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MARCH 2005
S u r v eyo f C u r r e n tB usiness
In This Issue
Federal Budget Estimates for Fiscal Year 2006
BUREAU OF ECONOMIC ANALYSIS
ECONOMICS A N D STATISTICS ADM INISTRATIO N
U.S. DEPARTMENT OF COMMERCE
U.S. Department of Commerce
Carlos M. Gutierrez, Secretary
Economics and Statistics Administration
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This issue went to the printer on M arch 16, 2005.
It incorporates data from the following m onthly BEA
news releases:
U.S. International Trade in G oods and
Services (M arch 11),
Personal Incom e and Outlays (February 28), and
Gross D om estic Product (February 25).
S u r v ey
of
C u r r e n t B usiness
March 2005
1
Volume 85 • Number 3
B usiness S ituation: P relim in ary E stim ates for th e Fourth Q u arter
of 2004
Economic growth slowed slightly in the fourth quarter. Real GDP increased 3.8
percent after increasing 4.0 percent in the third quarter. The slowdown mainly
reflected an acceleration in the trade deficit and a slowdown in consumer spending
for durable goods; inventory investment turned up. Inflation picked up: The price
index for gross domestic purchases increased 2.8 percent after increasing 1.9
percent, mainly reflecting an acceleration in energy prices. Real disposable
personal income surged, increasing 8.1 percent after increasing 2.9 percent.
14
Federal B ud get E stim ates fo r Fiscal Year 2006
Each year, BEA adjusts the Federal budget estimates o f receipts and outlays from
the Budget o f the United States G overnm ent so that these estimates are consistent
with the NIPAs. The adjusted estimates are then used to prepare quarterly
estimates of Federal Government current receipts and current expenditures.
For fiscal year 2006, net Federal Government saving is projected to be -$392.5
billion; the Federal budget projects a deficit of $390.1 billion. Federal Government
current receipts are projected to increase $136.2 billion; Federal budget receipts are
projected to increase $124.7 billion. Federal Government current expenditures are
projected to increase $126.1 billion; Federal budget outlays are projected to
increase $88.2 billion.
www.bea.gov
March 2005
D-1 BEA Current and Historical Data
Inside back cover: BEA Web Site and BEA Contacts
Back cover: Schedule of Upcoming News Releases
L o o k in g A
head
Annual Revision of Local Area Personal Income. The estimates of personal
income for counties, metropolitan areas, and BEA economic areas for
2001-2003 are scheduled to be published in the April Survey.
U.S. International Transactions for 2004. The estimates of these transac
tions in the current account, the capital account, and the financial account
are also scheduled to be published in the April 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 e y . 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
March 2005
1
Business Situation
Preliminary Estimates for the Fourth Quarter of 2004
I N the fourth quarter of 2004, the growth of real
gross domestic product (GDP) decelerated slightly,
according to the “preliminary” estimates of the na
tional income and product accounts (NIPAs) (chart 1
and table l ) .1 The GDP growth rate for the fourth
quarter was 0.7 percentage point higher than had been
reported in the “advance” estimates released in Janu
ary. Inflation accelerated in the fourth quarter. Despite
1. Quarterly estimates in the NIPAs are expressed at seasonally adjusted
annual rates, unless otherwise specified. Quarter-to-quarter changes are
differences between these published estimates. Percent changes are calcu
lated from unrounded data and annualized. “Real” estimates are in chained
(2000) dollars, and price indexes are chain-type measures.
the larger-than-usual revision to GDP, the picture
shown by the preliminary estimates is similar to that
shown by the advance estimates (see “Revisions”).
• Real GDP increased 3.8 percent in the fourth quar
ter after increasing 4.0 percent in the third quarter.
The fourth-quarter advance estimate had shown a
3.1-percent increase. Net exports, nonresidential
fixed investment, and inventory investment were
Chart 1. Real Gross Domestic Product
Percent
10
This article was prepared hy Brian C. Moyer,
Shelly Smith, and David F. Sullivan.
8
6
Table 1. Real Gross Domestic Product and Components
[Seasonally adjusted at annual rates]
Change from preceding
period (percent)
Contribution to percent
change in real GDP
(percentage points)
Share of
currentdollar
GDP
(percent)
2004
2004
2004
I
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........................................
G oods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense....................
Nondefense............................
State and local............................
II
III
IV
I
II
III
IV
IV
4.5
3.3
4.0
3.8
4.5
3.3
4.0
3.8
4.1
2.2
6.7
3.3
1.6
-0.3
0.1
2.7
5.1
17.2
4.7
3.0
4.2
3.1
6.1
3.4
2.90 1.10
0.19 -0.02
1.33 0.03
1.39 1.10
3.57
1.37
0.94
1.26
2.89
0.27
1.21
1.41
19.0
13.9
12.5
6.9
14.2
16.5
2.4
8.8
13.0
-1.1
17.5
1.6
2.85 0.40
2.07 1.37
1.21 1.27
0.16 -0.03
1.05 1.30
0.86 0.09
0.78 -0.97
2.13
1.52
1.40
0.03
1.37
0.12
0.60
16.9
16.4
10.7
2.4
8.3
5.7
0.4
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
-0.76 -1.06 -0.10 -1.43
2.4 0.70 0.70 0.59 0.24
1.9 0.60 0.41 0.64 0.13
3.5 0.10 0.30 -0.06 0.11
11.4 -1.46 -1.77 -0.69 -1.67
15.3 -1.43 -1.52 -0.62 -1.85
-7.0 -0.03 -0.25 -0.07 0.18
0
70.2
8.5
20.4
41.3
12.3
4.5
4.2
-7.6
8.0
5.0
2
100.0
-5.7
10.1
7.1
3.0
15.7
13.3
2.5
-2
13.4 1.86
9.7 0.69
14.0 0.42
1.2 -0.19
18.0 0.61
2.1 0.27
1.17
2001
2002
2003
2004
Based on seasonally adjusted annual rates
CONTRIBUTIONS TO 3.8-PERCENT INCREASE IN REAL GDP IN 2004:IV
Change in Private Inventories
I
!Exports
Imports
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
1.2
1.7
-0.3
6.3
0.8
0.48
0.48
0.47
0.00
0.00
0.41 0.13 0.22
0.18 0.33 0.12
0.09 0.45 -0.02
0.10 -0.12 0.14
0.23 -0.20 0.10
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.
4
i Government Consumption and Investment
-2
0
2
Percentage points at an annual rate
U.S. Bureau of Economic Analysis
4
2
Business Situation
revised up, and consumer spending was revised
down.2
• Prices of goods and services purchased by U.S. resi
dents increased 2.8 percent, 0.1 percentage point
more than in the advance estimate, after increasing
1.9 percent in the third quarter.
• Real disposable personal income increased 8.1 per
cent after increasing 2.9 percent. The fourth-quarter
advance estimate had shown an 8.4-percent in
crease. The fourth-quarter increase largely reflected
a special dividend payment by the Microsoft Corpo
ration.3
The slight fourth-quarter deceleration in real GDP
growth mainly reflected an increase in the trade deficit
and a deceleration in consumer spending for durable
goods that were partly offset by an upturn in inventory
investment. The trade deficit subtracted 1.43 percent
age points from fourth-quarter growth after subtract
ing 0.10 percentage point from third-quarter growth.
Exports slowed in the fourth quarter, adding 0.24 per
centage point to fourth-quarter growth after adding
0.59 percentage point to third-quarter growth. The
slowdown was due to exports of goods, which in
creased 1.9 percent after increasing 9.5 percent; exports
of services turned up.
Imports, which are subtracted in the calculation of
GDP, accelerated and subtracted 1.67 percentage
points from GDP growth after subtracting 0.69 per
centage point. The acceleration was due to imports of
goods, which increased 15.3 percent after increasing
5.0 percent; imports of services turned down.
Consumer spending increased 4.2 percent in the
fourth quarter, 0.9 percentage point less than in the
third quarter, and contributed 2.89 percentage points
to GDP growth after contributing 3.57 percentage
points.
Inventory investment added 0.60 percentage point
to GDP growth after subtracting 0.97 percentage
point. Real inventory stocks increased more in the
fourth quarter ($51.0 billion) than in the third quarter
($34.5 billion).
The preliminary estimates for the fourth quarter
also show the following:
• Nonresidential fixed investment increased 14.0 per
cent after increasing 13.0 percent and contributed
2. In this article, “inventory investment” is shorthand for the NIPA term
“change in private inventories,” “consum er spending” is shorthand for
“personal consum ption expenditures,” “trade deficit” is shorthand for “net
exports o f goods and services,” and “government spending” is shorthand
for “government consum ption expenditures and gross investment.”
3. D uring the fourth quarter, the M icrosoft Corporation paid its share
holders a special dividend o f $3.00 per share that boosted personal income
by $99.4 billion (annual rate). For more inform ation, see “The M icrosoft
Special Dividend” on BEA’s Web site at < www.bea.gov/bea/faq/national/
FA Q .htm X
March 2005
1.40 percentage points to GDP growth after con
tributing 1.27 percentage points. The moderate
acceleration reflected an upturn in structures and a
slight acceleration in equipment and software. Resi
dential investment increased 2.1 percent after
increasing 1.6 percent.
• Government spending increased 1.2 percent after
increasing 0.7 percent and contributed 0.22 per
centage point to GDP growth after contributing
0.13 percentage point.
• Real final sales of domestic product (GDP less the
change in private inventories) increased 3.2 percent
after increasing 5.0 percent.
• Real gross domestic purchases (real GDP less net
exports of goods and services) increased 5.0 percent
after increasing 3.9 percent.
•The production of goods slowed. The production of
services accelerated slightly, and the production of
structures turned up (table 2).
• Motor vehicle output picked up in the fourth quar
ter, contributing 0.84 percentage point to real GDP
growth after contributing 0.34 percentage point.
• Final sales o f computers (sales of domestically pro
duced computers less inventory change) picked up
sharply, contributing 0.56 percentage point to real
GDP growth after contributing 0.18 percentage
point.
• The personal saving rate increased from 0.7 percent
(revised) to 1.6 percent.4
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 national
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 M arch.
Table 2. Real Gross Domestic Product by Type of Product
[Seasonally adjusted at annual rates]
Contribution to percent
change in real GDP
(percentage points)
Share of
currentdollar
GDP
(percent)
2004
Change from preceding
period (percent)
2004
2004
I
II
Gross domestic product (GDP).
Final sales of domestic product
Change in private inventories...
4.5
3.3
3.3
2.5
4.0
5.0
Goods..............................................
S ervices..........................................
Structures.......................................
8.2
3.0
0.7
2.5
2.3
12.7
Addenda:
Motor vehicle output.................
GDP excluding motor vehicle
o utput.....................................
8.8 -15.2
4.3
Final sales of computers
GDP excluding final sales of
com puters.............................
III
IV
I
3.8
3.2
4.5
3.32
1.17
8.3
2.8
-2.5
6.2
3.0
0.9
2.65
1.76
0.07
II
III
IV
IV
3.3
4.0
2.52 4.97
0.78 -0.97
3.8
3.20
0.60
100.0
99.6
0.4
0.82 2.67
1.30 1.59
1.19 -0.25
2.01
1.70
0.09
32.8
57.2
10.1
10.4
27.2
0.30 -0.58
0.34
0.84
3.6
4.0
3.8
3.0
4.18
3.88
3.66
2.96
96.4
0.1
0.1
20.7
74.0
0.00
0.00
0.18
0.56
1.0
4.5
3.3
3.9
3.3
4.48
3.30
3.82
3.25
99.0
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.
March 2005
3
S u r v e y o f C u r r e n t B u s in e s s
Personal C on su m p tio n E xpen ditures
In the fourth quarter of 2004, real personal consump
tion expenditures decelerated to a 4.2-percent increase
from a 5.1-percent increase in the third quarter (chart
2 and table 3). (Over the past 10 years, consumer
spending has increased at an average annual rate of 3.8
percent.5) The deceleration in the fourth quarter was
due to a slowdown in spending for durable goods;
spending for nondurable goods and for services accel
erated.
In durable goods, purchases o f motor vehicles and
parts decreased 0.7 percent after increasing 28.7 per
cent in the third quarter. Purchases of new light
trucks— pickups, vans, and sport utility vehicles—
turned down sharply, and net purchases of used autos
and of used light trucks decelerated. In contrast, pur
chases of new autos turned up. Purchases of furniture
and household equipment also decelerated; in the
fourth quarter, “other” durable house furnishings
turned down, and slowdowns were posted by furniture
and by video and audio goods. “Other” durable goods
(which includes ophthalmic products and orthopedic
appliances and jewelry and watches) accelerated.
In nondurable goods, purchases of food, of gasoline,
fuel oil, and other energy goods, and of clothing and
shoes accelerated. Purchases of “other” nondurable
goods (which includes semidurable house furnishings
and prescription drugs) decelerated.
In services, the acceleration reflected an upturn in
spending on electricity and gas and step-ups in spend
ing on “other” services (which includes brokerage
charges and investment counseling) and on transpor
tation. In contrast, spending on recreation turned
down, and spending on medical care decelerated.
5. The rate o f change was calculated from the fourth quarter o f 1994 to
the fourth quarter o f 2004.
Chart 2. Real Personal Consumption Expenditures
Table 3. Real Personal Consumption Expenditures
Percent
[Seasonally adjusted at annual rates]
8
Contribution to percent
change in real PCE
(percentage points)
Share of
currentdollar
PCE
(percent)
2004
Change from preceding
period (percent)
PERCENT CHANGE FROM PRECEDING QUARTER
2004
2004
I
II
III
IV
I
II
III
IV
IV
4.1
1.6
5.1
4.2
4.1
1.6
5.1
4.2
100.0
Durable goods..........................
Motor vehicles and parts.......
Furniture and household
equipment..........................
O th e r'.....................................
2.2
-5.8
-0.3
-6.0
17.2
28.7
1.97 0.38
1.40 -0.04
12.1
5.5
11.1
6.2
7.4
-0.2
11.6
3.5
6.2
7.0
0.45 0.31
0.15 -0.01
0.48
0.08
0.26
0.16
4.2
2.3
Nondurable goods...................
Food........................................
Clothing and shoes...............
Gasoline, fuel oil, and other
energy goods.....................
O ther2.....................................
6.7
8.1
16.3
0.1
2.3
-5.3
4.7
4.4
6.0
6.1
6.3
8.6
1.90 0.04
1.10 0.32
0.62 -0.22
1.35
0.61
0.24
1.74
0.88
0.33
29.1
14.0
3.9
-2.3 -13.2
3.1
4.5
2.6
5.3
9.8 -0.06 -0.42
2.9 0.25 0.35
0.08
0.43
0.29
0.23
3.2
7.9
2.7
2.0
-0.9
-8.0
4.0
2.9
4.4
0.3
3.3
3.0
2.4
1.3
-0.9
2.7
1.7
5.0
2.7
2.5
1.98 1.56 1.82 2.03
0.33 0.30 0.37 0.34
0.18 -0.05 0.07 0.31
0.08 -0.18 -0.02 0.28
0.10 0.13 0.09 0.03
0.07 0.11 0.06 0.15
0.55 0.74 0.85 0.71
0.24 0.01 0.11 -0.05
0.61 0.45 0.35 0.57
58.8
15.0
5.5
2.2
3.3
3.6
16.9
4.0
13.8
Personal consumption
expenditures (PCE)
Services.....................................
Housing...................................
Household operation.............
Electricity and gas.............
Other household operation
Transportation........................
Medical care...........................
Recreation..............................
O ther3 ....................................
3.3
2.1
3.2
3.5
3.1
2.0
3.2
5.9
4.4
3.1 0.27 -0.03
-0.7 -0.33 -0.34
3.4
2.3
5.7
13.4
0.9
4.2
4.2
-1.2
4.1
1. Includes jewelry and watches, ophthalmic products and orthopedic equipment, books and maps, bicycles
and motorcycles, guns and sporting equipment, photographic equipment, boats, and pleasure aircraft.
2. Includes tobacco, toilet articles, drug preparations and sundries, stationery and writing supplies, toys, film,
flowers, cleaning preparations and paper products, semidurable house furnishings, and magazines and news
papers.
3. Includes personal care, personal business, education and research, religious and welfare activities, and
net foreign travel.
N ote. Percent changes are from NIPA table 2.3.1, and contributions to percent change are from NIPA table
2.3.2. Shares are calculated from NIPA table 2.3.5.
CONTRIBUTIONS TO 4.2-PERCENT INCREASE IN
REAL PERSONAL CONSUMPTION EXPENDITURES IN 2004:1V
Services
-
1
0
1
2
Percentage points at an annual rate
U.S. Bureau of Economic Analysis
3
4
Business Situation
Factors frequently considered in the analysis of con
sumer spending were mixed in the fourth quarter
(chart 3). The Index of Consumer Sentiment (pre
pared by the University o f Michigan’s Survey Research
Center) decreased after increasing in the third quarter,
and the unemployment rate remained unchanged at
5.4 percent. In contrast, real disposable personal in
come registered a strong fourth-quarter increase.6
March 2005
Chart 3. Selected Factors Affecting Consumer
Spending
Percent change
15
REAL DISPOSABLE PERSONAL INCOME’
10
5
0
■
L
i l i
I . . | i. M L w I
I ■ . .[ ■ l.f ll. ll. l.l
-5
6.
Real disposable personal incom e increased 8.1 percent in the fourth
quarter. From the fourth quarter o f 1994 to the fourth quarter o f 2004, it
increased at an average annual rate o f 3.4 percent.
-1 0
Percent
10
5
0
Index
120
110
100
90
80
70
1. Based on seasonally adjusted annual rates.
2. All civilian workers, seasonally adjusted. Data: U.S. Bureau of Labor Statistics
3. Data: University of Michigan's Survey Research Center
U.S. Bureau of Economic Analysis
March 2005
5
S u r v e y o f C u r r e n t B u s in e s s
Private Fixed Investm ent
Real private fixed investment increased 9.7 percent in
the fourth quarter after increasing 8.8 percent in the
third quarter (chart 4 and table 4).7
Nonresidential. Real private nonresidential fixed
investment increased 14.0 percent in the fourth quar
ter after increasing 13.0 percent in the third quarter.
Investment in structures turned up, and investment in
equipment and software accelerated slightly.
Investment in structures increased 1.2 percent after
decreasing 1.1 percent, reflecting an upturn in invest
ment in power and communication structures that fol
lowed three consecutive quarterly declines. In the
fourth quarter, mining exploration, shafts, and wells
and manufacturing structures accelerated. In contrast,
7. From the fourth quarter o f 1994 to the fourth quarter o f 2004, real pri
vate fixed investment increased at an average annual rate o f 5.6 percent.
Table 4. Real Private Fixed Investment
[Seasonally adjusted at annual rates]
Change from preceding
period (percent)
Contribution to percent
change in real PFI
(percentage points)
Share of
currentdollar PFI
(percent)
2004
2004
2004
II
III
IV
I
IV
IV
9.7
100.0
8.21
8.90
65.3
1.07 -0.16
II
Private fixed investm ent
(P F I).................................
4.5
13.9
8.8
9.7
4.5
13.9
Nonresidential............................
4.2
12.5
13.0
14.0
2.73
8.11
S tructures................................ -7.6
6.9 -1.1
Commercial and health
ca re .................................. -9.1 21.3 -1.8
Manufacturing...................... -16.8 -14.2 25.4
Power and communication -13.4 -37.0 -20.9
Mining exploration, shafts,
6.7 20.0
and w ells.........................
9.5
1.6
Other structures1............... -7.0 16.8
Equipm ent and softw are......
8.0
Information processing
equipment and software
16.4
Computers and
peripheral equipment
6.5
Software2........................ 16.8
O ther3............................. 22.1
Industrial equipment...........
6.6
Transportation equipment... -15.0
Other equipment4 .............
8.3
1.2 -1.19
Chart 4. Real Private Fixed Investment
Percent
20
PERCENT CHANGE FROM PRECEDING QUARTER
III
CO
cd
I
commercial and health care structures decreased more
than in the third quarter, and “other” structures
(which includes lodging, and amusement and recre
ational structures) turned down in the fourth quarter.
Investment in equipment and software increased
18.0 percent after increasing 17.5 percent, reflecting a
sharp step-up in information processing equipment
and an acceleration in transportation equipment that
were partly offset by slowdowns in industrial equip
ment and in “other” equipment. In information pro
cessing equipment, computers and peripheral
equipment and software accelerated. In transportation
equipment, the acceleration reflected an upturn in air
craft that was partly offset by a deceleration in light
trucks. In industrial equipment, the slowdown prima
rily reflected slowdowns in special industry machinery
and in metalworking machinery. In “other” equip
ment, the slowdown primarily reflected a downturn in
mining and oilfield machinery and slowdowns in agri
cultural machinery and in miscellaneous machinery.
Conditions that are frequently considered in the
analysis of investment spending have generally been
0.19
14.7
-8.5 -0.60 1.24 -0.11 -0.55
50.4 -0.15 -0.12 0.17 0.33
13.7 -0.35 -1.03 -0.48 0.26
6.0
0.8
2.0
16.9 0.14
-6.6 -0.25
0.42
0.55
0.21 0.38
0.05 -0.23
2.5
3.3
14.2
17.5
18.0
3.92
7.05
8.37
8.71
50.6
14.1
7.5
17.0
4.01
3.67
1.92
4.19
25.4
26.5
8.7
12.7
2.1
26.1
16.1
20.7
6.8
1.1
27.7
38.1
22.6
52.3 0.37
20.0 1.54
-2.6 2.10
7.1 0.52
40.8 -1.26
11.6 0.66
1.47
0.87
1.33
0.17
1.88
1.32
1.14 2.61
0.66 1.83
0.11 -0.25
2.03 0.58
2.64 2.96
1.78 0.98
6.1
9.6
9.7
8.1
8.5
8.5
0.59
R esid en tia l..................................
5.0
16.5
1.6
2.1
1.75
5.76
0.77
4.9
6.7
7.1
2.8
2.1
16.7
9.0
8.9
9.8
30.5
1.5
2.7
3.0
0.2
-0.4
2.1
-1.8
-1.9
-1.2
8.8
1.70
1.43
1.37
0.06
0.27
5.74 0.55 0.74
1.99 0.60 -0.39
1.78 0.60 -0.37
0.21 0.00 -0.02
3.75 -0.05 1.13
34.3
21.2
19.2
2.0
13.1
E quipm ent...............................
11.9
3.7
9.1
6.3
0.05
0.02
0.04
2001
34.7
S tructures................................
Permanent site ....................
Single fam ily....................
Multifamily........................
Other structures5 ..............
-1 5
2002
2003
2004
0.4
0.03
1. Consists primarily of religious, educational, vocational, lodging, railroads, farm, and amusement and
recreational structures, net purchases of used structures, and brokers’ commissions on the sale of structures.
2. Excludes software “embedded,” or bundled, in computers and other equipment.
3. Includes communication equipment, nonmedical instruments, medical equipment and instruments, photo
copy and related equipment, and office and accounting equipment.
4. Consists primarily of furniture and fixtures, agricultural machinery, construction machinery, mining and
oilfield machinery, service industry machinery, and electrical equipment not elsewhere classified.
5. Consists primarily of manufactured homes, improvements, dormitories, net purchases of used structures,
and brokers’ commissions on the sale of residential structures.
Note. Percent changes are from NIPA table 5.3.1, and contributions to percent change are from NIPA table
5.3.2. Shares are calculated from NIPA table 5.3.5.
Based on seasonally adjusted annual rates
CONTRIBUTIONS TO 9.7-PERCENT INCREASE IN
REAL PRIVATE FIXED INVESTMENT IN 2004.IV
N onresidential S tructures
N onresidential E quipm ent a nd S oftw are
R esidential Investm ent
-2
0
2
4
6
Percentage points at an annual rate
U.S. Bureau of Economic Analysis
10
6
Business Situation
favorable in recent quarters (chart 5). The capacity uti
lization rate for manufacturing, mining, and utilities
increased for the sixth consecutive quarter, to 78.7 per
cent, the highest rate since the first quarter of 2001.
The yield on AAA corporate bonds decreased for the
second consecutive quarter. Real final sales o f domestic
product increased 3.2 percent after increasing 5.0 per
cent; the fourth-quarter increase was slightly higher
than the average increase over the last 3 years.8 How
ever, domestic corporations’ profits from current pro
duction decreased in the third quarter (the latest
quarter for which data are available), but the decrease
reflected the effects of the hurricanes that struck the
southern and eastern portions of the United States in
the third quarter and that reduced third-quarter prof. its by about $80 billion. Profits increased for the pre
ceding 11 consecutive quarters.
Residential. Real private residential investment in
creased 2.1 percent in the fourth quarter after increas
ing 1.6 percent in the third quarter. “Other” structures
(which includes brokers’ commissions on the sale of
residences) turned up in the fourth quarter, but both
single-family and multifamily construction turned
down.
8. Real final sales o f domestic product increased at an average annual rate
o f 3.1 percent from the fourth quarter o f 2001 to the fourth quarter o f 2004.
March 2005
Chart 5. Selected Factors Affecting Nonresidential
Investment_________________________________
Percent
90
80
70
Billion $
140
CORPORATE PROFITS, CHANGE FROM PRECEDING QUARTER:
70
I
0
■
, !
I
1111
■
-7 0
Percent
10
5
REAL FINAL SALES OF DOMESTIC PRODUCT,
PERCENT CHANGE FROM PRECEDING
QUARTER
■
I
0
■ I
IIIIIill
-5
Percent
10
9
8
7
6
5
2001
2002
1. All industries. Data: Federal Reserve Board
2. Domestic industries.
3. Data: Federal Reserve Board
U.S. Bureau of Economic Analysis
2003
2004
March 2005
Su r v e y
of
7
C u r r e n t B u sin ess
Inventory Investm ent
Real inventory investment turned up in the fourth
quarter. It increased $16.5 billion, to $51.0 billion, after
decreasing $26.6 billion in the third quarter (chart 6
and table 5).
Retail trade inventories turned up in the fourth
quarter. The upturn reflected a smaller decrease in the
inventories of retail motor vehicle dealers in the fourth
quarter than in the third and larger increases in the in
ventories of “other” retail stores and of general mer
chandise stores in the fourth quarter than in the third.
