.1
-0.2
-2.6
6.0
61.563
62.330
63.193
63.866
62.213
62.883
63.717
64.372
61.555
62.302
63.182
63.863
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
1983: I...
11..
III.
IV.
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
8.1
8.4
4.3
5.8
7.7
5.3
64.413
64.881
65.542
66.020
64.768
65.213
65.849
66.231
64.388
64.853
65.517
66.012
64.363
64.831
65.495
65.991
3.5
2.9
4.1
2.9
2.5
2.8
4.0
2.3
3.3
2.9
4.2
3.1
3.3
2.9
4.2
3.1
1984: I...
11..
III.
IV.
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
8.1
7.1
3.9
3.3
2.7
7.5
3.7
6.0
66.838
67.439
67.989
68.392
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
3.6
2.8
2.1
5.1
3.5
3.2
2.6
5.1
3.5
3.2
2.6
1985: I...
11..
III.
IV.
5,956.9
6,007.8
6,101.7
6,148.6
5,953.0
5,998.5
6,095.8
6,121.2
5,997.4
6,050.8
6,137.4
6,188.2
3.8
3.5
6.4
3.1
6.9
3.1
6.6
1.7
69.180
69.542
69.876
70.299
69.137
69.537
69.907
70.459
69.155
69.550
69.838
70.289
69.127
69.529
69.827
70.276
4.7
2.1
1.9
2.4
3.9
2.3
2.1
3.2
4.6
2.3
1.7
2.6
4.6
2.3
1.7
2.6
1986: I...
11..
III.
IV.
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
1.6
3.9
2.0
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
2.1
1.9
2.6
2.9
2.2
0.8
2.9
3.0
2.1
2.1
2.3
2.6
2.1
2.0
2.3
2.6
1987: I...
11..
III.
IV.
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
-0.7
5.6
5.0
2.0
72.514
72.904
73.450
73.948
72.728
73.229
73.819
74.332
72.487
72.882
73.425
73.958
72.465
72.870
73.412
73.944
3.1
2.2
3.0
2.7
4.0
2.8
3.3
2.8
3.3
2.2
3.0
2.9
3.4
2.3
3.0
2.9
1988: I...
11..
III.
IV.
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
5.4
5.9
4.9
2.0
5.2
74.564
75.296
76.178
76.786
74.975
75.706
76.406
77.086
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
1989: I...
11..
III.
IV.
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
4.1
2.6
2.9
1.0
2.3
3.6
4.8
0.7
77.588
78.342
78.913
79.433
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
2.8
4.6
3.9
2.9
2.8
1990: I...
11..
III.
IV.
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
4.7
1.0
0.0
-3.0
4.9
-0.4
0.8
-1.0
80.389
81.326
82.053
82.689
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
February 2005
S urvey
of
D-51
C u rr e n t B u sin e ss
Table C.1. GDP and Other Major NIPA Aggregates
[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....................
II...................
Ill..................
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....................
II...................
Ill..................
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....................
II...................
Ill..................
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....................
II...................
Ill..................
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....................
II...................
Ill..................
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....................
II...................
Ill..................
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....................
II...................
Ill.................
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....................
II...................
Ill..................
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: 1....................
II...................
Ill..................
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: 1....................
II...................
Ill..................
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....................
II...................
Ill..................
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....................
II...................
Ill..................
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
II...................
Ill..................
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....................
II...................
II I
I V
10,697.5
10,784.7
10,891.0
10,975.7
10,655.8
10,722.3
10,854.7
10,928.1
10,766.7
10,818.7
10,926.5
4.5
3.3
4.0
3.1
3.3
2.5
5.0
2.7
107.314
108.169
108.551
109.091
106.980
107.913
108.429
109.149
107.246
108.093
108.482
109.033
107.240
108.087
108.479
2.8
3.2
1.4
2.0
3.4
3.5
1.9
2.7
2.7
3.2
1.4
2.0
2.7
3.2
1.5
D-52
February 2005
D. C harts
The percent changes shown are based on quarter-to-quarter changes and are expressed at seasonally adjusted annual rates.
The levels of series are also expressed at seasonally adjusted annual rates as appropriate.
SELECTED NIPA SERIES
C h a in e d (2 0 0 0 ) d o lla rs
Apr Feb
Dec Nov
4 0 ,0 0 0
Nov
Mar
Jan
Mar Nov
Mar
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 ,000 -
-
1 5 ,0 0 0 -
-1 5 ,0 0 0
20,000
10,000
10,000
P e rce n t Apr Feb
Dec Nov
Nov Mar
20
K
REAL GROSS DOMESTIC PRODUCT (PERCENT CHANGE)
10
Jan JlyJly
Nov
Mar Nov
Jly Mar
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 i i i I I i i i i i I I I I H
59
61
63
U.S. Bureau of Economic Analysis
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
01
I I
03
-io
February 2005
Survey
of
D-5 3
C u r r e n t B usin ess
SELECTED NIPA SERIES
Percent
Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Mar Nov
Jly Mar
Nov
60
O F FEDERAL G O VERNM ENT RECEIPTS
Personal current t
V"‘
\f
40-
}t
O '
30-
C ontributions for governm ent social insurance
2 0 -
-
50
-
40
-
30
-
20
-
10
- r
Taxes on corporate income
Taxes on production and imports
0
Percent Apr peb
Dec Nov
Nov
Mar
Jan JlyJly
Mar Nov
Jly Mar
Nov
70
70
SHARES OF FEDERAL G OVERNM ENT CURRENT EXPENDITURES
-6 0
C urrent transfer payments
50 -
-5 0
40 -
-4 0
C onsum ption expenditures
-3 0
-2 0
Interest payments
I
59
I
I
61
I
I
I
63
I
65
I
I
67
P e r c e n t A p r Fet)
I
I
69
I
I
71
Dec Nov
I
I
73
Nov
I
I
75
I
I
77
Mar
I
I
79
I
I
I
I
81
83
Jan JlyJly
Nov
I
I
85
I
I
87
I
I
89
I
I
91
I
I
93
I
I
95
I
I
97
I
I
99
Jly Mar
I
I
01
-
10
-
-2
\
03
M ar Nov
6
-2
— —6
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 i i i i i i i i i i i i i i i i i r
59
61
63
U.S. Bureau of Economic Analysis
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
01
03
D-54
SELECTED NIPA SERIES
National Data
February 2005
February 2005
Survey
of
D-55
C u r r e n t B u sin ess
SELECTED NIPA SERIES
2003
1959
SHARES O F NATIONAL INCOME
Supplements to wages
salaries, 4.6%
Wage and salary
accruals, 57.0%
Supplements to wages
and 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%
Net interest and misc. payments,
5.6%
interest and misc. payments, 2.1%
Other 0 4%
Other 0 4%
Taxes on Produc,ion and imports, 9.0%
SHARES OF GROSS DO MESTIC 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%
Nonprofit institutions
serving households,
5.1%
General government,
Federal, 3.4%
General government,
state and local 5.2%
SHARES O F G ROSS DOMESTIC PURCHASES
Taxes on Produc,'on and imports, 8.2%
General government,
state and local, 8.0%
2003
1959
Personal consumption
expenditures, 67.5°/
Private nonresidential
investment, 10.0%
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. Bureau of Economic Analysis
State and local government*, 11.5%
National Data
D-56
February 2005
SELECTED NIPA SERIES
P e rc e n t
Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Nov
Mar Nov
Jly Mar
60
- 50
40-
- 40
30-
- 30
2 0 -
10-
-
10
59
P e rc e n t Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Mar Nov
Jly Mar
Nov
EXPORTS AS SHARE OF GROSS DO MESTIC PRODUCT
IM PORTS AS SHARE OF G ROSS DOMESTIC PURCHASES
14
14
12 -
-
12
10 -
-
10
59
61
69
P e rc e n t ^ p r pe ^
71
73
Nov
Dec Nov
79
75
Mar
81
83
Jan JlyJly
Nov
I
91
93
99
01
03
Mar Nov
Jly Mar
70
SHARES OF PERSONAL CO NSUM PTIO N EXPENDITURES BY TYPE OF PRODUCT
60 Services
50
40 Nondurable goods
30 -
20 Durable goods
I
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
I
03
February 2005
Su r v e y
of
D-57
C u r r e n t B u sin ess
SELECTED NIPA SERIES
Percent.
Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Jly Mar
Nov
Mar Nov
PROFIT MARGIN, DOMESTIC NONFINANCIAL CORPORATIONS
Before tax
After tax
Ratio of corporate profits per unit to cost and pro'i: per unit
R a tio
Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Nov
Jly Mar
Mar Nov
INVENTORY/SALES RATIOS, CURRENT-DOLLAR’
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 current-dollar estimates of inventories and sales
R a tio
5
/w
pe b
Dec Nov
Nov
Mar
Jan JlyJly
Nov
Jly Mar
Mar Nov
INVENTORY/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 i i i r
59
61
63
U.S. Bureau of Economic
D-58
February 2005
International Data
E. T ran sactio n s T ables
Table E.l presents estimates of U.S. international trade in goods and services that were released on February 10, 2005.
It includes preliminary estimates for December 2004 and revised estimates for January through November 2004. The
sources for the other tables in this section are noted.
Table E.1. U.S. International Transactions in Goods and Services
[Millions of dollars; monthly estimates seasonally adjusted]
2003
2003
2004
2004
Nov.
Dec.
J a n .[
F e b .1
March '
April '
May r
June 1
July '
Aug. r
S e p t.r
Oct. r
Nov. r
Exports of goods and services................................................. 1,020,503 1,146,137
90,133
90,067
88,739
92,383
95,354
94,415
96,957
93,074
96,026
96,368
97,627
97,929
97,095 100,171
Dec. f
G oods..........................................................................................
Foods, feeds, and beverages...............................................
Industrial supplies and materials..........................................
Capital goods, except autom otive.......................................
Automotive vehicles, parts, and engines.............................
Consumer goods (nonfood), except automotive................
Other goods.............................................................................
Adjustm ents1..........................................................................
713,122
55,026
173,043
293,621
80,686
89,908
32,488
-11,649
807,584
56,340
203,556
331,090
88,222
102,837
36,980
-11,442
63,075
5,022
14,642
26,841
6,764
7,979
2,930
-1,103
62,613
4,880
15,122
26,003
6,906
7,849
2,648
-796
61,818
4,604
15,162
25,935
6,666
7,689
2,738
-976
65,068
4,713
16,045
27,296
6,959
8,168
2,851
-964
67,436
4,924
16,741
27,767
7,228
8,664
3,285
-1,173
66,081
4,708
16,365
27,141
7,140
8,595
3,083
-951
68,827
4,816
17,381
28,804
7,233
8,547
2,984
-938
64,809
4,539
16,131
26,444
6,969
8,452
3,315
-1,040
67,596
4,479
17,327
27,823
7,552
8,263
2,922
-770
68,143
4,270
17,009
27,797
7,797
8,602
3,505
-837
69,273
4,920
17,451
28,084
7,704
8,828
3,329
-1,042
69,314
4,788
17,958
28,121
7,643
8,829
2,922
-948
68,111
4,791
17,635
27,154
7,527
8,790
3,134
-920
71,109
4,789
18,351
28,724
7,805
9,411
2,913
-884
Services.......................................................................................
Travel........................................................................................
Passenger fa re s....
Other transportation...............................................................
Royalties and license fees.....................................................
Other private services...........................................................
Transfers under U.S. military agency sales contracts 2....
U.S. Government miscellaneous services..........................
307,381
64,509
15,693
31,833
48,227
133,818
12,491
810
338,553
74,663
18,835
37,318
51,099
142,279
13,616
743
27,058
6,041
1,445
2,805
4,164
11,431
1,104
68
27,454
6,131
1,476
2,880
4,176
11,615
1,108
68
26,921
5,799
1,442
2,903
4,158
11,494
1,063
62
27,315
6,011
1,527
2,992
4,156
11,494
1,074
61
27,918
6,068
1,558
3,165
4,158
11,755
1,153
61
28,334
6,247
1,617
3,133
4,170
11,891
1,214
62
28,130
6,120
1,544
3,088
4,191
11,909
1,216
62
28,265
6,250
1,556
2,985
4,220
11,953
1,238
63
28,430
6,415
1,584
3,088
4,278
11,877
1,125
63
28,225
6,139
1,556
3,160
4,312
11,864
1,131
63
28,354
6,215
1,547
3,119
4,338
11,981
1,092
62
28,615
6,353
1,563
3,216
4,353
11,967
1,101
62
28,984
6,516
1,642
3,257
4,373
12,035
1,100
61
29,062
6,530
1,699
3,212
4,392
12,059
1,109
61
Imports of goods and services................................................. 1,517,011 1,763,863 130,128 134,077 134,603 138,263 142,502 142,943 144,363 148,510 146,677 150,324 148,647 154,028 156,428 156,574
Goods.......................................................................................... 1,260,674 1,473,768 107,818 111,135 111,506 114,934 118,937 119,164 120,397 124,022 122,453 125,222 124,353 129,523 131,587 131,669
Foods, feeds, and beverages...............................................
62,167
4,949
55,831
4,883
4,804
5,094
5,152
5,117
5,265
5,251
5,148
4,974
5,105
5,241
5,436
5,579
Industrial supplies and materials..........................................
313,818 412,413 25,831 28,056 28,234 31,208 31,811 30,848 31,905 35,041 33,862 36,579 35,475 38,404 39,951 39,097
Capital goods, except autom otive........................................ 295,833 343,828 25,642 26,686 26,806 26,381
27,328 27,874 28,116 29,446 29,267 29,138 29,590 29,876 29,685 30,320
Automotive vehicles, parts, and engines............................. 210,173 228,410 18,103 18,337 17,845 18,792 18,956 19,005 19,440 18,727 19,149 19,249 19,490 19,407 19,007 19,341
Consumer goods (nonfood), except automotive................
333,878 373,209 29,075 28,853 29,525 29,013 31,339 31,772 31,168 31,082 30,608 30,495 30,446 32,114 32,845 32,802
Other goods.............................................................................
47,587
50,520
4,020
4,028
4,048
4,195
4,047
4,327
4,226
4,229
4,149
4,376
4,356
4,123
4,185
4,259
Adjustments 1..........................................................................
3,221
264
3,553
226
243
251
302
277
247
220
271
281
255
296
306
272
Services.......................................................................................
Travel..........
Passenger fa re s.....................................................................
Other transportation...............................................................
Royalties and license fees.....................................................
Other private services............................................................
Direct defense expenditures 2..............................................
U.S. Government miscellaneous services..........................
256,337
56,613
20,957
44,768
20,049
85,829
25,117
3,004
290,095
64,646
23,242
53,690
22,640
94,313
28,327
3,237
22,310
4,953
1,894
3,697
1,766
7,470
2,278
252
22,942
5,211
1,816
4,072
1,785
7,509
2,296
253
23,097
5,216
1,842
4,163
1,732
7,616
2,269
259
23,329
5,211
1,850
4,327
1,737
7,670
2,273
261
23,565
5,081
1,882
4,561
1,754
7,741
2,282
264
23,779
5,352
1,887
4,265
1,855
7,788
2,360
272
23,966
5,454
1,884
4,230
1,878
7,862
2,384
274
24,488
5,479
1,974
4,558
1,881
7,923
2,399
274
24,224
5,585
2,010
4,338
1,830
7,840
2,351
270
25,102
5,452
1,965
4,520
2,614
7,848
2,434
269
24,294
5,481
1,896
4,498
1,821
7,933
2,395
270
24,505
5,563
1,972
4,461
1,840
7,996
2,399
274
24,841
5,367
2,008
4,923
1,845
8,033
2,390
275
24,905
5,405
2,072
4,846
1,853
8,063
2,391
275
Memoranda:
Balance on goods........................................................................ -547,552 -666,183 -44,742 -48,523 -49,688 -49,866 -51,501 -53,083 -51,570 -59,214 -54,857 -57,079 -55,080 -60,210 -63,476 -60,560
Balance on services...................................................................
51,044
48,458
4,748
4,512
3,824
3,986
4,164
3,777
4,353
4,555
4,206
3,123
4,060
4,110
4,143
4,157
Balance on goods and services............................................... -496,508 -617,725 -39,994 -44,011 -45,864 -45,880 -47,148 -48,528 -47,406 -55,437 -50,651 -53,956 -51,020 -56,100 -59,333 -56,403
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.
February 2005
S u rv ey
of
D-59
C u rr e n t B u sin e ss
Table E.2. U.S. International Transactions
[M illions of dollars]
Not seasonally adjusted
Line
(Credits +; debts - ) 1
2003
2003
I
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
61
62
63
64
65
66
67
68
69
70
70a
71
72
73
74
75
76
II
III
IV
I
Current account
1,314,888 312,717 319,352 327,829 354,990 358,940
Exports of goods and services and income receipts..............
Exports of goods and services..................................................
1,020,503 244,400 249,271 253,788 273,044 274,808
713,122 171,660 177,552 172,740 191,170 193,902
Goods, balance of payments basis2.....................................
Services3...............................................................................
307,381
72,740
81,874
71,719
81,048
80,906
2,827
3,014
3,292
3,358
3,290
Transfers under U.S. military agency sales contracts4.....
12,491
Travel.................................................................................
64,509
13,602
14,518
19,220
17,169
16,103
Passenger fares................................................................
3,454
15,693
3,440
4,561
4,238
4,183
7,777
Other transportation.........................................................
31,833
7,352
8,215
8,489
8,653
48,227
11,779
Royalties and license fees5..............................................
11,286
11,914
13,248
12,136
Other private services5 ....................................................
133,818
34,017
30,989
33,643
35,169
36,357
U.S. Government miscellaneous services........................
184
810
202
202
203
203
Income receipts.............
68,317
74,041
84,132
294,385
70,081
81,946
Income receipts on U.S.-owned assets abroad....................
291,354
67,576
69,351
73,272
81,155
83,373
Direct investment receipts................................................
187,522
41,288
43,984
47,452
54,798
56,066
Other private receipts........................................................
99,135
25,345
24,218
24,498
25,074
26,433
U.S. Government receipts.................................................
4,697
943
1,149
1,322
1,283
874
Compensation of employees................................................
3,031
741
730
769
791
759
Imports of goods and services and income payments........... -1,778,117 -418,713 -438,545 -455,104 -465,755 -469,523
Imports of goods and services.................................................. -1,517,011 -355,417 -374,464 -387,701 -399,429 -398,564
Goods, balance of payments basis2..................................... -1,260,674 -297,186 -310,988 -319,254 -333,246 -332,718
Services3..................
-256,337 -58,231 -63,476 -68,447 -66,183 -65,846
Direct defense expenditures.............................................
-25,117
-5,732
-6,229
-6,339
-6,817
-6,824
Travel....................
-56,613 -12,229 -14,286 -16,868 -13,230 -13,206
Passenger fares....
-20,957
-4,498
-5,347
-6,163
-4,949
-5,033
Other transportation.........................................................
-44,768 -10,248 -11,242 -11,668 -11,610 -12,378
Royalties and license fees5..............................................
-20,049
-4,480
-4,726
-5,180
-5,663
-5,072
Other private services5 ....................................................
-85,829 -20,299 -20,897 -21,476 -23,157 -22,549
U.S. Government miscellaneous services........................
-3,004
-745
-749
-753
-757
-784
Income payments.......................................................................
-261,106 -63,296 -64,081 -67,403 -66,326 -70,959
Income payments on foreign-owned assets in the
United States.....................................................................
-252,573 -61,221 -62,078 -65,265 -64,009 -68,841
Direct investment payments.............................................
-68,657 -15,079 -17,541 -19,452 -16,585 -20,423
Other private payments....................................................
-111,874 -28,146 -26,785 -27,844 -29,099 -29,361
U.S. Government payments.............................................
-72,042 -17,996 -17,752 -17,969 -18,325 -19,057
Compensation of employees................................................
-8,533
-2,317
-2,075
-2,003
-2,138
-2,118
Unilateral current transfers, net.................................................
-67,439 -16,979 -16,001 -16,674 -17,785 -20,920
U.S. Government grants4...........................................................
-21,865
-5,833
-5,832
-5,447
-4,753
-7,744
U.S. Government pensions and other transfers........................
-5,341
-1,037
-1,208
-1,941
-1,392
-1,155
Private remittances and other transfers6...................................
-40,233 -10,109
-8,961 -10,072 -11,091 -11,784
Capital and financial account
Capital account
-1,552
-821
Capital account transactions, net..............................................
-3,079
-406
-300
-396
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))
-283,414 -106,395 -114,630 -10,447 -51,942 -310,328
U.S. official reserve assets, net.................................................
1,523
83
-170
-611
2,221
557
Gold7........................
Special drawing rights
601
897
-102
-97
-97
-100
Reserve position in the International Monetary Fund...........
1,494
-644
86
-383
2,435
815
Foreign currencies.................................................................
-572
-154
-170
-131
-117
-158
U.S. Government assets, other than official reserve assets, net
537
53
310
483
-309
727
U.S. credits and other long-term assets...............................
-7,279
-2,428
-1,591
-1,532
-1,728
-561
Repayments on U.S. credits and other long-term assets8....
7,981
2,445
1,975
2,035
1,526
1,374
U.S. foreign currency holdings and U.S. short-term assets,
net.....................................................................................
-165
36
-74
-20
-107
-86
U.S. private assets, net..............................................................
-285,474 -106,531 -114,770 -10,319 -53,854 -311,612
Direct investment...................................................................
-173,799 -44,567 -37,717 -47,515 -44,000 -51,207
-72,337 -26,619
Foreign securities..................................................................
8,429 -28,312 -25,835 -16,524
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns.......................................................
-28,932 -11,207 -22,480
35,845 -31,090 -56,761
U.S. claims reported by U.S. banks, not included elsewhere
-10,406 -24,138 -63,002
29,663
47,071 -187,120
Foreign-owned assets in the United States, net (increase/
financial inflow (+ ))..................................................................
829,173 245,695 220,419 135,414 227,645 445,125
Foreign official assets in the United States, net........................
248,573
48,986
65,245
50,663
83,679 127,864
U.S. Government securities...
194,568
39,845
45,958
27,293
81,472 114,708
U.S. Treasury securities9...
169,685
30,277
42,668
23,953
72,787 101,692
Other10..............................................................................
24,883
9,568
3,290
3,340
8,685
13,016
Other U.S. Government liabilities11.......................................
-564
-437
-41
-16
-70
-140
U.S. liabilities reported by U.S. banks, not included
18,552
elsewhere.........................
49,420
8,325
22,019
524
11,854
Other foreign official assets12...............................................
5,149
1,392
1,253
751
1,753
1,442
Other foreign assets in the United States, net...........................
580,600 196,709 155,174
84,751 143,966 317,261
Direct investment...................................................................
39,890
32,113
1,322
-1,598
8,053
10,002
U.S. Treasury securities.........................................................
113,432
8,974
53,254
46,490
4,714
65,438
U.S. securities other than U.S. Treasury securities...............
250,981
56,723
92,407
18,090
83,761
62,064
4,927
U.S. currency.........................................................................
16,640
1,458
2,768
7,487
-1,800
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns........................................................
84,014
69,410
-2,257
12,721
4,140
40,723
U.S. liabilities reported by U.S. banks, not included
elsewhere..........................................................................
75,643
24,562
8,990
6,280
35,811 140,834
Statistical discrepancy (sum of above items with sign
-12,012 -15,919
30,957
reversed)...................................................................................
19,803 -46,853
-2,898
Of which: Seasonal adjustment discrepancy............................
Memoranda:
Balance on goods (lines 3 and 20).................................................
-547,552 -125,526 -133,436 -146,514 -142,076 -138,816
51,044
Balance on services (lines 4 and 21).............................................
14,509
8,243
12,601
15,691
15,060
Balance on goods and services (lines 2 and 19)...........................
-496,508 -111,017 -125,193 -133,913 -126,385 -123,756
Balance on income (lines 12 and 29).............................................
33,279
5,021
6,000
6,638
15,620
13,173
Unilateral current transfers, net (line 35)........................................
-67,439 -16,979 -16,001 -16,674 -17,785 -20,920
Balance on current account (lines 1,18, and 35 or lines 73, 74,
-530,668 -122,975 -135,194 -143,949 -128,550 -131,503
and 75)13....................................................................................
p Preliminary,
r Revised.
See footnotes on page D-63.
Seasonally adjusted
2004
llr
2003
NIP
I
II
2004
III
IV
I
II'
NIP
375,319 380,191 315,676 317,367 329,508 352,336 359,604 372,463 382,498
285,215 287,404 247,999 248,474 255,723 268,306 276,076 284,044 289,619
202,808 198,498 173,459 174,554 178,251 186,858 193,920 199,315 204,610
82,407
88,906
74,540
73,920
77,472
81,448
82,156
84,729
85,009
3,668
3,348
2,827
3,014
3,292
3,358
3,290
3,668
3,348
18,879
21,897
15,862
14,360
16,216
18,071
17,878
18,617
18,769
4,535
3,825
3,522
4,310
4,527
4,717
4,687
5,251
4,036
9,260
9,851
7,683
7,709
7,893
8,548
9,060
9,206
9,367
12,422
12,649
12,175
12,481
12,472
12,928
11,628
11,943
12,581
35,722
33,657
34,477
35,722
33,456
32,513
33,170
34,745
35,753
187
187
188
202
202
203
203
184
188
90,104
92,787
67,677
68,893
73,785
84,030
83,528
88,419
92,879
89,361
92,001
87,676
92,093
66,936
68,163
73,016
83,239
82,769
42,704
59,013
59,777
58,895
40,748
47,229
56,843
55,553
58,011
29,055
24,498
25,074
32,311
25,345
24,218
26,433
29,055
32,311
1,241
1,322
769
529
795
843
1,289
783
610
743
741
786
730
769
791
759
743
786
-523,589 -543,775 -437,067 -434,873 -444,497 -461,679 -486,042 -518,510 -532,559
-439,157 -455,282 -373,385 -371,854 -377,973 -393,800 -414,678 -435,128 -444,961
-364,846 -377,837 -311,402 -310,087 -312,886 -326,299 -344,688 -362,895 -371,341
-74,311 -77,445 -61,983 -61,767 -65,087 -67,501 -69,990 -72,233 -73,620
-7,143
-7,180
-5,732
-6,339
-6,817
-6,824
-7,143
-7,180
-6,229
-18,118 -19,263 -14,312 -12,790 -14,409 -15,102 -15,508 -16,285 -16,518
-5,007
-5,871
-6,236
-6,618
-4,875
-5,512
-5,563
-5,574
-5,745
-13,237 -13,756 -10,796 -11,109 -11,312 -11,551 -13,051 -13,053 -13,356
-5,393
-6,268
-4,629
-4,912
-5,204
-5,304
-5,614
-6,265
-5,223
-23,364 -23,551 -20,762 -21,103 -21,558 -22,407 -23,026 -23,573 -23,621
-757
-809
-820
-809
-745
-749
-753
-784
-820
-84,432 -88,493 -63,682 -63,019 -66,524 -67,879 -71,364 -83,382 -87,598
-82,290
-27,937
-33,853
-20,500
-2,142
-17,517
-4,910
-1,159
-11,448
-86,279
-28,503
-36,248
-21,528
-2,214
-14,785
-4,772
-1,348
-8,665
-61,557
-15,415
-28,146
-17,996
-2,125
-16,815
-5,833
-1,320
-9,662
-60,899
-16,362
-26,785
-17,752
-2,120
-16,369
-5,832
-1,335
-9,202
-64,402
-18,589
-27,844
-17,969
-2,122
-16,639
-5,447
-1,334
-9,858
-65,713
-18,289
-29,099
-18,325
-2,166
-17,617
-4,753
-1,352
-11,512
-69,205
-20,787
-29,361
-19,057
-2,159
-20,726
-7,744
-1,554
-11,428
-81,100
-26,747
-33,853
-20,500
-2,282
-18,344
-4,910
-1,556
-11,878
-85,393
-27,617
-36,248
-21,528
-2,205
-14,648
-4,772
-1,559
-8,317
-324
-374
-406
-1,552
-821
-300
-396
-324
-374
-111,789 -136,155 -102,665 -110,962
1,122
429
83
-170
-8,138
-£11
-90
1,345
-133
-2
-668
544
-98
676
-149
183
-978
1,179
897
-644
-170
53
-2,428
2,445
-102
86
-154
310
-1,591
1,975
-97
-383
-131
483
-1,532
2,035
122
-74
-18
36
-112,909 -136,767 -102,801 -111,102
-61,236 -46,458 -40,837 -34,049
-26,844 -15,015 -26,619
8,429
-20
-8,010
-45,206
-28,312
12,122
-36,951
-14,986
-60,308
-11,207
-24,138
-22,480
-63,002
35,845
29,663
272,562
73,349
65,240
62,979
2,261
-89
287,983
60,118
51,735
45,688
6,047
515
246,105
48,986
39,845
30,277
9,568
-437
218,553
65,245
45,958
42,668
3,290
-16
6,189
2,009
199,213
34,385
29,684
88,843
8,754
4,750
3,118
227,865
54,641
14,072
90,489
2,560
8,325
1,253
197,119
32,523
8,974
56,723
4,927
-3,603
19,542
41,150
46,561
5,338
26,915
-61,647 -306,729 -105,810 -133,176
2,221
1,122
557
429
-97
2,435
-117
-309
-1,728
1,526
-100
815
-158
727
-561
1,374
-90
1,345
-133
-2
-668
544
-98
676
-149
183
-978
1,179
-107
-86
122
-18
-63,559 -308,013 -106,930 -133,788
-53,705 -47,608 -55,257 -43,479
-25,835 -16,524 -26,844 -15,015
-31,090 -56,761
47,071 -187,120
12,122
-36,951
-14,986
-60,308
134,202
50,663
27,293
23,953
3,340
-41
230,311
83,679
81,472
72,787
8,685
-70
445,348
127,864
114,708
101,692
13,016
-140
270,745
73,349
65,240
62,979
2,261
-89
286,412
60,118
51,735
45,688
6,047
515
18,552
751
153,308
-544
53,254
92,407
1,458
22,019
1,392
83,539
-2,810
46,490
18,090
2,768
524
1,753
146,632
10,719
4,714
83,761
7,487
11,854
1,442
317,484
10,225
65,438
62,064
-1,800
6,189
2,009
197,396
32,568
29,684
88,843
8,754
4,750
3,118
226,294
53,070
14,072
90,489
2,560
69,410
-2,257
12,721
4,140
40,723
-3,603
19,542
24,562
8,990
6,280
35,811
140,834
41,150
46,561
-4,828
11,091
27,836
-3,121
6,385
-13,418
-41,404
5,449
8,941
11,839
-220
-5,558
11,847
-15,068
-162,038 -179,339 -137,943 -135,533 -134,635 -139,441 -150,768 -163,580 -166,731
11,389
8,096
11,461
12,557
12,153
12,385
13,947
12,166
12,496
-153,942 -167,878 -125,386 -123,380 -122,250 -125,494 -138,602 -151,084 -155,342
5,672
4,294
5,874
12,164
5,037
5,281
3,995
7,261
16,151
-17,517 -14,785 -16,815 -16,369 -16,639 -17,617 -20,726 -18,344 -14,648
-165,787 -178,369 -138,206 -133,875 -131,628 -126,960 -147,164 -164,391 -164,709
Source: Table 1 in “U.S. International Transactions: Third Quarter of 2004" in the January 2005 Survey of Current Busi
ness.
D-60
International Data
February 2005
Table E.3. U.S. International Transactions, by Area—Continues
[M illions of dollars]
Line
(Credits +; debits - ) 1
Europe
European Union14
United Kingdom
2004
2004
2004
I
llr
NIP
114,985
77,251
46,358
30,893
1,066
5,158
1,374
2,882
5,850
14,526
37
37,734
37,638
24,299
12,953
386
96
121,279
80,303
47,807
32,496
969
6,400
1,673
3,118
6,009
14,288
39
40,976
40,878
26,294
14,428
156
98
120,074
79,234
44,754
34,480
875
7,516
1,953
3,440
6,075
14,582
39
40,840
40,741
24,336
16,050
355
99
1
IIIP
II'
I
Canada
2004
IIr
NIP
llr
I
nip
Current account
1 Exports of goods and services and income receipts.............................................
2
Exports of goods and services....................................................................................
3
Goods, balance-of-payments basis2......................
4
Services3....................................................................................................................
5
Transfers under U.S. military agency sales contracts4....................................
Travel......................................................................
6
7
Passenger fares....................................................
Other transportation.............................................
8
9
Royalties and license fees5.................................................................................
Other private services5 ...........................
10
11
U.S. Government miscellaneous services.........................................................
12
Income receipts.................................................
13
Income receipts on U.S.-owned assets abroad.....................................................
Direct investment receipts...................................................................................
14
15
Other private receipts....
1fi
U.S. Government receipts...................................................................................
17
Compensation of employees...................................................................................
18 Imports of goods and services and income payments.........................................
19
Imports of goods and services....................................................................................
20
Goods, balance-of-payments basis2......................................................................
21
Services3....................................................................................................................
22
Direct defense expenditures................................................................................
Travel.......................................................................................................................
23
24
Passenger fares.............
25
Other transportation......
Royalties and license fees5.................................................................................
26
27
Other private services5 ..
28
U.S. Government miscellaneous services.........................................................
Income payments..........................................................................................................
29
30
Income payments on foreign-owned assets in the United States.......................
Direct investment payments................................................................................
31
32
Other private payments........................................................................................
U.S. Government payments................................................................................
33
Compensation of employees...................................................................................
34
35 Unilateral current transfers, net
36
U.S. Government grants4......
37
U.S. Government pensions and other transfers........................................................
38
Private remittances and other transfers6....................................................................
-137,722 -157,917 -157,127
-102,423 -114,069 -112,400
-74,766 -81,344 -78,488
-27,657 -32,725 -33,912
-2,963
-2,909
-2,925
-3,868
-7,056
-6,975
-2,303
-3,221
-3,685
-4,887
-4,573
-5,213
-3,004
-2,676
-3,254
-10,957 -11,330 -11,538
-317
-318
-322
-35,299 -43,848 -44,727
-35,173 -43,742 -44,625
-12,744 -18,269 -18,264
-17,407 -20,233 -20,954
-5,022
-5,407
-5,240
-126
-102
-106
105,094
70,000
40,014
29,986
538
6,839
1,820
3,040
5,170
12,551
28
35,094
35,015
20,363
14,464
188
79
27,393
17,823
8,898
8,925
92
1,989
653
626
983
4,578
4
9,570
9,547
4,161
5,386
23
23
24
28
26
28
-118,021 -137,794 -136,888
-87,962 -98,926 -97,474
-64,341
-70,658 -68,356
-23,621
-28,268 -29,118
-2,611
-2,600
-2,581
-6,269
-3,461
-5,930
-2,991
-2,126
-3,470
-3,775
-4,126
-4,395
-2,341
-2,541
-2,009
-9,702
-9,381
-9,920
-258
-258
-262
-30,059 -38,868 -39,414
-29,971
-38,783 -39,330
-10,183 -16,041
-16,132
-15,800 -18,463 -18,843
-4,355
-3,988
-4,279
-85
-84
-88
-34,637
-18,866
-10,889
-7,977
-282
-1,213
-659
-855
-407
-4,343
-18
-15,771
-15,750
-4,976
-9,764
-1,010
-21
-39,248
-20,516
-11,963
-8,553
-245
-1,660
-1,006
-873
-443
-4,307
-1 9
-18,732
-18,713
-5,986
-11,489
-1,238
-19
-38,096
-19,693
-10,677
-9,016
-250
-1,764
-1,234
-929
-466
-4,354
-19
-18,403
-18,384
-5,439
-11,603
-1,342
-19
-68,073
-65,093
-60,998
-4,095
-26
-1,040
-7 5
-993
-192
-1,722
-4 7
-2,980
-2,884
-1,264
-1,255
-365
-9 6
-75,193
-71,661
-66,377
-5,284
-37
-1,789
-133
-1,040
-219
-2,011
-55
-3,532
-3,443
-1,663
-1,376
-404
-89
-74,773
-70,722
-64,318
-6,404
-25
-3,120
-147
-1,032
-220
-1,794
-6 6
-4,051
-3,962
-2,132
-1,416
-414
-89
98,826
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
105,801
70,516
42,229
28,287
709
5,790
1,544
2,703
5,120
12,393
28
35,285
35,207
21,957
13,111
139
78
29,843
18,120
8,811
9,309
110
2,370
735
684
987
4,416
7
11,723
11,700
5,427
6,273
30,638
18,581
8,465
10,116
145
2,811
873
751
1,047
4,482
7
12,057
12,033
4,844
7,189
59,564
52,775
45,016
7,759
60
2,288
713
679
868
3,131
20
6,789
6,761
5,040
1,721
64,141
56,312
48,787
7,525
30
2,260
560
741
844
3,068
22
7,829
7,803
5,874
1,929
61,305
53,779
46,586
7,193
23
1,834
519
767
877
3,151
22
7,526
7,498
5,548
1,950
-733
-612
-435
314
-528
-485
-415
372
870
-613
-434
1,917
-66
-5 0
-357
341
-23
-3
-370
350
1,023
-21
-362
1,406
447
449
920
-128
-82
-6 2
509
-62
511
-59
979
-141
13
-142
60
-22
-7
-158
143
-144
-140
-152
-60
-71
-86
-9
-8
-3
19
26
11
40 U.S.-owned assets abroad, net (increase/financial outflow ( -)) ........................... -208,240
41
U.S. official reserve assets, net....................................................................................