Manufacturing inventories posted about the same
increase as in the third quarter. Inventories of nondurable-goods industries increased after decreasing; the
upturn was in chemical manufacturing inventories. In
ventories of durable-goods industries increased less
than in the third quarter.
9. Using the ratio that includes all final sales o f domestic businesses in the
denom inator implies that the production o f services results in a demand for
inventories that is similar to that generated in the production o f goods and
structures. In contrast, using the “goods and structures” ratio implies that
the production o f services does not generate demand for inventories. Both
im plications are extreme. Production o f some services may require sub
stantial inventories, while production o f other services may not.
Table 5. Real Change in Private Inventories by Industry
[Billions of chained (2000) dollars; seasonally adjusted at annual rates]
Change from
preceding quarter
Level
2004
2003
2004
I
II
III
IV
1
8.6
40.0
61.1
34.5
51.0
31.4
Farm................................................
3.5
5.1
3.0
3.8
1.7
Mining, utilities, and construction
3.5
-4.5
-1.7
4.5
Manufacturing................................. -13.1
Durable-goods industries......... -1.8
Nondurable-goods industries... -10.9
3.0
-2.2
5.0
9.1
5.9
3.3
Wholesale trade............................
Durable-goods industries.........
Nondurable-goods industries...
4.0
9.7
-5.2
8.5
11.1
-2.0
20.0
16.4
4.0
Retail trade.....................................
Motor vehicle and parts dealers
Food and beverage stores........
General merchandise stores....
Other retail stores......................
9.4
-0.9
-2.1
3.3
9.2
Other industries..............................
Residual1.......................................
0.8
-0.5
IV
Change in private
inventories.......................
Addenda; Ratios of private
inventories to final sales of
domestic business:
Private inventories to final sales
Nonfarm inventories to final
sales.......................................
Nonfarm inventories to final
sales of goods and
structures...............................
2.42
II
III
IV
21.1 -26.6
16.5
1.6
-2.1
0.8
-2.1
2.3
-8.0
2.8
6.2
-2.2
7.0
7.8
-0.6
7.3
5.6
1.7
16.1
-0.4
15.9
6.1
8.1
-1.7
-2.1
1.9
-3.9
0.3
-2.2
2.3
33.2
27.2
6.6
22.2
14.9
7.5
4.5
1.4
3.2
11.5
5.3
6.0
13.2 -11.0
10.8 -12.3
0.9
2.6
25.6
18.7
0.3
3.0
4.3
29.9 -20.1
17.1 -23.1
1.6 -0.1
2.7
0.3
8.9
1.6
14.8
-7.0
1.0
6.9
13.1
16.2
19.6
2.4
-0.3
-4.9
4.3 -50.0
-1.6 -40.2
1.3 -1.7
-0.3 -2.4
4.6 -7.3
34.9
16.1
1.1
6.6
11.5
2.8
-1.6
2.3
-2.4
4.1
2.4
3.2
0.1
2.0
-1.1
-0.5
-0.8
-0.9
-2.3
1.8
4.8
Chart 6. Real Private Inventory Investment:
Change from Preceding Quarter
Billion chained (2000 ) $
80
60
40
20
0
-20
|
I
I
1
-4 0
2.42
2.43
2.40
2.40
2.22
2.22
2.22
2.20
2.20
-6 0
3.55
3.54
3.55
3.50
3.50
-8 0
1. The residual is the difference between the first line and the sum of the most detailed lines. It reflects the
fact that chained-dollar estimates are usually not additive, because the quantity indexes on which they are
based embody weights of more than one period.
N ote. Real change in private inventories is from NIPA table 5.6.6B, and ratios of private inventories to final
sales of domestic business are from NIPA table 5.7.6B.
Wholesale trade inventories increased less in the
fourth quarter than in the third. The deceleration was
primarily accounted for by merchant wholesalers; the
biggest contributors to the deceleration were down
turns in inventories of miscellaneous durable-goods
wholesalers and of motor vehicle wholesalers.
Farm inventories increased less in the fourth quarter
than in the third. Crop inventories increased less, and
livestock inventories decreased more than in the third
quarter.
The ratio of real private nonfarm inventories to final
sales of goods and structures was unchanged at 3.50. A
ratio that includes all final sales of domestic businesses
in the denominator was unchanged at 2.20.9 Both ra
tios have been trending down for decades.
j — j____ 1
2001
2002
2003
1
1
1
2004
Based on seasonally adjusted annual rates
U.S. Bureau of Economic Analysis
8
Business Situation
March 2005
E xp o rts and Im ports
Real exports of goods and services decelerated in the
fourth quarter, and real imports of goods and services
accelerated (table 6).
Real exports of goods and services increased 2.4 per
cent after increasing 6.0 percent (chart 7). The slow
down was due to exports of goods, which increased
only 1.9 percent after increasing 9.5 percent. The slow
down was driven by downturns in “other” exports of
goods and in automotive goods and by a deceleration
in nonautomotive capital goods. In contrast, exports of
nonautomotive consumer goods turned up.
Exports of services turned up, increasing 3.5 percent
after decreasing 1.8 percent. The largest contributors
Table 6. Real Exports and Imports of Goods and Services
[Seasonally adjusted at annual rates]
Chart 7. Real Exports
Share of
currentContribution to percent
dollar
Change from preceding period
change in real exports and exports
(percent)
imports (percentage points)
and
imports
(percent)
2004
2004
I
Exports of goods and
services......................
Exports of g oods1................
Foods, feeds, and
beverages........................
Industrial supplies and
materials..........................
Capital goods, except
automotive.......................
Automotive vehicles,
engines, and parts..........
Consumer goods, except
automotive.......................
Other.....................................
Exports of services' ............
Imports of goods and
services......................
Imports of goods1................
Foods, feeds, and
beverages........................
Industrial supplies and
materials, except
petroleum and products,.
Petroleum and products.....
Capital goods, except
automotive.......................
Automotive vehicles,
engines, and parts..........
Consumer goods, except
automotive.......................
Other.....................................
Imports of services1 ............
II
III
7.3
7.3
6.0
9.1
6.0
9.5
-30.0
-24.3
28.6
14.4
6.9
-0.1
IV
PERCENT CHANGE FROM PRECEDING QUARTER
2004
I
II
III
IV
IV
2.4
7.3
7.3
6.0
2.4
100.0
1.9
6.30
4.19
6.52
1.32
70.0
36.7 -1.83 -1.35
1.8
2.23
1.21
1.46
4.7
1.14 -0.02
0.31
17.4
0.07
27.8
13.1
6.2
6.2
0.3
3.61
1.75
1.73
5.1
8.2
34.8
-2.8
0.38
0.60
2.31 -0.22
7.6
18.6
11.4
3.4
18.2
16.1
10.2
-0.7 22.1
39.9 -42.1
-1.8
3.5
1.50
0.41
1.04
1.49 -0.06 1.76
0.57 1.35 -2.07
3.06 -0.54 1.05
8.9
3.5
30.0
2001
2002
2003
2004
Based on seasonally adjusted annual rates
10.6
12.6
4.6
11.4
12.7
13.0
5.0
15.3 10.41 10.82
2.3
7.4 -10.1
10.6
12.6
11.4
100.0
4.15 12.53
84.3
0.57
3.4
Foods, Feeds, and Beverages
12.9
11.6
Industrial S upplies and M aterials
4.6
17.4
0.08
0.27 -0.37
-0.2
57.8
1.87 3.97
3.13 -3.88
2.76
0.19
0.00
5.10
16.9
39.1
38.2
-33.1
23.6
2.0
13.4
30.6
14.0
9.6
2.55
5.43
2.59
1.84
10.1
3.2
-3.3
0.82
1.33
0.42 -0.42
12.2
9.6
-2.2
1.2
20.5
-10.7
10.6
-9.8
16.5
2.8
28.6 2.08 4.21 -2.13 5.39
0.9 -0.11 -0.51 0.70 0.04
-7.0 0.21 1.78 0.47 -1.15
20.7
4.4
15.7
-19.1
24.6
26.8
5.1
8.5
8.4
0.1
64.9
20.9
5.4
10.1
CONTRIBUTIONS TO 2.4-PERCENT INCREASE
IN REAL EXPORTS IN 2004:IV :
19.0
6.0
72.7
Addenda:
Exports of agricultural
goods2 ............................. -23.2
Exports of nonagricultural
goods................................
12.7
Imports of nonpetroleum
goods................................
9.8
I
C apital G oods, except A utom otive
I
Autom otive Vehicles, Engines,
a n d Parts
; C onsum er G oods,
, except A utom otive
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal
Government, are included in services.
2. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of
nondurable nonautomotive consumer goods.
Note. Percent changes are from NIPA table 4.2.1, and contributions to percent change are from NIPA table
4.2.2. Shares are calculated from NIPA table 4.2.5.
Percent
25
O ther G oods
S ervices
-3
-
2
-
1
0
Percentage points at an annual rate
S. Bureau of Economic Analysis
1
March 2005
to the upturn were an upturn in “other” private ser
vices and an acceleration in travel.
Real imports of goods and services increased 11.4
percent after increasing 4.6 percent (chart 8). The ac
celeration reflected a pickup in imports of goods,
which increased 15.3 percent after increasing 5.0 per
cent. Imports of nonautomotive consumer goods
turned up sharply, and petroleum imports surged. In
contrast, imports of industrial supplies and materials
turned down.
Imports o f services turned down, decreasing 7.0
percent after increasing 2.8 percent. The downturn
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.
In addition, travel decreased more than in the third
quarter.
9
S u r v e y o f C u r r e n t B u s in e s s
Chart 8. Real Imports
Percent
20
PERCENT CHANGE FROM PRECEDING QUARTER
2001
2002
2003
2004
Based on seasonally adjusted annual rates
CONTRIBUTIONS TO 11,4-PERCENT INCREASE
IN REAL IMPORTS IN 2004:IV
Industrial supplies and Materials, except Petroleum
:Petroleum and Products
iCapital Goods, except Automotive
Automotive Vehicles, Engines, and Parts
i Consumer Goods, except Automotive
Other Goods
Services
Percentage points at an annual rate
U.S. Bureau of Economic Analysis
Business Situation
10
March 2005
G o vern m en t S pending
Government spending increased 1.2 percent in the
fourth quarter after increasing 0.7 percent in the third
quarter (table 7 and chart 9). Upturns in state and lo
cal government spending and in Federal nondefense
spending were partly offset by a downturn in spending
on national defense.
State and local government spending increased 0.8
percent after decreasing 1.7 percent. The upturn was
largely attributable to gross investment, which was un
changed in the fourth quarter after decreasing 12.5
percent in the third quarter. Investment in structures
decreased 2.3 percent in the fourth quarter after de
creasing 15.9 percent; equipment and software in
creased 10.3 percent after increasing 3.7 percent.
Consumption expenditures increased at about the
same rate in the fourth quarter as in the third.
Federal nondefense spending increased 6.3 percent
after decreasing 5.3 percent; both consumption expen
ditures and gross investment turned up. In consump-
tion expenditures, nondurable goods and compensa
tion turned up. In gross investment, the upturn was
attributable to investment in equipment and software,
notably a much smaller decrease in vehicles in the
fourth quarter than in the third.
National defense spending decreased 0.3 percent af
ter increasing 10.1 percent. A downturn in consump
tion expenditures was partly offset by an acceleration
in gross investment; the downturn was attributable to
a downturn in intermediate services, and the accelera
tion was in equipment and software, reflecting upturns
in aircraft and in “other” equipment.
Chart 9. Real Government Consumption
and Investment_____________________
Percent
10
PERCENT CHANGE FROM PRECEDING QUARTER
Table 7. Real Government Consumption Expenditures
and Gross Investment
[Seasonally adjusted at annual rates]
Change from preceding
period (percent)
Contribution to percent
change in real CEGI
(percentage points)
Share of
currentdollar
CEGI
(percent)
2004
2004
2004
I
II
III
IV
I
II
III
IV
IV
-6
Government consumption
expenditures and gross
investment (CEGI)...........
Consumption expenditures
Gross investment..............
2.5
1.9
5.5
2.2
1.0
8.3
0.7
2.9
-9.2
1.2
0.0
6.9
2.5
1.61
0.94
2.2
0.7
0.81 2.39
1.41 -1.69
1.2
0.01
1.17
100.0
82.5
17.5
Federal............................................
7.1
2.7
4.8
1.7
2.56
0.99
0.65
37.1
National defense......................
Consumption expenditures...
Gross investment...................
10.6
1.9
7.2
4.1
3 12 -12.0
10.1
9.6
13.1
-0.3
-4.5
32.5
2.41 -0.09
2.02 -1.01
0.39 0.92
25.1
21.8
3.4
Nondefense...............................
Consumption expenditures...
Gross investment...................
0.2
-0.3
3.9
4.4 -5.3
-0.7 -2.6
44.0 -21.1
State and local..............................
Consumption expenditures.......
Gross investment.......................
0.0
0.2
-1.0
1.9 -1.7
1.3
0.0
10.0 -12.5
2001
2.53 0.47
1.53 0.87
1.00 -0.40
1.75
6.3 0.03 0.52 -0.66
4.9 -0.03 -0.07 -0.27
16.2 0.06 0.59 -0.38
0.73
0.49
0.24
62.9
50.4
12.5
2003
N ational D efense
S tate and Local
0.8 -0.01
1.0 0.12
0.0 -0.12
1.23 -1.05
0.01 0.64
1.22 -1.69
-1
0
Percentage points at an annual rate
U.S. Bureau of Economic Analysis
N ote. Percent changes are from NIPA table 3.9.1, and contributions to percent change are from NIPA table
3.9.2. Shares are calculated from NIPA table 3.9.5.
2004
CONTRIBUTIONS TO 1,2-PERCENT INCREASE IN REAL GOVERNMENT
CONSUMPTION AND INVESTMENT IN 2004:IV
11.9
10.3
1.6
0.53
0.53
0.00
2002
Based on seasonally adjusted annual rates
March 2005
11
S u r v e y o f C u r r e n t B u s in e s s
Prices
Inflation as measured by the price index for gross do
mestic purchases was 2.8 percent in the fourth quarter;
in the third quarter, inflation was 1.9 percent (table 8).
The acceleration primarily reflected a sharp accelera
tion in energy prices. Food prices accelerated only
slightly. Excluding energy and food prices, the price in
dex increased 1.9 percent after increasing 1.7 percent
(chart 10).
Prices of goods and services purchased by consum
ers increased 2.5 percent after increasing 1.3 percent.
Table 8. Prices for Gross Domestic Purchases
[Percent change at annual rates; based on seasonally adjusted index num bers (2000=100)]
Change from preceding period
(percent)
2004
Gross domestic purchases...
Contribution to percent change
in gross domestic purchases
prices (percentage points)
2004
3.4
3.5
3.1
Personal consumption
expenditures (PCE) ..
Durable goods.............
Nondurable goods......
Services.......................
-
1.9
1.3
-3.1
0.9
2.3
0.1
6.6
2.1
Gross private domestic
investment..........................
2.8
2.19
0.00
1.00
1.20
2.0
1.9
1.8
10.8
-0.7
2.3
Fixed investment......................
Nonresidential......................
Structures.........................
Equipment and software.
Residential...........................
Change in private inventories..
3.4
0.32
0.30
0.03
0.10
-0.08
0.28
0.02
Government consumption
expenditures and gross
investment..........................
3.5
2.08
-
1.9
0.84
-0.25
0.18
0.92
0.01
1.25
0.84
0.68
0.64
0.17
0.17
0.01
0.47
0.04
0.46
0.45
0.09
1.70
0.01
0.90
0.79
0.12
0.36
0.31
0.30
0.18
0.24
-0.06
0.12
0.01
0.02
0.74
0.15
0.21
-
2.8
0.89
0.42
0.25
0.18
0.47
Federal......................................
National defense.................
Nondefense..........................
State and lo ca l.........................
0.77
0.62
0.20
0.11
0.15
0.04
0.57
0.08
0.03
0.51
0.40
0.94
2.19
0.20
0.26
1.47
Chart 10. Gross Domestic Purchases Prices:
Change From Preceding Quarter
Percent
0.11
0.27
0.98
2.16
The price of gasoline and oil turned up sharply, and the
price of fuel oil and coal accelerated. In contrast, the
price of electricity turned down and the price of natural
gas decelerated somewhat. Food prices increased at the
same rate in the fourth quarter as in the third quarter.
Excluding energy and food, prices paid by consumers
increased 1.6 percent after increasing 0.9 percent.
Prices of private nonresidential fixed investment in
creased 1.8 percent after increasing 0.9 percent. Prices of
equipment and software decreased less in the fourth
quarter than in the third, and prices of structures accel
erated.
Prices paid by government increased 4.2 percent after
increasing 3.6 percent, reflecting accelerations at both
the Federal level and the state and local level.
The GDP price index, which measures the prices paid
for goods and services produced in the United States,
increased 2.1 percent, 0.7 percentage point less than the
price index for gross domestic purchases. The smaller
increase in the GDP price index reflected a smaller in
crease 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).
0.24
■Total
.lllll.ll II
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” PCE..................
Excluding food and energy...
2.8
27.0
2.5
4.2
24.9
2.5
22.1
2.6
26.7
2.1
3.2
1.8
3.9
26.5
1.7
3.7
2.1
2.6
18.2
1.6
2.7
1.6
Gross domestic product...............
2.8
3.2
2.5
1.9
1.4
0.88
1.63
2.1
Most percent changes are from NIPA table 1.6.7; percent changes for personal consumption expendi
tures 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.
N ote.
I Less Food and Energy
0.04
0.59
-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
Business Situation
12
March 2005
R evisions
The preliminary estimate of a 3.8-percent increase in
real GDP in the fourth quarter is 0.7 percentage point
more than the advance estimate released in January
(table 9). In the past 20 years, the average revision,
without regard to sign, from the advance estimate to
the preliminary estimate has been 0.5 percentage
point.
The upward revision to fourth-quarter real GDP re
flected upward revisions to exports, to investment in
equipment and software, and to inventory investment
that were partly offset by a downward revision to con
sumer spending and by an upward revision to imports,
which are subtracted in the calculation of GDP.
In the preliminary estimate, exports added 0.24 per
centage point to GDP growth; in contrast, exports sub
tracted 0.40 percentage point from the advance
estimate of GDP growth. The revisions to exports
mainly reflected the incorporation of newly available
Census Bureau data on trade in goods for December
and revised data for November.1
0
Nonresidential fixed investment added 0.35 per
centage point more to the GDP growth rate than in the
advance estimate. The revision reflected the incorpora
tion of newly available and revised Census Bureau data
on the value of new construction put-in-place, newly
available and revised trade source data on truck regis
trations, and newly available Census Bureau data on
aircraft shipments.
Inventory investment added 0.18 percentage point
more to the GDP growth rate than in the advance esti
mate. The revision primarily reflected the incorpora
tion of newly available data on inventories for Decem
ber and revised data for November.
Consumer spending contributed 0.33 percentage
point less to GDP growth in the preliminary estimate
than in the advance estimate. The downward revision
was mostly to motor vehicles, primarily reflecting the
incorporation of the newly available and revised data
on truck registrations.
Imports subtracted 0.33 percentage point more
from GDP growth than in the advance estimate. The
revision to imports mainly reflected the incorporation
of newly available Census Bureau data on trade in
goods for December and revised data for November.
In addition to these revised estimates for the fourth
quarter, estimates of wages and salaries and of related
series for the third quarter have been revised. These re
visions reflect the incorporation of newly available tab
10.The revisions to exports reflect the incorporation o f a corrected esti
mate o f Canadian im ports from the United States for November that Statis
tics Canada provided after the “advance” NIPA estimates were released. For
m ore inform ation on U.S. exports to Canada, go to BEA’s Web site at
< www.bea.gov/bea/di/canada.htm> .
ulations of wages and salaries of employees covered by
state unemployment insurance from the Bureau of La
bor Statistics. Wage and salary accruals are now esti
mated to have increased $91.6 billion in the third
quarter, an upward revision of $28.0 billion, and real
disposable personal income (DPI) is now estimated to
have increased 2.9 percent in the third quarter, an up
ward revision of 0.9 percentage point. Real DPI in the
fourth quarter is now estimated to have increased 8.1
percent, a downward revision of 0.3 percentage point.
Table 9. Preliminary and Advance Estimates
for the Fourth Quarter of 2004
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Preliminary Advance
estimate estimate
Contribution to percent change
in real GDP
Preliminary
Preliminary
Preliminary Advance
minus
minus
estimate estimate
advance
advance
Gross domestic
product (GDP)...........
3.8
3.1
0.7
3.8
3.1
0.7
Personal consumption
expenditures......................
Durable goods.....................
Nondurable goods..............
Services................................
4.2
3.1
6.1
3.4
4.6
6.7
5.8
3.7
-0.4
-3.6
0.3
-0.3
2.89
0.27
1.21
1.41
3.22
0.56
1.16
1.50
-0.33
-0.29
0.05
-0.09
13.4
9.7
14.0
1.2
9.2
6.7
10.3
-4.1
4.2
3.0
3.7
5.3
2.13
1.52
1.40
0.03
1.48
1.06
1.05
-0.10
0.65
0.46
0.35
0.13
18.0
2.1
14.9
0.3
3.1
1.8
1.37
0.12
1.15
0.01
0.22
0.11
0.60
0.42
0.18
Gross private domestic
investment..........................
Fixed investment.................
Nonresidential.................
Structures....................
Equipment and
software...................
Residential.......................
Change in private
Net exports of goods and
services...............................
Exports.................................
Goods...............................
Services...........................
Im ports.................................
Goods...............................
Services...........................
2.4
1.9
3.5
11.4
15.3
-7.0
-3.9
-6.9
3.4
9.1
12.2
-6.0
6.3
8.8
0.1
2.3
3.1
-1.0
-1.43
0.24
0.13
0.11
-1.67
-1.85
0.18
-1.73
-0.40
-0.50
0.10
-1.34
-1.49
0.15
0.30
0.64
0.63
0.01
-0.33
-0.36
0.03
Government consumption
expenditures and gross
investment..........................
Federal..................................
National defense.............
Nondefense.....................
State and local.....................
1.2
1.7
-0.3
6.3
0.8
0.9
1.6
0.0
5.1
0.6
0.3
0.1
-0.3
1.2
0.2
0.22
0.12
-0.02
0.14
0.10
0.18
0.11
0.00
0.11
0.07
0.04
0.01
-0.02
0.03
0.03
3.2
2.7
0.5
3.20
2.73
0.47
2.8
2.1
2.7
2.0
0.1
0.1
Addenda:
Final sales of domestic
product............................
Gross domestic purchases
price index.......................
GDP price index..................
Note. The preliminary estimates for the fourth quarter of 2004 incorporate the following revised or additional
major source data that were not available when the advance estimates were prepared.
Personal consumption expenditures: Retail sales for November and December (revised). Truck registration
data for October and November (revised) and December (newly available).
Nonresidential fixed investment: Construction put-in-place data for October and November (revised) and for
December (newly available), manufacturers' shipments of machinery and equipment for November and
December (revised) and of complete civilian aircraft for December (newly available). Truck registration data for
October and November (revised) and December (newly available).
Residential fixed investment: Construction put-in-place data for October and November (revised) and for
December (newly available).
Change in private inventories: Manufacturers' and trade inventories for November (revised) and for December
(newly available).
Exports and imports of goods and services: International transactions accounts data for November (revised)
and for December (newly available).
Government consumption expenditures and gross investment: State and local government construction putin-place data for October and November (revised) and for December (newly available).
Wages and salaries: Employment, average hourly earnings, and average weekly hours for October through
December (revised), and tabulations of wages and salaries for the third quarter of employees covered by state
unemployment insurance.
GDP prices: Export and import prices for October through December (revised), unit-value index for petroleum
imports for November (revised) and December (newly available), seasonally adjusted consumer price indexes for
October through December (revised), and prices of single-family houses under construction for the quarter
(newly available).
14
March 2005
Federal Budget Estimates for Fiscal Year 2006
By Michelle D. Robinson and Benjamin A. M andel
N February 7, 2005, the President of the United
States of America submitted the Federal Budget of
the United States Government, Fiscal Year 2006 to Con
gress.1 The Federal budget proposes continued funding
for the war on terrorism and homeland security and
reductions in nondefense discretionary spending. It
proposes to permanently extend various tax cuts and
expiring tax provisions. In addition, it proposes to in
troduce several tax incentives to promote economic
growth.
For fiscal year 2006, the Federal budget projects a
$390.1 billion deficit, a $36.5 billion decrease from the
$426.6 billion deficit that is projected for fiscal year
2005. Fiscal year 2004 ended with a $412.1 billion defi
cit.2
Each year, the Bureau o f Economic Analysis adjusts
the Federal budget estimates of receipts and outlays
from the Budget o f the United States Government so
that these estimates are consistent with the national in
come and product accounts (NIPAs); the adjusted esti
mates are then used to prepare quarterly estimates of
Federal Government current receipts and current ex
penditures. The NIPA framework, which differs in
concept and timing from the budget, aims to show the
composition of production and the distribution of the
incomes earned in production (see the box). The NIPA
framework thus provides a way to gauge the effects of
the Federal budget on aggregate measures of U.S. eco
nomic activity, such as gross domestic product. The
NIPA estimates are based on the same economic as
sumptions about unemployment, inflation and long
term interest rates that underlie the budget.3
Highlights of the NIPA and budget estimates pre
sented in this article include the following:
• Net Federal Government saving for fiscal year 2006
is projected to be -$392.5 billion, a $10.0 billion
O
increase from net Federal Government saving of
-$402.5 billion that is projected for fiscal year 2005.
• Proposed legislative and program changes would
add $28.8 billion to the Federal budget deficit in fis
cal year 2006; the increase mainly reflects a pro
posed supplemental appropriation to fund costs in
Iraq and Afghanistan.
The rest of this article is divided into four sections.
First, the budget estimates are summarized, and the ef
fects of the major legislative proposals and program
changes on the budget are reviewed. Second, the bud
get projections and the NIPA estimates are compared.