-158
4?
Gold7...........................................................................................................................
43
Special drawing rights..............................................................................................
44
Reserve position in the International Monetary Fund..........................................
45
Foreign currencies..................................................................
-158
4fi
U.S. Government assets, other than official reserve assets, net............................
648
47
U.S. credits and other long-term assets..............................
-25
48
Repayments on U.S. credits and other long-term assets8
685
49
U.S. foreign currency holdings and U.S. short-term assets, net......................... -12
50
U.S. private assets, n e t.............................................................
-208,730
Direct investment....................................................................
51
-22,086
52
Foreign securities......................................................................................................
-17,101
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..
-45,181
54
U.S. claims reported by U.S. banks, not included elsewhere.............................. -124,362
-69,099
-132
-80,145
-148
-172,034
-118
-67,970
-91
-64,261
-111
-101,487
-44,116
-67,070
-7,194
-15,338
5,956
-132
95
-2 4
84
35
-69,062
-36,057
-28,791
17,670
-21,884
-148
227
-57
291
-7
-80,224
-16,142
-19,987
4,660
-48,755
-118
328
-91
13
-111
124
-4
-7
-A
335
-7
-172,244
-19,638
-17,502
-45,296
-89,808
28
-15
-67,892
-34,036
-28,223
20,292
-25,925
131
-7
-4
-64,274 -101,483
-12,464
-260
-19,282 -14,089
4,777 -31,853
-37,305 -55,281
-7
-44,109
-16,201
-27,050
11,166
-12,024
-4
-67,066
-989
-17,183
-964
-47,930
-7,194
-5,747
1,385
-1,801
-1,031
-15,338
-5,058
-12,506
3,254
-1,028
5,956
-4,662
4,196
-1,299
7,721
154,365
6,953
(,7)
(17)
n
-89
(17)
(17)
147,412
40,869
1,453
54,278
155,563
(18)
31,197
113,297
(18)
(18)
(18)
11,182
892
(,7)
C7)
C7)
-31
C7)
(,7)
10,290
-726
(17)
6,220
17,127
-114
(17)
(17)
(17)
23
(,7)
(17)
17,241
17,843
(17)
-2,115
17,177
968
(17)
(17)
C7)
5
(17)
(17)
16,209
3.280
(,7)
7,760
Capital and financial account
Capital account
39 Capital account transactions, net................................................................................
Financial account
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
56
Foreign official assets in the United States, n e t........................................................
57
U.S. Government securities.........................
U.S. Treasury securities9.........................
58
Other10.......................................................
59
60
Other U.S. Government liabilities11............
61
U.S. liabilities reported by U.S. banks, not included elsewhere..........................
Other foreign official assets12......................
62
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..........................
189,622
4,549
C7)
n
n
-80
H
n
185,073
153
45,944
13,310
64,824
22,534
H
H
n
-277
n
<17)
42,290
5,924
-2,438
35,222
35,489
90,177
-12,544
16,126
70 Statistical discrepancy (sum of above items with sign reversed).......................
42,232
41,581
-37,885
Memoranda:
Balance on goods (lines 3 and 20)..................................................................................
Balance on services (lines 4 and 2 1 )..............................................................................
Balance on goods and services (lines 2 and 1 9 )..........................................................
Balance on income (lines 12 and 2 9)..............................................................................
Unilateral current transfers, net (line 3 5 )........................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13..............
-28,408
3,236
-25,172
2,435
-733
-23,470
-33,537
-229
-33,766
-2,872
-528
-37,166
-33,734
568
-33,166
-3,887
870
-36,183
71
72
73
74
75
76
p Preliminary,
r Revised.
See the footnotes on page D-63.
143,027
(18)
(18)
(18)
141,464
12,672
D
(18)
(18)
n
23
n
n
n
39,669
n
49,868
n
-91
(18)
(18)
(18)
48
n
9,281
n
(18)
(18)
(18)
-16
(18)
n
(18)
1,471
(18)
23,373
n
-32
(18)
(18)
(18)
17,629
n
39,455
-15,794
18 3,638
11,370
18 44,875
(V )
-4,148
(17)
928
C7)
1,394
n
n
n
-331
n
n
(18)
-3,768
(18)
8,867
n
H
(18)
(18)
-213
(18)
(18)
(18)
4,873
n
31,659
37,221
9,678
41,134 18113,574
-19,860
1814,738
12,463
18 41,004
35,995
18 96,231
35,792
68,860
-47,909
-33,171
40,408
-39,680
4,630
9,319
-9,654
-23,511
2,747
-20,764
1,569
-66
-19,261
-28,429
19
-28,410
-3,583
-23
-32,016
-28,342
868
-27,474
-4,320
1,023
-30,771
-1,991
948
-1,043
-6,201
447
-6,797
-3,152
756
-2,396
-7,009
449
-8,956
-2,212
1,100
-1,112
-6,346
920
-6,538
-15,982
3,664
-12,318
3,809
-128
-8,637
-17,590
2,241
-15,349
4,297
-82
-11,134
-17,732
789
-16,943
3,475
-2 2
-13,490
Source: Table 11 in “U.S. International Transactions: Third Quarter of 2004” in the January 2005 S urvey of C urrent Busi
ness .
February 2005
S u rvey
of
D-61
C u rr en t B u sin e ss
Table E.3. U.S. International Transactions, by Area—Continues
[Millions of dollars]
Line
Latin America and Other Western Hemisphere
Mexico15
Japan
2004
2004
2004
(Credits +; debits - ) 1
1
llr
NIP
I
II| p
IIr
llr
I
NIP
Current account
1 Exports of goods and services and income receipts.............................................
68,161
72,008
75,761
32,630
34,853
35,411
25,641
26,211
26,790
Exports of goods and services....................................................................................
Goods, balance-of-payments basis2......................................................................
Services3....................................................................................................................
Transfers under U.S. military agency sales contracts4....................................
Travel....................................................................
Passenger fa re s.................................................
Other transportation...........................................
Royalties and license fees5.................................................................................
Other private services5 .......................................................................................
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...................................................................................
53,793
56,918
58,927
30,071
32,088
32,702
21,036
21,492
22,036
40,531
42,606
25,849
4,222
1
27,907
12,708
13,329
14,312
118
42,915
16,012
113
27,539
13,262
114
4,549
4
4,795
1
8,328
111
8,163
115
12,799
9,237
107
3,820
1,046
959
4,605
1,215
1,071
5,633
1,432
1,169
1,470
324
233
1,572
348
265
1,663
349
296
2,171
706
884
2,097
672
941
2,701
910
935
860
6,418
45
941
6,319
43
1,008
6,613
44
273
1,916
5
313
2,042
5
316
2,165
5
1,714
2,726
16
1,740
2,582
16
1,740
2,828
16
14,368
14,316
8,412
5,860
44
52
15,090
15,038
8,508
6,440
90
52
16,834
16,782
8,946
7,751
85
52
2,559
2,552
2,072
476
4
7
2,765
2,758
2,237
517
4
7
2,709
2,702
2,160
538
4
7
4,605
4,587
2,824
1,763
4,719
4,701
2,853
1,848
18
18
4.754
4,736
2.755
1,980
1
18
18 Imports of goods and services and income payments..........................................
-81,576
-89,493
-93,692
-42,047
-45,179
-44,915
-46,663
-48,889
-49,666
Imports of goods and services....................................................................................
Goods, balance-of-payments basis2......................................................................
Services3....................................................................................................................
Direct defense expenditures................................................................................
-7 1 ,3 5 3
-77,431
-7 9 ,8 7 0
-3 9 ,9 6 0
-4 2 ,9 1 3
-42,241
-3 6 ,3 8 5
-3 7 ,3 2 3
-3 7 ,6 8 5
-5 8 ,1 2 8
-6 3 ,5 1 3
-6 5 ,3 5 3
-3 6 ,6 3 6
-3 9 ,7 4 2
-3 9 ,3 0 0
-31,141
-3 2 ,0 2 9
-32,301
-1 3 ,2 2 5
-5 6
-1 3 ,9 1 8
-6 0
-1 4 ,5 1 7
-6 0
-3 ,3 2 4
-4
-3,17 1
-3
-2,941
-3
-5 ,2 9 4
-4 0 2
-5 ,3 8 4
-4 0 5
- 4 754
-6 4 9
-1 ,0 6 9
- 4 987
-1 ,0 2 5
-1 ,1 5 2
- 5 758
-841
-1 ,1 8 5
-2 ,2 6 3
-2 1 2
-2 4 2
-2 ,0 4 0
-2 1 5
-2 5 5
-1 ,9 1 8
-2 3 6
-1 0 9
-5 ,2 4 4
-4 5 3
-5 4 2
-2 7 5
-1 ,3 2 0
-7 0 8
-1 7 2
-1 ,4 0 0
-7 0 6
-2 7 0
-1,54 1
-2 8 7
-6 ,2 6 8
-1 4 2
-3 6 7
-6 ,1 4 9
-1 7 8
-2 5 5
-6 ,2 7 4
-1 4 4
-2 3
-5 2 5
-5 5
-3 3
-5 7 0
-5 5
-3 6
-5 8 4
-5 5
-1 ,5 8 0
-1 ,0 2 4
-5 0
-1 ,4 6 5
-1 ,0 9 6
-5 1
-1 ,3 8 5
-1 ,0 2 7
-5 0
-1 0 ,2 2 3
-8 ,5 9 7
-601
-6 ,1 9 6
-1 ,8 0 0
-1 ,6 2 6
-1 2 ,0 6 2
-1 0 ,2 9 8
-1 ,0 8 2
-7 ,0 9 7
-2 ,1 1 9
-1 ,7 6 4
-1 3 ,8 2 2
-1 1 ,9 5 5
-1 ,2 1 2
-8 ,3 9 2
-2,351
-1 ,8 6 7
-2 ,0 8 7
-5 0 4
-2 9
-1 8 8
-2 8 7
-1 ,5 8 3
-2 ,2 6 6
-5 3 8
26
-2 3 0
-3 3 4
-1 ,7 2 8
-2 ,6 7 4
-851
-171
-2 9 8
-3 8 2
-1 ,8 2 3
-1 0 ,2 7 8
-1 0 ,2 5 0
-2 ,6 3 4
-1 ,5 5 5
-6,061
-2 8
-1 1 ,5 6 6
-1 1 ,5 4 7
-3 ,0 4 9
-1 ,8 7 0
-6 ,6 2 8
-1 9
-11,981
-1 1 ,9 6 4
-3 ,1 1 6
-1 ,9 6 0
-6 ,8 8 8
-1 7
-7,337
-7,427
-5,695
-1,825
-1,912
-1,967
-105
12
-5
-521
-221
-6 ,5 9 5
-4 6 6
-2 0 2
-6 ,7 5 9
-5 0 2
-2 1 0
-4 ,9 8 3
-8
-8
-7
-1 ,8 1 7
-1 ,9 0 4
-1 ,9 6 0
-3 7
-6 8
-3 8
50
-2 7
22
-15
-1 2
-15
-4
-4
-5
6
6
6
40 U.S.-owned assets abroad, net (increase/financial outflow ( - )) ...........................
-62,127
-20,947
-35,213
991
1,062
-2,515
-5,234
U.S. official reserve assets, net...................................................................................
Gold7..................................
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 assets8..................................
U.S. foreign currency holdings and U.S. short-term assets, net.........................
U.S. private assets, n e t...........................................................
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..............................
-14,795
-1
-19,282
-1
99
-3 6
147
-1 2
95
-1 2 8
122
218
-6 7
285
8
-2
8
-3
10
11
28
-2
30
-6 2 ,2 2 6
-9 ,6 2 3
6,968
-7 ,6 3 4
-5 1 ,9 3 7
-2 1 ,0 4 2
-2 ,2 6 3
6,420
-9 ,2 8 4
-1 5 ,9 1 5
-35,431
-8 ,3 8 8
3,980
-2 0 ,0 3 9
-1 0 ,9 8 4
983
-2 ,6 6 9
2,790
148
714
1,054
-2 ,2 0 4
1,894
-8 2
1,446
-2 ,5 4 3
-1 ,8 8 0
45
181
-8 8 9
-5 ,2 3 4
560
-13,441
792
6,855
-1 4 ,7 9 4
-3 ,4 5 3
2,639
-821
-1 3 ,1 5 9
-10,222
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
96,987
94,528
41,153
4,180
4,326
Foreign official assets in the United States, n e t........................................................
U.S. Government securities......................
U.S. Treasury securities9......................
Other10...................................................
Other U.S. Government liabilities11
U.S. liabilities reported by U.S. banks, not included elsewhere..........................
Other foreign official assets12..................
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. nonoanking concerns
U.S. liabilities reported by U.S. banks, not included elsewhere..........................
4,448
7,786
1,856
n
n
n
(,7)
(17)
C7)
105,026
(18)
(18)
n
(18)
60,583
(18)
(18)
(18)
(18)
41,447
(18)
(18)
(18)
(18)
44
60
(17)
(17)
(17)
n
(18)
8,635
(18)
(18)
-1 0 3
-8 3
423
(,7)
n
(17)
(17)
(17)
n
92,539
3,144
86,742
1,736
39,297
1,847
2,739
3,936
3,298
(17)
(17)
23,495
13,472
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
19
20
21
22
23
?4
25
26
27
28
29
30
31
32
33
34
Passenger fares...........
........................
Other transportation.............................................................................................
Royalties and license fees5.................................................................................
Other private services5
..............................................................
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 paym ents................................................................................
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 transfers6
Capital and financial account
Capital account
39 Capital account transactions, net................................................................................
Financial account
41
4?
43
44
45
4fi
47
48
49
50
51
52
53
54
56
57
58
59
60
61
62
63
64
65
66
67
68
69
-1
-1
-1
-1
101
51
H
18,103
n
n
-1
(18)
n
(18)
418
(18)
n
(18)
-4
(18)
(18)
(,8)
-4 1 9
(18)
n
n
n
(18)
-1
(18)
(18)
(18)
-5 2 6
n
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
-1 9 ,2 8 0
-3 ,3 7 2
-5 ,7 1 7
31
(18)
(18)
(18)
(«)
750
618
7,674
4,643
21,243
3,205.
12
(17)
(17)
(17)
111
54,180
36,159
1,886
18 2,902
409
18 8,031
18-2 ,8 3 3
1,257
18 96,490
-7 9 2
18 36,279
1,226
18 33,295
70 Statistical discrepancy (sum of above items with sign reversed).......................
-14,093
-48,657
17,701
6,075
2,545
9,665
-78,671
-23,128
710
Memoranda:
Balance on goods (lines 3 and 2 0 ).........................................................................................
Balance on services (lines 4 and 2 1 ) ....................................................................................
Balance on goods and services (lines 2 and 1 9 )..........................................................
Balance on income (lines 12 and 2 9 )....................................................................................
Unilateral current transfers, net (line 3 5 ) ..............................................................................
Balance on current account (lines 1,18, and 35 or lines 73, 74, and 7 5 )13...............
-1 7 ,5 9 7
37
-1 7 ,5 6 0
4,145
-7 ,3 3 7
-2 0 ,7 5 2
-2 0 ,9 0 7
394
-2 0 ,5 1 3
3,028
-7 ,4 2 7
-2 4 ,9 1 2
-2 2 ,4 3 8
1,495
-2 0 ,9 4 3
3,012
-5 ,6 9 5
-2 3 ,6 2 6
-1 0 ,7 8 7
898
-9 ,8 8 9
472
-1 ,8 2 5
-1 1 ,2 4 2
-1 2 ,2 0 3
1,378
-1 0 ,8 2 5
499
-1 ,9 1 2
-1 2 ,2 3 8
-1 1 ,3 9 3
1,854
-9 ,5 3 9
35
-1 ,9 6 7
-11,471
-1 8 ,4 3 3
3,084
-1 5 ,3 4 9
-5 ,6 7 3
-1 0 5
-2 1 ,1 2 7
-1 8 ,7 0 0
2,869
-15,831
-6 ,8 4 7
-1 9 ,5 0 2
3,853
-1 5 ,6 4 9
-7 ,2 2 7
-5
-22,8 81
71
72
73
74
75
76
See the footnotes on page D-63.
12
-2 2 ,6 6 6
D-62
February 2005
International Data
Table E.3. U.S. International Transactions, by Area
[Millions of dollars]
(Credits +; debits - ) 1
Line
1
Australia
Other countries in Asia and Africa
International organizations and unallocated16
2004
2004
2004
llr
IIIP
llr
I
IIIP
1
IIIP
llr
Current account
7
7
7
74,056
63,704
46,155
17,549
1,886
2,231
247
2,975
1,973
8,173
64
10,352
10,247
8,554
1,349
344
105
-3,838
-2,668
-1,751
-917
-58
-294
-142
-64
-20
-331
-8
-1,170
-1,167
-732
-330
-105
-3
-4,175
-2,998
-1,972
-1,026
-60
-304
-176
-74
-34
-363
-15
-1,177
-1,174
-725
-352
-97
-3
-127,459
-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
-143,558
-134,892
-119,832
-15,060
-3,677
-3,284
-1,543
-3,869
-6 0
-2,418
-209
-8,666
-8,505
-500
-2,032
-5,973
-161
-158,577
-149,496
-135,405
-14,091
-3,705
-2,400
-1,499
-3,688
-63
-2,525
-211
-9,081
-8,945
-382
-2,225
-6,338
-136
-4,638
-1,129
-4,701
-1,113
-5,765
-2,111
-1,129
-1,113
-2,111
Passenger fa re s....................................................................................................
Other transportation.............................................................................................
Royalties and license fees5...........
Other private services5 .................
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 paym ents................................................................................
Compensation of employees.
-3,392
-2,616
-1,669
-947
-47
-295
-199
-62
-32
-295
-1 7
-776
-772
-359
-286
-127
-4
-859
-241
-2 8
-1
-3,509
-3,509
-2,611
-869
-29
-825
-258
-2 9
-1
-3,588
-3,588
-2,642
-915
-31
-1,023
-1,057
-30
-1
-3,654
-3,654
-2,672
-949
-33
Unilateral current transfers, net...................................................................................
-52
-53
-«0
U.S. Government pensions and other transfers........................................................
Private remittances and other transfers6....................................................................