Third, annual and quarterly NIPA estimates for fiscal
years 2005 and 2006 are presented based on the bud
get. Fourth, the methodology used to translate budget
projections into the NIPA framework is explained.
T h e B ud get E stim ates
Federal budget receipts in fiscal year 2006 are projected
to increase $124.7 billion, to $2,177.6 billion (table 1).
Federal budget receipts in fiscal year 2005 are esti
mated to be $2,052.8 billion, a $172.8 billion increase.
The deceleration in 2006 is more than accounted for by
a downturn in corporation income taxes, which would
decrease $6.3 billion after increasing $37.2 billion in
2005, and by a deceleration in individual income taxes,
which would increase $73.2 billion after increasing
$84.7 billion.
Federal budget outlays in 2006 are projected to in
crease $88.2 billion, to $2,567.6 billion (table 2). Fed
eral budget outlays in 2005 are estimated to be
$2,479.4 billion, a $187.2 billion increase. The deceler
ation in 2006 is accounted for by downturns in outlays
for allowances, for national defense, for agriculture, for
Table 1. Budget Receipts by Source
[Billions of dollars]
Level for fiscal year
1. Executive Office o f the President, Office o f M anagem ent and Budget,
B u dget o f the United States G overnm ent, Fiscal Year 2006 (W ashington, DC:
U.S. Governm ent Printing Office, 2005); < www.whitehouse.gov/omb/budget/fy2006/budget.htm l. > .
2. These estimates o f the Federal budget are derived from all Federal
transactions; they are the difference between the unified budget receipts
and the unified budget outlays. Other measures o f the Federal budget that
differ from these measures present off-budget and on-budget transactions
and trust funds surplus and Federal funds deficit.
3. See “Econom ic Assumptions,” in A nalytical Perspectives: Budget o f the
United States G overnm ent, Fiscal Year 2006, 187-197.
Change from preceding year
Line
2003
Budget receipts.............................
Individual income taxes.............
Social insurance taxes and
contributions..........................
Corporation income taxes.........
Excise taxes................................
Miscellaneous receipts.............
Estate and gift taxes..................
Customs duties..........................
1 1,782.3
2004
2005
2006
1,880.1
2,052.8
2,177.6
2004
97.7
172.8
124.7
2005
2006
2
793.7
809.0
893.7
966.9
15.3
84.7
73.2
3
4
5
6
7
8
713.0
131.8
67.5
34.5
22.0
19.9
733.4
189.4
69.9
32.6
24.8
21.1
773.7
226.5
74.0
36.4
23.8
24.7
818.8
220.3
75.6
41.6
26.1
28.3
20.4
57.6
2.3
-2.0
2.9
1.2
40.3
37.2
4.2
3.9
-1.1
3.6
45.1
-6.3
1.6
5.2
2.4
3.6
Source: Budget of the United States Government, Fiscal Year 2006.
March 2005
Survey
of
C u r r e n t B u sin ess
15
NIPA Estimates of the Federal Sector and the Federal Budget Estimates
The Bureau of Economic Analysis (BEA) prepares estimates
of the Federal sector in the framework of the national income
and product accounts (NIPAs). Unlike the Federal budget,
which is a financial plan of the Government, the NIPA Federal
estimates are designed to facilitate macroeconomic analyses of
the effects of changes in Federal Government current receipts,
current expenditures, and gross investment on gross domestic
product (GDP) and its components, on national and personal
income, and on national saving.1
One of the key differences between the NIPA estimates and
the budget estimates is that in the NIPAs, current transactions
are distinguished from capital transactions. Current transac
tions for production, for income, and for consumption are
presented in the summary NIPA accounts 1-5, and capital
transactions for the acquisition and disposal of nonfinancial
assets are presented in summary NIPA account 6.2 Because of
this organization of the accounts, the following types of trans
actions are not included in NIPA Federal Government current
receipts and current expenditures:
• Government investment in fixed assets. In the NIPAs, gov
ernment consumption expenditures exclude investment in
fixed assets and include consumption of fixed capital, a
depreciation charge on fixed assets that are used in produc
tion.
•Transfers involving the acquisition or the disposal of
assets. In the NIPAs, these transactions are classified as cap
ital transfer receipts and payments and are presented in the
domestic capital account.3 Capital transfers include certain
investment grants-in-aid to state and local governments,
investment subsidies to businesses, lump-sum payments to
amortize the unfunded liability of the Uniformed Services
Retiree Health Care Fund, and estate and gift taxes.
• Transactions involving nonproduced assets. In the NIPAs,
purchases and sales of nonproduced assets, such as land
and the radio spectrum, are included in “net lending or net
borrowing (-)” in the domestic capital account.
The NIPA estimates also differ from the budget estimates
because of the scope and coverage of the Federal Government
sector. These differences include the following:
• Retirement plans. Government employee contributions to
retirement plans are included in budget receipts, but they
are excluded from NIPA Federal Government current
1. For a comparison, see tables 4 and 5 and NIPA table 3.18B. See also
“National Incom e and Product Accounts” in A nalytical Perspectives: Budget o f
the United States G overnm ent, 2 2 7 -2 3 2 .
2. Current transactions are presented in the “Dom estic Incom e and Prod
uct Account,” “Private Enterprise Incom e Account,” “Personal Incom e and
Outlay Account,” “Government Receipts and Expenditures Account,” and
“Foreign Transactions Current Account.” Capital transactions are presented
in the “D omestic Capital Account.” See “Summ ary National Incom e and
Product Accounts,” Su rvey o f C u r r e n t Business 8 4 (August 2 0 0 4 ) : 3 6 - 3 7 . The
Federal Governm ent com ponents o f the dom estic capital account are often
shown as addenda in tables presenting Federal Governm ent current receipts
and expenditures.
3. T he flow-of-funds accounts from the Federal Reserve Board present
detailed inform ation on the acquisition and disposal o f financial assets and
liabilities by U.S. econom ic sectors, including the Federal Government.
receipts because they are included in personal income as
part of the income of employees. Similarly, Federal
employee retirement benefits are included in budget out
lays, but they are excluded from NIPA Federal Government
current expenditures because the benefits are paid from
assets that are treated as a part of the personal sector.
• Other differences. The NIPAs exclude transactions with the
residents of Puerto Rico and the U.S. Territories, and the
Federal Communication Commission (FCC) Universal
Service Fund.
Receipts
NIPA Federal Government current receipts differ from Fed
eral budget receipts because of differences in coverage, netting
and grossing, and timing.4 For most years, the differences
between NIPA current receipts and budget receipts primarily
reflect capital transfers received, supplementary medical
insurance premiums, and personal and business current
transfer receipts. (Personal and business current transfer
receipts are classified as receipts in the NIPAs and are netted
against outlays in the budget.)
Expenditures
NIPA Federal Government current expenditures differ from
Federal budget outlays because of differences in coverage, net
ting and grossing, and timing (see footnote 4). For most
years, the differences between NIPA current expenditures and
budget outlays primarily reflect capital transfers paid, Federal
employee retirement plan transactions, and personal and
business current transfer receipts.
In the NIPA framework, budget outlays for national defense
and nondefense are reflected in both consumption expendi
tures and gross investment. For national defense, the budget
outlays differ from the NIPA estimates for several reasons:
•The NIPA measure includes general government consump
tion of fixed capital.
• In the NIPAs, cash payments to amortize the unfunded lia
bility for military and civilian retirement benefits are
included as defense consumption expenditures; the budget
records these payments as intergovernmental transactions.
• NIPA expenditures are recorded on a delivery (accrual)
basis, and budget outlays are recorded on a cash basis; thus,
in the NIPAs, all work in progress (except ships and struc
tures) are included in the change-in-private-inventories
component of GDP. When the equipment is delivered, a
decrease in private inventories is recorded that is offset by
an increase in government consumption expenditures and
gross investment.
4. T he differences in coverage arise because certain transactions that are
excluded from the NIPAs are included in the budget (and vice versa). The dif
ferences in netting and grossing arise because certain transactions are
recorded as offsets to outlays in the budget, but they are recorded as receipts
in the NIPAs (and vice versa). The differences in tim ing arise because in the
budget, m ost receipts and outlays are recorded on a cash basis, and in the
NIPAs, some transactions are recorded on an accrual basis.
16
Federal Budget Estimates
education, training, employment, and social services,
for commerce and housing credit, and for community
and regional development and by decelerations in out
lays for income security, for veterans benefits and ser
vices, and for health. The overall deceleration to
budget outlays is tempered by accelerations in outlays
for Medicare and net interest.
For allowances, budget outlays would decrease
$10.7 billion after increasing $34.9 billion.4 For na
tional defense, budget outlays would decrease $18.5
billion after increasing $10.0 billion in 2005. For agri
culture, outlays would decrease $4.5 billion after in
creasing $15.1 billion. For education, training,
employment, and social services, budget outlays would
decrease $7.6 billion after increasing $8.3 billion. For
commerce and housing credit, budget outlays would
decrease $3.8 billion after increasing $5.4 billion. For
community and regional development, budget outlays
would decrease $1.0 billion after increasing $4.3 bil
lion.
For income security, outlays would increase $8.6 bil
lion after increasing $18.1 billion. Outlays for veterans
benefits and services would increase $0.2 billion after
increasing $8.4 billion. Outlays for health would in
crease $10.9 billion after increasing $17.7 billion.
Tempering the overall deceleration in budget out-
March 2005
lays, outlays for Medicare would increase $50.3 billion
after increasing $26.1 billion, and outlays for net inter
est would increase $33.1 billion after increasing $17.7
billion.
Proposed legislative and program changes
The budget for fiscal year 2006 proposes changes in
legislation and in programs that would increase the
Federal deficit by $36.2 billion in fiscal year 2005 and
by $28.8 billion in fiscal year 2006 (table 3).5
5. The estimates o f the proposed changes are the differences between the
current-services estimates and the actual budget. The current-services esti
mates in the 2006 budget include certain adjustments that are linked to the
adm inistration s budget reform proposals.
Table 3. Proposed Legislative and Program Changes in the Budget
[Billions of dollars]
Fiscal year
Line
2005
2006
Receipts
Current-services estim ates1..............................................................................................
1
2,053.0
2,177.9
Plus: Proposed legislation excluding proposals assumed in the baseline2...........
Extend research and experimentation tax cre d it...................................................
Establish Opportunity Z o n es....................................................................................
Permit tax-free withdrawals from IRAs for charitable contributions.....................
Provide tax credit for purchase of certain hybrid and fuel cell vehicles.............
Expand tax-free savings opportunities...................................................................
Extend abandoned mine reclamation fees..............................................................
Other.................................................
2
3
4
5
6
7
8
9
-0.1
0.0
0.0
-0.1
0.0
0.0
0.0
0.0
-0.3
-2.1
-0.4
-0.3
-0.3
3.7
0.3
-1.2
10
2,052.8
2,177.6
Current-services estim ates1..............................................................................................
11
2,443.4
2,539.1
Plus: Program changes excluding proposals assumed in the baseline2...............
Allowances3 ...............................................................................................................
National defense........................................................................................................
H ealth..........................................................................................................................
Education, training, employment, and social services..........................................
Net interest.................................................................................................................
International affairs....................................................................................................
Medicare....
Administration of justice............................................................................................
General science, space, and technology................................................................
Community and regional development...................................................................
Energy.........................................................................................................................
Veterans benefits and services................................................................................
Agriculture............................
Income security...........................................................................................................
Commerce and housing credit.................................................................................
Transportation..................................
Natural resources and environment.........................................................................
Undistributed offsetting receipts4..
Other.................................................
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
36.0
34.9
0.0
0.2
0.6
0.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-0.2
0.0
0.0
0.0
28.5
24.2
6.8
2.4
1.9
1.8
1.2
1.0
0.4
-0.3
-0.4
-0.4
-0.6
-0.8
-1.0
-1.4
-1.6
-1.6
-3.0
-0.1
Equals: The budget..............................
Outlays
4. Outlays for allowances include funding for emergencies, such as natu
ral disasters, and for additional defense and nondefense costs. They cover
certain budgetary transactions that are expected to increase or to decrease
outlays, receipts, or budget authority but that are not reflected in the pro
gram details. Allowances in the 2006 budget largely reflect the anticipated
supplemental appropriation to fund costs o f m ilitary operations and recon
struction in Iraq and Afghanistan and Indian Ocean tsunami relief efforts.
Table 2. Budget Outlays by Function
[Billions of dollars]
Level for
fiscal year
Line
2003
Budget outlays...........................................
Social security........................................
National defense.....................................
Income security......................................
Medicare..................................................
Health..
Net interest..............................................
Education, training, employment, and
social services....................................
Transportation..........................................
Veterans benefits and services.............
Administration of justice.........................
International affairs.................................
Natural resources and environment....
Agriculture...............................................
General science, space, and
technology...........................................
Community and regional development
General government...............................
Commerce and housing credit..............
Energy......................................................
Allowances1............................................
Undistributed offsetting receipts2
2004
2005
Change from
preceding year
2006
1 2,159.9 2,292.2 2,479.4 2,567.6
2004
2005
2006
132.3
187.2
88.2
2
3
4
5
6
7
474.7
404.9
334.4
249.4
219.6
153.1
495.5
455.9
332.8
269.4
240.1
160.2
519.7
465.9
350.9
295.4
257.5
177.9
544.8
447.4
359.5
345.7
268.4
211.1
20.9
51.0
-1.6
19.9
20.6
7.2
24.1
10.0
18.1
26.1
17.4
17.7
25.1
-18.5
8.6
50.3
10.9
33.1
8
9
10
11
12
13
14
82.6
67.1
57.0
35.3
21.2
29.7
22.5
87.9
64.6
59.8
45.5
26.9
30.7
15.4
96.3
68.5
68.2
40.7
32.0
31.0
30.5
88.7
70.7
68.4
43.1
38.4
31.2
26.0
5.4
-2.4
2.8
10.2
5.7
1.0
-7.1
8.3
3.9
8.4
-4.9
5.1
0.2
15.1
-7.6
2.2
0.2
2.4
6.5
0.2
-4.5
15
16
17
18
19
20
21
20.9
18.9
23.1
0.7
-0.7
23.1
15.8
21.8
5.3
-0.2
-58.5
24.0
19.1
17.8
6.8
2.1
24.2
-69.8
2.2
-3.1
-1.2
4.5
0.6
-54.4
24.0
20.1
18.9
10.7
1.4
34.9
-65.0
1.0
4.3
-3.0
5.4
1.6
34.9
-6.4
-0.1
-1.0
-1.1
-3.8
0.7
-10.7
-4.8
-4.2
1. Allowances are included in budget totals to cover certain budgetary transactions that are expected to increase or
decrease outlays, receipts, or budget authority but that are not reflected in the program details. Allowances include funding
for emergencies, such as natural disasters, and for additional defense and nondefense costs.
2. Undistributed offsetting receipts are collections that are governmental in nature and that are not credited to expendi
ture accounts. They fall into two categories: Receipts from performing business-like activities, such as proceeds from
selling Federal assets or leases, and shifts from one account to another, such as agency payments to retirement funds.
Source: Budget of the United States Government, Fiscal Year 2006.
Equate: The budget........................................................................................................
32
2,479.4
2,567.6
Current-services surplus or deficit (- ) ..............................................................................
Proposed changes, receipts less outlays.........................................................................
Administration budget surplus or deficit (-).....................................................................
33
34
35
-390.4
-36.2
-426.6
-361.2
-28.8
-390.0
Addenda:
Net effect of budget reform proposals assumed in the baseline on current-services
deficit...............................................................................................................................
Effect on receipts of budget reform proposals assumed in the baseline5.............
36
37
0.3
0.3
7.6
0.0
Make permanent certain provisions of the tax cuts enacted in 2001 and 2003:
Dividends tax rate structure.................................................................................
Repeal of estate and generation-skipping transfer taxes.................................
38
39
0.3
0.0
0.5
-0.6
Adjustments to the baseline for outlays, budget reform proposal5..............................
40
0.0
-7.6
Adjustment for redefinition of emergencies.................................................................
Adjustment for cost of pay raises
Other adjustments...............................
41
42
43
-5.3
-2.0
-0.3
1. These current-services estimates are from the budget and include certain adjustments to reflect budget reform
proposals by the administration. For information on the budget reform proposals, see the Analytical Perspectives and table
S-13 in the main budget document.
2. Consistent with the budget, the proposed legislation excludes budget reform proposals that are included in the base
line.
3. Allowances are included in budget totals to cover certain budgetary transactions that are expected to increase or
decrease outlays, receipts, or budget authority but that are not reflected in the program details. Allowances include funding
for emergencies, such as natural disasters, and for additional defense and nondefense costs.
4. Undistributed offsetting receipts are collections that are governmental in nature and that are not credited to expendi
ture accounts. They fall in two categories: Receipts from performing business-like activities, such as proceeds from selling
Federal assets or leases, and shifts from one account to another, such as agency payments to retirement funds.
5. Only budget reform proposals that are assumed in the baseline and that affect receipts and outlays are shown.
Source: Budget of the United States Government, Fiscal Year 2006.
March 2005
S u r v e y o f C u r r e n t B u s in e s s
Receipts. If proposed legislation is enacted, receipts
would decrease $0.1 billion in fiscal year 2005 and $0.3
billion in fiscal year 2006. Proposals that are not in the
baseline to extend certain expiring tax provisions
would increase receipts in 2005 and would decrease re
ceipts in 2006.6
•A proposal to extend the 20-percent tax credit for
qualified research and experimentation expenses
that are above specified amounts and that are
incurred before January 1, 2006, would reduce
receipts $2.1 billion in 2006.
•A proposal to provide tax incentives for businesses
and residents in economically distressed areas that
are designated as “Opportunity Zones” would
reduce receipts $0.4 billion in 2006.
•A proposal to permit tax-free withdrawals from
Individual Retirement Accounts (IRAs) for charita
ble contributions would reduce receipts $0.1 billion
in 2005 and $0.3 billion in 2006. This proposal
would allow persons 65 and older to exclude any
IRA distributions to charitable organizations from
their gross income.
•A proposal to provide a tax credit of $4,000 to
$8,000 for the purchase of selected hybrid and fuel
cell vehicles would reduce receipts $0.3 billion in
2006.
•A proposal to expand tax-free savings would replace
IRAs with Lifetime Savings Accounts (LSAs) and
Retirement Savings Accounts (RSAs) and would
increase receipts $3.7 billion in 2006.7
•A proposal to extend a provision for reclamation
fees for abandoned mines that is scheduled to expire
on June 30, 2005, would increase receipts $0.3 bil
lion in 2006.
The budget reform tax proposals included in the
baseline for receipts would increase receipts $0.3 bil
lion in fiscal year 2005 and would have little net effect
on receipts in fiscal year 2006.
•A proposal to permanently extend the reduced tax
rate on dividends would increase receipts in both
fiscal years.8
•A proposal to permanently extend the repeal of
estate taxes and generation-skipping transfer taxes
6. The current-services baseline serves as a “policy neutral” benchm ark
against which the Federal budget can be compared in order to gauge the
im pact o f proposed changes.
7. Under this proposal, individuals, regardless o f age or incom e, could
make annual nondeductible contributions to either o f these accounts. The
LSA distributions would be excluded from incom e, and the RSA distribu
tions by persons 58 and older and disabled persons would be excluded.
8. The rate would be 15 percent for taxpayers in individual tax brackets
that are above 15 percent and 5 percent for lower incom e taxpayers, which
would fall to zero in 2008.
17
would minimally affect receipts in 2005 and would
reduce receipts $0.6 billion in 2006.
Outlays. The budget for fiscal year 2006 includes
proposed program changes that are not included in the
baseline and that would increase total outlays $36.0 bil
lion in fiscal year 2005 and $28.5 billion in fiscal year
2006.9 Outlays for allowances to cover certain budget
ary transactions (primarily costs for Iraq and Afghani
stan) are expected to increase outlays $34.9 billion in
2005 and $24.2 billion in 2006. Excluding these out
lays, proposed program changes would increase out
lays $1.1 billion in 2005 and $4.3 billion in 2006. The
increase in 2006 is more than accounted for by the fol
lowing items:
• Outlays for national defense would increase $6.8
billion, reflecting proposed increases in discre
tionary spending on military operations and main
tenance and on military personnel, including a
3.1-percent pay raise.
• Outlays for health programs would increase $2.4
billion, reflecting the net effects of proposals for
increases and decreases in Medicaid and in other
mandatory and discretionary health programs.
• Outlays for education, training, employment, and
social services would increase $1.9 billion, reflecting
increases in spending for social services that are
partly offset by decreases in spending for higher
education programs.
The increases in these outlays would be partly offset
by decreases in undistributed offsetting receipts, in
natural resources and environment, in transportation,
in commerce and housing credit, and in several other
functions.
The budget reform proposals included in the base
line would decrease outlays $7.6 billion in fiscal year
2006.
• Outlays for national defense, for international aid,
and for disaster assistance would decrease $5.3 bil
lion in order to exclude emergency funding from
the baseline for years after the year of enactment.
• Outlays would decrease $2.0 billion in order to cor
rect the overstatement of the cost related to Federal
pay raises in the baseline.
C o m parison of th e B ud get
and NIPA E stim ates
The Bureau of Economic Analysis adjusts the Fed
eral budget estimates of receipts and outlays in order
to prepare estimates of Federal Government current
9. Outlays for homeland security are spread throughout certain budget
functions, including national defense, health, transportation, and the
adm inistration o f justice.
18
Federal Budget Estimates
receipts and current expenditures that are consistent
with NIPA concepts and methodologies.
Receipts
For fiscal year 2006, NIPA current receipts would ex
ceed budget receipts by $79.4 billion as a result o f net
ting and grossing, coverage, and timing adjustments
(table 4 ).1 Netting and grossing adjustments would
0
add $118.7 billion to the budget estimates; coverage
adjustments would subtract $42.7 billion; and timing
adjustments would add $3.5 billion. “Other” netting
and grossing adjustments— which include adjustments
for Federal Government payments to the Old-Age,
Survivors, and Disability Trust Funds— would add
$64.0 billion, and adjustments for payments for sup
plementary medical insurance premiums would add
$48.7 billion. Coverage adjustments for capital trans
fers received, which consists of estate and gift taxes,
would subtract $25.9 billion.
10.
Netting and grossing adjustments arise because certain transactions
are recorded as offsets to outlays in the budget, but they are recorded as
receipts in the NIPAs (and vice versa).
March 2005
adjustments would add $6.4 billion. Coverage adjust
ments for capital transfers paid, which includes capital
grants to state and local governments and to busi
nesses, would subtract $50.3 billion, and adjustments
for Federal employee retirement plan transactions
would add $47.0 billion.
For fiscal year 2006, the NIPA estimate of national
defense consumption expenditures and gross invest
ment would exceed the budget estimate of national de
fense outlays by $40.3 billion (table 6). The estimates
differ mainly because of the NIPA treatment of retire
ment funds for military and civilian employees and be
cause of the addition of allowances.
Net saving and the budget deficit
For fiscal year 2006, NIPA net Federal Government
saving would exceed the Federal budget deficit by $2.4
Table 5. Relation of Federal Government Current Expenditures
in the NIPAs to the Budget
[Billions of dollars]
Fiscal year
Line
2004
Table 4. Relation of Federal Government Current Receipts
in the NIPAs to the Budget
Fiscal year
Line
Budget receipts.................................................................................
1 1,880.1
2005
2006
2,052.8 2,177.6
Less: Coverage differences...........................................................
Geographic1...............................................................................
Contributions received by Federal employee retirement
plans2 ......................................................................................
Capital transfers received3 .......................................................
Financial transactions................................................................
O ther4..........................................................................................
2
3
39.7
3.9
39.5
4.1
42.7
4.3
4
5
6
7
4.6
24.6
0.0
6.7
4.6
23.5
0.0
7.3
4.6
25.9
0.0
7.9
Netting and grossing differences..................................................
Supplementary medical insurance premiums........................
Income receipts on assets........................................................
Current surplus of government enterprises............................
O ther5..........................................................................................
8
9
10
11
12
-97.4
-32.1
-8.5
-5.3
-51.5
-106.4
-38.0
-9.7
-0.1
-58.6
-118.7
-48.7
-9.9
3.9
-64.0
Plus: Timing differences.................................................................
Taxes on corporate incom e.......................................................
Federal and state unemployment insurance taxes................
Withheld personal current taxes and social security
contributions............................................................................
Excise taxes................................................................................
O ther....
13
14
15
21.5
20.2
0.7
1.2
4.3
0.8
3.5
1.1
-0.2
16
17
18
-0.1
0.8
0.0
-3.8
-0.2
0.0
3.2
-0.6
0.0
Equals: Federal Government current receipts, NIPAs.............
19 1,959.3 2,120.9 2,257.0
1. Consists largely of contributions for social insurance by residents of U.S. territories and Puerto Rico.
2. These transactions are included in the NIPA personal sector.
3. Consists of estate and gift taxes.
4. Consists largely of Treasury receipts from sales of foreign currencies to Government agencies.
5. Includes proprietary receipts that are netted against outlays in the budget and that are classified as
receipts in the NIPAs and some transactions that are not reflected in the budget but that are added to both
receipts and expenditures in the NIPAs.
Note. Estimates for fiscal years 2004-2006 differ from the fiscal year estimates in Analytical Perspectives:
Budget of the United States Government, Fiscal Year 2006 because of additional data received after the budget
was released.
Sources: Budget of the United States Government, Fiscal Year 2006 and the Bureau of Economic Analysis.
Expenditures and outlays
For fiscal year 2006, the NIPA estimate of Federal Gov
ernment current expenditures would exceed the Fed
eral budget estimate of outlays by $81.9 billion (table
5). Netting and grossing adjustments would add
$118.7 billion to the budget estimates; coverage ad
justments would subtract $43.2 billion; and timing
2006
Budget outlays...............................................................................
[Billions of dollars]
2004
2005
1
2,292.2
2,479.4
2,567.6
Less: Coverage differences.......................................................
Geographic1............................................................................
Federal employee retirement plan transactions2...............
Interest received.................................................................
Contributions received (employer)...................................
Benefits paid.......................................................................
Administrative expenses....................................................
Financing disbursements from credit programs3...............
Other differences in funds covered4....................................
Net investment5......................................................................
Capital transfers p aid 6...........................................................
Financial transactions............................................................
Loan disbursements less loan repayments and sales
Deposit insurance
Net purchases of foreign currency...................................
Other.....................................................................................
Net purchases of nonproduced assets................................
Outer Continental S helf.....................................................
Land and other7
O ther8....................
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
44.7
13.7
-34.0
-47.4
-83.0
96.3
0.1
2.9
3.2
7.5
45.7
5.6
13.4
0.2
0.0
-8.0
0.1
0.0
0.1
0.0
59.9
14.2
-42.4
-52.3
-92.6
102.4
0.1
-1.2
6.8
13.6
47.3
21.7
25.1
2.9
0.0
-6.3
-0.1
0.0
-0.1
0.0
43.2
14.7
-47.0
-54.6
-99.9
107.3
0.1
-9.0
7.4
12.7
50.3
14.2
20.7
2.6
0.0
-9.1
-0.1
0.0
-0.1
0.0
Netting and grossing differences..............................................
Supplementary medical insurance premiums.....................
Interest receipts......................................................................
Current surplus of government enterprises........................
O ther9.......................................................................................
22
23
24
25
26
-97.4
-32.1
-8.5
-5.3
-51.5
-106.4
-38.0
-9.7
-0.1
-58.6
-118.7
-48.7
-9.9
3.9
-64.0
Plus: Timing differences.............................................................
Purchases (increase in payables net of advances)............
Interest......................................................................................
Current transfer payments.....................................................
Subsidies.................................................................................
27
28
29
30
31
2.2
-1.3
1.2
1.8
0.5
-2.6
-1.2
1.4
-2.9
0.2
6.4
1.7
1.4
3.2
0.1
32
2,347.1
2,523.3
2,649.5
Equals: Federal Government current expenditures, NIPAs
1. Consists largely of government social benefits, subsidies, and grants-in-aid to residents of U.S. territories
and Puerto Rico.
2. These transactions are included in the NIPA personal sector.
3. Consists of transactions not included in the budget totals that record all cash flows from post-1991 direct
loan obligations and loan guarantee commitments. Many of these flows are for new loans or loan repayments;
consequently related entries are included in “Loan disbursements less loan repayments and sales.”
4. Consists largely of agencies or accounts, such as the Postal Service and the Federal Financing Bank, that
were not included in the budget in some periods.
5. Net investment is gross investment less consumption of fixed capital for general government and govern
ment enterprises.
6. Consists of investment grants to state and local governments and maritime construction subsidies, and
payments to the Uniformed Services Retiree Health Care Fund to amortize the unfunded liability. Excludes the
forgiveness of debts owed by foreign governments to the U.S. Government; this forgiveness is classified as a
capital transfer paid by the United States and is excluded from both budget outlays and NIPA current expendi
tures.
7. Consists of net sales of land other than the Outer Continental Shelf and, beginning in 1995, the auction of
the radio spectrum.
8. Consists largely of net expenditures of foreign currencies.
9. Includes proprietary receipts that are netted against outlays in the budget and that are classified as
receipts in the NIPAs and some transactions that are not reflected in the budget data but that are added to both
receipts and expenditures in the NIPAs.
N ote. Estimates for fiscal years 2005 and 2006 differ from the fiscal year estimates in Analytical Perspec
tives: Budget of the United States Government, Fiscal Year 2006 because of additional data received after the
budget was released.
Sources: Budget of the United States Government, Fiscal Year 2006 and the Bureau of Economic Analysis.
March 2005
19
S u r v e y o f C u r r e n t B u s in e s s
Table 6. Relation of National Defense Consumption Expenditures and
Gross Investment in the NIPAs to National Defense
Outlays in the Budget
[Billions of dollars]
Fiscal year
Line
2004
2005
2006
National defense outlays in the budget......................................
Department of Defense, m ilitary..................................................
Military personnel.........
Operation and maintenance......................................................
Procurement................
Aircraft.....................................................................................
M issiles...................................................................................
Ships.
W eapons.................................................................................
Ammunition............................................................................
O ther........................................................................................
Research, development, test, and evaluation........................
O ther............................................................................................
Atomic energy and other defense-related activities...................
Plus: Consumption of general government fixed capital...............
Additional payments to military and civilian retirement funds....
Timing difference.............................................................................
Allowance for anticipated supplemental......................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
455.9
436.5
113.6
174.0
76.2
22.9
5.3
10.0
3.8
1.4
32.7
60.8
11.9
19.4
62.9
25.6
-1.3
0.0
465.9
443.9
110.0
174.5
80.2
24.1
5.4
10.3
4.2
1.7
34.6
65.6
13.7
22.0
64.4
28.7
-1.2
33.3
447.4
426.3
108.9
154.2
80.8
24.5
6.2
9.9
4.6
1.7
34.0
68.1
14.2
21.1
65.2
30.5
1.7
22.6
Less: Grants-in-aid to state and local governments and net
interest paid.....................................................................................
Other differences.................................................................................
19
20
3.6
2.9
3.9
4.2
3.8
4.0
Equals: National defense consumption expenditures and
gross investment, NIPAs............................................................
21
536.7
582.9
559.6
Less: National defense gross investment1......................................
22
67.4
72.7
71.9
Equals: National defense consumption expenditures, NIPAs
23
469.3
510.3
487.7
1.Gross investment consists of general government expenditures for fixed assets; inventory investment is
included in Federal Government consumption expenditures.
Sources: Budget of the United States Government, Fiscal Year 2006 and the Bureau of Economic Analysis.
billion in absolute value (table 7). The difference re
flects coverage and timing adjustments. The coverage
adjustments reduce both NIPA current receipts and
NIPA current expenditures; the timing adjustments
raise both NIPA current receipts and NIPA current ex
penditures. Netting and grossing adjustments affect
NIPA current receipts and NIPA current expenditures
equally, so these adjustments do not affect net Federal
Government saving.
A nnual and Q u arterly NIPA E stim ates
Fis c al y e a r 2 0 0 6 N IPA e s tim a te s
On a NIPA basis, net Federal Government saving
would increase $10.0 billion in fiscal year 2006 after
decreasing $14.6 billion in fiscal year 2005 (table 7 and
chart 1). The upturn results from a larger deceleration
in Federal Government current expenditures than in
Federal Government current receipts.
On a NIPA basis, total Federal Government current
receipts would increase $136.2 billion after increasing
$161.6 billion (table 8 and chart 2). The deceleration
results from a deceleration in the tax base that would
increase receipts $137.0 billion. (The estimates of the
tax base are based on the administrations economic
assumptions and do not include the effects of pro
posed legislation.) In current tax receipts, personal
current taxes would decelerate, increasing $79.9 billion
after increasing $85.8 billion; the deceleration is ac
counted for by a deceleration in the tax base. Taxes on
corporate income would turn down, decreasing $3.3
billion after increasing $26.5 billion; the decrease re
flects a downturn in the tax base. Contributions for
government social insurance would increase $54.4 bil
lion after increasing $42.3 billion, reflecting an acceler
ation in the tax base. The current surplus of
government enterprises would decrease $3.9 billion af
ter decreasing $5.3 billion.
On a NIPA basis, total Federal Government current
expenditures would increase $126.1 billion in fiscal
year 2006 after increasing $176.2 billion in fiscal year
Chart 1. Federal Fiscal Position
Billion $
Table 7. Budget Receipts and Outlays and NIPA Federal Government
Current Receipts and Expenditures
[Billions of dollars]
Level for
fiscal year
Line
Actual
2004
Budget:
Receipts.........................................................
Outlays...........................................................
Surplus or deficit ( - ) .................................
NIPAs:
Current receipts.............................................
Current expenditures....................................
Net Federal Government saving............
Change from
preceding fiscal year
Estimates
2005
2006
1 1,880.1
2 2,292.2
3 -412.1
2,052.8
2,479.4
-426.6
2,177.6
2,567.6
-390.1
172.8
187.2
-14.4
124.7
88.2
36.5
4
5
6
2,120.9
2,523.3
-402.5
2,257.0
2,649.5
-392.5
161.6
176.2
-14.6
136.2
126.1
10.0
11.1
11.0
0.1
-11.3
-38.0
26.5
1,959.3
2,347.1
-387.9
2005
2006
Differences
Budget less NIPAs:
Receipts / Current receipts..........................
Outlays / Current expenditures....................
Deficit / Net Federal Government saving
7
8
9
-79.2
-54.9
-24.2
-68.1
-43.9
-24.1
-79.4
-81.9
2.4
Note. Estimates for NIPA receipts for fiscal years 2004-2006 and NIPA expenditures for 2005 and 2006 differ
from the fiscal year estimates in Analytical Perspectives: Budget of the United States Government, Fiscal Year
2006 because of additional data received after the budget was released.
Sources: Budget of the United States Government, Fiscal Year 2006 and the Bureau of Economic Analysis.
Fiscal years
'Estimates by Office of Management and Budget and BEA
U.S. Bureau of Economic Analysis
March 2005
Federal Budget Estimates
20
2005 (table 9 and chart 3). Consumption expenditures
would decrease $14.7 billion after increasing $60.9 bil
lion; the downturn is mostly accounted for by a down
turn in national defense consumption expenditures.
Current transfer payments would accelerate, increas
ing $103.8 billion after increasing $81.8 billion.
Government social benefits to persons would increase
Table 8. Sources of Change in
Federal Government Current Receipts
[Billions of dollars]
Change from
preceding fiscal year
Line
2004
2005
2006
Total re c e ip ts ..................................
Due to tax bases..........................
Due to proposed legislation........
97.7
94.3
0.0
161.6
159.3
1.8
136.2
137.0
Current tax receipts.....................
Personal current taxes............
Due to tax bases................
Due to proposed legislation
61.4
7.3
7.3
0.0
119.5
85.8
85.8
0.0
82.0
79.9
77.3
Taxes on production and imports
Due to tax bases....................
Due to proposed legislation...
5.8
5.8
0.0
6.5
4.8
1.7
Taxes on corporate incom e......
Due to tax bases...................
Due to proposed legislation...
47.9
47.9
0.0
26.5
26.4
0.1
-3.3
-0.7
- 2.6
Taxes from the rest of the world
0.4
0.7
-0.5
Contributions for government social insurance
Due to tax bases.............................................
Due to proposed legislation...........................
33.3
33.3
0.0
42.3
42.3
0.0
54.4
54.4
0.0
-
0.1
2.6
5.9
6.0
-
0.1
Income receipts on assets.................................
-1.4
1.7
1.4
Current transfer receipts.....................................
6.8
3.4
2.3
Current surplus of government enterprises.....
-2.4
-5.3
-3.9
Table 9. Sources of Change in
Federal Government Current Expenditures
[Billions of dollars]
Line
Change from
preceding fiscal year
2004
126.1
63.1
45.2
0.0
45.2
17.9
0.0
17.9
60.9
41.0
5.4
35.6
19.9
4.1
15.8
-14.7
-22.6
5.9
-28.5
7.9
5.3
2.7
69.0
50.5
20.5
26.1
1.8
5.0
-1.3
-10.0
3.6
4.7
0.1
81.8
60.0
22.8
30.9
3.3
5.3
3.1
-7.1
5.1
-3.4
0.1
103.8
97.8
24.5
63.4
2.6
0.0
1.5
1.5
3.4
0.9
0.1
20
21
22
23
24
25
26
27
28
29
Grants-in-aid to state and local governments...............
Health............................................................................
Medicaid....................................................................
Other health..............................................................
Education.......................................................................
Welfare and social services........................................
Housing and community services..............................
Central executive, legislative, and judicial activities.
Labor training and services.......................................
Other..............................................................................
176.2
9
10
11
12
13
14
15
16
17
18
19
Current transfer paym ents...............................................
Government social benefits to persons.....................
Social security..........................................................
Medicare....................................................................
Supplemental security income................................
Earned income and other tax credits.....................
Veterans benefits.....................................................
Unemployment benefits...........................................
Food stamps.............................................................
Other..........................................................................
Government social benefits to the rest of the world..
132.0
2
3
4
5
6
7
8
Consumption expenditures......
National defense....................
Pay raise and locality p a y1
Other...................................
Nondefense............................
Pay raise and locality p a y1
Other...................................
2005
1
Total current e xpenditures.........
2006
19.2
17.1
15.5
1.6
3.4
-1.3
-0.2
0.7
-2.1
1.6
17.8
13.8
12.3
1.5
3.9
2.5
-0.2
-5.2
-0.6
3.6
0.4
-0.3
-2.6
2.2
0.3
0.5
1.2
0.3
0.1
-1.7
30
-0.7
4.0
5.5
Federal interest p aid ................................................................
31
4.5
21.7
35.5
Subsidies...................................................................................
Agricultural subsidies...........................................................
Housing subsidies................................................................
Other subsidies.....................................................................
32
33
34
35
-4.5
-4.2
1.8
-2.1
11.8
11.5
0.5
-0.3
1.6
-2.1
1.1
2.6
Other current transfer payments to the rest of the w o rld .
1. Consists of pay raises and locality pay, beginning in January 2005.
Source: Bureau of Economic Analysis.
Sources: Budget of the United States Government, Fiscal Year 2006 and the Bureau of Economic Analysis.
Chart 2. Federal Government Current Receipts
Billion $
Billion $
4500
4000
3500
■
□
■
□
IS
□
□
Chart 3. Federal Government Current Expenditures
4500 .
Other receipts
Current transfer receipts
Taxes on corporate income
Taxes on production and imports
Income receipts on assets
Contributions for government social insurance
Personal current taxes
4000
3500
3000
2500
2000
2000
1500
1500
1000
1000
500
Other current transfer payments to the rest of the world
Subsidies
Nondefense consumption expenditures
Grants-in-aid to state and local governments
Federal interest paid
National defense consumption expenditures
Government social benefits
3000
2500
□
□
■
D
H
H|
□
500
0
J____I____I____I____I___ I___ I____I____I____I____L
95
96
97
98
99
00
01
Fiscal years
'Estimates by Office of Management and Budget and BEA
U.S. Bureau of Economic Analysis
02
03
04
05* 06*
0
94
95
96
97
98
99
00
Fiscal years
•Estimates by Office of Management and Budget and BEA
U.S. Bureau of Economic Analysis
01
02
03
04*
05*
March 2005
S u r v e y o f C u r r e n t B u s in e s s
21
Current expenditures. The NIPA estimates of cur
rent expenditures reflect the quarterly pattern that
would result from enacted and proposed legislation
that would adjust pay for Federal Government em
ployees and that would provide cost-of-living increases
in Social Security and other programs.
Net saving. Net Federal Government saving in
creased from -$391.0 billion in the first quarter of
2004 to -$371.2 billion in the fourth quarter.
In the first quarter of 2005, net saving is projected to
decrease, reflecting a projected increase in current ex
penditures that would exceed the increase in current
receipts. The increase in current expenditures stems
from projected increases in defense consumption ex
penditures and in government social benefits. In the
second, third, and fourth quarters of 2005, net saving
is projected to increase because increases in current re
ceipts are expected to more than offset increases in
current expenditures. In the second quarter, national
defense consumption expenditures are projected to de
celerate, and in the third and fourth quarters, they are
projected to decline.
In the first quarter of 2006, net Federal Government
Quarterly pattern
saving is projected to decrease as a result of an increase
BEA prepares accounts showing seasonally adjusted in current expenditures that more than offsets an in
quarterly NIPA estimates of Federal Government cur crease in current receipts. The projected increase in
rent receipts, current expenditures, net saving, gross current expenditures results from a substantial in
investment, capital transfer receipts, capital transfer crease in Medicare due to the prescription drug benefit
payments, and net borrowing that are consistent with program that begins in January 2006. The increase in
current receipts is attributable to increases in personal
the Federal budget (table 10).
Quarterly estimates do not equal the fiscal year esti current tax receipts and in contributions for govern
mates; the quarterly estimates reflect estimated ment social insurance. In the second and third quarters
changes from the preliminary estimates for the fourth of 2006, net saving is projected to increase. The sec
quarter of 2004, which were released on February 25, ond-quarter increase is accounted for by an increase in
2005. Because of the limited information available to current receipts and by a decrease in current expendi
estimate quarterly patterns, the estimates should be tures; the decrease in current expenditures reflects de
viewed as approximations that will be superseded by creases in national defense consumption expenditures
BEA’s more reliable quarterly estimates that are pre and Medicare. The third-quarter increase reflects an
increase in current receipts that more than offsets an
pared and published in NIPA table 3.2.
Current receipts. The NIPA estimates of current re increase in current expenditures. The increase in cur
ceipts reflect the quarterly pattern of estimates that rent receipts is accounted for by increases in personal
would result from enacted and proposed legislation, current taxes and contributions for government social
based on the administration’s projected pattern of insurance.
Gross investment. The quarterly pattern of Federal
wages. The NIPA estimates also reflect BEA’s method
ology for deriving quarterly estimates of income tax Government gross investment primarily reflects the
pattern of national defense gross investment. Gross in
payments and of “final settlements less refunds.”1
2
vestment increased from $102.2 billion in the first
11. “Net lending or net borrowing
the financing requirem ent o f the
quarter of 2004 to $111.4 billion in the fourth quarter.
government sector, is an alternative measure o f the government fiscal posi
Gross investment is projected to decrease in the first
tion and is derived as net government saving plus the consum ption o f fixed
and second quarters of 2005 and to increase in the
capital and “capital transfers received (n et)” less gross investment and net
purchases o f nonproduced assets.
third and fourth quarters. In 2006, gross investment is
12. For details about the methodology, see Eugene P. Seskin, “Annual
projected to decrease in the first and third quarters and
Revision o f the National Incom e and Product Accounts,” S u r v e y o f C u r r e n t
to increase in the second quarter.
B u s i n e s s 78 (August 1998): 2 9 -3 1 .
$97.8 billion after increasing $60.0 billion; the acceler
ation is mainly attributable to an acceleration in Medi
care as a result of the start of the prescription drug
benefit program. Grants-in-aid to state and local gov
ernments would increase $0.4 billion after increasing
$17.8 billion; the deceleration is mostly attributable to
downturns in health grants and “other” grants. “Other
current transfer payments to the rest of the world”
would accelerate, increasing $5.5 billion after increas
ing $4.0 billion. Federal interest payments would accel
erate, increasing $35.5 billion after increasing $21.7
billion. Subsidies would decelerate, increasing $1.6 bil
lion after increasing $11.8 billion; the deceleration is
attributed to a downturn in agricultural subsidies.
On a NIPA basis, total Federal gross investment
would decelerate, increasing $0.6 billion after increas
ing $8.5 billion. This deceleration is more than ac
counted for by a deceleration in gross investment for
national defense. Capital transfer receipts would turn
up, and capital transfer payments would accelerate.
Net borrowing would turn up, increasing $9.7 billion
after decreasing $22.7 billion.1
1
Federal Budget Estimates
22
Capital transfer receipts. Capital transfer receipts
decreased from $24.2 billion in the first quarter of
2004 to $22.0 billion in the fourth quarter. In the first
quarter o f 2005, capital transfer receipts are projected
to decrease and then to increase.
March 2005
Capital transfer payments. Capital transfer pay
ments decreased from $60.0 billion in the first quarter
of 2004 to $59.9 billion in the fourth quarter. In 2005,
capital transfer payments are projected to increase in
all but the third quarter. Capital transfer payments
Table 10. Federal Government Current Receipts
[Billions of dollars; calendar year and
Calendar year
Quarter
Fiscal year estim ates1
Published2
Estimated
Published2 Estimated
Line
2004
2005
2006
2004
2005
2006
2004
2005
I
II
III
IV
I
II
III
IV
I
II
III
Current receipts........................
1
1,959.3
2,120.9
2,257.0
1,962.2
2,119.5
1,915.3
1,949.1
1,965.8
2,018.5
2,066.3
2,105.1
2,139.4
2,167.2
2,210.3
2,239.3
2,270.9
Current tax receipts...........................................
Personal current taxes..................................
Withheld income taxes............................
Declarations and final settlements less
refunds..................................................
Proposed legislation............................
O th er......................................................
2
3
4
1,117.6
788.1
741.5
1,237.1
873.9
820.4
1,319.1
953.8
890.5
1,104.6
790.9
742.3
1,209.9
866.1
816.0
1,073.9
768.3
720.9
1,098.5
781.5
733.9
1,101.9
799.6
750.7
1,144.1
814.3
763.7
1,173.6
833.3
784.8
1,201.5
855.9
806.2
1,224.3
877.3
826.6
1,240.3
898.0
846.4
1,255.4
915.0
856.0
1,274.0
931.8
872.1
1,293.5
947.7
887.1
5
fi
7
46.6
53.5
0.0
53.5
63.3
2.6
60.7
48.6
47.6
48.9
50.6
48.6
50.1
-0.2
50.3
47.4
46.6
47.4
47.6
48.9
50.6
48.6
-0.2
48.8
49.7
-0.2
49.9
50.7
-0.2
50.9
51.6
-0.2
51.8
59.0
3.3
55.6
59.7
3.3
56.4
60.6
3.3
57.3
Taxes on production and im ports.
Proposed legislation..................
O ther...........................................
8
9
10
94.8
101.3
1.7
99.6
107.2
1.6
105.6
90.0
0.0
90.0
96.9
2.1
94.8
89.0
0.0
89.0
89.3
0.0
89.3
89.2
0.0
89.2
92.3
0.0
92.3
93.9
0.0
93.9
97.2
3.4
93.7
98.0
3.4
94.6
98.7
1.6
97.1
100.7
1.6
99.1
102.1
1.6
100.5
103.3
1.6
101.7
Taxes on corporate incom e..................
Federal Reserve banks....................
Proposed legislation.....................
O ther..............................................
Other corporate profit tax accruals..
Proposed legislation.....................
O ther..............................................
11
12
13
14
15
16
17
226.4
19.7
249.6
28.5
0.0
28.5
221.1
-2.6
223.7
214.8
21.8
219.5
20.8
204.9
21.8
227.0
23.7
20.9
187.0
20.8
198.7
21.8
183.1
23.7
203.3
193.1
238.4
26.9
0.0
26.9
211.6
-0.5
212.1
207.9
20.9
206.7
252.9
24.1
0.0
24.1
228.8
0.1
228.7
187.0
198.7
183.1
203.3
237.9
25.0
0.0
25.0
212.9
0.1
212.8
240.0
26.3
0.0
26.3
213.7
0.1
213.6
240.6
27.6
0.0
27.6
213.0
0.1
212.9
235.2
28.5
0.0
28.5
206.7
-2.6
209.2
231.3
29.6
0.0
29.6
201.7
-2.6
204.2
231.7
30.6
0.0
30.6
201.1
-2 6
203.7
234.1
31.5
0.0
31.5
202.5
-2 6
205.1
Taxes from the rest of the w orld.
18
8.2
8.9
8.4
8.9
8.4
8.6
8.3
8.2
94.8
19.7
206.7
21.8
193.1
10.5
8.4
8.4
8.4
8.4
8.4
8.4
8.4
Contributions for social insurance.......................
Old age, survivors, disability, and hospital
insurance........................................................
Tax on wages and salaries (FICA, gross)...
Proposed legislation.................................
Base increases..........................................
January 2 00 5.......................................
January 2 0 0 6 .......................................
O ther..........................................................
FICA Refunds................................................
Voluntary hospital insurance.......................
Tax on self-employment earnings (SECA)..
Base increases..........................................
O ther..........................................................
Supplementary medical insurance.............
Unemployment insurance.................................
O ther...................................................................
19
784.2
826.5
880.9
803.7
856.5
787.9
797.6
810.1
819.0
839.3
850.4
862.2
874.2
901.0
911.9
922.4
20
21
??
?3
?4
?5
26
27
28
29
30
31
32
33
34
703.4
663.2
736.2
694.2
0.0
0.5
0.5
721.9
680.1
761.7
718.4
0.0
2.1
2.1
706.8
666.1
716.1
674.7
728.0
685.9
736.6
693.8
746.7
704.3
0.0
2.1
2.1
716.3
-2.8
2.1
43.9
0.1
43.7
37.0
47.0
10.9
666.1
-1.6
1.7
40.6
0.0
40.6
30.8
40.7
9.6
674.7
-1 .6
1.7
41.3
0.0
41.3
31.0
40.7
9.8
685.9
-1.6
1.7
42.0
0.0
42.0
31.2
40.9
10.0
693.8
-1.6
1.7
42.7
0.0
42.6
31.3
41.0
10.1
702.3
-2.8
1.9
43.1
0.1
43.0
37.0
45.2
10.5
777.4
733.1
0.0
2.1
2.1
3.2
731.1
-2.8
2.2
44.8
0.1
44.6
37.0
48.7
11.2
812.8
766.5
0.0
5.3
2.1
680.1
-1.6
1.7
41.6
0.0
41.6
31.1
40.8
9.9
766.5
722.8
0.0
2.1
2.1
3.2
720.8
-2.8
2.2
44.2
0.1
44.0
37.0
47.6
11.2
802.5
756.9
0.0
53
2.1
693.7
-2.2
2.2
41.9
0.1
41.8
35.6
43.7
11.0
756.2
713.3
0.0
2.1
2.1
3.2
711.3
-2.8
2.1
43.5
0.1
43.3
37.0
46.4
10.9
791.8
746.9
0.0
53
2.1
663.2
-1.0
1.8
39.5
0.0
39.4
30.2
40.6
10.0
778.5
733.8
0.0
2.9
2.1
0.8
730.9
-1.9
2.4
44.3
0.4
43.9
46.1
45.1
11.2
741.7
-2.9
2.2
45.6
0.4
45.2
48.5
49.5
11.2
751.7
-2.9
2.2
46.3
0.4
45.9
49.0
49.2
11.2
761.3
-2.9
2.2
47.0
0.4
46.6
49.5
48.9
11.2
Income receipts on assets..............................
Interest receipts...........................................
Rents and royalties.....................................
35
36
37
20.1
13.3
6.8
21.7
14.5
7.2
23.2
14.7
8.5
23.0
16.4
6.6
25.3
17.8
7.5
22.9
16.0
6.9
22.2
15.8
6.5
22.9
16.6
6.3
23.8
17.3
6.6
24.6
17.6
7.0
25.4
17.9
7.5
25.6
18.0
7.6
25.6
17.7
7.9
26.0
17.8
8.2
26.6
17.9
8.6
27.1
18.1
8.9
Current transfer receipts.................................