-15
-37
-16
-37
-16
-44
-10,706
-6,526
-140
-4,040
-7,620
-3,795
-143
-3,682
-7,957
-3,555
-142
-4,260
-1,859
-85
-403
-1,371
-1,819
-164
-203
-1,452
-1,916
-95
-361
-1,460
-7
-7
-8
-255
-197
-216
-4,858
2,011
1,488
-16,109
8,059
-2,074
-6,566
715
-1,680
1,255
-6,885
578
-100
815
-9 0
1,345
-9 8
676
Exports of goods and services and income receipts.............................................
Exports of goods and services....................................................................................
Goods, balance-of-payments basis2......................................................................
Services3....................................................................................................................
Transfers under U.S. military agency sales contracts4....................................
Passenger fares....................................................................................................
Other transportation.............................................................................................
Royalties and license fees5.................................................................................
Other private services5 ........................................................................................
U.S. Government miscellaneous services.........................................................
Income receipts..............................................................................................................
Income receipts on U.S.-owned assets abroad.....................................................
Direct investment receipts.
Other private receipts........
Compensation of employees.
Imports of goods and services and income payments..........................................
Imports of goods and services....................................................................................
Goods, balance-of-payments basis2......................................................................
Services3....................................................................................................................
Direct defense expenditures................................................................................
6,485
4,728
3,134
1,594
53
435
97
82
234
691
2
1,757
1,750
1,265
485
7,144
5,087
3,327
1,760
35
548
134
92
264
684
3
2,057
2,050
1,526
524
7,393
5,334
3,629
1,705
53
516
106
109
249
669
3
2,059
2,052
1,511
541
74,216
63,488
46,952
16,536
2,401
2,969
281
3,100
1,971
5,750
64
10,728
10,624
9,021
1,410
193
104
78,372
66,364
47,815
18,549
2,177
3,697
331
3,169
2,034
7,077
64
12,008
11,903
10,094
1,553
256
105
10,048
1,521
10,320
1,615
10,496
1,730
1,521
1,615
1,730
192
637
692
197
653
765
262
666
802
8,527
8,074
5,672
2,302
100
453
8,705
8,267
5,701
2,476
90
438
8,766
8,289
5,705
2,486
98
477
Capital and financial account
Capital account
Financial account
U.S.-owned assets abroad, net (increase/financial outflow (-))...........................
Gold7..........................
Special drawing rights
U.S. foreign currency holdings and U.S. short-term assets, net.........................
U.S. private assets, n e t................................................................
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..............................
-4,858
-828
-206
-2,266
-1,558
2,011
-1,394
-1,703
3,235
1,873
1,488
1,167
-1,155
1,329
147
227
-253
542
-62
-16,336
-7,811
5,965
-670
-13,820
-3,465
3,319
-3,911
44,775
(18)
(18)
(18)
(18)
(18)
(18)
(18)
(18)
Foreign-owned assets in the United States, net (increase/financial inflow (+))
Foreign official assets in the United States, n e t........................................................
U.S. Government securities......................................................................................
U.S. Treasury securities9...........................
Other10.........................................................
Other U.S. Government liabilities11..............
U.S. liabilities reported by U.S. banks, not included elsewhere..........................
Other foreign official assets12........................
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..........................
1,101
591
-478
18 -4,269
Statistical discrepancy (sum of above items with sign reversed).......................
Memoranda:
Balance on goods (lines 3 and 20)..................................................................................
Balance on services (lines 4 and 2 1 )..............................................................................
Balance on goods and services (lines 2 and 1 9 )..........................................................
Balance on income (lines 12 and 2 9)..............................................................................
Unilateral current transfers, net (line 3 5 )........................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13..............
See the footnotes on page D-63.
H
(18)
(18)
-1 6
(18)
(18)
43
(18)
(18)
H
8
H
(18)
(18)
(18)
(18)
197
2,907
1,008
(18)
(18)
(18)
(18)
53
-271
338
-1 4
8,006
-7,310
7,208
-1,932
10,040
480
-113
603
-1 0
-2,554
-9,356
3,653
332
2,817
-247
-247
-245
-245
-741
-741
-7,034
-5,672
-94
-1
-1,267
-2,690
-5,701
-111
-6,722
-5,705
15
3,122
-1,032
21,986
34,609
998
10,195
H
H
(18)
2
3,143
101
2
101
(18)
H
(18)
(18)
44
145
n
H
(18)
(18)
(18)
(18)
H
16
H
(18)
(18)
1,884
-603
1,667
-2,567
13,009
19,890
9,214
^to o
18178
-54
18-2,306
2,156
18 27,682
268
18 2,286
5,289
-8,576
-727
35,698
1,465
647
2,112
981
-52
3,041
1,576
843
2,419
887
-53
3,253
1,657
679
2,336
882
-60
3,158
-59,861
4,000
-55,861
2,458
-10,706
-64,109
(18)
(18)
n
(18)
(18)
(18)
996
2,611
n
10,195
2,642
n
3,042
2,672
(18)
286
-1,800
540
8 754
496
2,560
939
18 22,773
18-101
18-1,741
18-2,686
47,114
55,843
2,017
-12,315
927
-72,880
1,476
-71,404
2,062
-7,620
-76,962
-87,590
4,458
-83,132
2,927
-7,957
-88,162
392
392
5,018
-1,859
3,551
502
502
5,117
-1,819
3,800
-381
-381
5,112
-1,916
2,815
February 2005
S urvey
of
D-63
C u rr e n t B u sin e ss
E.4. Private Services Transactions
[Millions of dollars]
Not seasonally adjusted
Line
2003
2003
I
1 Exports of private services..............................................
2 Travel (table E.2, line 6)...................................................
3
Passenger fares (table E.2, line 7)..................................
4
Other transportation (table E.2, line 8)............................
5
Freight..........................................................................
6
Port services................................................................
7
Royalties and license fees (table E.2, line 9 )..................
8
Affiliated.......................................................................
U.S. parents’ receipts.............................................
9
10
U.S. affiliates’ receipts............................................
11
Unaffiliated...................................................................
12
Industrial processes 1
O ther2 ....................................................................
13
14
Other private services (table E.2, line 10).......................
15
Affiliated services.......................................................
16
U.S. parents’ receipts.............................................
17
U.S. affiliates’ receipts............................................
18
Unaffiliated services...................................................
19
Education...........
20
Financial services..................................................
21
Insurance services.................................................
22
Telecommunications...............................................
23
Business, professional, and technical services......
24
Other unaffiliated services 3...................................
25 Imports of private services................................................
26
Travel (table E.2, line 23).................................................
27
Passenger fares (table E.2, line 24)................................
28
Other transportation (table E.2, line 25)..........................
29
Freight..........................................................................
30
Port services................................................................
31
Royalties and license fees (table E.2, line 26)................
32
Affiliated.......................................................................
33
U.S. parents’ payments..........................................
34
U.S. affiliates’ payments.........................................
35
Unaffiliated...................................................................
36
Industrial processes 1............................................
37
O ther2 ...............
38
39
40
41
42
43
44
45
46
47
48
Other private services (table E.2, line 27).......................
Affiliated services.......................................................
U.S. parents' payments..........................................
U.S. affiliates’ payments.........................................
Unaffiliated services
Education...........
Financial services
Insurance services.................................................
Telecommunications
Business, professional, and technical services......
Other unaffiliated services 9...................................
Supplemental detail on insurance transactions:
Premiums received 4............................................................
Actual losses paid................................................................
Premiums paid 4...................................................................
Actual losses recovered......................................................
Memoranda:
53 Balance on goods (table E.2, line 7 1).................................
54 Balance on private services (line 1 minus line 25)..............
55 Balance on goods and private services (lines 53 and 54)....
49
50
51
52
294,080
69,711
64,509
15,693
31,833
14,099
17,734
13,602
3,454
7,352
3,261
4,091
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
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
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
13,139
8,548
57,561
34,787
II
III
68,503
14,518
3,440
7,777
3,611
4,166
20,299
8,460
4,086
4,374
11,839
516
1,029
6,307
1,183
2,585
220
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
3,247
2,083
13,511
8,538
3,259
2,120
14,149
8,655
Seasonally adjusted
2004
IV
I
2003
II'
III p
85,370
21,897
5,251
9,851
3,872
5,979
78,313
77,432
78,552
17,169
4,238
8,489
3,773
4,716
16,103
4,183
8,653
3,940
4,713
18,879
4,535
9,260
3,996
5,264
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
12,422
9,243
8,558
685
3,179
1,254
1,925
33,456
12,300
7,099
5,201
21,156
1,752
4,869
1,302
1,455
7,848
3,929
66,348
18,118
6,236
13,237
9,625
3,612
21,476
8,423
4,649
3,774
13,053
887
1,103
6,807
1,207
2,810
240
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
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
5,393
4,437
691
3,746
956
580
376
23,364
9,492
5,250
4,242
13,872
721
1,243
7,412
1,236
3,015
246
12,649
9,443
8,724
719
3,206
1,254
1,952
35,722
12,171
7,117
5,054
23,551
3,884
4,888
1,335
1,473
7,919
4,053
69,456
19,263
6,618
13,756
9,980
3,776
6,268
4,510
716
3,794
1,758
591
1,168
23,551
9,227
5,259
3,968
14,324
946
1,200
7,586
1,254
3,086
252
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
3,700
2,254
16,210
12,885
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
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
I
II
71,511
70,704
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
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
2004
III
II r
III p
73,977
16,216
4,036
7,893
3,465
4,428
77,887
18,071
4,310
8,548
3,723
4,825
78,682
17,878
4,527
9,060
4,011
5,049
80,874
18,617
4,717
9,206
3,969
5,237
81,473
18,769
4,687
9,367
3,882
5,485
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
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
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
5,304
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
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
12,581
9,402
8,591
811
3,179
1,254
1,925
35,753
12,778
7,194
5,584
22,975
3,526
4,869
1,302
1,455
7,848
3,975
64,270
16,285
5,745
13,053
9,494
3,559
5,614
4,658
691
3,967
956
580
376
23,573
9,707
5,335
4,372
13,866
714
1,243
7,412
1,236
3,015
246
12,928
9,722
8,990
732
3,206
1,254
1,952
35,722
12,525
7,383
5,142
23,197
3,589
4,888
1,335
1,473
7,919
3,993
65,631
16,518
5,871
13,356
9,723
3,633
6,265
4,507
716
3,791
1,758
591
1,168
23,621
9,517
5,267
4,250
14,104
726
1,200
7,586
1,254
3,086
252
3,347
2,188
15,187
8,843
3,447
2,213
15,571
8,959
3,568
2,235
15,904
9,070
3,700
2,254
16,210
12,885
20,762
8,782
4,439
4,343
11,980
657
1,029
6,307
1,183
2,585
220
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
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
3,247
2,083
13,511
8,538
3,259
2,120
14,149
8,655
3,286
2,157
14,714
8,751
4,629
3,741
637
3,104
888
535
354
IV
I
-547,552 -125,526 -133,436 -146,514 -142,076 -138,816 -162,038 -179,339 -137,943 -135,533 -134,635 -139,441 -150,768 -163,580 -166,731
65,864
17,957
16,198
12,005
19,704
19,194
12,204
15,914
16,005
15,915
15,982
17,960
16,300
16,604
15,842
-481,688 -107,569 -121,431 -130,316 -122,372 -119,622 -149,834 -163,425 -121,938 -119,618 -118,653 -121,481 -134,468 -146,976 -150,889
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.
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: Third Quarter of 2004" in the January 2005 S urvey of Current B usiness.
Footnotes to Tables E.2. and E.3.
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, Third Quarter 2004" in the January 2005 S urvey of C urrent 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.
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, Third Quarter 2004" in the
January 2005 S urvey.
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 (NIPAs). However, the foreign transactions account in the NIFAs (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 S urvey. 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.
Additional footnotes to Table E.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.
-64
February 2005
F. In vestm en t T ables
Table F.1. International Investment Position of the United States at Yearend, 2002 and 2003
[Millions of dollars]
Changes in position in 2003
Attributable to
Type of investment
Line
Position,
2002'
Financial
flows
(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).
Valuation adjustments
Total
Price
changes
Exchange-rate
changes1
Other
changes:
(b)
(c)
(d)
(a+b+c+d)
-2,233,018
-2,553,407
-545,759
-545,759
37,112
-13,6%
255,457
397,918
55,526
63,954
6,413,535
6,613,320
283.414
283.414
355,668
676,650
327,520
468,722
-177,445
-178,138
158,602
90,806
12,166
21,979
33,651
-1,523
18,059
(3) 18,059
8,438
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
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
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
8,646,553
9,166,727
829.173
829.173
318,556
690,346
72,063
70,804
Foreign official assets in the United States......................................
U.S. Government securities...........................................................
U.S. Treasury securities.........
O ther.............................................................................................
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
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)..
U.S. official reserve assets.................................................
G old .................................
Special drawing rights.....................................................
Reserve position in the International Monetary Fund.
Foreign currencies..........................................................
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
39.890
113,432
250,981
213,718
37,263
16,640
84,014
75,643
Position,
2003 p
-197,664 -2,430,682
-97,583 -2,650,990
789,157
1,250,648
7,202,692
7,863,968
24,975
18,060
472
556
5,887
183,577
108,866
12,638
22,535
39,538
-537
-702
-700
-2
165
84,772
81,980
81,706
274
2,792
-177,446
-178,139
764,719
1,226,210
6,934,343
7,595,619
-13,009
-13,702
-340,377
175,940
229,018
690,509
627,495
368
627,127
-293,352
201,558
2,069,013
2,730,289
2,474,374
502,130
1,972,244
614,672
1,776,284
-232,971
-242,092
986,821 9,633,374
1,348,231 10,514,958
(4)1
1,073
2,050
5,315
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
-251,037
725,383
1,086,793
8,159,213
9,040,797
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
8,945
12,410
4,476
7,934
-3,465
20,765
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 S urvey of C urrent Business.
February 2005
S u rv ey
of
D-65
C u rr e n t B u sin ess
Table F.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
Income
Capital outflows (inflows (- ))
2003
1,316,247 1,460,352 1,601,414 1,788,911
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...............................................................................................
Of which:
France ......................................................................................
G erm any..................................................................................
Ireland......................................................................................
Netherlands..............................................................................
Switzerland...............................................................................
United Kingdom.......................................................................
687,320
771,936
848,599
963,087
77,976
65,580
69,665
99,191
65,574
53,524
62,467
81,751
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..........................
O f which:
Bermuda...................................................................................
B razil.........................................................................................
Mexico......................................................................................
United Kingdom Islands, Caribbean.....................................
266,576
279,611
284,561
304,023
23,212
25,691
6,428
13,171
19,796
18,006
17,146
24,552
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................................................................................
Of which:
Australia...................................................................................
Hong Kong ...............................................................................
Japan .......................................................................................
Singapore.................................................................................
207,125
227,418
267,125
293,490
22,449
12,927
24,568
21,392
27,861
23,564
30,636
35,546
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
Mining................................................................................................
72,111
79,392
86,564
98,669
2,174
15,590
7,949
9,816
13,164
9,262
9,503
12,786
Utilities...............................................................................................
21,964
25,528
24,330
26,907
2,466
2,887
-835
-213
1,610
2,068
1,902
1,991
Manufacturing...................................................................................
Of which:
Food..........................................................................................
Chem icals..........................
Primary and fabricated m etals..............................................
Machinery..........................
Computers and electronic products.....................................
Electrical equipment, appliances, and components...........
Transportation equipment.......................................................
343,899
328,030
339,391
378,033
43,002
25,871
28,002
28,370
42,230
27,603
26,733
36,531
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 tra d e ...............................................................................
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
By industry of foreign affiliate
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
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 S urvey of C urrent Business.
D-66
February 2005
International Data
Table F.3. Selected Financial and Operating Data of Nonbank Foreign Affiliates of U.S. Companies by Country and by Industry of Affiliate, 2002
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
Net
income
217,660
Thousands
U.S. exports U.S. imports
of
of goods
of goods
employees
shipped to shipped by
affiliates
affiliates
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..........................................................................................
O f which:
France ..................................................................................
G erm any.............................................................................
Netherlands.........................................................................
United Kingdom..................................................................
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
1,990.0
860,328
308,180
32,264
61,400
41,023
47,194
1,594.3
58,787
112,443
-3,531
4,834
10,865
22,233
2,991
32,011
1,673
40,255
336.7
841.2
139.0
514,250
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......................
O f which:
B razil...................................................................................
Mexico.................................................................................
994,055
365,977
34,947
42,283
49,931
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
A frica............................................................................................
77,632
42,294
3,120
931
(D)
218.7
61,954
33,827
2,505
13,409
767
4,960
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...........................................................................
O f which:
Australia..............................................................................
Japan....................................................................................
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
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
Mining...........................................................................................
298,637
104,463
17,166
1,124
12,516
167.5
275,111
94,171
14,193
58,175
1,050
11,622
149.2
Utilities..........................................................................................
142,367
60,632
-301
8
3
101.4
100,498
40,570
-1,614
7,582
8
3
70.7
1,343,683 1,415,463
61,180
127,658
186,483
5,062.8 1,143,805 1,208,610
54,798
316,621
122,573
169,379
4,317.8
By industry of foreign affiliate
Manufacturing..............................................................................
O f which:
Food.....................................................................................
Chemicals...........................................................................
Primary and fabricated m etals.........................................
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 tra d e ..........................................................................
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
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
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 S urvey of C urrent B usiness.
February 2005
S u rvey
of
D-67
C u rr en t B u sin e ss
Table F.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 o1 dollars]
Direct investment position
on a historical-cost basis
2000
All countries, all industries........................................................
2001
2002
Capital inflows (outflows ( -))
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...........................................................................................................
O f which:
France ...................................................................................................
G erm any..............................................................................................
Luxembourg........................................................................................
Netherlands
Switzerland.
United Kingdom...................................................................................
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
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......................................
O f which:
Bermuda...............................................................................................
Mexico...................................................................................................
Panama................................................................................................
United Kingdom Islands, Caribbean.................................................
53,691
64,842
68,366
69,557
12,741
8,232
1,577
3,525
2,382
-3,748
-592
1,253
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
^01
1,290
522
241
200
-214
163
Asia and Pacific............................................................................................
O f which:
Australia...............................................................................................
Japan
Singapore.............................................................................................
192,647
179,228
183,392
192,539
19,912
2,104
11,980
10,086
5,651
-1,053
8,670
7,901
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...............................................................................................
Of which:
Food......................................................................................................
Chem icals...........................
Primary and fabricated m etals..........................................................
Machinery..........................
Computers and electronic p roducts.................................................
Electrical equipment, appliances, and components.......................
Transportation equipment...................................................................
480,561
476,474
468,471
475,475
105,119
51,069
18,876
344
24,744
4,261
21,680
20,216
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 tra d e ...........................................................................................
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
96,437
By industry of U.S. affiliate
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
1,407
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
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 S urvey of
C urrent B usiness.