From business.............................................
From persons..............................................
38
39
40
32.1
16.6
15.5
35.5
19.2
16.2
37.8
20.3
17.5
26.8
15.4
11.5
29.7
17.7
11.9
26.1
14.7
11.3
26.2
14.8
11.4
26.6
15.1
11.5
28.4
16.8
11.6
28.9
17.3
11.6
29.4
17.7
11.7
30.0
18.0
12.0
30.3
17.9
12.4
31.1
18.3
12.8
31.8
18.6
13.2
32.6
19.0
13.6
Current surplus of government enterprises..
Postal S ervice.............................................
Federal Housing Administration...............
Tennessee Valley Authority........................
O th er............................................................
41
42
43
44
45
5.3
-3.0
2.8
6.1
-0.4
0.1
-6.1
2.6
5.8
-2.2
-3.9
-10.3
2.7
5.7
-2.1
4.1
-2.3
3.3
5.5
-2.4
-1.9
-6.9
3.4
5.3
-3.7
4.6
-1.8
3.0
5.6
-2.2
4.5
-2.0
3.3
5.5
-2.3
4.3
-2.3
3.6
5.5
-2.4
3.1
-3.2
3.6
5.5
-2.7
0.0
-5.5
3.4
5.4
-3.3
-1.6
-6.7
3.4
5.3
-3.6
-2.7
-7.5
3.4
5.2
-3.8
-3.2
-8.0
3.4
5.2
-3.9
-3.2
-8.3
3.5
5.3
-3.6
-5.0
-10.2
3.5
5.3
-3.6
-4.7
-9.9
3.4
5.3
-3.5
Current expenditures.
46
2,347.1
2,523.3
2,649.5
2,341.5
2,511.7
2,306.3
2,329.1
2,340.8
2,389.7
2,469.4
2,507.6
2,532.1
2,537.7
2,638.3
2,626.1
2,631.8
Consumption expenditures...........
National defense........................
Pay raises and locality p ay...
January 2 0 0 5 ....................
January 2 0 0 6 ....................
O ther..............
Nondefense.......
Pay raises and locality pay...
January 2005
January 2 0 0 6 ....................
O th er............................................
47
48
49
SO
51
52
53
54
55
56
57
709.0
469.3
769.9
510.3
5.4
5.4
704.6
477.6
753.5
511.8
7.4
7.4
691.1
465.2
700.3
473.6
713.0
487.1
714.2
484.4
741.4
505.9
5.9
5.9
762.2
521.1
7.9
7.9
762.5
517.8
79
79
747.8
502.7
79
7.9
469.3
239.7
504.9
259.6
4.1
4.1
477.6
227.0
504.4
241.6
5.5
5.5
465.2
225.9
473.6
226.6
487.1
225.9
484.4
229.8
500.0
235.5
5.0
5.0
513.2
241.1
5.6
56
509.9
244.8
56
56
494.8
245.2
56
56
227.0
236.2
225.9
226.6
225.9
229.8
230.5
235.5
239.2
239.6
744.5
496.0
12 5
79
46
483.5
248.5
92
56
36
239.3
729.6
484.0
125
79
4.6
471.5
245.6
11 2
56
5.6
234.4
717.6
474.0
125
79
4.6
461.5
243.6
11 2
56
5.6
232.4
Current transfer payments........
Government social benefits..
To persons.........................
Social S ecurity.............
Regular......................
59
60
61
62
63
1,378.1
1,001.4
998.5
485.7
485.7
1,466.0
1,067.1
1,064.0
512.8
499.5
1,365.9
986.2
983.3
479.6
479.6
1,367.9
993.0
990.1
485.1
485.1
1,368.8
1,004.3
1,001.3
486.1
486.1
1,409.8
1,022.3
1,019.2
492.1
492.1
1,451.4
1,052.2
1,049.3
508.3
495.0
1,457.7
1,062.1
1,059.1
511.2
497.9
1,471.0
1,071.8
1,068.7
514.2
500.9
1,484.1
1,082.1
1,079.0
517.3
504.0
1,576.6
1,170.9
1,167.8
532.3
507.1
1,572.6
1,174.8
1,171.6
535.5
510.3
1,583.6
1,178.8
1,175.8
538.7
513.5
239.7
255.5
755.2
487.7
11.4
7.9
3.5
476.3
267.5
9.3
5.6
3.7
258.2
1,377.3
1,005.8
1,002.9
479.6
479.6
1,459.1
1,065.9
1,062.9
502.5
492.5
1,562.9
1,163.9
1,160.7
527.0
504.7
1. Fiscal year estimates are the sum of not seasonally adjusted quarterly values that are consistent with the budget
proposals.
2. The estimates are published in the NIPA tables 3.2 and 3.7. BEA’s estimate of corporate profits tax accruals for the
fourth quarter of 2004 will not be available until the release of the final estimate of gross domestic product on March 30,
2005. The value shown is derived from the budget.
3. Most transportation grants-in-aid to state and local governments are classified as capital transfer payments (see
addenda); however, water and railroad transportation grants are still classified as current-account transactions.
4. Gross investment consists of general government and government enterprise expenditures for fixed assets; inventory
March 2005
Survey
of
23
C u r r e n t B u sin ess
continue to increase in the first and second quarters of
2006 and then decrease in the third quarter.
Net borrowing. Net borrowing decreased from
$437.4 billion in the first quarter of 2004 to $425.5 bil
lion in the fourth quarter. In 2005, net borrowing is
projected to increase in the first and the second quar
ters and to decrease in the third and fourth quarters. In
2006, net borrowing is projected to increase in the first
quarter and to decrease in the second and the third
quarters.
and Expenditures, NIPA Framework
quarters at seasonally adjusted annual rates]
Calendar year
Quarter
Published2
Fiscal year estim ates1
Estimated
Published2 Estimated
Line
2004
2004
78
2004
2005
III
IV
2006
I
II
III
IV
I
II
III
13.3
13.3
13.3
13.3
11.9
328.4
30.2
35.9
8.4
6.0
33.4
0.7
38.1
46.5
26.7
3.1
13.3
13.3
11.9
331.2
30.9
36.0
8.1
6.1
34.2
0.7
38.1
46.5
30.0
3.2
25.2
13.3
25.2
13.3
25.2
13.3
400.6
31.5
36.8
7.8
6.2
34.3
0.7
38.0
46.5
33.1
3.1
397.2
32.7
36.8
7.4
6.3
34.4
0.6
37.9
46.5
36.2
3.2
393.9
34.2
36.7
7.1
6.4
34.5
0.6
37.9
46.5
39.3
3.0
324.6
36.5
35.8
9.6
5.5
29.7
0.7
35.8
47.4
34.9
3.0
293.4
35.0
33.3
9.0
5.0
25.4
0.7
32.4
41.1
37.3
3.0
323.6
30.7
35.6
8.5
5.9
32.4
0.7
36.7
46.5
30.6
3.0
282.5
41.9
33.2
9.0
4.8
23.7
0.7
32.0
41.1
34.9
2.9
289.0
33.9
33.1
9.0
4.9
24.4
0.7
32.3
41.1
36.4
2.9
296.3
32.8
33.4
9.0
5.1
25.3
0.7
32.5
41.1
39.0
3.0
306.0
31.5
33.7
9.0
5.3
28.0
0.7
32.6
41.1
39.1
3.1
313.7
31.1
35.1
8.8
5.6
30.1
0.7
34.5
46.5
35.0
2.9
13.3
13.3
11.9
321.1
30.7
35.6
8.6
5.8
31.8
0.7
36.3
46.5
30.9
3.0
349.0
366.8
367.2
350.4
368.7
346.0
351.9
342.1
361.6
362.9
369.7
371.6
370.7
364.3
366.5
371.1
/9
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
7.3
0.6
3.7
4.2
36.5
22.2
247.3
1.8
3.7
176.0
61.8
4.0
0.6
14.1
0.5
1.3
1.2
3.5
0.0
2.1
0.6
4.1
4.9
40.4
24.3
262.9
2.0
3.7
188.2
64.3
4.7
0.6
13.9
0.6
1.4
1.3
4.5
0.0
2.4
0.6
3.9
5.3
40.7
26.3
261.0
2.1
3.6
185.7
64.9
4.8
0.3
15.1
0.6
1.4
1.0
4.2
0.0
1.9
0.4
3.5
4.9
38.9
22.4
250.7
1.9
3.5
177.6
62.3
5.4
0.5
13.7
0.4
1.3
1.6
3.8
0.0
2.1
0.6
4.3
5.2
39.2
24.9
264.7
2.0
3.7
191.7
64.4
2.9
0.6
14.2
0.6
1.4
1.2
4.2
0.0
1.8
0.7
3.2
4.7
36.9
22.5
250.1
1.9
3.7
178.1
63.1
3.3
0.6
13.0
0.4
1.3
1.6
2.9
0.0
1.8
0.4
3.5
5.2
35.9
20.8
256.8
1.9
3.3
187.0
61.2
3.5
0.3
14.1
0.4
1.4
1.9
3.0
0.0
1.9
0.4
3.8
5.1
38.7
23.0
240.0
1.9
3.7
169.2
60.8
4.5
0.5
14.3
0.5
1.3
2.0
4.4
0.0
2.0
0.3
3.5
4.5
44.2
23.4
256.0
1.9
3.3
176.3
64.0
10.4
0.6
13.5
0.4
1.4
1.0
4.7
0.0
2.1
0.6
3.9
4.7
41.3
23.8
258.9
2.0
3.9
186.2
64.4
2.5
0.7
13.7
0.6
1.4
1.3
4.4
0.0
2.1
0.6
4.2
5.3
38.8
24.7
265.9
2.0
3.8
193.0
64.7
2.3
0.6
14.1
0.6
1.4
1.4
4.3
0.0
2.2
0.7
4.6
5.6
37.6
25.4
267.8
2.0
3.8
195.9
64.1
2.0
0.6
14.3
0.6
1.4
1.2
4.1
0.0
2.2
0.6
4.3
5.3
39.2
25.6
266.3
2.1
3.6
191.5
64.4
4.7
0.3
14.5
0.6
1.4
1.0
4.2
0.0
2.3
0.6
4.1
5.4
40.5
25.8
257.3
2.1
3.7
182.2
64.8
4.6
0.3
15.2
0.6
1.4
1.0
4.2
0.0
2.4
0.6
3.8
5.4
41.5
26.7
257.7
2.1
3.6
181.9
65.3
4.8
0.3
15.2
0.6
1.4
1.0
4.2
0.0
2.5
0.6
3.6
5.6
41.8
27.1
261.6
2.1
3.7
185.8
65.0
4.9
0.3
15.3
0.6
1.4
1.0
4.1
0.0
98
99
1.7
4.3
1.5
3.7
0.5
3.8
0.4
5.9
0.4
5.1
0.4
6.1
0.4
6.2
0.5
5.7
0.4
5.7
0.4
5.2
0.4
5.1
0.4
5.0
0.3
5.1
0.3
5.2
0.2
5.4
0.1
5.7
Other current transfer payments to the rest of
the world............................................................
Federal interest paid.................................................
100
101
22.5
219.7
26.4
241.5
31.9
26.3
219.0
30.3
242.7
33.7
211.1
23.0
220.7
22.4
276.9
220.0
25.9
224.2
36.2
230.7
25.9
238.2
27.6
246.5
31.2
255.5
41.4
265.1
31.4
275.2
33.7
285.7
Subsidies....................................................................
Agricultural............................................................
Housing.................................................................
O ther......................................................................
102
103
104
105
41.1
11.6
26.9
2.6
52.9
23.1
27.4
2.4
54.5
21.0
28.5
4.9
39.7
10.8
26.3
2.6
49.5
20.6
27.1
1.8
39.7
11.1
26.3
2.3
38.7
10.0
26.3
2.3
39.0
10.0
26.2
2.8
41.6
12.1
26.5
3.0
45.9
17.0
26.6
2.3
49.5
20.7
26.9
1.9
52.1
23.3
27.1
1.6
50.3
21.3
27.7
1.2
52.2
18.1
27.9
6.2
48.7
14.5
28.0
6.1
44.8
10.7
28.0
6.1
Less: Wage accruals less disbursements.............
106
0.0
0.0
0.0
0.0
0.0
1.5
-1.5
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Net Federal Government saving............
107
-387.9
-402.5
-392.5
-379.3
-392.2
-391.0
-380.0
-375.0
-371.2
-403.1
-402.5
-392.6
-370.5
-428.0
-386.7
-360.9
Addenda:
Gross investment4 ...............................................
National defense..............................................
Nondefense.......................................................
108
109
110
99.2
67.4
31.7
107.7
72.7
35.0
108.3
71.9
36.4
105.5
70.5
35.1
110.1
72.4
37.7
102.2
69.0
33.2
104.1
67.6
36.5
104.4
69.8
34.6
111.4
75.4
36.0
109.0
72.2
36.9
108.5
70.9
37.6
110.3
72.2
38.1
112.4
74.3
38.1
109.4
71.0
38.4
110.6
71.9
38.7
109.4
70.5
39.0
Consumption expenditures and gross
investment.........................................................
National defense..............................................
Nondefense.......................................................
111
112
113
808.2
536.7
271.4
877.5
582.9
294.6
863.5
559.6
303.9
810.2
548.0
262.1
863.6
584.2
279.3
793.3
534.1
259.1
804.4
541.3
263.2
817.4
557.0
260.4
825.6
559.8
265.8
850.4
578.0
272.4
870.7
592.1
278.7
872.8
589.9
282.9
860.3
577.0
283.3
853.9
567.0
286.9
840.2
555.9
284.3
827.1
544.5
282.6
Total receipts.............................................................
Current receipts....................................................
Capital transfer receipts........................................
Total expenditures....................................................
Current expenditures............................................
Gross government investment............................
Capital transfer payments....................................
Net purchases of nonproduced assets..............
Less: Consumption of fixed capital.....................
Net lending or net borrowing ( - ) ..............................
114
115
116
117
118
119
120
121
122
123
1,984.0
1,959.3
24.7
2,416.7
2,347.1
99.2
61.9
0.1
91.7
-432.7
2,144.5
2,120.9
23.6
2,599.9
2,523.3
107.7
63.0
-0.1
94.0
-455.4
2,283.0
2,257.0
26.0
2,728.7
2,649.5
108.3
66.6
-0.1
95.7
-445.7
1,986.0
1,962.2
23.8
2,415.1
2,341.5
105.5
61.1
0.0
92.9
-429.1
2,140.8
2,119.5
21.3
2,592.2
2,511.7
110.1
64.5
0.2
94.3
-451.3
1,939.5
1,915.3
24.2
2,376.9
2,306.3
102.2
60.0
0.0
91.6
-437.4
1,972.0
1,949.1
23.0
2,397.2
2,329.1
104.1
57.5
-0.8
92.8
-425.1
1,991.9
1,965.8
26.1
2,420.4
2,340.8
104.4
66.9
1.8
93.4
-428.5
2,040.5
2,018.5
22.0
2,465.9
2,389.7
111.4
59.9
-1.1
94.0
-425.5
2,087.2
2,066.3
20.9
2,548.1
2,469.4
109.0
63.0
0.2
93.6
-460.8
2,126.1
2,105.1
21.0
2,587.2
2,507.6
108.5
65.0
0.2
94.0
-461.1
2,160.8
2,139.4
21.3
2,613.0
2,532.1
110.3
64.9
0.2
94.4
-452.2
2,189.1
2,167.2
21.9
2,620.3
2,537.7
112.4
65.1
0.2
95.1
-431.2
2,233.0
2,210.3
22.7
2,718.6
2,638.3
109.4
66.3
0.2
95.5
-485.6
2,263.1
2,239.3
23.8
2,708.0
2,626.1
110.6
67.2
0.2
96.0
-444.9
2,296.0
2,270.9
25.1
2,711.9
2,631.8
109.4
66.9
0.2
96.4
-415.9
Grants-in-aid to state and local governments....
Central executive, legislative, and judicial
activities........................................................
Space......
National defense..............................................
Civilian safety....................................................
Education..........................................................
Health and hospitals........................................
Income support, social security, and welfare
Disability........................................................
Unemployment insurance...........................
Medical care (Medicaid).............................
Welfare and social services........................
Other income support
Veterans benefits and services......................
Housing and community services.................
Recreational and cultural activities................
Energy..............................
Agriculture.......................
Natural resources.............................................
Transportation3................................................
Economic development, regulation, and
services.........................................................
Labor training and services............................
293.7
43.6
32.7
9.8
4.8
24.7
0.7
32.4
42.1
38.8
2.9
2006
II
22.2
13.3
8.9
388.0
38.0
37.3
8.3
6.0
33.2
0.7
38.4
47.4
36.5
3.1
January 2 00 6 ......................................
M edicare.......................................................
Unemployment benefits...............................
Veterans benefits..........................................
Railroad retirement......................................
Military medical insurance..........................
Food stamps.................................................
Black lung benefits......................................
Supplemental security incom e...................
Earned income and other tax credits........
All other.........................................................
To rest of the w orld...........................................
64
fW
fifi
67
68
69
70
71
72
73
74
75
76
77
2005
I
2005
10.0
10.0
13.3
13.3
investment is included in Federal Government consumption expenditures.
Note. Estimates for NIPA receipts for fiscal years 2004-2006, NIPA expenditures for 2005 and 2006, published esti
mates for the fourth quarter of 2004, and estimates for subsequent quarters differ from the fiscal year and quarterly esti
mates in Analytical Perspectives: Budget of the United States Government, Fiscal Year 2006 because of additional data
received after the budget was released.
Sources: Budget of the United States Government, Fiscal Year 2006 and the Bureau of Economic Analysis.
FICA Federal Insurance Contributions Act
NIPAs National income and product accounts
SECA Self-Employment Contributions Act
24
Federal Budget Estimates
Translation o f B ud get D ata
into a NIPA Fram ew ork
March 2005
BEA uses a detailed analytical process to translate Fed
eral budget receipts and outlays into a NIPA frame
work.
projections are mainly derived by interpolation from
fiscal year projections.
When BEA releases its quarterly NIPA estimates, the
fiscal year relationships derived from the budget data
are used to allocate the spending that is detailed in the
Receipts
M onthly Treasury Statem ent o f Receipts an d Outlays o f
the United States G overnm ent.1 Supplemental data are
5
Fiscal year budget data for receipts are supplemented
by information on the effects of budget proposals from
the Department of the Treasury’s Office of Tax Analy
sis. These data are analyzed for their effects on the fol
lowing major components of the NIPA Federal
Government current receipts: Current tax receipts,
contributions for government social insurance, in
come receipts on assets, current transfer receipts, and
current surplus of government enterprises. Quarterly
projections are based on the economic assumptions
from the Federal budget. When monthly and quarterly
NIPA estimates are released by BEA, these initial quar
terly projections of receipts are reevaluated and revised
to incorporate newly available data from the Depart
ment of the Treasury.
Outlays
Fiscal year budget outlays are organized by appropria
tion in the Federal budget’s appendix.1 These data and
3
supplemental data from the Office of Management and
Budget are used to allocate Federal budget outlays to
the following NIPA categories: Current transfer pay
ments, interest payments, subsidies, and consumption
expenditures and gross investment.1 The quarterly
4
also used. A detailed reconciliation of defense con
sumption expenditures and gross investment with out
lays is prepared, using extensive financial, delivery, and
other information from the Department of Defense. In
order to prepare seasonally adjusted estimates of non
defense consumption expenditures and gross invest
ment, data from the budget are used to extrapolate
portions of nondefense expenditures (for durable
goods, for “other nondurable goods,” for “other ser
vices,” and for equipment) for which there are no
quarterly source data. These extrapolated estimates of
expenditures incorporate quarterly data for certain ex
penditures, such as those for construction from the
Census Bureau and for compensation from the Office
of Personnel Management and the Bureau of Labor
Statistics.
Updated estimates
BEA’s initial quarterly projections of Federal Govern
ment receipts and expenditures will likely differ from
later estimates. The initial estimates are prepared using
budget data, which are based on various economic as
sumptions about the budget year. These estimates are
then updated during the year as new laws are enacted,
as actual spending occurs, as economic conditions
change, and as more source data become available.
13. See A ppen dix: B udget o f the United States G overnm ent, Fiscal Year
2006.
14. Outlays by program are first adjusted for coverage (for example, for
geographical adjustments) and for netting and grossing (for example, sup
plemental medical insurance premiums).
15. D epartm ent o f the Treasury, Financial M anagem ent Service, M onthly
Treasury Statem ent (Washington, D.C: U.S. Governm ent Printing Office)
< www.fms.treas.gov/mts>.
March 2005
D-1
BEA Current and Historical 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 D ata
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.1 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 U.S. 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 Data
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 NIPA 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
March 2005
National Data
A. S elected NIPA Tables
The tables in this section include the most recent estimates of gross domestic product and its components.
These estimates were released on February 25, 2005, and they include the “preliminary” estimates for the
fourth quarter of 2004 and revised estimates of wages and salaries and affected income-side series for the
third quarter o f 2004.
The selected set of 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. Dom estic 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.................................
Imports
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
IV
1
3.0
4.4
4.2
4.5
3.3
4.0
3.8
2
3
4
5
3.3
7.4
3.7
2.2
3.8
6.6
4.6
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
4.2
3.1
6.1
3.4
6
7
8
9
10
11
12
4.4
5.1
3.3
-5.6
6.4
8.8
13.2
10.2
10.6
1.3
13.5
9.6
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
13.4
9.7
14.0
1.2
18.0
2.1
1H
14
15
16
17
18
19
1.9
2.2
1.4
4.4
4.7
3.1
8.5
8.8
7.8
9.9
10.8
5.6
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
2.4
1.9
3.5
11.4
15.3
-7.0
20
21
22
23
24
2.8
6.6
9.0
2.4
0.7
2.0
4.7
7.3
-0.4
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
1.2
1.7
-0.3
6.3
0.8
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures............................
Durable g oods...........................
Nondurable g oods.....................
Services......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential........................
Structures..........................
Equipment and software...
Residential..............................
Change in private inventories...
Net exports of goods and
services.....................................
Exports.......................................
Goods.....................................
Services..................................
Imports........................................
Goods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal.........................................
National defense....................
Nondefense............................
State and local...........................
2004
2003
I
II
III
IV
1
3.0
4.4
4.2
4.5
3.3
4.0
3.8
2
3
4
5
2.29
0.63
0.73
0.93
2.65
0.56
0.91
1.17
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
2.89
0.27
1.21
1.41
6
7
8
9
10
11
12
0.66
0.76
0.33
-0.15
0.48
0.43
-0.10
2.00
1.55
1.04
0.03
1.01
0.50
0.45
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
2.13
1.52
1.40
0.03
1.37
0.12
0.60
13
14
15
16
17
18
19
-0.43
0.18
0.14
0.04
-0.61
-0.54
-0.07
-0.59
0.81
0.59
0.23
-1.40
-1.27
-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
-1.43
0.24
0.13
0.11
-1.67
-1.85
0.18
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
0.22
0.12
-0.02
0.14
0.10
March 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
Seasonally adjusted
Line
2003
2004
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
E xports........................................
Goods.....................................
S ervices.................................
Im ports........................................
Goods.....................................
S ervices.................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense....................
Nondefense...........................
State and local...........................
I
Line
II
III
108.969 109.858 110.941
1 105.749
110.438 107.780
113.250 110.794 111.925 112.360 113.776 114.939
127.280 123.902 124.572 124.482 129.529 130.537
113.425 110.517 112.331 112.367 113.659 115.343
110.424 108.346 109.237 109.955 110.782 111.721
6 93.852 106.231
7 96.924 106.826
8 90.157 99.688
9 75.810 76.802
10 95.679 108.642
11 114.392 125.361
12
111.983
98.771 101.672 106.191 106.823 110.236
101.412 102.529 105.913 108.170 110.694
94.235 95.204 98.041 101.075 104.433
76.958 77.195
77.406 75.886 77.171
100.735 102.699 106.157 110.524 115.188
119.916 121.400 126.122 126.628 127.295
r-t
14 94.116
15 92.018
16 99.330
17 105.048
18 105.131
19 104.753
102.143
100.145
107.106
115.468
116.489
110.647
98.170
95.694
104.310
108.725
108.824
108.360
20 110.906
21 119.140
22 122.014
23 113.972
24 106.739
113.089
124.735
130.975
113.470
107.184
111.738 112.443 113.062 113.259
121.154 123.249 124.068 125.539
125.765 128.984 129.582 132.723
112.840 112.900 114.117 112.563
106.968 106.965 107.482 107.033
99.924
97.810
105.173
111.504
112.116
108.675
101.690
99.242
107.765
114.862
115.593
111.458
2004
103.176 103.783
101.526 102.000
107.275 108.212
116.167 119.340
117.005 121.244
112.241 110.212
113.590
126.083
132.610
114.299
107.256
2004
2003
IV
IV
2
3
4
5
109.143
119.378
108.481
107.418
2003
Gross domestic product....
Personal consumption
expenditures............................
Durable g oods...........................
Nondurable g oods.....................
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.........................................
Goods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense....................
Nondefense...........................
State and local...........................
1 106.003
I
II
III
108.287 106.586 107.314 108.169 108.551
IV
109.115
2 105.511 107.817 106.005 106.860 107.683 108.021 108.702
90.725 90.008
90.040
3 92.244
90.378 90.747 90.741
4 104.154 107.628 104.564 105.914 107.616 107.869 109.113
5 109.237 111.985 110.266 111.085 111.667 112.314 112.873
6
7
8
9
10
11
12
1M
14
15
16
17
18
19
102.304 104.871 102.968 103.514 104.644 105.405 105.922
102.435 104.949 103.101 103.618 104.709 105.482 105.987
98.793 99.220 99.449 99.882
98.546 99.336 98.729
110.176 115.574 110.633 111.926 113.984 116.677 119.709
94.754 94.393 94.862 94.611
94.626 94.256 94.079
111.951 118.227 113.675 115.179 117.710 119.674 120.342
101.395
100.640
103.219
99.615
98.068
107.784
104.914
104.431
106.111
104.515
102.889
113.061
102.146
101.438
103.865
99.837
98.011
109.502
103.565 104.746
103.023 104.356
104.897 105.726
102.163 103.760
100.355 102.267
111.718 111.566
20 108.702 112.191 109.167 110.522
21 109.081 112.211 109.447 111.203
22 109.875 112.981 110.278 111.825
23 107.631 110.803 107.917 110.095
24 108.485 112.188 109.007 110.131
105.175
104.665
106.440
105.066
103.560
112.937
106.170
105.682
107.382
107.070
105.373
116.021
111.703 112.682 113.856
112.020 112.491 113.130
112.790 113.317 113.992
110.613 110.970 111.536
111.524 112.802 114.294
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.....................................
Services.................................
Government consumption
expenditures and gross
investment.................................
Federal.......................................
National defense....................
Nondefense...........................
State and local...........................
Line
2004
2003
I
II
III
2003
2004
IV
IV
1 11,004.0 11,733.5 11,270.9 11,472.6 11,657.5 11,814.9 11,988.9
2
3
4
5
7,760.9
950.7
2,200.1
4,610.1
8,229.1
993.5
2,377.2
4,858.4
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
8,419.9
1,015.2
2,450.5
4,954.2
6
7
8
9
10
11
12
1,665.8
1,667.0
1,094.7
261.6
833.1
572.3
-1.2
1,926.9
1,882.5
1,220.2
278.0
942.2
662.3
44.4
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
2,020.4
1,969.5
1,285.2
289.4
995.8
684.3
50.9
13
14
15
16
17
18
19
-498.1
1,046.2
726.4
319.8
1,544.3
1,282.0
262.3
-607.0
1,174.8
820.3
354.5
1,781.8
1,491.2
290.5
-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
-677.9
1,207.8
845.4
362.4
1,885.7
1,588.8
297.0
20
21
22
23
24
2,075.5
752.2
496.4
255.7
1,323.3
2,184.4
810.2
548.0
262.1
1,374.2
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
2,226.5
825.6
559.8
265.8
1,400.9
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
I
II
III
IV
1 10,381.3 10,841.6 10,580.7 10,697.5 10,784.7 10,891.0 10,993.3
2
3
4
5
7,355.6
1,030.6
2,112.4
4,220.3
7,632.3
1,098.8
2,208.6
4,338.4
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
7,746.2
1,127.0
2,246.0
4,389.3
6
7
8
9
10
11
12
1,628.8
1,627.3
1,110.8
237.4
879.2
511.2
-0.8
1,843.6
1,793.6
1,228.2
240.5
998.3
560.2
46.6
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
1,913.1
1,858.5
1,286.7
241.8
1,058.5
568.9
51.0
13
14
15
16
17
18
19
-518.5
1,031.8
721.7
309.9
1,550.3
1,307.3
243.3
-584.3
1,119.8
785.5
334.1
1,704.0
1,448.5
257.0
-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
-623.4
1,137.8
800.0
337.6
1,761.2
1,507.6
256.0
20
21
22
23
24
25
1,909.4
689.6
451.8
237.6
1,219.8
0.8
1,946.9
721.9
485.0
236.6
1,224.9
-10.4
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
1,955.6
729.7
491.1
238.3
1,225.7
-18.3
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
March 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
I
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
2003
II
2003
IV
III
IV
1
1.8
2.2
1.6
2.8
3.2
1.4
2.1
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
0,1
4.7
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
2.0
1.9
1.8
10.8
-0,7
2.3
1M
14
15
16
17
18
19
2.1
2.0
2.4
3.4
2.9
5.9
3.5
3.8
2.8
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
3.8
3.9
3.6
7.9
7.2
11.4
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
4.2
2.3
2.4
2.1
5.4
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.....................................
Exports.......................................
Goods..
Services..................................
Imports,
Goods..
Services
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense...................
Nondefense...........................
State and local...........................
2004
I
II
IV
III
1
1.8
2.2
1.6
2.8
3.2
1.4
2.1
2
3
4
5
1.33
-0.30
0.40
1.24
1.54
-0.18
0.67
1.05
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
1.78
0.01
0.94
0.83
6
7
8
9
10
11
12
0.16
0.18
-0.04
0.05
-0.09
0.22
-0.02
0.40
0.38
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
0.33
0.31
0.19
0.25
-0.06
0.13
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
-0.71
-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
-0.79
0.38
0.27
0.11
-1.17
-0.90
-0.27
20
21
22
23
24
0.60
0.24
0.18
0.06
0.36
0.59
0.20
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
0.78
0.16
0.11
0.05
0.62
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.....................
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.....................................
S ervices.................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense....................
Nondefense...........................
State and local............................
Addendum:
Gross national product.............
1 105.998
108.226 106.523
2 105.510
3 92.244
4 104.153
5 109.237
107.819
90.413
107.634
111.986
6
7
8
9
10
11
1?
1S
14
15
16
17
18
19
20 108.702
21 109.082
22 109.876
23 107.632
24 108.485
25
I
II
III
IV
107.246
108.093
108.482
109.056
106.000 106.856 107.679 108.016 108.698
90.788 90.783 90.767 90.049 90.081
104.560 105.909 107.611 107.864 109.107
110.263 111.080 111.663 112.310 112.869
105.992
104.913 102.133 103.550 104.732 105.161
104.433 101.425 103.009 104.343 104.652
106.103 103.849 104.881 105.711 106.423
104.561
99.840 102.165 103.763 105.068
102.949 98.019 100.363 102.276 103.569
113.035 109.478 111.692 111.542 112.911
106.156
105.668
107.364
107.073
105.382
115.996
112.195 109.167 110.523 111.703 112.683 113.855
112.219 109.449 111.205 112.022 112.493 113.132
112.995 110.283 111.830 112.795 113.323 113.997
110.807 107.919 110.097 110.616 110.971 111.537
112.188 109.007 110.130 111.523 112.802 114.293
106.516
107.240
108.087
108.479
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.....................................
E xports.......................................
G oods.....................................
Services..................................
Imports........................................
G oods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal.........................................
National defense....................
Nondefense...........................
State and local...........................
2004
2004
IV
102.271 104.521 102.603 103.130 104.221 105.022 105.608
102.436 104.959 103.086 103.603 104.693 105.466 105.972
98.547 99.349 98.728 98.792 99.220 99.449 99.882
110.180 115.579 110.624 111.916 113.974 116.667 119.698
94.754 94.384 94.863 94.611
94.627 94.257 94.080
111.952 118.215 113.630 115.133 117.664 119.627 120.295
101,396
100.640
103.219
99.615
98.068
107.784
2003
2004
I
II
III
IV
1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
2
3
4
5
70.5
8.6
20.0
41.9
70.1
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
70.2
8.5
20.4
41.3
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
16.9
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
10.1
7.1
3.0
15.7
13.3
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
March 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
p roduct..........................
Change in private
inventories.....................
G oods.............................................
Final sales..............................
Change in private inventories
Durable goods...........................
Final sales..............................
Change in private
Seasonally adjusted at annual rates
2004
I
II
Line
III
3.0
4.4
4.2
4.5
3.3
4.0
3.8
2
3.1
4.0
3.7
3.3
2.5
5.0
3.2
4.3
4.7
7.4
6.0
5.8
4.3
8.2
4.6
2.5
0.1
8.3
11.7
6.2
4.3
10.2
8.4
11.9
4.6
8.7
4.7
2.6
-1.1
10.6
19.4
9.8
7.4
3.2
3.1
5.0
4.0
0.9
4.1
7.8
4.4
2.4
1.0
6.5
5.8
3.2
1.8
1?
13
14
2.3
3.0
2.7
5.3
3.1
5.4
3.0
0.7
2.3
12.7
2.8
-2.5
3.0
0.9
15
4.2
5.6
2.9
8.8
-15.2
10.4
27.2
16
17
3.0
41.0
4.4
22.7
4.2
29.0
4.3
0.1
4.0
0.1
3.8
20.7
3.0
74.0
18
2.8
4.3
4.0
4.5
3.3
3.9
3.3
19
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..............................
5.8
6.6
M
10
11
Nondurable goods.....................
Final sales..............................
Change in private
2004
2003
IV
1
M
4
5
fi
7
8
2003
IV
3.0
4.5
4.3
5.0
4.0
3.6
4.5
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Final sales of domestic
product...........................
Change in private
inventories.....................
G oods.............................................
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...............................
1
3.0
2004
I
II
4.4
4.2
4.5
III
IV
4.0
3.3
3.8
2
3.14
3.98
3.71
3.32
2.52
4.97
3.20
3
4
5
6
7
8
-0.10
1.41
1.51
-0.10
0.85
0.96
0.45
2.38
1.93
0.45
1.48
1.22
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
0.60
2.01
1.41
0.60
1.42
1.08
9
10
11
-0.11
0.56
0.55
0.26
0.90
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
0.34
0.59
0.32
12
13
14
0.01
1.35
0.29
0.19
1.54
0.51
-0.54
1.77
0.52
0.58
1.76
0.07
0.25
1.30
1.19
0.12
1.59
-0.25
0.26
1.70
0.09
15
0.19
0.20
0.11
0.30
-0.58
0.34
0.84
16
17
2.85
0.31
4.24
0.20
4.08
0.26
4.18
0.00
3.88
0.00
3.66
0.18
2.96
0.56
18
2.73
4.23
3.93
4.48
3.30
3.82
3.25
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
2003
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
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
2004
I
II
Line
III
1 105.749 110.438 107.780
108.969 109.858 110.941
111.983
2 106.346
109.173
112.092
H
4
5
6
/
8
110.583
108.290
103.840
105.526
111.513 107.331
111.847 108.771
101.797
103.950
112.230
112.711
q
10 105.827
11 107.017
111.160
111.285
109.854
111.211
107.357
108.676
109.632
109.931
110.325
109.632
113.146
114.602
115.818
116.678
107.543
108.988
109.586
110.174
110.228
110.448
111.965
112.013
112.862
112.503
Nondurable goods.....................
Final sa le s..............................
Change in private
V
13 107.839
14 100.891
110.697 108.836 109.656 110.269 111.022
106.258 103.985 104.164 107.319 106.651
111.841
106.899
15
110.849
117.003
122.604
16
17
105.570 110.208 107.531
174.608 214.236 201.418
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...............................
112.620
115.444
108.676 109.758 110.782 111.617
201.489 201.553 211.262 242.640
18 105.248
109.739
107.136
108.329
109.221
110.258
111.149
19 106.238
111.061
108.120
109.444
110.524
111.519
112.757
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
114.065
114.300
117.344
2004
G oods.............................................
Final sa le s..............................
Change in private inventories
Durable g oods...........................
Final sa le s..............................
Change in private
2004
2003
III
IV
1 106.003
108.287
106.586
107.314 108.169
108.551
109.115
2 106.025
108.299
106.608
107.332
108.178
108.561
109.123
99.533
99.592
99.938
99.954
99.533
99.593
99.733 100.325
99.778 100.344
99.742
99.748
99.952
99.948
94.128
94.159
92.367
92.355
93.086
93.139
92.741
92.791
92.630
92.635
92.068
92.028
92.030
91.966
4
10 104.499
11 104.616
106.953
107.018
105.469
105.570
106.191
106.259
107.457
107.507
106.856
106.924
107.307
107.380
1V
13 109.124 111.999 109.971
14 110.979 116.815 112.146
110.943
113.408
111.699 112.370
115.849 118.188
112.983
119.815
IV
109.477 110.142 112.367
109.988 110.003 113.099
114.894
2003
IV
H
4
5
fi
7
8
I
II
96.462
95.899
96.048
96.266
96.347
95.086
95.897
16 106.372
17 53.457
108.771
48.819
106.995
51.321
107.744
50.327
108.630
49.946
109.078
48.608
109.631
46.393
18
109.129
107.344
108.106
108.983
109.401
110.026
15
106.710
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.
D-6
National Data
March 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
Line
2003
2004
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
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...............................
Seasonally adjusted at annual rates
I
II
Line
III
2003
2004
IV
1 11,004.0 11,733.5 11,270.9 11,472.6 11,657.5 11,814.9 11,988.9
2 11,005.3 11,689.0 11,267.4 11,436.4 11,598.5 11,783.3 11,938.0
3
4
5
6
7
8
-1.2
3,564.5
3,565.7
-1.2
1,618.8
1,618.2
44.4
3,837.4
3,793.0
44.4
1,751.8
1,721.5
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
50.9
3,926.9
3,876.0
50.9
1,801.3
1,774.8
9
10
11
0.6
1,945.7
1,947.5
30.3
2,085.6
2,071.5
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
26.5
2,125.6
2,101.2
12
13
14
-1.8
6,384.7
1,054.8
14.1
6,726.7
1,169.3
-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
24.4
6,855.6
1,206.3
15
390.2
409.6
402.9
412.3
396.1
400.7
429.2
16 10,613.8 11,323.9 10,868.0 11,060.3 11,261.4 11,414.2 11,559.7
17
102.6
115.2
114.1
111.9
111.1
113.4
124.3
18 10,901.4 11,618.3 11,156.8 11,360.7 11,546.4 11,701.5 11,864.6
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.
2003
IV
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
inventories1........................
Nondurable g oods.....................
Final sa le s..............................
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
I
II
III
IV
1 10,381.3 10,841.6 10,580.7 10,697.5 10,784.7 10,891.0 10,993.3
2 10,379.9 10,793.4 10,569.6 10,655.8 10,722.3 10,854.7 10,940.7
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
46.6
1.6
3,846.5
3,794.8
46.6
1,896.0
1,863.5
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
51.0
1.6
3,934.5
3,878.0
51.0
1,956.6
1,929.1
10
11
12
0.4
1,862.5
1,861.6
29.8
1,956.4
1,935.8
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
25.5
1,986.3
1,957.0
13
14
15
16
-1.1
5,850.9
950.4
0.5
17.6
6,006.0
1,001.0
-12.1
-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
25.6
6,068.0
1,007.0
-18.9
17
404.6
427.0
419.3
428.3
411.0
421.3
447.5
18
19
9,978.5 10,416.9 10,163.8 10,272.1 10,374.3 10,471.1 10,550.0
192.0
235.5
221.4
221.6
266.7
221.5
232.3
2U 10,216.5 10,652.4 10,399.7 10,515.5 10,602.1 10,702.8 10,789.3
1. Estimates for durable goods and nondurable goods for 1996 and earlier periods are based on the 1987 Standard Indus
trial Classification (SIC); later estimates for these industries are based on the North American Industry Classification System
(NAICS).
2. Includes government consumption expenditures, which are for services (such as education and national defense)
produced by government. In current dollars, these services are valued at their cost of production.
3. For some components of final sales of computers, includes computer parts.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line following
change in private inventories is the difference between gross domestic product and the sum of final sales of domestic product
and of change in private inventories; the residual line following structures is the difference between gross domestic product
and the sum of the detailed lines of goods, of services, and of structures.
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
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......
2004
2003
IV
Seasonally adjusted
II
I
Line
III
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
-9.8
3.3
4.8
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
3.8
4.2
3.7
77.1
3.0
4.2
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
1.4
1.7
1.7
1.7
11
-1.8
3.5
9.4
3.5
2.8
3.0
3.4
Gross domestic product....
Business1......................................
Nonfarm2....................................
F arm ............................................
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
105.749 110.438
106.071 111.513
106.115 111.754
101.633 91.623
104.793 108.302
104.599 109.576
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
I
II
III
IV
107.780 108.969 109.858 110.941 111.983
108.428 109.826 110.870 112.095 113.262
108.550 110.077 111.205 112.358 113.377
97.378 88.652 83.502
90.240 104.097
106.378 107.156 107.887 108.677 109.487
106.911 108.056 109.027 110.038 111.181
7 105.039
8 104.718
9 105.174
10 104.514
106.658 105.688 105.992 106.415 106.922 107.303
105.610 105.017 105.247 105.281 105.730 106.184
106.007 105.385 105.856 105.681 106.015 106.475
105.432 104.851 104.976 105.102 105.599 106.051
11
106.937
103.364
104.862
105.769
106.500
107.287
108.193
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.
March 2005
D-7
S u r v e y o f C u r r e n t B u s in e s s
Table 1.3.4. Price Indexes for Gross Value Added by Sector
Table 1.3.5. Gross Value Added by Sector
[Index numbers, 2000=100]
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally adjusted
Line
2003
2004
2003
1
2
3
4
5
6
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
Line
2004
IV
I
106.003 108.287 106.586
104.226 106.075 104.594
104.112 105.748 104.281
116.649 142.280 139.298
112.440 116.600 114.189
111.344 115.406 113.096
II
III
107.314 108.169 108.551
105.144 106.020 106.302
104.795 105.557 106.038
144.434 160.638 133.627
115.341 116.146 117.058
114.211 115.165 115.859
109.115
106.834
106.601
130.420
117.857
116.390
7
8
9
10
113.887
112.072
114.086
111.239
118.181 115.632 116.835
115.636 113.035 114.640
117.716 114.406 117.357
114.775 112.472 113.511
117.437
115.391
117.617
114.469
118.643 119.807
115.982 116.529
117.753 118.138
115.251 115.867
11
111.081
115.177
114.909
115.624
112.938
113.981
2003
2004
116.192
2003
2004
I
IV
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
II
III
IV
1 11,004.0 11,733.5 11,270.9 T l ,472.6 11,657.5 11,814.9 11,988.9
2 8,472.3 9,059.2 8,685.4 8,843.3 9,000.7 9,125.2 9,267.6
3 8,387.5 8,972.5 8,593.7 8,757.8 8,911.8 9,044.6 9,175.8
86.7
91.7
85.5
88.9
80.6
91.9
4
84.8
5 1,276.5 1,368.0 1,315.8 1,338.8 1,357.4 1,378.0 1,397.8
759.7
772.9
796.6
6
717.0
778.5
744.3
784.8
7
8
9
10
559.5
1,255.3
378.4
876.9
589.5
1,306.2
393.5
912.7
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
601.2
1,323.4
396.7
926.8
11
912.0
978.3
940.6
957.5
972.0
985.2
998.4
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
2003
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
1 10,381.3 10,841.6
2 8,132.1 8,549.4
3 8,059.6 8,487.9
72.7
4
65.5
5 1,132.5 1,170.4
6
644.0
674.6
Seasonally adjusted at annual rates
2004
I
II
III
7
8
9
10
11
488.5
1,120.1
331.7
788.3
-3.5
496.0
1,129.6
334.3
795.2
-11.9
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
499.0
1,135.7
335.8
799.9
-11.5
12
821.0
849.4
832.9
840.1
845.9
852.2
859.4
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.
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.
Line
IV
10,580.7 10,697.5 10,784.7 10,891.0 10,993.3
8,312.8 8,420.0 8,500.0 8,594.0 8,683.4
8,244.5 8,360.5 8,446.2 8,533.8 8,611.1
69.7
63.4
59.7
64.5
74.5
1,149.6 1,158.0 1,165.9 1,174.5 1,183.2
658.2
665.2
677.4
671.2
684.5
2003
2004
I
IV
Gross domestic product............
Less: Exports of goods and
services......................................
Plus: Imports of goods and
services......................................
Equals: Gross domestic
purchases..................................
Less: Change in private
1
3.0
2004
2003
4.4
4.2
II
4.5
III
IV
3.3
4.0
3.8
2
1.9
8.5
17.5
7.3
7.3
6.0
2.4
3
4.4
9.9
17.1
10.6
12.6
4.6
11.4
4
3.3
4.8
4.7
5.0
4.2
3.9
5.0
6
3.4
4.4
4.2
3.9
3.5
4.9
4.5
7
3.1
4.0
3.7
3.3
2.5
5.0
3.2
S
Equals: Final sales to domestic
purchasers.................................
Addendum:
Final sales of domestic product
D-8
National Data
March 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
2003
2004
2003
I
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
Seasonally adjusted
Line
2004
1 105.749
110.438 107.780
2
II
III
109.858
110.941
111.983
2004
IV
108.969
2003
94.116
102.143
98.170
99.924
101.690
103.176
103.783
3 105.048
115.468
108.725
111.504
114.862
116.167
119.340
4 106.858
111.990 108.904 110.253 111.393
112.465
113.852
5
6 107.438
112.137 109.401
110.455
111.396
112.731
113.966
7 106.346
110.583
108.290
109.173
109.854
111.211
112.092
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
I
II
III
IV
1 106.003
108.287
106.586 107.314 108.169 108.551
109.115
2 101.395
104.914
102.146
103.565
104.746
105.175
106.170
3
99.615
104.515
99.837
102.163
103.760
105.066
107.070
4 105.571
108.122
106.086 106.980
107.913 108.429 109.167
5
6 105.592
108.134 106.107
106.997 107.923 108.440 109.177
7 106.025
108.299
107.332
106.608
108.178
108.561
109.123
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
Seasonally adjusted at annual rates
Line
2003
2004
2003
I
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
Line
2004
II
III
1 11,004.0 11,733.5 11,270.9 11,472.6 11,657.5 11,814.9 11,988.9
1,046.2
1,174.8
1,099.2
1,134.3
1,167.6
1,189.5
1,207.8
3
1,544.3
1,781.8
1,602.0
1,681.2
1,758.9
1,801.2
1,885.7
4 11,502.2 12,340.4 11,773.7 12,019.4 12,248.8 12,426.6 12,666.8
-1.2
44.4
3.5
36.2
59.0
31.6
2004
50.9
6 11,503.4 12,296.0 11,770.1 11,983.2 12,189.8 12,395.1 12,615.9
7 11,005.3 11,689.0 11,267.4 11,436.4 11,598.5 11,783.3 11,938.0
2003
IV
IV
2
5
2003
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 10,841.6 10,580.7 10,697.5 10,784.7 10,891.0 10,993.3
2
1,031.8
1,119.8
1,076.2
1,095.4
1,114.8
1,131.1
1,137.8
3
1,550.3
1,704.0
1,604.5
1,645.5
1,695.1
1,714.3
1,761.2
4 10,895.7 11,419.1 11,104.3 11,241.9 11,358.1 11,467.4 11,608.9
5
-0.8
46.6
8.6
40.0
61.1
34.5
51.0
6 10,894.2 11,370.6 11,093.2 11,200.1 11,295.5 11,430.9 11,556.1
7 10,379.9 10,793.4 10,569.6 10,655.8 10,722.3 10,854.7 10,940.7
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.
N ote,
March 2005
D-9
S u r v e y o f C u r r e n t B u s in e s s
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
2003
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......................................
Services.....................................
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...
Line
2004
I
III
II
4.4
4.2
4.5
3.3
4.0
3.8
2
3
4
3.3
7.4
5.5
3.8
6.6
3.0
3.6
3.9
-1.8
4.1
2.2
-5.8
1.6
-0.3
-6.0
5.1
17.2
28.7
4.2
3.1
-0.7
5
6
7
8
9
9.1
9.1
3.7
3.8
4.3
11.6
6.5
4.6
4.8
6.6
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
6.2
7.0
6.1
6.3
8.6
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
0.6
4.6
2.8
1.7
2.6
2.3
2.8
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
9.8
2.9
3.4
2.3
5.7
13.4
0.9
4.2
4.2
-1.2
4.1
21
22
23
24
25
4.4
5.1
3.3
-5.6
6.4
13.2
10.2
10.6
1.3
13.5
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
13.4
9.7
14.0
1.2
18.0
26
12.0
16.1
16.3
16.4
14.1
7.5
17.0
2/
28
29
30
33.0
4.7
9.2
0.1
26.6
12.3
14.1
5.1
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
52.3
20.0
-2.6
7.1
31
32
33
14
IS
Ifi
-3.1
5.4
8.8
12.5
15.2
9.6
11.9
16.5
9.6
-15.0
8.3
5.0
26.1
16.1
16.5
38.1
22.6
1.6
40.8
11.6
2.1
M
38
39
40
41
42
43
1.9
2.2
1.4
4.4
4.7
3.1
8.5
8.8
7.8
9.9
10.8
5.6
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
2.4
1.9
3.5
11.4
15.3
-7.0
44
45
46
47
48
49
50
51
52
53
54
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
7.3
6.3
14.6
-0.4
-1.2
5.1
0.4
0.5
0.2
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
1.2
1.7
-0.3
-4.5
32.5
6.3
4.9
16.2
0.8
1.0
0.0
Percent change at annual rate:
Gross domestic product....
Percentage points at annual
rates:
Personal consumption
expenditures............................
Durable g oods...........................
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.....................
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..................................
Net exports of goods and
services.....................................
E xports.......................................
Goods.....................................
Services..................................
Imports.........................................
Goods
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal........................................
National defense....................
Consumption expenditures
Gross investment..............
Nondefense...........................
Consumption expenditures
Gross investment..............
State and local...........................
Consumption expenditures...
Gross investment...................
2004
2003
IV
3.0
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2004
IV
1
Net exports of goods and
Exports.......................................
Goods.....................................
Services.................................
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
II
I
IV
III
1
3.0
4.4
4.2
4.5
3.3
4.0
3.8
2
3
4
2.29
0.63
0.22
2.65
0.56
0.12
2.50
0.33
-0.07
2.90
0.19
-0.23
1.10
-0.02
-0.24
3.57
1.37
0.98
2.89
0.27
-0.03
5
6
7
8
9
0.27
0.15
0.73
0.37
0.12
0.34
0.11
0.91
0.46
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
0.18
0.11
1.21
0.61
0.23
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
0.01
0.26
1.17
0.19
0.10
0.03
0.07
0.03
0.44
0.09
0.32
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
0.20
0.16
1.41
0.24
0.21
0.19
0.02
0.11
0.49
-0.04
0.40
21
22
23
24
25
0.66
0.76
0.33
-0.15
0.48
2.00
1.55
1.04
0.03
1.01
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
2.13
1.52
1.40
0.03
1.37
26
0.45
0.62
0.61
0.62
0.55
0.30
0.66
27
28
29
30
0.24
0.07
0.14
0.00
0.22
0.18
0.21
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
0.41
0.29
-0.04
0.09
31
32
33
34
35
36
-0.04
0.06
0.43
-0.10
0.02
-0.12
0.15
0.19
0.50
0.45
0.04
0.41
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
0.47
0.15
0.12
0.60
-0.08
0.68
37
38
39
40
41
42
43
-0.43
0.18
0.14
0.04
-0.61
-0.54
-0.07
-0.59
0.81
0.59
0.23
-1.40
-1.27
-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
-1.43
0.24
0.13
0.11
-1.67
-1.85
0.18
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
0.25
0.08
-0.01
-0.02
0.02
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
0.22
0.12
-0.02
-0.19
0.17
0.14
0.09
0.04
0.10
0.10
0.00
1. Excludes software “embedded,” or bundled, in computers and other equipment.
D-10
March 2005
National Data
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
2003
2004
2003
2004
I
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 gas............