■68
International Data
February 2005
Table F.5. Selected Financial and Operating Data of Nonbank U.S. Affiliates of Foreign Companies by Country
of Ultimate Beneficial Owner and by Industry of Affiliate, 2002
Majority-owned nonbank affiliates
All nonbank affiliates
Millions of dollars
Millions of dollars
Total
assets
All countries, all industries...........................................
Sales
5,213,336 2,225,352
Net
income
-46,188
Thousands
of
employees
5,932.2
Millions of dollars
U.S.
U.S.
imports
exports
of goods
of goods
shipped by shipped to
affiliates
affiliates
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
of
employees
5,420.3
U.S.
U.S.
imports
exports
of goods
of goods
shipped by shipped to
affiliates
affiliates
137,037
324,578
By country
135,626
-4,425
500.4
6,018
E urope................................................................................ 3,574,466 1,321,197
Of which:
France.........................................................................
466,024
163,391
302,732
G erm any....................................................................
549,123
233,696
540,928
N etherlands..............................................................
58,427
43,426
Sweden...
119,340
898,393
Switzerland................................................................
905,691
346,008
United Kingdom ........................................................
-32,476
4,017.2
79,224
-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
Canada ...............................................................................
346,204
128,411
-4,732
36,589
470.5
5,678
16,406
137,288 3,418,922 1,246,557
-30,801
290,887
3,751.9
73,806
132,322
(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
16,750
325,469
Latin America and Other Western Hemisphere ...........
O f which:
Bermuda.....................................................................
Mexico........................................................................
Panama......................................................................
United Kingdom Islands, Caribbean......................
Venezuela...................................................................
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
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)
806
143
66
121,159
18,132
(D)
55,661
62,552
15,769
1,312
9,714
-10,495
-828
-134
-174
22,154
3,496
513
2,147
(D)
(D)
(D)
(D)
223.4
47.1
6.5
36.5
H
6,454
(D)
142
66
466
2,842
2,571
161
895
(D)
2,846
3,069
164
895
7,966
Africa....................................................................................
7,606
(D)
(D)
10.7
(D)
(D)
6,073
5,387
-28
1,150
10.3
513
362
(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..................................................................
Of which:
Australia.....................................................................
Japan ..........................................................................
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
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 S tates.....................................................................
456,647
(D)
(D)
L
(D)
(D)
20,122
18,529
-913
5,064
40.1
4,024
3,377
Manufacturing.................................................................... 1,063,821
Of which:
47,049
Food............................................................................
256,248
Chemicals...................................................................
Primary and fabricated metals................................
49,268
Machinery..................................................................
91,970
104,159
Computers and electronic products.......................
Electrical equipment, appliances, and
26,021
components...........................................................
215,770
Transportation equipment.........................................
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
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
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..........................................................................
O f which:
Publishing industries................................................
Telecommunications..................................................
(D)
98,953
-36,789
318.4
1,070
853
248,147
75,109
-38,095
24,689
245.8
1,046
853
(D)
(D)
33,985
-1,973
(D)
(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)
140.2
M
Finance (except depository institutions) and insurance
2,732,422
(D)
(D)
285.0
(*)
4 2,293,786
185,248
-10,118
19,487
233.3
(*)
4
Real estate and rental and leasing.................................
102,749
20,525
599
35.8
215
17,709
414
9,072
33.8
215
467
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
By industry
D Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
N otes. 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
(D)
Survey" in the August 2004 S urvey of C urrent B usiness.
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.
D-69
February 2005
G. C harts
THE U.S. IN THE INTERNATIONAL ECONOMY
B illio n $
B illio n $
30
40
BALANCE ON CURRENT ACCOUNT
C O M PO NENTS O F C URRENT ACCOUNT BALANCE
20K
1 V.
'■A
— —__ — -— ' T v - —
-2 0 -
-3 0 -
s
/
%
\
-4 0 -6 0 -
\
^
V/ '
/
Unilateral transfers
•* * \ w
-6 0 -
Goods
\
♦*
**»
-8 0 -
-9 0 -
V A
-1 0 0 -
-1 2 0 -
\
\
a
y \
V
-1 2 0 -
\
v*».
-1 4 0 -
-1 5 0 -
I
-1 6 0 -1 8 0
-1 8 0
82
84
86
88
90
92
94
96
98
00
02
04
82
B illio n $
B illio n $
B illio n $
B illio n $
U.S. Bureau of Economic Analysis
84
86
88
90
92
94
96
98
00
02
04
February 2005
D-70
Regional Data
H. S tate and R egional T ables
The tables in this section include the most recent estimates of state personal income and gross state product. The
sources of these estimates are noted.
The quarterly and annual estimates of state personal income and the estimates of gross state product are
available on CD-ROM. For information on state personal income, e-mail reis.remd@bea.gov; write to the
Regional Economic Information System, BE-55, Bureau of Economic Analysis, U.S. Department of Commerce,
Washington, DC 20230; or call 202-606-5360. For information on gross state product, e-mail gspread@bea.gov;
write to the Regional Economic Analysis Division, BE-61, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, DC 20230; or call 202-606-5340.
Table H.1. Personal Income by State and Region
[M illions of dollars, seasonally adjusted at annual rates]
2002
2001
2000
Percent
change'
2004
2003
Area name
United S tates.............
New England................................
Connecticut
Maine..........
Massachusetts.........................
New Hampshire........................
Rhode Island.............................
Vermont
Mideast..........
Delaware...................................
District of Columbia..................
Maryland....
New Jersey.
New York....
Pennsylvania.............................
Great Lakes...
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 V irginia.............................
Southwest....................................
Arizona......................................
New Mexico...............................
Oklahoma..................................
Texas ..........................................
Rocky Mountain..........................
Colorado....................................
Idaho..........................................
M ontana....................................
Utah............................................
Wyoming....................................
Far West.........................................
Alaska.........................................
C alifornia...................................
Hawaii.........................................
Nevada......................................
O regon......................................
Washington................................
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
8,554,392
513,216
144,245
33,646
244,714
42,191
31,217
17,204
1,614,961
24,806
23,493
186,217
330,775
678,801
370,869
1,343,314
406,087
165,331
294,418
322,038
155,441
552,155
78,260
75,178
161,023
154,219
47,710
16,181
19,584
1,868,445
107,129
59,383
465,868
233,905
99,707
104,215
60,379
221,685
99,527
150,745
225,800
40,102
866,645
134,836
41,016
86,406
604,386
269,840
148,213
31,811
21,037
54,294
14,486
1,525,817
18,981
1,123,310
34,998
62,411
97,273
188,845
8,681,379
526,881
148,434
34,812
251,126
42,796
32,065
17,647
1,620,606
24,945
25,332
188,955
330,564
681,147
369,663
1,357,135
408,525
168,254
298,059
324,297
158,000
559,824
79,321
76,756
162,327
155,956
48,910
16,327
20,227
1,905,352
109,274
61,721
472,770
238,391
100,653
108,867
62,310
224,838
100,998
153,161
231,078
41,291
888,630
136,744
43,108
89,416
619,362
277,824
152,794
32,707
21,909
55,634
14,781
1,545,127
19,713
1,136,944
34,683
63,848
98,614
191,325
8,712,868
524,837
147,553
35,062
249,490
42,717
32,195
17,821
1,617,262
25,365
25,599
191,059
331,747
671,847
371,644
1,359,188
407,131
168,490
299,305
325,733
158,530
562,695
79,716
77,132
162,726
157,006
49,302
16,424
20,389
1,924,878
110,563
62,203
478,365
240,828
101,195
110,193
62,961
225,826
101,369
154,330
235,230
41,815
891,962
138,521
43,812
90,190
619,440
279,745
153,162
33,122
22,182
56,268
15,011
1,552,301
20,185
1,135,837
34,876
64,988
98,970
197,444
8,725,409
522,244
146,526
35,096
248,027
42,569
32,264
17,761
1,637,381
25,547
25,713
191,861
332,394
689,347
372,519
1,359,982
407,961
168,236
299,372
325,836
158,576
562,506
79,650
77,453
162,113
157,236
49,278
16,404
20,372
1,924,925
110,776
62,201
479,395
241,563
101,648
110,705
62,734
224,602
101,712
154,595
233,084
41,910
893,032
139,663
44,328
90,357
618,684
279,646
152,598
33,068
22,385
56,463
15,131
1,545,693
20,295
1,131,282
35,283
65,324
98,747
194,761
8,753,004
523,594
146,779
35,439
248,308
42,745
32,394
17,929
1,627,826
25,834
25,829
193,151
336,096
673,155
373,762
1,363,909
408,242
168,746
300,401
327,010
159,510
567,781
80,083
78,256
163,838
158,741
49,709
16,724
20,429
1,943,802
111,835
62,809
484,093
243,731
102,179
111,862
63,562
227,701
102,643
155,669
235,162
42,557
896,398
140,036
45,086
90,829
620,447
280,687
152,297
33,465
22,648
56,962
15,316
1,549,007
20,456
1,135,473
35,315
64,746
98,870
194,148
8,793,524
526,458
147,705
35,979
248,810
43,062
32,853
18,048
1,643,347
26,138
25,962
196,944
337,926
678,630
377,746
1,362,348
409,657
168,945
295,172
327,434
161,139
569,338
81,204
77,638
164,698
159,780
49,385
16,603
20,031
1,955,462
112,170
62,821
486,097
244,859
102,652
112,313
63,676
229,084
103,404
158,046
237,292
43,049
897,023
142,233
45,266
89,731
619,793
281,242
152,760
33,556
22,206
57,464
15,255
1,558,307
20,596
1,139,648
36,294
65,757
99,478
196,533
8,895,952
531,609
148,113
36,330
252,013
43,731
33,181
18,241
1,652,543
26,259
26,196
198,827
337,898
682,928
380,436
1,386,415
414,576
172,177
303,572
332,522
163,568
576,645
82,546
78,905
167,022
161,208
49,777
16,883
20,305
1,982,036
114,069
63,653
493,216
248,052
104,077
113,420
64,539
231,791
104,852
160,506
240,483
43,377
906,295
144,161
46,182
90,245
625,707
284,533
154,156
34,327
22,832
57,794
15,424
1,575,876
20,787
1,152,177
36,703
66,392
100,896
198,922
8,884,308
529,378
148,169
36,413
249,715
43,525
33,259
18,296
1,650,386
26,193
26,071
198,710
337,749
680,486
381,177
1,386,835
412,392
172,785
304,257
333,856
163,545
576,042
81,990
78,348
167,360
161,143
50,062
16,797
20,342
1,978,935
113,969
63,605
492,812
246,704
104,390
113,294
64,502
231,151
104,767
160,163
240,228
43,349
904,154
143,829
45,838
90,197
624,291
283,363
153,534
34,043
22,666
57,675
15,445
1,575,215
20,985
1,150,758
36,856
66,644
100,515
199,458
8,899,260
528,207
147,438
36,460
249,020
43,554
33,331
18,403
1,649,919
26,140
26,272
199,696
337,837
678,684
381,289
1,389,237
412,423
173,458
305,073
334,061
164,221
577,209
81,960
78,268
167,794
161,717
50,266
16,836
20,367
1,986,231
114,380
63,940
496,745
247,509
105,101
114,082
64,595
230,756
105,139
160,617
239,918
43,447
905,547
144,499
45,915
90,135
624,998
283,760
153,923
33,927
22,401
57,995
15,515
1,579,150
21,230
1,153,992
37,182
67,343
100,847
198,556
8,987,629
533,194
149,122
37,191
250,452
43,937
33,982
18,510
1,664,276
26,713
26,194
202,327
340,044
683,026
385,972
1,401,040
415,225
174,918
307,560
337,840
165,496
584,893
82,324
79,526
169,217
163,820
51,375
17,584
21,048
2,013,352
116,233
64,824
501,513
250,065
106,488
114,953
66,188
233,991
106,906
163,859
244,210
44,122
915,662
146,619
46,656
91,336
631,051
285,913
154,549
34,286
23,051
58,256
15,771
1,589,299
21,095
1,161,193
37,822
68,692
100,869
199,629
9,093,138
536,212
149,867
37,428
251,842
44,306
34,026
18,742
1,684,882
27,131
26,544
205,124
343,586
692,960
389,538
1,415,112
418,348
177,063
311,916
340,717
167,067
591,792
83,008
79,811
171,509
165,201
52,661
18,004
21,599
2,033,577
117,442
65,755
507,044
252,511
107,818
116,469
66,738
235,357
107,559
165,512
246,895
44,477
929,268
149,164
47,444
92,918
639,743
289,453
156,017
34,748
23,637
59,074
15,978
1,612,841
21,498
1,178,114
38,277
69,574
101,706
203,671
9,196,611
541,900
151,350
37,853
254,383
44,889
34,456
18,970
1,702,422
27,359
26,756
207,185
347,811
699,983
393,329
1,427,911
421,533
179,073
315,787
342,744
168,775
598,422
83,916
80,782
173,910
166,635
53,149
18,275
21,756
2,056,893
118,631
66,538
512,841
255,056
109,061
117,699
67,568
238,951
108,646
167,637
249,495
44,770
939,449
151,187
47,982
93,867
646,413
293,717
158,862
35,198
23,836
59,540
16,281
1,635,897
21,728
1,194,113
38,594
71,082
103,122
207,259
9,317,342
548,971
152,864
38,654
257,435
45,613
35,013
19,392
1,725,231
27,757
27,111
210,029
350,788
710,154
399,391
1,450,706
425,520
182,607
322,576
348,829
171,174
603,755
85,170
81,744
174,232
168,213
53,835
18,448
22,113
2,087,930
120,733
67,777
518,962
258,782
110,691
119,177
68,540
243,424
110,479
170,461
253,615
45,289
953,704
154,208
49,146
95,041
655,308
295,447
158,742
35,586
24,082
60,437
16,600
1,651,597
21,984
1,207,788
39,185
72,921
104,456
205,263
9,442,744
558,314
156,856
39,009
261,519
46,169
35,329
19,430
1,746,698
28,097
27,813
213,804
354,319
721,801
400,864
1,457,195
432,539
183,856
318,829
349,578
172,392
615,766
88,104
82,948
178,385
170,202
54,225
19,196
22,706
2,119,326
122,304
69,203
527,188
263,056
111,946
121,329
69,904
246,140
111,466
172,466
258,371
45,953
968,355
156,591
49,745
96,106
665,914
301,103
162,264
36,150
24,701
61,159
16,829
1,675,987
21,615
1,227,302
39,965
74,249
105,413
207,443
9,590,857
567,152
157,751
39,570
266,940
47,113
35,804
19,975
1,765,501
28,806
27,968
216,073
358,239
727,170
407,245
1,482,450
437,175
188,009
325,276
356,967
175,023
624,827
89,632
83,825
180,726
172,714
55,060
19,609
23,261
2,154,240
124,448
70,309
538,629
267,903
113,476
122,302
70,845
248,834
113,505
175,150
261,963
46,875
982,379
159,953
50,354
97,520
674,552
306,855
164,972
37,031
25,003
62,681
17,167
1,707,454
21,784
1,248,541
40,524
75,859
107,436
213,310
9,670,604
570,993
159,030
39,947
268,122
47,640
36,147
20,106
1,782,364
29,114
28,252
218,614
362,430
732,681
411,274
1,493,647
441,255
189,487
326,168
359,839
176,898
628,978
89,970
84,716
181,793
174,256
55,418
19,650
23,175
2,170,607
125,249
70,678
541,273
269,662
114,601
123,556
71,366
251,202
114,270
176,704
264,707
47,339
991,095
161,709
50,702
98,275
680,409
309,891
166,093
37,385
25,215
63,788
17,411
1,723,029
22,011
1,259,549
41,001
76,858
108,350
215,260
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 the
2004: II2004:lll
methodologies used to prepare the estimates, and in the timing of the availability of source data.
Source: Table 1 “State Personal Income: Third Quarter 2004” in the January 2005 S urvey of C urrent Business.
0.8
0.7
0.8
1.0
0.4
1.1
1.0
0.7
1.0
1.1
1.0
1.2
1.2
0.8
1.0
0.8
0.9
0.8
0.3
0.8
1.1
0.7
0.4
1.1
0.6
0.9
0.6
0.2
-0.4
0.8
0.6
0.5
0.5
0.7
1.0
1.0
0.7
1.0
0.7
0.9
1.0
1.0
0.9
1.1
0.7
0.8
0.9
1.0
0.7
1.0
0.8
1.8
1.4
0.9
1.0
0.9
1.2
1.3
0.9
0.9
February 2005
D-71
S u r v e y o f C u r r e n t B u sin e ss
Table H.2. Annual Personal Income and Per Capita Personal Income by State and Region
Per capita personal income1
Personal income
1998
New England..........................................................
Connecticut.........................................................
Maine....................................................................
M assachusetts....................................................
New Hampshire..................................................
Rhode Island.......................................................
Verm ont...............................................................
Delaware.............................................................
M aryland.............................................................
New Jersey..........................................................
New Y ork.............................................................
Pennsylvania.......................................................
Great Lakes............................................................
Illinois...................................................................
Indiana..................................................................
Michigan...............................................................
Ohio......................................................................
W isconsin............................................................
Plains.......................................................................
Iowa......................................................................
Kansas .................................................................
Minnesota............................................................
Missouri................................................................
Nebraska.............................................................
North Dakota.......................................................
South Dakota.......................................................
Alabama..............................................................
Arkansas.............................................................
Florida..................................................................
Georgia.................................................................
Kentucky..............................................................
Louisiana.............................................................
Mississippi...........................................................
North Carolina.....................................................
South Carolina.....................................................
Tennessee...........................................................
Virginia.................................................................
West Virginia.......................................................
Arizona.................................................................
New Mexico.........................................................
Oklahoma............................................................
Texas....................................................................
Colorado...............................................................
Idaho....................................................................
Montana...............................................................
Utah......................................................................
Wyoming..............................................................
Alaska...................................................................
California.............................................................
Hawaii...................................................................
Nevada.................................................................
O regon.................................................................
Washington..........................................................