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..............................
Seasonally adjusted
II
Line
III
1 105.749
110.438
107.780 108.969 109.858 110.941
111.983
2 109.143
3 119.378
4 116.971
113.250 110.794 111.925 112.360 113.776
127.280 123.902 124.572 124.482 129.529
120.511 119.929 118.149 116.320 123.901
114.939
130.537
123.676
5
6
7
8
9
125.771
113.772
108.481
107.556
110.914
140.333
121.126
113.425
112.672
118.246
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
103.719 106.147 105.544 101.862
115.761 112.986 113.848 115.111
110.424 108.346 109.237 109.955
108.786 107.334 107.906 108.445
105.270 104.080 104.914 104.677
105.083 105.112 106.021 103.820
105.362 103.394 104.181 105.205
96.439 95.009 95.470
96.160
119.639 116.703 117.632 118.915
111.556 109.631 111.211 111.286
108.157 105.751 106.899 107.768
102.524 104.944
116.620 117.465
110.782 111.721
109.090 109.701
105.014 106.474
103.597 106.894
105.907 106.156
96.567 97.557
120.386 121.623
112.040 111.689
108.428 109.532
21
22
23
24
25
93.852
96.924
90.157
75.810
95.679
106.231
106.826
99.688
76.802
108.642
98.771 101.672 106.191
101.412 102.529 105.913
94.235 95.204 98.041
77.406 75.886 77.171
100.735 102.699 106.157
106.823 110.236
108.170 110.694
101.075 104.433
76.958 77.195
110.524 115.188
2b
105.291
122.257
112.621
2/
28
29
30
151.298
97.197
94.409
86.411
191.497 171.109 173.806 184.318 193.210 214.654
109.198 101.347 105.355 107.579 109.374 114.483
107.703 100.200 105.333 108.535 108.828 108.114
90.812 85.923 87.305 87.752 93.289
94.901
31
32
33
34
35
36
75.618
99.963
114.392
85.066
115.134
125.361
132.505 136.028
118.345 120.152
110.517 112.331
109.018 111.160
113.595 117.960
116.982
79.468 76.298
106.143 108.274
119.916 121.400
138.480 142.327 144.497
120.082 121.106 123.164
112.367 113.659 115.343
111.793 112.992 114.744
116.374 118.093 120.558
120.907
80.847
112.402
126.122
123.101
87.643
118.280
126.628
128.038
95.477
121.581
127.295
M
‘
38 94.116
39 92.018
40 99.330
41 105.048
42 105.131
43 104.753
102.143 98.170
100.145 95.694
107.106 104.310
115.468 108.725
116.489 108.824
110.647 108.360
99.924
97.810
105.173
111.504
112.116
108.675
101.690
99.242
107.765
114.862
115.593
111.458
103.176 103.783
101.526 102.000
107.275 108.212
116.167 119.340
117.005 121.244
112.241 110.212
44
45
46
47
48
49
50
51
52
53
54
113.089
124.735
130.975
129.116
144.650
113.470
113.315
114.947
107.184
106.090
111.679
111.738
121.154
125.765
124.845
132.347
112.840
113.585
108.421
106.968
105.790
111.806
112.443
123.249
128.984
127.048
143.249
112.900
113.492
109.472
106.965
105.851
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
125.539
132.723
131.300
143.091
112.563
112.561
113.035
107.033
106.190
110.475
110.906
119.140
122.014
121.413
126.207
113.972
114.745
109.408
106.739
105.581
111.498
1. Excludes software “embedded,” or bundled, in computers and other equipment.
2004
113.590
126.083
132.610
129.799
153.512
114.299
113.903
117.359
107.256
106.466
110.478
2004
2003
IV
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
equipment.............
Software1...................
O th er.........................
Industrial equipment....
Transportation
equipment..................
Other equipment...........
Residential..............................
Change in private inventories...
Nonfarm..................................
Net exports of goods and
Net exports of goods and
Exports........................................
Goods.....................................
Services.................................
Im ports........................................
Goods.....................................
S ervices.................................
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
IV
Exports.......................................
Goods.....................................
Services..................................
Imports........................................
Goods.....................................
Services..................................
Government consumption
expenditures and gross
investment.................................
Federal.........................................
National defense....................
Consumption expenditures
Gross investment..............
Nondefense...........................
Consumption expenditures
Gross investment..............
State and local...........................
Consumption expenditures...
Gross investment...................
1
III
108.287 106.586
2 105.511
3 92.244
4 97.340
107.817 106.005 106.860 107.683 108.021 108.702
90.378 90.747 90.741
90.725
90.008 90.040
95.966 96.166
95.697 96.521
96.088 95.768
5 83.345
6 97.924
7 104.154
8 106.979
9 93.045
79.889
98.077
107.628
110.257
92.660
80.963
97.999
105.914
108.950
92.533
108.169 108.551
IV
1 106.003
81.451
97.447
104.564
108.265
92.976
107.314
II
80.367
98.760
107.616
109.989
93.191
109.115
79.368
98.098
107.869
110.687
92.502
78.859
97.451
109.113
111.402
92.413
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
133.532
106.732
112.873
114.164
111.094
120.419
105.706
107.656
114.194
113.203
112.080
10
11
12
13
14
15
16
17
18
19
20
105.517 124.242 103.679 113.693
105.175 106.193 105.166 105.752
109.237 111.985 110.266 111.085
110.437 113.156 111.344 111.912
107.766 110.069 107.886 108.879
113.651 118.155 113.642 115.595
104.367 105.392 104.566 104.993
105.880 107.405 107.140 107.109
109.858 113.277 111.335 112.340
109.248 111.976 109.958 110.875
108.826 111.331 109.852 110.851
21
22
23
24
25
102.304 104.871 102.968 103.514 104.644 105.405 105.922
102.435 104.949 103.101 103.618 104.709 105.482 105.987
98.546
99.336 98.729 98.793 99.220 99.449 99.882
110.176 115.574 110.633 111.926 113.984 116.677 119.709
94.754 94.393 94.862
94.611
94.626 94.256 94.079
26
87.570
84.664
86.283
85.604
85.016
84.434
83.602
2/
28
29
30
62.100
96.862
94.763
101.641
57.121
94.815
93.178
104.195
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
54.889
94.182
92.957
105.547
31
32
33
34
35
3fi
104.064
103.305
111.951
109.453
104.459
118.227
109.654
103.386
113.675
109.754
103.221
115.179
110.286
104.371
117.710
108.675
104.840
119.674
109.099
105.402
120.342
M
38
39
40
41
42
43
101.395 104.914
100.640 104.431
103.219 106.111
99.615 104.515
98.068 102.889
107.784 113.061
102.146
101.438
103.865
99.837
98.011
109.502
103.565
103.023
104.897
102.163
100.355
111.718
104.746
104.356
105.726
103.760
102.267
111.566
105.175
104.665
106.440
105.066
103.560
112.937
106.170
105.682
107.382
107.070
105.373
116.021
44
45
46
47
48
49
50
51
52
53
54
108.702
109.081
109.875
111.711
98.039
107.631
109.065
98.993
108.485
109.233
105.558
112.191 109.167 110.522
112.211 109.447 111.203
112.981 110.278 111.825
115.039 112.169 113.879
99.765 98.093 98.642
110.803 107.917 110.095
112.677 109.455 111.953
98.670
98.903
99.528
112.188 109.007 110.131
111.152
112.945 109.825
109.225 105.814 106.154
111.703
112.020
112.790
114.805
99.832
110.613
112.481
99.370
111.524
112.386
108.151
112.682 113.856
112.491 113.130
113.317 113.992
115.393 116.078
99.988 100.599
110.970 111.536
112.840 113.432
99.710 100.128
112.802 114.294
113.434 114.806
110.319 112.278
1. Excludes software “embedded,” or bundled, in computers and other equipment.
March 2005
Su r v ey
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.....................
Food.......................................
Clothing and shoes...............
Gasoline, fuel oil, and other
energy goods.....................
O th er......................................
Services.....................................
H ousing..................................
Household operation............
Electricity and g as............
Other household operation
Transportation........................
Medical care..........................
Recreation..............................
O th e r......................................
Gross private domestic
investment.................................
Fixed investment........................
Nonresidential.......................
Structures..........................
Equipment and software...
Information processing
equipment and
software.....................
Computers and
peripheral
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.......................................
Im ports.......................................
I
II
Line
III
1 11,004.0 11,733.5 11,270.9 11,472.6 11,657.5 11,814.9 11,988.9
7,760.9
950.7
440.1
8,229.1
993.5
447.7
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
8,419.9
1,015.2
461.5
5
6
7
8
9
328.0
182.6
2,200.1
1,064.5
307.2
351.1
194.7
2,377.2
1,149.3
326.2
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
356.9
196.7
2,450.5
1,182.5
331.7
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
246.7
655.1
4,858.4
1,239.0
452.0
178.0
274.1
301.7
1,391.6
335.1
1,139.0
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
268.3
668.1
4,954.2
1,260.5
461.5
184.5
277.0
305.9
1,426.0
339.2
1,161.2
21
22
23
24
25
1,665.8
1,667.0
1,094.7
261.6
833.1
1,926.9
1,882.5
1,220.2
278.0
942.2
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
2,020.4
1,969.5
1,285.2
289.4
995.8
26
431.2
484.2
454.7
468.5
480.9
486.3
500.8
'>!
28
29
30
95 3
165.8
170.0
139.8
111 0
182.4
190.7
150.7
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 8
190.0
191.0
159.5
31
32
33
34
35
36
126.6
135.5
572.3
-1.2
0.3
-1.5
149.5
157.8
662.3
44.4
-1.1
45.5
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
167.3
168.1
684.3
50.9
-2.6
53.5
37
38
39
40
41
4?
4?
-498.1
1,046.2
7264
319.8
1,544.3
1,282.0
2623
-607.0
1,174.8
820.3
354.5
1,781.8
1,491.2
290.5
-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
-677.9
1,207.8
845.4
362.4
1,885.7
1,588.8
297.0
Government consumption
expenditures and gross
Consumption expenditures
Consumption expenditures
Gross investment..............
State and local...........................
Consumption expenditures...
2,075.5
7522
496 4
436.1
60.4
255.7
222.5
33.2
1,323.3
1,058.5
264 9
2,184.4
810.2
548.0
477.6
70.5
262.1
227.0
35.1
1,374.2
1,099.7
274.5
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
2004
2,226.5
825.6
559.8
484.4
75.4
265.8
229.8
36.0
1,400.9
1,121.8
279.1
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.......................................
Imports........................................
G oods.....................................
Government consumption
expenditures and gross
investment.................................
Federal.........................................
Consumption expenditures
Gross investment..............
Nondefense...........................
Consumption expenditures
Gross investment..............
State and local...........................
Consumption expenditures...
2004
2003
IV
IV
2
3
4
44
45
4fi
47
48
49
50
51
52
53
54
2003
I
II
III
IV
1 10,381.3 10,841.6 10,580.7 10,697.5 10,784.7 10,891.0 10,993.3
2
3
4
7,355.6
1,030.6
452.1
7,632.3
1,098.8
465.8
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
7,746.2
1,127.0
478.0
5
6
7
8
9
393.5
186.5
2,112.4
995.1
330.2
439.1
198.5
2,208.6
1,042.4
352.0
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
452.1
201.9
2,246.0
1,061.6
358.9
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
198.6
616.8
4,338.4
1,094.9
410.7
150.6
260.0
280.9
1,228.5
299.3
1,023.1
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
200.9
625.9
4,389.3
1,104.1
415.4
153.2
262.0
284.1
1,248.8
299.6
1,036.1
21
22
23
24
25
1,628.8
1,627.3
1,110.8
237.4
879.2
1,843.6
1,793.6
1,228.2
240.5
998.3
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
1,913.1
1,858.5
1,286.7
241.8
1,058.5
26
492.4
571.7
526.6
547.0
565.4
575.6
598.7
‘>1
28
29
30
171.2
179.4
137.6
192.4
204.7
144.6
178.5
190.4
136.8
185.6
200.2
139.0
189.5
206.2
139.7
192.7
206.8
148.5
201.7
205.4
151.1
31
32
33
34
35
36
121.6
131.2
511.2
-0.8
0.3
-1.1
136.8
151.1
560.2
46.6
3.4
43.4
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
153.6
159.5
568.9
51.0
1.7
49.7
3/
38
39
40
41
4?
43
-518.5
1,031.8
721.7
309.9
1,550.3
1,307.3
243.3
-584.3
1,119.8
785.5
334.1
1,704.0
1,448.5
257.0
-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
-623.4
1,137.8
800.0
337.6
1,761.2
1,507.6
256.0
44
45
4fi
47
48
49
50
51
52
53
H4
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
-1 4 9
1,946.9
721.9
485.0
415.1
70.6
236.6
201.5
35.2
1,224.9
973.7
251.3
-41 8
1,923.7
701.2
465.7
401.4
64.6
235.2
202.0
33.2
1,222.5
970.9
251.6
-2 6 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
1,955.6
729.7
491.1
417.3
74.9
238.3
202.5
36.0
1,225.7
977.1
248.6
-55.4
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.
N ote. The residual line is the difference between the first line and the sum of the most detailed lines.
D-12
National Data
March 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
2003
2004
IV
Gross dom estic p urch a se s...
Personal consum ption
expen d itu res.............................
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 dom estic
investm ent.................................
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...
G overnm ent consum ption
expenditures and gross
investm ent.................................
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
com puters.....................
Food...................................
Energy goods and
services.........................
Gross domestic product
excluding food and
energy ...........................
Final sales of domestic product
Final sales to domestic
purchasers..............................
1 105.571
108.122 106.086
I
II
106.980
107.913
Line
III
108.429 109.167
79.889
98.077
107.628
110.257
92.660
81.451
97.447
104.564
108.265
92.976
80.963
97.999
105.914
108.950
92.533
80.367
98.760
107.616
109.989
93.191
79.368
98.098
107.869
110.687
92.502
78.859
97.451
109.113
111.402
92.413
10
11
12
13
14
15
16
17
18
19
20
105.517 124.242
105.175 106.193
109.237 111.985
110.437 113.156
107.766 110.069
113.651 118.155
104.367 105.392
105.880 107.405
109.858 113.277
109.248 111.976
108.826 111.331
103.679
105.166
110.266
111.344
107.886
113.642
104.566
107.140
111.335
109.958
109.852
113.693
105.752
111.085
111.912
108.879
115.595
104.993
107.109
112.340
110.875
110.851
124.711
106.136
111.667
112.941
109.598
117.118
105.243
107.281
112.955
111.559
110.944
125.030
106.152
112.314
113.608
110.703
119.488
105.627
107.572
113.617
112.268
111.450
133.532
106.732
112.873
114.164
111.094
120.419
105.706
107.656
114.194
113.203
112.080
21
22
23
24
25
102.304
102.435
98.546
110.176
94.754
26
87.570
84.664
86.283
85.604
85.016
84.434
83.602
2/
28
29
30
62.100
96.862
94.763
101.641
57.121
94.815
93.178
104.195
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
54.889
94.182
92.957
105.547
5 83.345
6 97.924
7 104.154
8 106.979
9 93.045
31 104.064
32 103.305
33 111.951
34
SS
104.871 102.968 103.514 104.644 105.405 105.922
104.949 103.101 103.618 104.709 105.482 105.987
99.336 98.729
98.793 99.220 99.449 99.882
115.574 110.633 111.926 113.984 116.677 119.709
94.393 94.862 94.611
94.626 94.256 94.079
109.453 109.654 109.754
104.459 103.386 103.221
118.227 113.675 115.179
3 / 108.702 112.191
38 109.081 112.211
39 109.875 112.981
40 111.711 115.039
41
98.039
99.765
42 107.631 110.803
43 109.065 112.677
44 98.993
99.528
45 108.485 112.188
46 109.233 112.945
47 105.558 109.225
2003
2004
IV
2 105.511 107.817 106.005 106.860 107.683 108.021 108.702
3 92.244
90.378 90.747 90.741
90.008 90.040
90.725
4 97.340 96.088 95.768 95.966 96.166 95.697 96.521
110.286 108.675 109.099
104.371 104.840 105.402
117.710 119.674 120.342
109.167 110.522 111.703 112.682 113.856
109.447 111.203 112.020 112.491 113.130
110.278 111.825 112.790 113.317 113.992
112.169 113.879 114.805 115.393 116.078
98.093 98.642 99.832
99.988 100.599
107.917 110.095 110.613 110.970 111.536
109.455 111.953 112.481 112.840 113.432
98.670 98.903 99.370 99.710 100.128
109.007 110.131 111.524 112.802 114.294
109.825 111.152 112.386 113.434 114.806
105.814 106.154 108.151 110.319 112.278
48
56.063
50.794
53.639
52.687
51.756
50.307
48.427
49
50
51
106.406
106.878
108.727
109.150
110.251
121.495
106.991
108.188
107.470
107.929
108.948
114.088
108.908
110.072
120.618
109.476
110.646
122.498
110.288
111.338
128.777
52 105.299 107.313 105.809
53 106.003 108.287 106.586
106.461
107.314
107.128
108.169
107.579
108.551
108.083
109.115
54 106.710
55 107.350
109.129 107.344 108.106 108.983
111.078 109.021 109.932 111.260
109.401
111.358
110.026
111.760
56
109.709
115.986
109.412
113.063
117.036
115.342
118.503
b/
58
105.739
106.025
107.737
108.299
106.228
106.608
106.843
107.332
107.548
108.178
108.027
108.561
108.530
109.123
59
105.592
108.134
106.107
106.997
107.923
108.440
109.177
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
2003
IV
G ross dom estic purchases ...
Personal consum ption
e xp e n d itu re s............................
Durable g oo d s...........................
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.....................
Other.......................................
Services......................................
H ousing..................................
Household operation............
Electricity and g a s ............
Other household operation
Transportation........................
Medical ca re ..........................
Recreation..............................
Other.......................................
G ross private dom estic
investm ent.................................
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...
Governm ent consum ption
expenditures and gross
investm ent.................................
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
2.8
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
0.1
3.5
5
6
7
8
9
-6.0
-1.6
2.0
1.9
-2.5
-4.1
0.2
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
-2.5
-2.6
4.7
2.6
-0.4
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
17.7
1.0
2.5
2.5
2.1
4.0
1.0
1.4
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
30.1
2.2
2.0
2.0
1.4
3.2
0.3
0.3
2.0
3.4
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
2.0
1.9
1.8
10.8
-0.7
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
-11.2
-3.1
0.0
4.0
31
32
33
34
SH
3.7
1.0
4.4
5.2
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
1.6
2.2
2.3
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
4.2
2.3
2.4
2.4
2.5
2.1
2.1
1.7
5.4
4.9
7.3
48
-14.5
-9.4
-8.6
-6.9
-6.9
-10.7
-14.1
49
50
51
2.2
1.9
13.1
2.6
3.2
11.7
1.5
4.1
-7.1
3.6
2.8
27.0
3.7
4.2
24.9
2.1
2.1
6.4
3.0
2.5
22.1
52
53
1.6
1.8
1.9
2.2
1.5
1.6
2.5
2.8
2.5
3.2
1.7
1.4
1.9
2.1
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
2.3
1.5
56
8.2
5.7
-7,6
14.0
14.8
-5.7
11.4
5/
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
1.9
2.1
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.
March 2005
Survey
of
D-13
C u r r e n t B usin 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
IV
Percent change at annual rate:
Gross domestic purchases...
Percentage points at annual
rates:
Personal consumption
expenditures.............................
Durable goods...........................
Motor vehicles and parts......
Furniture and household
equipment..........................
O th er......................................
Nondurable goods.....................
Food........................................
Clothing and shoes...............
Gasoline, fuel oil, and other
energy goods.....................
O th er......................................
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
III
II
Line
IV
2003
2004
1
2.0
2.4
1.4
3.4
3.5
1.9
2.8
Gross domestic product............
Plus: Income receipts from the
1
3.0
4.4
2004
2003
IV
I
II
4.2
4.5
III
IV
3.3
4.0
9
6.9
59.5
-1.2
12.2
18.6
4
5
6
7
8
-2.1
3.3
3.0
3.1
2.5
2.5
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
9
10
2.8
3.3
2.7
5.8
2.7
4.5
2.7
1.9
2.5
0.2
11
1’
13
14
2.7
2.9
3.1
2.6
5.1
6.4
4.3
5.3
2.7
2.1
5.1
3.1
3.6
2.2
3.5
3.8
3.8
3.9
3.9
0.1
0.0
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
1.70
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
0.90
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
0.55
0.12
0.79
0.20
0.05
0.05
0.01
0.01
0.23
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
0.31
0.30
0.18
0.24
-0.06
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...........
Equals: Net national product....
Addenda:
Net domestic product................
Net domestic income3 ..............
4.0
4.3
2.5
2.4
2.7
4.5
-23.4
-27.6
2.2
2.2
2.5
8.3
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
0.05
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
0.02
0.03
0.12
0.02
-0.02
0.03
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
0.74
0.15
0.11
0.09
0.01
0.04
0.04
0.00
0.59
0.43
0.16
48
-0.19
-0.13
-0.11
-0.09
-0.09
-0.15
Line
2003
2004
IV
Gross domestic product............
Plus: Income receipts from the
52
2.20
0.18
0.47
1.36
2.54
0.30
0.46
1.66
1.50
0.38
-0.29
1.31
3.50
0.27
0.98
2.16
3.63
0.40
0.94
2.19
2.07
0.20
0.26
1.47
2.95
0.24
0.88
1.63
I
II
III
1 105.749 110.438 107.780 108.969 109.858 110.941
V
81.493
s
4
5
6
7
8
75.413
105.865
112.502
113.440
107.804
107.847
91.642
91.359
94.028
IV
111.983
98.119
Less: Income payments to the rest
Less: Consumption of fixed capital
Private...........................
Government..................
General government.
Government
enterprises...........
Addendum:
Net domestic product................
77.974 81.545
94.785 98.890
108.192 109.241 109.769 110.863
116.991 113.870 113.874 114.468 123.809
118.301 114.876 114.745 115.324 126.468
110.475 108.835 109.501 110.166 110.808
110.481 108.869 109.522 110.177 110.811
115.812
116.667
111.426
111.413
9 107.603
m 104.963
110.475
108.687
107.414
109.416 110.139 110.822
108.596 109.115 109.160
111.520
11
109.543
106.945
108.286
111.433
104.828
109.212
109.239
Table 1.7.4. Price Indexes for Gross Domestic Product, Gross National
Product, and Net National Product
[Index numbers, 2000=100]
Seasonally adjusted
Line
49
50
51
2004
2003
-0.20
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
2003
2004
IV
1 106.003
108.287 106.586
? 105.515
Gross domestic product............
Plus: Income receipts from the
2004
2003
106.056
III
IV
107.314 108.169
108.551
109.115
106.959
108.375
I
II
107.880
Less: Income payments to the rest
Less: Consumption of fixed capital
Private...........................
Government...................
General government.
Government
enterprises...........
Addendum:
Net domestic product................
4
5
6
7
8
105.666
105.997
101.318
101.052
102.705
102.307
101.237
100.480
105.245
104.632
106.207 107.143
106.579 107.308
101.591 100.170
99.595
101.361
102.785 103.190
102.337 102.741
108.024 108.459
108.164 108.549
101.133 101.849
100.470 101.087
104.619 105.874
104.096 105.211
101.797
100.767
107.298
106.478
9 104.841 108.552
m 106.677
105.191
107.304
105.599
108.343
107.432 109.450
109.183 109.519
111.727
11
107.314
108.355
109.195
109.527
110.183
106.687
109.315
D-14
National Data
March 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
Gross domestic product............
Plus: Income receipts from the
2004
2003
IV
Seasonally adjusted at annual rates
I
II
Line
III
329.0
4
5
6
7
273.9
11,059.2
1,353.9
1,135.9
942.6
8
1,225.6
371.8
373.8
388.0
406.8
Less: Income payments to the rest
Equals: Gross national product
Less: Consumption of fixed capital
Private...........................
Domestic business...
Capital
consumption
allowances......
Less: Capital
consumption
adjustm ent......
Households and
institutions............
Government...................
General government.
Government
enterprises...........
Equals: Net national product....
Less: Statistical discrepancy....
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 asse ts....
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 incom e...........
Addenda:
Gross national income..............
Net domestic product................
Net national factor income2
300.3
351.9
284.6
368.6
11,358.1 11,546.1 11,693.6 11,853.0
1,407.1 1,374.2 1,355.0 1,375.2 1,497.9
1,178.1 1,153.8 1,132.4 1,148.1 1,266.8
967.1
936.4
948.8 1,021.8
955.0
1,400.5
1,164.9
961.6
1,351.7
1,278.4
1,319.8
1,327.7
1,381.4
Gross domestic product............
Plus: Income receipts from the
rest of the w orld.........................
Less: Income payments to the rest
9
283.0
384.6
323.3
383.4
378.9
356.2
419.8
Equals: Gross national product
Less: Consumption of fixed capital
P rivate...........................
Government...................
General government.
Government
enterprises...........
Equals: Net national product....
Addenda:
10
11
12
193.3
218.1
183.6
211.0
229.1
192.4
198.8
220.4
185.4
196.0
222.6
187.2
199.4
227.0
190.8
245.1
231.1
194.0
203.4
235.5
197.4
Gross national income2............
Net domestic product................
Net domestic income3 ..............