Percent
change2
[Millions of dollars]
Area name
7,415,709
435,052
123,918
29,710
203,987
35,149
27,501
14,788
1,404,640
21,565
20,562
157,784
282,721
591,847
330,161
1,207,487
360,095
149,336
265,098
294,292
138,667
492,324
71,704
67,800
139,553
137,619
43,314
14,810
17,523
1,633,535
97,012
53,810
402,454
198,782
87,851
96,677
54,820
193,223
86,854
133,620
191,711
36,722
732,215
113,370
37,046
74,118
507,681
223,844
118,493
27,287
18,857
47,019
12,189
1,286,611
17,085
936,009
31,757
52,371
85,629
163,762
1999
7,796,137
458,387
129,807
31,016
216,221
37,125
28,568
15,650
1,467,261
22,416
21,115
167,075
294,385
619,659
342,611
1,255,454
373,385
154,842
278,062
304,464
144,702
511,507
73,285
70,158
146,722
142,925
45,116
14,934
18,367
1,716,450
100,662
56,052
423,834
212,081
91,462
98,200
56,719
203,187
91,716
140,395
204,586
37,557
776,129
120,857
38,046
77,565
539,661
239,693
128,860
29,068
19,373
49,343
13,050
1,371,257
17,557
999,228
32,646
56,462
89,873
175,491
2000
8,422,074
503,961
141,570
33,173
240,209
41,429
30,697
16,883
1,580,733
24,277
23,102
181,957
323,554
663,005
364,838
1,333,971
400,373
165,285
294,227
320,538
153,548
545,882
77,763
74,570
157,964
152,722
47,329
16,097
19,438
1,840,460
105,807
58,726
457,539
230,356
98,845
103,151
59,837
218,668
98,270
148,833
220,845
39,582
850,326
132,558
40,318
84,310
593,139
264,024
144,394
31,290
20,716
53,561
14,063
1,502,717
18,741
1,103,842
34,451
61,428
96,402
187,853
2001
8,718,165
524,389
147,323
35,102
249,238
42,707
32,229
17,790
1,625,769
25,423
25,618
191,257
332,700
678,874
371,897
1,360,054
407,965
168,431
299,284
325,719
158,654
563,202
79,692
77,399
162,751
157,235
49,300
16,470
20,355
1,924,739
110,612
62,233
478,656
241,128
101,419
110,407
62,892
225,742
101,681
154,439
233,639
41,893
892,506
138,741
44,083
90,198
619,483
279,475
152,713
33,090
22,281
56,332
15,060
1,548,032
20,162
1,134,884
35,039
64,727
98,800
194,420
2002
8,868,261
528,913
147,856
36,295
249,889
43,468
33,156
18,247
1,649,049
26,183
26,125
198,544
337,853
680,182
380,162
1,381,209
412,262
171,841
302,019
331,968
163,118
574,808
81,925
78,290
166,718
160,962
49,872
16,780
20,261
1,975,666
113,647
63,505
492,218
246,781
104,055
113,277
64,328
230,696
104,540
159,833
239,480
43,305
903,255
143,680
45,801
90,077
623,697
283,224
153,593
33,963
22,526
57,732
15,410
1,572,137
20,899
1,149,144
36,759
66,534
100,434
198,367
1. Per capita personal income was computed using midyear population estimates from the Census Bureau.
2. Percent change was calculated from unrounded data.
N ote. 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
2003
9,148,680
540,069
150,801
37,781
253,528
44,686
34,369
18,904
1,694,203
27,240
26,651
206,166
345,557
696,531
392,058
1,423,692
420,156
178,415
314,460
342,533
168,128
594,716
83,604
80,466
172,217
165,967
52,755
18,078
21,629
2,047,938
118,260
66,224
510,090
254,104
108,515
117,074
67,258
237,931
108,398
166,867
248,554
44,665
934,521
150,295
47,807
93,290
643,129
291,133
157,043
34,954
23,651
59,327
16,157
1,622,409
21,576
1,185,302
38,470
70,567
102,538
203,956
20022003
3.2
2.1
2.0
4.1
1.5
2.8
3.7
3.6
2.7
4.0
2.0
3.8
2.3
2.4
3.1
3.1
1.9
3.8
4.1
3.2
3.1
3.5
2.1
2.8
3.3
3.1
5.8
7.7
6.7
3.7
4.1
4.3
3.6
3.0
4.3
3.4
4.6
3.1
3.7
4.4
3.8
3.1
3.5
4.6
4.4
3.6
3.1
2.8
2.2
2.9
5.0
2.8
4.9
3.2
3.2
3.1
4.7
6.1
2.1
2.8
Rank in
United
States
[Dollars]
1998
1999
2000
26,883
31,677
36,822
23,596
32,524
29,147
26,670
24,629
30,654
28,252
36,379
30,317
34,115
31,555
26,961
26,996
29,343
24,894
26,919
26,017
26,175
25,928
24,701
25,483
28,993
24,923
25,542
22,872
23,488
24,155
22,025
20,489
25,987
25,279
22,043
21,772
19,545
24,743
22,161
23,989
27,780
20,226
24,214
23,216
20,656
21,766
25,186
25,100
28,784
21,789
21,130
21,708
24,836
28,093
27,560
28,374
26,132
28,260
25,542
28,384
27,939
33,126
38,332
24,484
34,227
30,380
27,459
25,881
31,824
28,925
37,030
31,796
35,215
32,816
27,937
27,918
30,212
25,615
28,095
26,859
27,135
26,737
25,118
26,195
30,106
25,697
26,465
23,180
24,475
25,032
22,722
21,137
26,894
26,359
22,763
22,014
20,053
25,560
23,075
24,898
29,226
20,729
25,177
24,057
21,042
22,567
26,250
26,356
30,492
22,786
21,585
22,393
26,536
29,486
28,100
29,828
26,973
29,184
26,480
30,037
29,847
36,121
41,495
25,972
37,756
33,398
29,216
27,680
34,079
30,871
40,428
34,257
38,372
34,900
29,697
29,497
32,187
27,134
29,553
28,208
28,573
28,327
26,554
27,694
32,018
27,243
27,627
25,109
25,722
26,485
23,768
21,926
28,511
27,989
24,414
23,080
21,007
27,071
24,426
26,099
31,084
21,901
27,089
25,661
22,134
24,410
28,313
28,491
33,371
24,076
22,932
23,878
28,463
31,837
29,863
32,466
28,417
30,438
28,100
31,780
2001
30,580
37,328
42,919
27,324
38,944
33,922
30,434
29,024
34,866
31,955
44,731
35,527
39,122
35,590
30,240
29,931
32,592
27,492
29,913
28,607
29,352
29,080
27,178
28,662
32,647
27,897
28,679
25,884
26,847
27,381
24,765
23,118
29,266
28,724
24,935
24,722
22,008
27,545
25,046
26,879
32,483
23,253
27,948
26,189
24,101
26,015
29,028
29,639
34,482
25,044
24,594
24,711
30,502
32,284
31,868
32,864
28,603
30,901
28,451
32,442
2002
30,795
37,420
42,751
28,030
38,913
34,109
31,035
29,603
35,188
32,487
45,902
36,427
39,399
35,548
30,835
30,266
32,754
27,910
30,072
29,098
29,987
29,532
27,905
28,870
33,179
28,391
28,869
26,471
26,644
27,769
25,374
23,466
29,489
28,884
25,442
25,307
22,440
27,775
25,474
27,606
32,860
23,993
27,776
26,406
24,730
25,812
28,693
29,588
34,124
25,287
24,744
24,898
30,892
32,323
32,580
32,831
29,628
30,697
28,530
32,696
2003
31,459
38,018
43,292
28,935
39,408
34,703
31,937
30,534
35,983
33,321
47,305
37,424
40,002
36,296
31,706
31,060
33,205
28,797
31,196
29,953
30,723
30,391
28,398
29,545
34,039
29,094
30,331
28,521
28,299
28,436
26,276
24,296
29,972
29,259
26,352
26,038
23,343
28,301
26,138
28,565
33,651
24,672
28,246
26,931
25,502
26,567
29,076
30,053
34,510
25,583
25,775
25,230
32,235
32,894
33,254
33,403
30,589
31,487
28,806
33,264
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 S urvey of C urrent Business.
Regional Data
D-72
February 2005
Table H.3. Disposable Personal Income and Per Capita Disposable Personal Income by State and Region
Per capita disposable personal income1
Disposable personal income
1998
Connecticut...................................................
Maine..............................................................
Massachusetts.............................................
New Hampshire............................................
Rhode Island................................................
Vermont.........................................................
Delaware.......................................................
Maryland.......................................................
New Jersey....................................................
New York.......................................................
Pennsylvania.................................................
Illinois.............................................................
Indiana............................................................
Michigan........................................................
Ohio................................................................
Wisconsin......................................................
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................................................
Southwest........................................................
Arizona..........................................................
New Mexico...................................................
Oklahoma......................................................
Texas.............................................................
Colorado........................................................
Idaho.............................................................
Montana........................................................
Utah...............................................................
Wyoming........................................................
Alaska............................................................
California.......................................................
Hawaii............................................................
Nevada..........................................................
O regon..........................................................
Washington....................................................
Percent
change2
[Millions of dollars]
Area name
6,389,738
363,291
101,189
25,908
168,810
30,635
23,831
12,918
1,190,117
18,269
17,300
133,288
239,619
496,302
285,339
1,036,741
308,065
129,406
227,260
253,439
118,570
427,609
63,065
58,989
118,648
119,728
37,973
13,352
15,854
1,427,795
85,890
47,657
351,980
171,364
76,590
86,076
49,346
167,117
76,188
119,491
163,292
32,804
646,262
98,888
32,967
65,247
449,160
193,508
101,125
24,035
16,722
41,018
10,607
1,104,416
15,127
800,228
27,910
45,545
73,590
142,017
1999
6,689,767
380,679
105,480
27,038
177,680
32,113
24,716
13,652
1,235,841
19,001
17,514
140,891
247,445
515,421
295,568
1,077,642
318,411
134,237
238,508
262,576
123,910
444,820
64,411
61,000
125,656
124,279
39,508
13,441
16,524
1,498,498
89,022
49,720
370,488
182,606
79,693
87,655
51,020
175,967
80,438
125,704
172,650
33,535
685,463
105,330
33,777
68,353
478,003
206,559
109,656
25,498
17,131
42,941
11,333
1,160,267
15,577
840,397
28,625
49,043
76,895
149,729
2000
7,187,588
411,889
113,910
28,728
192,839
35,438
26,330
14,645
1,325,573
20,666
19,078
152,970
269,958
548,702
314,199
1,145,681
340,996
144,059
253,237
275,725
131,663
473,377
68,496
64,751
134,132
132,734
41,271
14,487
17,505
1,604,611
93,705
51,897
398,172
197,964
86,423
91,957
53,940
189,004
86,509
133,501
186,232
35,308
748,309
115,336
35,661
74,327
522,986
226,461
122,175
27,240
18,281
46,661
12,105
1,251,686
16,582
908,421
30,111
53,123
82,019
161,429
2001
7,482,144
432,891
118,792
30,503
203,533
36,857
27,700
15,506
1,359,963
21,574
21,540
161,323
278,898
555,710
320,917
1,174,196
349,550
147,127
259,810
281,084
136,626
489,853
70,376
67,519
138,903
136,739
43,180
14,767
18,368
1,684,803
98,448
55,292
418,874
208,336
88,609
98,557
56,844
195,771
89,815
138,840
198,002
37,416
789,086
121,434
39,333
79,769
548,550
242,200
130,990
28,981
19,757
49,365
13,107
1,309,152
17,914
949,424
30,614
56,476
84,917
169,807
2002
7,818,343
453,964
123,975
32,284
213,638
38,671
29,160
16,236
1,422,154
22,874
22,542
171,489
291,887
577,687
335,675
1,219,137
362,708
152,950
267,928
291,814
143,737
510,191
73,729
69,775
145,182
143,102
44,554
15,293
18,557
1,765,988
102,678
57,285
440,616
218,374
92,468
102,713
58,891
204,332
94,019
146,313
209,090
39,210
815,266
128,702
41,407
80,849
564,307
251,312
134,949
30,641
20,265
51,756
13,701
1,380,330
18,868
1,002,855
32,709
59,345
88,377
178,175
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
2003
8,148,213
468,972
128,096
33,901
219,303
40,172
30,483
17,017
1,477,234
24,051
23,179
179,915
302,060
598,509
349,520
1,270,248
373,690
160,358
282,084
304,748
149,368
533,115
75,737
72,451
151,604
149,007
47,663
16,637
20,016
1,847,073
107,736
60,246
461,037
227,074
97,194
106,993
62,078
212,752
98,370
154,155
218,667
40,772
851,673
135,750
43,555
84,424
587,944
261,013
139,679
31,752
21,432
53,618
14,531
1,438,886
19,641
1,045,286
34,542
63,519
90,803
185,095
20022003
4.2
3.3
3.3
5.0
2.7
3.9
4.5
4.8
3.9
5.1
2.8
4.9
3.5
3.6
4.1
4.2
3.0
4.8
5.3
4.4
3.9
4.5
2.7
3.8
4.4
4.1
7.0
8.8
7.9
4.6
4.9
5.2
4.6
4.0
5.1
4.2
5.4
4.1
4.6
5.4
4.6
4.0
4.5
5.5
5.2
4.4
4.2
3.9
3.5
3.6
5.8
3.6
6.1
4.2
4.1
4.2
5.6
7.0
2.7
3.9
Rank in
United
States
[Dollars]
1998
1999
2000
2001
23,163
26,452
30,068
20,576
26,916
25,403
23,111
21,515
25,973
23,933
30,608
25,610
28,914
26,461
23,301
23,179
25,103
21,572
23,077
22,405
22,382
22,520
21,725
22,171
24,649
21,683
22,392
20,620
21,251
21,113
19,500
18,146
22,728
21,792
19,218
19,385
17,593
21,400
19,440
21,452
23,662
18,068
21,371
20,250
18,382
19,161
22,282
21,698
24,565
19,192
18,738
18,937
21,613
24,115
24,401
24,258
22,967
24,576
21,951
24,615
23,974
27,510
31,148
21,343
28,126
26,278
23,757
22,577
26,804
24,518
30,716
26,813
29,600
27,296
24,101
23,964
25,763
22,206
24,099
23,164
23,236
23,251
22,076
22,775
25,784
22,345
23,175
20,863
22,019
21,854
20,095
18,749
23,509
22,695
19,834
19,650
18,038
22,136
20,238
22,293
24,664
18,509
22,236
20,966
18,681
19,887
23,251
22,713
25,948
19,988
19,087
19,488
23,044
24,949
24,932
25,087
23,651
25,349
22,657
25,627
25,472
29,522
33,388
22,491
30,311
28,568
25,060
24,010
28,578
26,279
33,385
28,800
32,015
28,883
25,575
25,334
27,414
23,649
25,436
24,264
24,500
24,565
23,389
24,048
27,187
23,677
24,091
22,598
23,164
23,091
21,050
19,377
24,812
24,054
21,346
20,576
18,937
23,398
21,503
23,410
26,212
19,536
23,839
22,327
19,577
21,519
24,964
24,437
28,236
20,960
20,236
20,802
24,500
26,519
26,422
26,718
24,837
26,323
23,907
27,310
26,244
30,815
34,608
23,744
31,803
29,275
26,157
25,298
29,166
27,118
37,610
29,967
32,796
29,133
26,094
25,841
27,926
24,015
25,967
24,687
25,277
25,292
24,001
25,003
27,863
24,261
25,119
23,209
24,228
23,968
22,042
20,539
25,611
24,817
21,786
22,068
19,892
23,888
22,123
24,164
27,528
20,768
24,709
22,922
21,504
23,007
25,705
25,686
29,577
21,934
21,808
21,655
26,546
27,302
28,314
27,493
24,991
26,962
24,453
28,335
2002
27,149
32,118
35,846
24,932
33,268
30,344
27,295
26,340
30,346
28,382
39,607
31,463
34,038
30,191
27,227
26,715
28,817
24,842
26,678
25,578
26,424
26,212
25,113
25,731
28,893
25,240
25,790
24,124
24,403
24,822
22,925
21,167
26,397
25,559
22,609
22,946
20,543
24,601
22,910
25,271
28,690
21,724
25,070
23,654
22,358
23,168
25,961
26,254
29,982
22,813
22,261
22,320
27,466
28,379
29,413
28,651
26,364
27,380
25,105
29,368
2003
28,019
33,013
36,774
25,963
34,088
31,197
28,325
27,486
31,375
29,420
41,143
32,659
34,967
31,188
28,266
27,712
29,532
25,882
27,985
26,649
27,295
27,243
25,725
26,602
29,965
26,121
27,404
26,248
26,188
25,647
23,937
22,103
27,089
26,146
23,603
23,796
21,545
25,306
23,720
26,389
29,604
22,521
25,742
24,324
23,234
24,042
26,582
26,944
30,694
23,239
23,356
22,802
28,991
29,173
30,272
29,458
27,466
28,342
25,509
30,188
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 S urvey of C urrent Business.
February 2005
D-73
S u r v e y o f C u r r e n t B u s in e s s
Table H.4. Gross State Product (GSP) by Industry for States and Regions, 2002
[M illions of dollars]
State and region
Rank of
total GSP
Total GSP
Natural
Nondurableresources Construction Durable-goods
goods
manufacturing
and mining
manufacturing
Trade
Transportation
and utilities Information
Financial
activities
Professional
Education
and
and health Leisure and
business
hospitality
services
services
Other
services
Government
United S tates.......
10,407,141
204,208
464,852
786,143
565,487
1,388,670
4%,521
483,972
2,125,736
1,220,153
793,132
371,515
253,713
1,253,039
New England................
Connecticut................
Maine..........................
Massachusetts..........
New Hampshire.........
Rhode Island.............
Vermont......................
595,910
165,744
39,039
288,088
46,448
36,988
19,604
2,507
381
643
793
254
105
331
26,852
5,301
1,716
14,538
2,420
2,047
831
49,333
14,400
2,380
23,378
4,268
2,748
2,158
20,877
6,407
2,290
8,911
1,529
1,103
637
74,249
20,083
5,762
33,929
7,253
4,484
2,737
18,888
4,995
1,609
8,160
2,051
1,208
865
24,671
6,224
1,082
13,887
1,457
1,301
720
151,983
48,924
8,071
70,377
11,032
9,828
3,751
78,456
21,408
3,204
44,468
4,611
3,373
1,393
59,453
14,648
4,315
29,812
4,407
4,150
2,122
19,233
4,438
1,496
9,142
1,763
1,356
1,038
12,868
3,444
885
6,080
1,155
814
490
56,541
15,091
5,586
24,614
4,249
4,470
2,532
16
8
2
6
1,916,646
47,150
66,440
201,879
380,169
792,058
428,950
8,711
192
21
742
823
2,149
4,784
72,623
1,515
694
10,970
15,503
25,877
18,065
81,514
1,607
88
5,830
12,719
28,852
32,418
106,045
2,420
104
7,166
28,558
28,916
38,881
232,442
3,814
1,587
25,302
57,773
89,483
54,484
82,517
1,366
992
9,109
17,547
29,974
23,529
102,812
859
4,406
7,530
18,678
54,839
16,500
466,996
20,759
7,353
44,396
90,126
220,720
83,643
260,132
6,344
15,612
26,444
53,432
110,932
47,369
168,701
2,504
4,778
16,893
28,076
71,972
44,479
61,945
1,012
2,290
6,936
12,168
27,292
12,247
46,144
732
4,553
5,448
7,568
16,855
10,988
226,064
4,025
23,964
35,114
37,199
84,198
41,564
Great Lakes...................
Illinois.........................
Indiana........................
Michigan.....................
Ohio.............................
Wisconsin...................
5
15
9
7
18
1,621,245
486,139
204,946
351,287
388,224
190,650
13,547
3,624
2,093
2,222
2,808
2,800
70,769
22,400
9,282
15,499
15,458
8,130
212,272
36,439
38,051
59,642
53,193
24,947
103,611
29,133
18,409
12,962
25,301
17,806
213,459
65,149
25,240
45,463
53,404
24,203
82,638
27,057
11,358
15,464
19,177
9,582
50,779
19,980
4,578
9,502
11,230
5,488
308,903
105,943
33,278
63,906
69,981
35,794
183,919
66,091
15,000
46,625
40,976
15,226
124,739
35,289
15,518
25,525
32,162
16,245
48,964
15,015
7,173
10,148
11,343
5,284
39,433
12,450
4,875
8,100
9,620
4,388
168,212
47,566
20,090
36,229
43,570
20,756
Plains..............................
Iowa.............................
Kansas.......................
Minnesota...................
M issouri......................
Nebraska....................
North Dakota.............
South Dakota.............
29
31
17
20
36
49
46
681,089
98,232
89,508
200,061
187,543
60,962
19,780
25,003
16,640
3,608
2,601
3,002
2,000
2,422
1,667
1,339
30,919
3,811
3,765
9,967
8,873
2,672
813
1,018
59,503
10,931
8,748
16,765
15,556
3,837
1,507
2,160
42,357
9,188
4,824
9,887
13,518
3,821
527
590
95,435
13,134
12,791
28,016
26,217
8,478
3,156
3,644
38,253
5,491
5,283
9,115
10,834
5,122
1,279
1,130
29,584
3,094
6,906
7,389
8,613
2,271
640
672
124,251
19,178
13,992
41,866
29,580
10,724
2,976
5,935
68,126
5,643
7,128
24,947
22,494
5,328
1,155
1,432
55,753
7,496
6,683
16,907
15,711
4,732
1,908
2,316
22,065
2,999
2,472
6,117
7,356
1,576
621
924
17,229
2,263
2,291
5,140
5,012
1,423
493
606
80,975
11,394
12,025
20,942
21,779
8,558
3,041
3,236
25
34
4
10
27
24
35
11
26
19
13
40
2,292,624
125,567
71,929
520,500
305,829
122,282
131,584
69,136
300,216
122,354
190,122
287,589
45,518
46,866
3,131
2,250
6,432
3,573
4,455
12,908
2,088
3,489
983
1,643
2,349
3,565
106,668
5,486
3,442
27,943
14,536
5,173
6,005
3,036
12,814
6,532
7,007
12,769
1,926
153,943
11,811
7,153
18,602
17,171
15,706
4,717
6,332
23,403
12,698
19,814
13,729
2,807
170,593
8,982
6,048
10,573
25,329
9,765
9,020
4,668
45,554
11,485
14,221
22,557
2,391
319,685
18,079
10,324
80,201
45,911
16,453
17,417
9,870
36,449
16,870
30,576
31,483
6,053
115,920
6,859
5,076
23,354
17,478
7,182
8,956
4,143
12,013
6,100
9,640
11,625
3,493
94,157
3,444
4,028
2,712
22,839
20,873
3,199
3,515
1,851
9,210
3,124
5,788
15,782
1,236
417,638
21,142
10,225
116,736
50,562
18,012
20,254
10,530
59,230
20,331
32,540
51,530
6,546
245,707
10,631
6,051
66,563
35,917
8,922
11,268
4,323
27,125
10,352
17,830
43,928
2,798
165,949
9,272
5,598
42,027
19,207
9,904
10,228
5,110
19,271
7,294
16,692
16,852
4,494
86,981
3,322
1,970
27,931
9,703
3,746
6,340
3,725
8,366
4,696
7,557
7,982
1,645
58,011
Alabam a.....................
Arkansas....................
Florida........................
Georgia.......................
Kentucky.....................
Louisiana....................
Mississippi.................
North Carolina...........
South Carolina...........
Tennessee.................
V irginia.......................
West Virginia.............
1,811
14,618
6,705
2,749
3,360
1,742
6,466
3,051
5,308
7,659
1,098
310,504
19,378
9,268
62,680
38,864
17,018
17,596
11,719
36,826
18,838
21,506
49,344
7,467
Arizona.......................
New Mexico...............
Oklahoma...................
Texas..........................
22
37
30
3
1,093,877
171,781
53,515
95,126
773,455
56,500
3,284
4,106
5,093
44,018
52,075
9,806
2,277
3,972
36,021
82,270
18,304
3,915
6,746
53,305
46,299
2,594
960
4,062
38,684
161,273
24,982
6,259
13,757
116,275
65,662
7,431
2,411
5,468
50,353
49,109
5,581
1,577
4,165
37,785
192,767
37,402
8,879
14,941
131,545
112,162
18,092
5,626
8,136
80,308
73,194
11,809
3,726
7,010
50,649
36,730
7,212
1,961
2,749
24,808
26,376
3,555
1,200
2,635
18,986
139,460
21,730
10,620
16,391
90,719
Rocky Mountain...........
.....................
Idaho..........................
M ontana.....................
Utah............................
Wyoming.....................
21
43
47
33
48
334,999
179,410
38,558
23,773
72,974
20,285
13,480
3,622
2,267
1,543
1,351
4,696
19,790
10,965
2,451
1,283
3,933
1,158
18,040
8,232
3,693
793
4,954
368
10,683
5,003
1,835
436
2,514
895
43,721
23,103
5,375
3,375
9,771
2,097
16,710
7,157
1,805
1,896
3,781
2,070
21,048
65,710
Colorado 37,188
16,387
773
6,155
753
4,088
15,642
2,791
2,637
345
37,526
23,273
4,086
1,632
7,578
956
21,643
11,148
2,686
2,265
4,611
934
13,566
7,778
1,239
1,124
2,664
762
8,762
4,420
788
648
2,519
388
44,320
21,134
5,404
3,938
10,865
2,979
Far West.........................
Alaska,
California....................
Hawaii
Nevada.......................
O regon.......................
Washington................
45
1
41
32
28
14
1,870,751
29,708
1,367,785
43,998
81,182
115,138
232,940
45,957
6,589
28,920
371
1,600
3,492
4,986
85,157
1,399
58,174
2,031
7,379
5,509
10,665
129,268
131
98,958
247
1,691
12,965
15,276
65,022
457
52,451
521
1,144
3,802
6,647
248,405
2,333
183,159
5,114
10,286
15,638
31,874
75,934
3,496
52,593
2,436
3,914
5,055
8,440
397,489
3,634
299,552
9,079
16,283
22,540
46,402
234,124
1,794
184,425
4,253
7,598
11,503
24,551
123,701
1,697
89,014
3,424
4,192
9,199
16,174
82,030
964
50,720
4,135
14,970
3,661
7,581
44,890
593
33,220
1,139
1,457
2,757
5,724
226,964
5,790
154,582
9,971
8,529
15,157
32,934
Mideast..........................
D elaware....................
District of Columbia...
M aryland....................
New Jersey................
New York....................
Pennsylvania.............
23
42
12
39
44
50
38
N ote. Totals shown for the United States differ from the national income and product account estimates of gross
domestic product (GDP) because 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 mili-
111,811
831
82,018
1,278
2,137
3,860
21,688
tary equipment, except office equipment. GSP and GDP also have different revision schedules,
Source: This table reflects the GSP estimates for 2002 that were released on December 15, 2004. Detailed estimates
are available on BEA’s Web site at <www.bea.gov>.
February 2005
D-74
I. Local A rea T ab le
Table 1.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 2000-2002—Continues
2000
United States3.................................
Metropolitan portion...........................
Nonmetropolitan portion...................
Metropolitan statistical areas4
Abilene, TX............................................
Akron, OH.............................................
Albany, G A ............................................
Albany-Schenectady-Troy, NY..............
Albuquerque, NM..................................
Alexandria, LA.......................................
Allentown-Bethlehem-Easton, PA-NJ....
Altoona, PA............................................
Amarillo, TX...........................................
Ames, IA
Anchorage, AK......................................
Anderson, IN.........................................
Anderson, SC........................................
Ann Arbor, M l........................................
Anniston-Oxford, AL..............................
Appleton, W l.........................................
Asheville, NC.........................................
Athens-Clarke County, GA...................
Atlanta-Sandy Springs-Marietta, GA....
Atlantic City, NJ.....................................
Auburn-Opelika, AL...............................
Augusta-Richmond County, GA-SC.....
Austin-Round Rock, TX.........................
Bakersfield, C A .....................................
Baltimore-Towson, MD..........................
Bangor, ME.................
Barnstable Town, M A...
Baton Rouge, LA.........
Battle Creek, M l..........
Bay City, M l...........................................
Beaumont-Port Arthur, TX....................
Bellingham, WA...........
Bend, OR....................
Billings, MT..................
Binghamton, NY..........
Birmingham-Hoover, AL
Bismarck, ND........................................
Blacksburg-Christiansburg-Radford, VA
Bloomington, IN ....................................
Bloomington-Normal, IL ........................
Boise City-Nampa, ID ...........................
Boston-Cambridge-Quincy, MA-NH.....
Boulder, CO ..........................................
Bowling Green, KY................................
Bremerton-Silverdale, WA....................
Bridgeport-Stamford-Norwalk, CT........
Brownsville-Harlingen, TX....................
Brunswick, GA.......................................
Buffalo-Niagara Falls, NY.....................
Burlington, NC.......................................
Burlington-South Burlington, V T ..........
Canton-Massillon, OH...........................
Cape Coral-Fort Myers, F L ..................
Carson City, NV.....................................
Casper, W Y....
Cedar Rapids, IA..................................
Champaign-Urbana, IL.........................
Charleston, WV.................................
Charleston-North Charleston, SC.....
Charlotte-Gastonia-Concord, NC-SC
Charlottesville, VA.............................
Chattanooga, TN-GA........................
Cheyenne, WY..................................
Chicago-Naperville-Joliet, IL-IN-WI...
Chico, CA.........................................
Cincinnati-Middletown, OH-KY-IN....
Clarksville, TN-KY.............................
Cleveland, TN....................................
Cleveland-Elyria-Mentor, O H ...........
Coeur d’Alene, ID..............................
College Station-Bryan, T X ...............
Colorado Springs, CO......................
Columbia, MO..................................
Columbia, SC...................................
Columbus, GA-AL............................
Columbus, IN ..
Columbus, OH..................................
Corpus Christi, TX
Corvallis, OR...
Cumberland, MD-WV.......................
Dallas-Fort Worth-Arlington, TX.......
Dalton, G A .......................................
Danville, IL .......................................
Danville, VA......................................
Davenport-Moline-Rock Island, IA-IL
Dayton, O H ......................................
Decatur, AL
Decatur, IL
Deltona-Daytona Beach-Ormond
Beach, FL....................................
Denver-Aurora, C O ..........................
Des Moines, IA..................................
See footnotes at end of table.
Percent
change2
Millions of dollars
Area Name
2001
2002
8,422,074 8,703,023 8,900,007
7,345,921 7,585,056 7,751,013
1,076,153 1,117,967 1,148,994
3,880
20,593
3,371
25,168
18,910
3,318
22,220
3,057
5,565
2,067
10,330
3,305
4,037
11,541
2,382
5,873
9,684
3,785
141,817
7,975
2,338
11,963
41,157
13,891
85,144
3,422
7,980
17,206
3,471
2,858
9,169
4,063
3,140
3,651
6,315
29,898
2,435
3,040
3,956
4,410
13,416
182,380
11,825
2,455
6,853
52,190
5,023
2,411
31,806
3,431
6,026
10,749
12,875
1,684
2,257
7,112
5,447
8,024
13,933
43,120
5,333
12,863
2,293
318,439
4,571
61,393
5,305
2,333
67,935
2,521
3,673
15,990
3,846
17,429
6,740
2,183
49,770
9,348
2,259
2,100
176,530
2,869
1,807
2,364
10,173
24,210
3,462
3,130
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
10,381
82,196
15,219
10,865
85,894
15,782
11,380
86,526
16,434
20012002
Rank
in
U.S.
Dollars
2000
2001
2002
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
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
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
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
Detroit-Warren-Livonia, Ml....................
Dothan, AL.............................................
Dover, DE..............................................
Dubuque, IA..........................................
Duluth, MN-WI......................................
Durham, NC..........................................
Eau Claire, Wl
El Centro, CA.
Elizabethtown, K Y ................................
Elkhart-Goshen, IN...............................
Elmira, NY
El Paso, TX....
Erie, PA..................................................
Eugene-Springfield, O R .......................
Evansville, IN-KY..................................
Fairbanks, A K ........................................
Fargo, ND-MN........................................
Farmington, NM....................................
Fayetteville, NC.....................................
Fayetteville-Springdale-Rogers, AR-MO
Flagstaff, A Z .........................................
Flint, M l..................................................
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, Ft
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 Hartford-East Hartford,
C T .....................................................
Hattiesburg, MS....................................
Hickory-Lenoir-Morganton, NC.............
Hinesville-Fort Stewart, GA..................
Holland-Grand Haven, M l.....................
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, N C...................................
Janesville, Wl.
Jefferson City, MO................................
Johnson City, T N ..................................
Johnstown, PA......................................
Jonesboro, AR......................................
Joplin, MO
Kalamazoo-Portage, M l........................
Kankakee-Bradley, IL............................
Kansas City, MO-KS.............................
Kennewick-Richland-Pasco, WA...........
Killeen-Temple-Fort Hood, T X ..............
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............. .7.............................
Las Cruces, NM....................................
Las Vegas-Paradise, NV.......................
Percent
change2
Millions of dollars
Area Name
2002
2.3 29,847 30,527 30,906
2.2 31,488 32,126 32,459
2.8 22,014 22,820 23,362
Per capita personal incom e1
Personal income
Per capita personal income1
Personal income
20012002
Rank
in
U.S.
Dollars
2000
2001
2002
0.7
3.6
6.4
3.4
4.0
2.6
3.5
8.7
2.3
4.6
1.2
5.1
2.1
2.5
3.1
5.6
4.5
3.9
6.7
5.3
5.4
1.6
2.6
0.4
2.9
2.4
2.3
34,048
23,029
23,769
25,691
25,404
30,507
25,595
17,753
24,315
26,544
24,351
18,556
24,541
25,502
27,098
27,832
27,596
18,974
23,232
22,834
22,820
26,434
23,212
21,773
27,721
30,272
21,506
33,913
24,668
23,944
26,495
25,869
31,128
25,920
19,021
24,862
26,536
24,252
19,349
24,767
25,979
28,310
28,894
27,819
20,366
23,994
24,090
23,756
25,683
24,444
22,571
28,629
31,178
22,676
34,129
25,462
24,987
27,294
26,927
31,435
26,685
20,382
25,324
27,665
24,558
20,129
25,301
26,416
29,116
30,081
28,869
20,511
25,409
24,788
24,543
25,977
24,943
22,769
29,487
31,420
23,021
35
233
267
171
181
75
190
351
240
157
286
352
244
200
120
100
128
349
235
276
287
213
270
331
112
77
324
5,254
11,486
19,544
2,365
5,934
3,795
3,149
2,641
2,475
3,167
21,688
2,113
5,000
8,641
18,708
3,790
15,573
6,213
6,028
2,505
16,366
2,562
7.9
1.9
6.2
3.2
3.7
3.4
3.6
2.9
4.7
5.2
2.0
3.9
2.3
3.8
1.8
2.4
1.5
4.2
4.3
7.1
4.1
1.1
26,969
28,670
21,979
21,413
23,712
24,741
24,197
22,093
23,740
24,926
28,026
24,545
25,040
28,729
28,109
23,944
26,834
23,627
24,395
16,306
29,729
22,051
28,336
28,639
22,592
22,263
24,360
25,007
24,346
22,703
24,539
25,251
28,333
25,521
25,248
29,139
28,210
23,976
27,003
24,060
25,469
17,693
30,778
23,214
29,938
28,965
23,492
22,999
25,033
25,040
25,092
23,376
25,831
25,940
28,659
26,546
24,495
29,905
28,508
24,212
27,179
24,971
26,051
18,581
31,821
23,270
103
125
316
325
261
260
259
318
223
214
131
194
288
104
135
296
175
269
209
357
66
320
44,403
2,893
8,887
1,290
6,769
28,301
2,292
4,773
173,757
6,630
10,223
2,605
51,841
4,087
2,521
4,030
13,550
2,766
35,338
3,808
4,138
3,708
4,205
3,590
2,399
3,747
8,673
2,716
61,255
5,469
8,231
7,317
4,864
17,922
2,892
3,612
4,549
6,636
4,701
12,891
14,001
12,614
3,437
3,674
44,572
1.7
5.0
0.8
4.9
1.5
5.1
3.5
3.8
1.9
3.4
3.8
4.4
2.1
3.5
4.1
2.6
3.1
3.1
4.0
5.9
3.2
2.0
3.4
2.6
2.7
2.6
2.7
2.5
2.5
6.4
5.2
2.7
3.3
4.5
2.4
3.8
1.3
2.4
2.6
4.7
2.9
2.8
6.9
7.3
5.0
36,987
20,557
25,178
16,617
27,885
30,383
23,964
21,588
34,041
21,514
27,589
22,730
31,920
28,886
24,002
24,987
25,424
24,766
29,439
22,881
26,176
24,554
21,395
22,422
20,793
22,405
26,410
24,747
31,612
24,687
22,458
22,898
25,553
26,836
28,851
26,004
24,554
25,281
22,292
23,727
28,770
26,909
15,071
17,831
29,601
37,697
21,948
25,419
17,416
27,401
30,497
24,835
23,564
35,200
22,319
28,327
24,182
32,672
29,435
24,638
24,581
26,214
24,683
29,549
24,218
26,134
25,819
22,335
23,131
21,502
23,037
26,717
25,384
32,055
26,139
23,361
23,870
26,401
27,521
27,829
27,297
24,891
26,974
23,756
25,033
28,665
27,207
16,007
19,422
29,152
37,995
22,781
25,507
17,919
27,485
31,707
25,482
24,330
34,969
23,139
28,959
24,837
32,916
30,163
25,242
25,011
26,848
25,310
30,037
25,317
26,865
26,112
22,897
23,885
21.968
23,418
27,265
25,901
32,467
26,905
24,287
24,481
27,013
28,466
28,543
28,222
25,006
27,385
24,370
25,777
29,266
27,806
16,593
20,573
29,396
16
330
231
358
165
69
232
291
29
322
126
274
49
97
248
264
184
243
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
2000
2001
2002
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
152,800
3,358
3,286
2,442
7,437
13,903
4,010
2,973
2,766
5,145
2,230
13,992
7,095
8,647
10,021
2,561
5,114
2,458
8,626
9,097
2,943
11,446
4,863
3,226
2,881
8,296
6,399
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
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
2002
February
2005
D-75
S u r v e y o f C u r r e n t B u s in e s s
Table 1.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 2000-2002
Personal income
2000
Lawrence, KS.........................................
Lawton, O K ............................................
Lebanon, PA..........................................
Lewiston, ID-WA....................................
Lewiston-Auburn, ME............................
Lexington-Fayette, KY...........................
Lima, OH................................................
Lincoln, NE............................................
Little Rock-North Little Rock, A R ..........
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, W l...........................................
Manchester-Nashua, N H ......................
Mansfield, O H........................................
McAllen-Edinburg-Pharr, T X .................
Medford, OR...........................................
Memphis, TN-MS-AR............................
Merced, CA............................................
Miami-Fort Lauderdale-Miami Beach,
F L ......................................................
Michigan City-La Porte, IN ....................
Midland, TX............................................
Milwaukee-Waukesha-West Allis, W l....
Minneapolis-St. Paul-Bloomington, MNW l......................................................
Missoula, MT..........................................
Mobile, AL..............................................
Modesto, C A ..........................................
Monroe, LA.............................................
Monroe, M l.............................................
Montgomery, AL....................................
Morgantown, WV...................................
Morristown, TN.......................................
Mount Vernon-Anacortes, WA...............
Muncie, IN..............................................
Muskegon-Norton Shores, M l...............
Myrtle Beach-Conway-North Myrtle
Beach, S C .........................................
Napa, C A ...............................................
Naples-Marco Island, FL.......................
Nashville-Davidson-Murfreesboro, TN ...
New Haven-Milford, CT..........................
New Orleans-Metairie-Kenner, L A ........
New York-Northern New Jersey-Long
Island, NY-NJ-PA................................
Niles-Benton Harbor, Ml........................
Norwich-New London, C T.....................
Ocala, F L ...............................................
Ocean City, NJ
Odessa, TX ....
Ogden-Clearfield, UT............................
Oklahoma City, OK................................
Olympia, W A...
..........................
Omaha-Council Bluffs, NE-IA................
Orlando, FL.................
Oshkosh-Neenah, Wl...
Owensboro, KY......................................
Oxnard-Thousand Oaks-Ventura, C A ....
Palm Bay-Melbourne-Titusville, FL.......
Panama City-Lynn Haven, F L ...............
Parkersburg-Marietta, WV-OH..............
Pensacola-Ferry Pass-Brent, FL...........
Philadelphia-Camden-Wilmington, PANJ-DE-MD.........................................
Phoenix-Mesa-Scottsdale, AZ...............
Pine Bluff, AR.........................................
Pittsburgh, PA........................................
Pocatello, ID..........................................
Portland-South Portland-Biddeford, ME.
Portland-Vancouver-Beaverton, OR-WA
Port St. Lucie-Fort Pierce, FL................
Poughkeepsie-Newburgh-Middletown,
NY.....................................................
Prescott, A Z..........................................
Providence-New Bedford-Fall River, RlMA....................................................
Provo-Orem, UT....................................
Pueblo, CO............................................
Punta Gorda, F L ...................................
Raleigh-Cary, NC..................................
Reading, PA...........................................
Percent
change2
Millions of dollars
Area Name
2001
Per capita personal income1
2002
20012002
Rank
in
U.S.
Dollars
2000
2001
2002
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
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
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
2000
2001
Per capita personal incom e1
Percent
change2
Millions of dollars
Area Name
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
28,976
19,606
22,995
25,653
28,779
33,658
25,819
28,783
Personal income
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
6.5
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
Tallahassee, FL.....................................
Tampa-St. Petersburg-Clearwater, F L ...
Terre Haute, IN ......................................
Texarkana, TX-Texarkana, AR..............
Toledo, OH
Topeka, KS
Trenton-Ewing, NJ................................
Tucson, AZ
Tulsa, OK
Tuscaloosa, A L......................................
Tyler, TX
Utica-Rome, NY....................................
Valdosta, GA
Vallejo-Fairfield, C A ..............................
Vero Beach, FL......................................
Victoria, TX............................................
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
2.5
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
59
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
Virginia Beach-Norfolk-Newport News,
VA-NC...............................................
Visalia-Porterville, CA...........................
Waco T X .............
Warner Robins, G A ..............................
Washington-Arlington-Alexandria, DCVA-MD-WV
41,659
7,219
4 862
2,714
43 856
7,739
5007
2,828
45,773
8,076
5 212
3,027
44
4.3
41
7.0
26,355
19,571
22719
24,378
27,557
20,703
23230
24,910
28,365
21,193
24003
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 ???
15,107
3,416
3,431
3.0
36
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
25748
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
26846
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
Redding, C A .........................................
Reno-Sparks, NV..................................
Richmond, VA........................................
Riverside-San Bernardino-Ontario, CA
Roanoke, VA.........................................
Rochester, MN......................................
Rochester, N Y ......................................
Rockford, IL ..........................................
Rocky Mount, N C .................................
Rome, GA..............................................
Sacramento-Arden-Arcade-Roseville,
CA.....................................................
Saginaw-Saginaw Township North, Ml
St. Cloud, MN........................................
St. George, U T......................................
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 Fe, NM.............
Santa Rosa-Petaluma, CA
Sarasota-Bradenton-Venice, F L ...........
Savannah, G A ......................................
Scranton-Wilkes-Barre, PA...................
Seattle-Tacoma-Bellevue, W A..............
Sheboygan, W l.....................................
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, S C ....
Syracuse, NY.........................................
Wausau, W l..........................................
Weirton-Steubenville, WV-OH..............
Wenatchee, WA
Wheeling, WV-OH.................................
Wichita, KS....
Wichita Falls, TX
Williamsport, RA
Wilmington, NC
Winchester, VA-WV..............................
Winston-Salem, NC..............................
Worcester, MA
Yakima, WA....
Youngstown-Warren-Boardman, OH-PA
Yuma, A Z...............................................
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 S urvey of C urrent Business.
February 2005
D-76
J. C harts
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
2003
1969
New England
6.4%
New England
5.9%
Plains
7.5%
Southeast
17.3%
Southwest
7.0%
Rocky Mountain
2 -2%
Southwest
1 0 .2 %
RockV Mountain
3 -2 %
SHARES OF U.S. G ROSS STATE PRODUCT BY REGION
1977
2003
New England
5.2%
New England
5.7%
Southeast
19.6%
Rocky Mountain
2.7%
Rocky Mountain
3.2%
AVERAGE ANNUAL GR O W TH RATE OF PERSONAL IN COM E, 1 9 9 3 -2 00 3
STATES W ITH SLO W EST GROW TH
STATES W ITH FASTEST GROW TH
4
5
Percent
U.S. B ureau of Econom ic A nalysis
6
U.S. average
5.1 %
5
Percent
6
7
8
9
February 2005
D-77
Survey of Current Business
SELECTED REGIONAL ESTIMATES
P E R CAPITA PER S O N A L IN C O M E , 2003
U.S. = $31,459
| Highest quintile
□
Fourth quintile
□
Third quintile
Second quintile
□
Lowest quintile
P ER S O N A L INCO M E: P E R C E N T C H A N G E, 2 0 0 4 :ll-2 0 04 :lll
U.S. growth rate = 0.8 percent
Highest quintile
3
Fourth quintile
Third quintile
2 ] Second quintile
□
U .S. B ureau of Econom ic A nalysis
Lowest quintile
February 2005
-78
A p p e n d ix A
Additional Information About the NIPA Estimates
S tatistical C o n ven tio n s
Current-dollar GDP is a measure of the market value
of goods, services, and structures that are produced in
the economy in a particular period. The changes in cur
rent-dollar GDP can be decomposed into quantity and
price components. Quantities, or “real” measures, and
prices are expressed as index numbers with the reference
year— at present, the year 2000— equal to 100.1
The annual changes in quantities and prices are calcu
lated using a Fisher formula 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 formula allows
for the effects of changes in relative prices and in the
composition of 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” (multiplied) together to form time
series of quantity and price indexes. The percent changes
in the Fisher indexes are not affected by the choice of the
reference year.
BEA also publishes implicit price deflators (IPDs),
which are calculated as the ratio of the current-dollar
value of a component to the chained-dollar value of the
component, multiplied by 100. The values of an IPD are
very close to the values of the corresponding “chain-type”
price index.
The measures of real GDP and its major components
are also presented in dollar-denominated form, desig
nated “chained (2000) dollar estimates.” For most series,
these estimates are computed by multiplying the cur
rent-dollar value in 2000 by a corresponding quantity in
dex number and then dividing by 100. For example, if a
current-dollar GDP component equaled $100 in 2000
and if real output for this component increased by 10
percent in 2001, then the chained (2000) dollar value of
this component 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 of 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 of the reference year. A measure of the effect of such
differences is provided by a “residual” line— the differ
ence between the chained-dollar value of the main aggre
gate in the table and the sum of the most 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 of
contributions to growth. In particular, for components
for which relative prices are changing rapidly, the calcula
tion of contributions based on chained-dollar estimates
may be misleading 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 of activity that is measured for a
quarter or for a month were maintained for a full year.
Annual rates are used so that periods of different
lengths— for example, quarters and years— may be more
easily compared. These annual rates are determined sim
ply by multiplying the estimated rate of activity by 4 (for
quarterly data) or by 12 (for monthly data).
For most quarterly NIPA estimates, percent changes in
the estimates are also expressed at annual rates. Calculat
ing these changes requires a variant of the compound in
terest formula:
m /n
r —
-
]
- 1
x 100
where r is the percent change at an annual rate; xt is
the level of activity in the later period; x0 is the level of ac
tivity in the earlier period; m is the periodicity of the data
(for example, 1 for annual data, 4 for quarterly data, or 12
for monthly data); and n is the number of periods be
tween the earlier periods and the later periods (that is,
t-0 ).
Quarterly and monthly NIPA estimates are seasonally
adjusted if necessary. Seasonal adjustment removes from
the time series the average effects of variations that nor
mally occur at about the same time and in about the same
magnitude each year— for example, weather, holidays,
and tax payment dates. After seasonal adjustment, cycli
1.
See J. Steven Landefeld, Brent R. Moulton, and Cindy M. Vojtech, “Chainedcal and other short-term changes in the economy stand
Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” S
C
out more clearly.
B
(November 2003): 8-16.
urvey of
u s in e s s
u rren t
February 2005
D-79
S u r v e y o f C u r r e n t B u s in e s s
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 .
Table 2. Relation of Net Exports of Goods and Services and Net Receipts of Income in the National Income and Product Accounts (NIPAs)
to Balance on Goods and Services and Income in the International Transactions Accounts (ITAs)
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2002
2003
2003
2004
II
III
IV
I
II
III
Exports of goods and services and incom e receipts, ITA s..................................................................................
1 1,242.7 1,314.9
1,269.5
1,318.0
1,409.3
1,438.4
1,489.9
Less: Gold, ITAs...........................................................................................................................................................
2
3
4
3.4
-2 .5
0.7
4.8
-0.6
0.5
5.4
-0.8
0.5
5.3
-0.4
0.6
4.7
0.0
0.6
4.4
-7.0
0.6
3.5
5.0
-1 .9
-1 .9
0.7
0.7
5
6
7
5.1
52.1
8.3
4.8
53.5
6.7
4.5
52.3
6.8
4.8
54.0
6.1
5.5
54.9
6.5
4.7
56.0
7.1
4.8
56.1
7.0
5.1
58.3
6.6
8 1,306.8 1,375.2
1,327.9
1,377.5
1,471.0
1,508.2
1,555.6
1,596.3
9 1,657.3 1,778.1
Statistical differences 1...........................................................................................................................................
Other item s...............................................................................................................................................................
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....................
E qu a ls: Exports of goods and services and incom e receipts, N IP A s..............................................................
Im ports of goods and services and income payments, IT A s...............................................................................
1,530.0
1,739.5
1,778.0
1,846.7
1,944.2
2,074.0
2,130.2
10
11
12
2.9
-2 .5
0.0
3.6
-0.6
0.0
4.1
-0 .8
0.0
4.1
-0.4
0.0
3.8
0.0
0.0
4.1
1.7
0.0
3.3
0.4
0.0
4.0
0.5
0.0
13
14
15
16
-3.3
5.1
37.5
8.3
-3.5
4.8
35.1
6.7
-3.6
4.5
36.6
6.8
-4.0
4.8
33.5
6.1
-3.1
5.5
34.7
6.5
-3.2
4.7
34.5
7.1
-2.8
4.8
31.3
7.0
-3 .0
5.1
35.4
6.6
E qu a ls: Im ports of goods and services and income payments, N IP A s...........................................................
17 1,704.6 1,818.2
1,780.5
1,814.7
1,886.6
1,981.4
2,110.8
2,169.9
Balance on goods and services and income, ITAs ( 1 -9 ).......................................................................................
18
19
20
21
Less: Gold, ITAs...........................................................................................................................................................
Statistical differences 1............................................................................................................................................
Other item s...............................................................................................................................................................
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 w orld...................................................................................................................
Less: Gold (2-10+13).................................................................................................................................................
Statistical differences (3-1 1)1...................................................................................................................................
Other items (4-12).....................................................................................................................................................
-41 4 .6
-46 3 .2
-47 0 .0
-46 0 .0
-43 7 .4
-50 5 .8
-584.1
-600.2
-2 .8
0.0
0.7
-2.3
0.0
0.5
-2.3
0.0
0.5
-2.8
0.0
0.6
-2.2
0.0
0.6
-2.9
-8.7
0.6
-2.6
-2.3
0.7
-2.0
-2.4
0.7
Plus: Adjustment for U.S. territories and Puerto Rico (6 -1 5 )................................................................................
22
14.6
18.4
15.7
20.5
20.2
21.5
24.8
22.9
E qu a ls: Net exports of goods and services and net receipts of incom e, NIPAs ( 8 - 1 7 ) ............................
23
-3 9 7 .8
-4 4 3 .0
-4 5 2 .6
-4 3 7 .2
-4 1 5 .6
-4 7 3 .2
-5 5 5 .2
-5 7 3 .6
1. Consists of statistical revisions to the ITAs that have not yet been incorporated into the NIPAs,
February 2005
-8 0
A p p e n d ix B
Suggested Reading
The Bureau o f 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 i n e s s , look under
“Publications.”
N a tio n a l a c c o u n ts
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.
National income and product accounts (NIPAs).
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 ation al E conom ic A ccounting
(1985) [also in the March 1985
S u rv e y ]
C orporate Profits: Profits B efore Tax, Profits Tax L ia
bility, a n d D ividends (2002)
G overnm ent Transactions (1988)
Personal C onsum ption 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 the NIPA Estimates of U.S. Economic
Activity” (February 2005) evaluates the principal NIPA
estimates by examining the record of revisions to
them.
Fixed assets and consumer durable goods. Fixed
Assets an d Consum er D urable G oods 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.
In d u s try a c c o u n ts
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 that features the integration of the two sets of
accounts.
Mission Statem ent 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.”
February 2005
S u r v e y o f C u r r e n t B u s in e s s
In addition, see the following articles.
“Preview of the Comprehensive Revision of the
Annual Industry Accounts: Integrating the Annual In
put-Output Accounts and the Gross-Domestic-Product-by-Industry Accounts” (March 2004) provides the
details about the comprehensive revision.
“Annual Industry Accounts” (January 2005)
“Benchmark Input-Output Accounts for the U.S.
Economy, 1997” (December 2002)
Satellite accounts. These accounts extend the ana
lytical capacity of the input-output accounts by focus
ing on a particular aspect of economic activity.
“U.S. Travel and Tourism Satellite Accounts”
For 1992 (July 1998)
For 1996 and 1997 (July 2000)
For 1998-2003 (September 2004)
International accounts
The international accounts encompass the interna
tional transactions accounts, direct investment, and
international transactions in services.
International transactions accounts (ITAs). The
Balance of Payments of the United States: Concepts,
Data Sources, and Estimating Procedures (1990) de
scribes the methodologies used to prepare the esti
mates in the ITAs and the international investment
position of the United States. These methodologies are
usually updated and improved as part of the annual
revisions of the ITAs.
The annual revisions of the ITAs are described in a
series of articles, the latest of which was published in
the July 2004 S u r v e y .
Direct investment. International Direct Investment:
Studies by the Bureau of Economic Analysis (1999) is a
collection of previously published articles on U.S. di
rect investment abroad and foreign direct investment
in the United States. It also includes the following in
formation.
The “Methodology for U.S. Direct Investment
Abroad,” which is also available in U.S. Direct
Investment Abroad: 1994 Benchmark Survey,
Final Results (1998)
“A Guide to BEA Statistics on U.S. Multinational
Companies,” which is also available in the
March 1995 S u r v e y
“A Guide to BEA Statistics on Foreign Direct
Investment in the United States,” which is also
available in the February 1990 S u r v e y
In addition, the updated methodology for foreign
direct investment in the United States is available in
Foreign Direct Investment in the United States: Final Re
sults From the 1997 Benchmark Survey (2001).
International services. U.S. International Transac
tions in Private Services: A Guide to the Surveys Con
ducted by the Bureau of Economic Analysis (1998)
describes 11 surveys. It includes classifications, defini
tions, release schedules, the methods used to prepare
the estimates, and samples of the survey forms.
“Selected Issues in the Measurement of U.S. Inter
national Services” (June 2002) describes key issues in
defining and measuring insurance, wholesale and retail
trade, finance, construction, and utilities services and
explores possible actions to address these issues.
Regional accounts
The regional accounts include estimates of personal
income and gross state product.
Personal income. Estimates of personal income
are prepared for States and for local areas.
“Comprehensive Revision of State Personal In
come for 1969-2003” (May 2004) describes the im
provements in the methodology that are used to
prepare the estimates and that are part o f a compre
hensive revision.
“The Reliability o f the State Personal Income Es
timates” (December 2003) evaluates the estimates o f
state personal income and o f selected components
by examining the revisions o f these estimates.
“Comprehensive Revision o f Local Area Personal
Income for 1969-2002” (June 2004) summarizes the
improvements in the methodology that is used to
prepare the estimates for counties and metropolitan
areas. The detailed methodology is available on the
C D -D O M Regional Economic Information System,
1969-2002.
Gross state product. “Comprehensive Revision of
Gross State Product” (January 2005) summarizes
the sources and the methods that are used to pre
pare the estimates.
“Gross State Product by Industry, 1999-2001”
(June 2003) presents the most recent annual revi
sion o f these estimates.
D-
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