13
14
15
1fi
34.5
9,705.2
25.6
9,679.6
36.7
35.4
36.2
37.1
35.0
9,983.9 10,191.1 10,318.4 10,355.1
56.4
12.8
63.0
60.4
9,971.1 10,128.1 10,262.0 10,294.7
38.1
1/
1,021.1
1,129.1
1,165.6
1,173.9
2003
2004
751.3
799.6
769.4
782.9
796.3
803.5
815.9
19
773.2
820.2
785.0
803.9
814.0
826.9
543.0
548.0
545.3
554.5
548.5
546.7
II
III
IV
1 10,381.3 10,841.6 10,580.7 10,697.5 10,784.7 10,891.0 10,993.3
?
311.9
S
259.2
4 10,433.9
5 1,336.3
6 1,124.0
7
212.4
8
179.4
836.0
20
I
350.7
349.6
375.5
359.8
268.0
280 3
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
181.1
182.2
184.4
183.3
1,118.0
18
542.2
1,378.0
9
m
32.9
9,098.3
11 10,357.2
1? 10,409.8
13 9,045.8
14 9,021.8
1,389.7
1,172.2
217.6
183.8
33.8
9,452.6
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 10 835.4
10,651.2 10,707.9 10,766.5 10,870.9
9,228.4 9,344.1 9,424.1 9,426.4
9,216.4 9,285.9 9,372.3 9,371.2
1,375.7
1,156.0
219.5
185.4
34.1
9,615.7
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.
N ote. 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.
Table 1.8.3. Command-Basis Real Gross National Product, Quantity Indexes
[Index numbers, 2000=100]
Seasonally adjusted
Line
21
77.7
82.1
80.1
82.7
83.5
76.0
22
9.5
6.7
8.7
8.1
7.4
6.5
2003
2004
4.7
2003
2004
86.3
IV
23
0.0
0.0
0.0
1.5
-1.5
24
1,322.7
1,386.4
1,325.8
1,337.1
1,352.3
1,367.8
1,488.3
25
26
1,335.4
9,161.8
1,405.9
9,671.3
1,350.7
9,330.0
1,379.0
9,445.0
1,400.4
9,592.7
1,415.4
9,700.4
1,429.0
9,947.2
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
?7 10,978.5
11,258.1 11,409.6 11,601.1 11,754.5
11,345.2 11,483.1 11,637.2 11,792.6
?R 11,033.6
10,195.1
10,487.0 10,609.5 10,750.0 10,906.7
30 9,650.1 10,326.3 9,896.7 10,117.6 10,282.3 10,316.9 10,588.4
31 9,624.5
9,883.9 10,054.6 10,225.9 10,256.6
32 8,841.1
9,112.8 9,254.5 9,374.9 9,408.8
Equals: Command-basis gross
national product.......................
Addendum:
Percent change from preceding
period in command-basis
real gross national product...
0.0
0.0
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.
2004
IV
1 11,004.0 11,733.5 11,270.9 11,472.6 11,657.5 11,814.9 11,988.9
7
2003
IV
I
108.192
1 105.865
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
4 106.098
108.498
109.426
109.901
110.893
5.8
3.5
1.8
3.7
5
3.1
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
w orld1..........................................
Equals: Command-basis gross
national product.......................
Addendum:
Terms of trade2..........................
1 10.433.9
2004
I
II
III
IV
10,663.3 10,766.7 10,818.7 10.926.5
2
1.343.2
1,427.3
1,445.2
1,474.9
1.507.1
3
1.366.2
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.
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.
March 2005
Su r v e y
of
D-15
C u r r e n t B u sin ess
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...............................................................................................................................................
Business current transfer payments (net).............................................................................................
Proprietors’ income with inventory valuation and capital consumption adjustments.......................
Rental income of persons with capital consumption adjustm ent.......................................................
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
1?
n
14
15
16
10,978.5
6,294.5
5,109.1
5,109.1
5,100.5
8.5
0.0
1,185.5
798.1
46.7
2,578.7
2,569.2
659.3
77.7
834.1
153.8
17
18
19
20
844.2
234.9
609.3
374.8
21
22
23
24
25
234.5
9.5
1,353.9
1,135.9
218.1
25.6
.........
6,636.9
5,361.8
5,361.8
.........
.........
0.0
1,275.1
840.1
40.4
82.1
902.5
165.6
.........
.........
.........
.........
....
6.7
1,407.1
1,178.1
229.1
2004
2003
I
II
IV
III
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
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
11,754.5
6,693.0
5,408.6
5,408.6
5,399.8
8.8
0.0
1,284.4
843.1
39.7
2,760.1
2,753.6
691.6
76.0
902.9
153.8
913.3
252.3
660.9
371.5
960.3
256.5
703.8
367.5
988.6
271.2
717.4
360.5
929.3
253.3
676.0
378.4
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
297.6
6.5
1,497.9
1,266.8
231.1
12.8
63.0
56.4
60.4
..........
6,774.8
5,474.9
5,474.9
..........
..........
0.0
1,299.9
858.1
42.3
86.3
933.7
163.2
..........
..........
..........
..........
..........
4.7
1,400.5
1,164.9
235.5
National Data
D-16
March 2005
Table 1.12. National Income by Type of Income
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Profits after tax with IVA and CCAdj............................................................................................................
Net dividends............................................................................................................................................
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 CC A dj..............................................................................................................
Consumption of fixed capital...................................................................................................................
Addenda:
Proprietors’ income with IVA and CCAdj....................................................................................................
Farm............................................................................................................................................................
Proprietors’ income with IVA...............................................................................................................
Capital consumption adjustment........................................................................................................
Nonfarm.....................................................................................................................................................
Proprietors’ income (without IVA and C C A dj)..................................................................................
Inventory valuation adjustment..........................................................................................................
Capital consumption adjustment........................................................................................................
Rental income of persons with CCAdj........................................................................................................
Rental income of persons (without CCAdj)...........................................................................................
Capital consumption adjustment.............................................................................................................
Corporate profits with IVA and CCAdj........................................................................................................
Corporate profits with IV A .......................................................................................................................
Profits before tax (without IVA and CCAdj).......................................................................................
Net dividends...............................................................................................................................
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
?fi
71
28
30
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......................................................
N onfarm ...............................................
Rental income of persons with CCAdj
Corporate profits with IVA and CCAdj........................................................................................................
1,173.4
390.9
782.5
-14.1
1,187.5
31
32
33
34
3b
36
37
38
39
40
41
47
43
44
45
4fi
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
6,631.1
5,356.1
925.6
4,430.5
1,275.1
875.4
399.7
902.5
18.2
884.3
165.6
443.9
548.0
840.1
40.4
82.1
32.7
49.2
0.2
6.7
795.9
902.5
18.2
24.0
-5.7
884.3
724.4
-5.1
165.0
165.6
179.6
-14.0
443.9
239.3
2004
I
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
10,294.7
6,687.4
5,403.0
928.2
4,474.7
1,284.4
881.6
402.8
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
1,273.4
489.5
783.9
-47.8
1,321.2
1,271.8
440.7
831.2
-37.8
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
-47.8
233.3
902.9
13.6
19.5
-5.9
889.3
734.6
-4.5
159.2
153.8
173.9
-20.1
1,118.0
895.0
932.8
253.3
679.5
424.0
255.5
-37.8
223.0
IV
6,769.1
5,469.3
933.3
4,536.0
1,299.9
892.9
406.9
933.7
22.4
911.3
163.2
534.7
542.2
858.1
42.3
86.3
29.2
53.5
3.7
4.7
795.3
933.7
22.4
28.1
-5.7
911.3
740.0
-5.6
176.9
163.2
175.1
-11.9
534.7
260.6
March 2005
Su r v e y
of
D-17
C u r r 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
II
III
111.0
6.702.1
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
934.6
5.767.5
684.3
5.083.3
3,771.0
3.062.8
708.3
495.0
817.2
172.1
67.8
577.3
146.8
430.5
273.6
156.9
6.793.6
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
954.2
5.839.4
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
6.911.3
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
955.8
5.955.5
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
7.024.6
831.2
6.193.4
4,431.9
3.597.0
834.9
553.8
1,207.8
164.5
114.0
929.3
253.3
676.0
378.4
297.6
966.4
6,058.2
726.8
5.331.4
3.949.7
3.199.1
750.5
511.7
870.0
177.3
42.5
650.2
167.5
482.7
278.7
204.0
697.6
462.6
-14.1
160.8
G ross value added o f 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.......................
Gross value added o f f inancial corporate business1.....
Gross value added of nonfinancial 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 C CAdj)................................
Inventory valuation adjustment................................................
Capital consumption adjustment..............................................
239.3
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
260.6
196.8
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
215.5
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
911.2
5.606.8
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
397.7
267.7
-14.1
132.9
795.9
4,389.8
3,561.5
828.3
552.5
83.2
692.5
3,912.2
3,167.6
744.6
510.6
63.3
795.3
4.491.1
3.646.1
845.0
564.0
75.0
690.5
4,002.5
3,242.9
759.6
521.2
72.2
Value added, in billions of chained (2000) dollars
Gross value added of nonfinancial corporate business2..
Consumption of fixed capital3................................................
Net value added4.....................................................................
40
41
42
5,423.0
647.2
4,775.8
668.3
5,552.0
655.1
4,897.0
5,598.7
654.1
4,944.6
5,657.4
657.2
5,000.2
5,752.2
697.3
5,054.8
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 st..........................................................................................................................
Consumption of fixed capital.......................................................................................................
Taxes on production and imports less subsidies plus business current transfer payments
Net interest and miscellaneous payments................................................................................
Corporate profits with IVA and CCAdj (unit profits from current production)..................
Taxes on corporate income.........................................................................................................
Profits after tax with IVA and CCAdj...........................................................................................
1.034
0.682
0.258
0.125
0.101
0.032
0.095
0.024
0.071
1.039
0.679
0.255
0.123
0.101
0.031
0.104
0.026
0.078
1.043
0.682
0.253
0.120
0.102
0.031
0.108
0.026
0.082
1.053
0.686
0.253
0.120
0.102
0.031
0.113
0.029
0.084
1.053
0.687
0.253
0.126
0.096
0.031
0.113
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).
N ote. 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
National Data
March 2005
Personal Income and Outlays
Table 2.1. Personal Income and Its Disposition
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
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
9,671.3
6,631.1
5,356.1
4,430.5
925.6
1,275.1
875.4
399.7
902.5
18.2
884.3
165.6
1,386.4
945.3
441.1
1,405.9
1,373.2
779.2
34.6
33.8
18.7
507.1
32.7
820.2
1,038.9
8,632.4
8,531.6
8,229.1
189.0
113.5
71.0
42.5
100.8
1.2
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
9,700.4
6,687.4
5,403.0
4,474.7
928.2
1,284.4
881.6
402.8
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
826.9
1,048.9
8,651.5
8,588.1
8,282.5
190.6
115.0
71.8
43.2
63.4
0.7
9,947.2
6,769.1
5,469.3
4,536.0
933.3
1,299.9
892.9
406.9
933.7
22.4
911.3
163.2
1,488.3
956.9
531.4
1,429.0
1,399.7
798.1
31.1
34.1
18.8
517.7
29.2
836.0
1,069.6
8,877.6
8,738.0
8,419.9
201.7
116.4
73.5
42.9
139.6
1.6
35
7,733.8
8,006.4
7,849.6
7,897.0
7,951.5
8,009.5
8,167.2
36
37
38
28,034
26,570
291,073
29,367
27,237
293,951
28,474
26,862
292,217
28,813
26,964
292,872
29,168
27,088
293,540
29,395
27,214
294,315
30,086
27,678
295,077
39
40
4.2
2.3
5.8
3.5
2.6
1.4
5.8
2.4
6.0
2.8
4.2
2.9
10.9
8.1
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 (ne t)...................................................................................................................
Equals: Personal saving................................................................................................................................
Personal saving as a percentage of disposable personal incom e.................................................
Addenda:
Disposable personal income:
Total, billions of chained (2000) dollars3...............................................................................................
Per capita:
Current d ollars......................................................................................................................................
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. 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
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
5,103.6
4,205.6
1,007.7
668.8
3,198.0
858.6
2,339.4
897.9
5,356.1
4,430.5
1,045.3
687.2
3,385.2
891.4
2,493.8
925.6
5,188.9
4,283.9
1,025.6
680.1
3,258.3
872.0
2,386.4
905.0
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
5,403.0
4,474.7
1,058.4
697.0
3,416.3
899.6
2,516.7
928.2
IV
5,469.3
4,536.0
1,068.8
701.2
3,467.1
907.5
2,559.6
933.3
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).
March 2005
Survey
D-19
C u r r e n t B u sin ess
of
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
2004
2003
IV
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.........................
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.............................
I
Line
III
II
2003
2004
IV
2004
2003
IV
1
2
3
3.3
7.4
5.5
3.8
6.6
3.0
3.6
3.9
-1.8
4.1
2.2
-5.8
1.6
-0.3
-6.0
5.1
17.2
28.7
4.2
3.1
-0.7
4
5
6
7
8
9.1
9.1
3.7
3.8
4.3
11.6
6.5
4.6
4.8
6.6
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
6.2
7.0
6.1
6.3
8.6
9
10
11
12
13
14
1b
16
17
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
0.6
0.4
4.1
4.6
2.8
1.7
2.6
2.3
2.8
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
9.8
13.7
-24.4
2.9
3.4
2.3
5.7
13.4
0.9
4.2
4.2
-1.2
4.1
22
1.1
1.3
18.4
0.2
-11.1
1.2
11.2
23
3.3
3.7
2.9
3.7
2.3
5.5
3.3
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
Percent change at annual rate:
Personal consumption
expenditures....................
Percentage points at annual
rates:
Durable goods...............................
Motor vehicles and 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 ...............................
R ecreation..................................
Other............................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy..............................
II
I
IV
III
1
3.3
3.8
3.6
4.1
1.6
5.1
4.2
2
3
0.90
0.31
0.80
0.17
0.48
-0.10
0.27
-0.33
-0.03
-0.34
1.97
1.40
0.38
-0.04
4
5
6
7
8
0.38
0.21
1.04
0.52
0.17
0.48
0.15
1.30
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
0.26
0.16
1.74
0.88
0.33
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
0.00
0.01
0.37
1.67
0.27
0.14
0.05
0.09
0.04
0.63
0.13
0.46
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
0.29
0.37
-0.07
0.23
2.03
0.34
0.31
0.28
0.03
0.15
0.71
-0.05
0.57
22
0.05
0.06
0.83
0.01
-0.60
0.06
0.57
23
2.68
3.04
2.38
3.03
1.84
4.46
2.70
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
2004
2003
IV
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.........................
Gasoline and oil.....................
Fuel oil and co a l....................
O th er...........................................
Services.........................................
Housing......................................
Household operation................
Electricity and g as................
Other household operation...
Transportation............................
Medical ca re ..............................
Recreation..................................
O th er...........................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy............................
I
II
Line
III
113.250 110.794 111.925 112.360 113.776 114.939
127.280 123.902 124.572 124.482 129.529 130.537
120.511 119.929 118.149 116.320 123.901 123.676
125.771
113.772
108.481
107.556
110.914
140.333 132.505 136.028 138.480 142.327 144.497
121.126 118.345 120.152 120.082 121.106 123.164
113.425 110.517 112.331 112.367 113.659 115.343
112.672 109.018 111.160 111.793 112.992 114.744
118.246 113.595 117.960 116.374 118.093 120.558
9
10
11
12
13
14
15
16
17
18
19
20
21
103.062 103.719 106.147
103.587 103.953 106.110
97.397 101.437 106.512
110.646 115.761 112.986
107.418 110.424 108.346
106.915 108.786 107.334
102.597 105.270 104.080
102.729 105.083 105.112
102.496 105.362 103.394
95.346
96.439
95.009
115.340 119.639 116.703
108.225 111.556 109.631
104.731 108.157 105.751
105.544
105.886
101.828
113.848
109.237
107.906
104.914
106.021
104.181
95.470
117.632
111.211
106.899
101.862
101.915
101.439
115.111
109.955
108.445
104.677
103.820
105.205
96.160
118.915
111.286
107.768
102.524
102.340
104.787
116.620
110.782
109.090
105.014
103.597
105.907
96.567
120.386
112.040
108.428
104.944
105.670
97.696
117.465
111.721
109.701
106.474
106.894
106.156
97.557
121.623
111.689
109.532
22
102.952
104.329
105.714
105.779
102.722
103.017
105.798
23
109.787
113.902
111.398
112.422
113.060
114.591
115.534
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
2004
2004
2003
IV
IV
1 109.143
2 119.378
3 116.971
4
5
6
7
8
2003
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.........................
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 services1....
Personal consumption
expenditures excluding food
and energy..............................
1
II
III
IV
108.702
90.040
96.521
1 105.511
2 92.244
3 97.340
107.817 106.005 106.860 107.683 108.021
90.378 90.747 90.741
90.725 90.008
96.088 95.768 95.966 96.166 95.697
4 83.345
5 97.924
6 104.154
7 106.979
8 93.045
78.859
79.889 81.451
80.963 80.367 79.368
98.077
97.447 97.999 98.760 98.098 97.451
107.628 104.564 105.914 107.616 107.869 109.113
110.257 108.265 108.950 109.989 110.687 111.402
92.502 92.413
92.660 92.976 92.533 93.191
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
124.242 103.679
124.044 103.317
126.194 107.675
106.193 105.166
111.985 110.266
113.156 111.344
110.069 107.886
118.155 113.642
105.392 104.566
107.405 107.140
113.277 111.335
111.976 109.958
111.331 109.852
22
108.958
121.565
107.898
23
105.072
106.633
105.527
113.693 124.711
113.541 125.424
115.313 116.528
105.752 106.136
111.085 111.667
111.912 112.941
108.879 109.598
115.595 117.118
104.993 105.243
107.109 107.281
112.340 112.955
110.875 111.559
110.851 110.944
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
133.532
132.488
144.907
106.732
112.873
114.164
111.094
120.419
105.706
107.656
114.194
113.203
112.080
114.463
121.386
122.590
127.822
106.081
106.523
106.753
107.176
1. Consists of gasoline, fuel oil, and other energy goods and of electricity and gas.
D-20
National Data
March 2005
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
2004
IV
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.........................
Gasoline and oil.....................
Fuel oil and co a l....................
O th er...........................................
Services..........................................
Housing......................................
Household operation.................
Electricity and g as................
Other household operation...
Transportation.............................
Medical care...............................
Recreation..................................
O th er...........................................
Addenda:
Energy goods and services1....
Personal consumption
expenditures excluding food
and energy.............................
Seasonally adjusted at annual rates
1
II
Line
III
1
2
3
7,760.9
950.7
440.1
8,229.1
993.5
447.7
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
8,419.9
1,015.2
461.5
4
5
6
7
8
328.0
182.6
2,200.1
1,064.5
307.2
351.1
194.7
2,377.2
1,149.3
326.2
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
356.9
196.7
2,450.5
1,182.5
331.7
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
246.7
226.4
20.3
655.1
4,858.4
1,239.0
452.0
178.0
274.1
301.7
1,391.6
335.1
1,139.0
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
268.3
245.9
22.4
668.1
4,954.2
1,260.5
461.5
184.5
277.0
305.9
1,426.0
339.2
1,161.2
22
375.5
424.6
381.9
405.4
417.5
422.8
452.8
6,320.8
6,655.2
23
6,441.1
6,534.5
6,598.9
6,702.7
2003
2004
IV
6,784.6
2003
2004
IV
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 c o a l....................
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..............................
I
II
III
IV
1
2
3
7,355.6
1,030.6
452.1
7,632.3
1,098.8
465.8
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
7,746.2
1,127.0
478.0
4
5
6
7
8
393.5
186.5
2,112.4
995.1
330.2
439.1
198.5
2,208.6
1,042.4
352.0
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
452.1
201.9
2,246.0
1,061.6
358.9
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
198.6
182.6
16.1
616.8
4,338.4
1,094.9
410.7
150.6
260.0
280.9
1,228.5
299.3
1,023.1
-18.3
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
200.9
185.6
15.5
625.9
4,389.3
1,104.1
415.4
153.2
262.0
284.1
1,248.8
299.6
1,036.1
-21.2
23
344.7
349.3
353.9
354.1
343.9
344.9
354.2
24
6,015.7
6,241.2
6,104.0
6,160.1
6,195.0
6,278.9
6,330.6
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.
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.
March 2005
Su r v e y
of
D-21
C u r r e n t B u sin ess
3. Government Current Receipts and Expenditures ____________________________________________________
Table 3.1. Government Current Receipts and Expenditures
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
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................................................
Social insurance funds................................................................................
1
?
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1/
18
19
20
21
22
71
?4
25
26
71
28
W
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
30
31
32
33
34
35
36
3/
38
3,060.4
3,032.0
28.4
3,566.7
3,399.7
358.5
16.8
9.7
218.1
-506.3
1,038.9
840.1
8.9
820.2
106.1
103.3
2.8
120.2
49.2
71.0
6.7
3,559.0
1,804.4
1,402.5
1,376.2
1,373.2
3.0
26.3
311.7
40.4
0.0
67.4
2004
2003
I
II
III
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
3,198.5
2,142.9
1,048.9
843.1
242.6
8.2
826.9
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
-370.5
73.4
-443.9
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
3,230.2
3,198.5
31.7
3,744.7
3,568.9
378.7
16.3
11.9
231.1
-514.5
IV
1,069.6
858.1
10.5
836.0
108.3
105.0
3.4
126.9
53.5
73.5
4.7
3,625.0
1,836.0
1,428.8
1,402.8
1,399.7
3.1
25.9
318.0
42.3
0.0
68.5
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....................................................
29.5
3,736.4
3,559.0
380.0
16.4
10.1
229.1
27.5
3,805.9
3,625.0
390.5
16.8
9.1
235.5
D-22
National Data
March 2005
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
2003
2004
2003
2004
Line
IV
Personal current taxes....................
Taxes on production and imports...
Excise taxes................................
Customs duties...........................
Taxes from the rest of the world ....
Contributions for government social
insurance..........................................
Income receipts on assets..................
Interest receipts...............................
Rents and royalties.........................
Current transfer receipts.....................
From business.................................
From persons..................................
Current surplus of government
enterprises......................................
Current expenditures..............
Consumption expenditures................
Current transfer payments..................
Government social benefits...........
To persons...................................
To the rest of the world..............
Other current transfer payments....
Grants-in-aid to state and local
governments...........................
To the rest of the world (net).....
Interest payments................................
Subsidies..............................................
Less: Wage accruals less
disbursements.................................
Net Federal Government
Social insurance fu n d s.......................
O ther.....................................................
Addenda:
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 (-)
Seasonally adjusted at annual rates
I
II
III
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
1,965.8
1,101.9
799.6
89.2
66.2
23.1
204.9
21.8
183.1
8.2
2004
2003
2004
IV
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
8.9
1,900.6
1,074.9
772.5
89.6
68.1
21.5
204.9
20.1
184.8
7.9
11
12
13
14
15
16
17
758.2
23.0
16.5
6.5
25.5
14.4
11.1
803.7
23.0
16.4
6.6
26.8
15.4
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
810.1
22.9
16.6
6.3
26.6
15.1
11.5
819.0
23.8
17.3
6.6
28.4
16.8
11.6
18
19
20
21
22
23
24
25
5.8
2,241.6
658.6
1,322.5
958.9
956.1
2.8
363.6
4.1
2,341.5
704.6
1,378.1
1,001.4
998.5
3.0
376.7
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
2,389.7
714.2
1,409.8
1,022.3
1,019.2
3.1
387.5
26
27
28
pq
W
31
339.9
23.7
214.1
142.1
72.0
46.4
350.4
26.3
219.0
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
25.9
224.2
39.7
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
^110.0
66.1
-379.2
47.2
-426.4
-391.0
59.2
-450.2
-380.0
65.9
-445.9
-375.0
72.0
-446.9
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
2,415.3
2,341.5
105.5
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
1,991.9
1,965.8
26.1
2,420.4
2,340.8
104.4
66.9
22.0
2,466.6
2,389.7
111.4
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
-428.5
94.5
790.9
90.0
66.7
23.3
2003
IV
Current receipts.........................
814.3
92.3
68.0
24.3
Personal current taxes.....................
Income taxes................................
Other..............................................
Taxes on production and imports....
Sales taxes...................................
Property taxes.............................
Other..............................................
10.5
41.6
67.1
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
Social insurance funds.........................
Other.......................................................
Addenda:
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 ( - ).
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
IV
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
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
20
21
22
3.7
1,498.1
1,058.5
2.6
1,567.9
1,099.7
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
1,596.8
1,121.8
23
24
25
350.3
88.9
0.3
374.8
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
380.6
93.8
0.7
248.0
225.0
23.0
750.1
363.8
321.5
64.8
255.3
231.7
23.5
765.8
370.1
329.3
66.4
26
0.0
0.0
0.0
0.0
0.0
0.0
0.0
?7
28
-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
3.0
1.4
30
31
32
33
34
35
%
1,546.4
1,494.9
51.5
1,645.0
1,498.1
264.9
50.6
1,716.4
1,567.9
274.5
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
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
49.7
1,745.2
1,596.8
279.1
March 2005
Survey
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
I
IV
Government consumption
expenditures and gross
investm ent.......................
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.....
Line
2003
2004
2004
II
IV
III
IV
1
2.8
2.0
1.6
2.5
2.2
0.7
1.2
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
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
1.7
3.0
-0.7
9.7
4.7
3.8
11.2
-4.3
14.4
7.3
6.3
14.6
-2.4
16.3
-0.4
-1.2
5.1
-5.2
9.7
0.4
0.5
0.2
-0.4
2.6
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
0.0
6.9
-2.5
24.6
1.7
-1.6
26.9
-6.2
33.8
-0.3
-4.5
32.5
-19.7
38.0
6.3
4.9
16.2
1.7
23.0
0.8
1.0
0.0
-2.3
10.3
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 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
I
II
III
IV
1
2.8
2.0
1.6
2.5
2.2
0.7
1.2
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
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
1.45
0.52
-0.08
0.60
1.70
1.20
0.50
-0.03
0.53
1.76
1.34
0.42
-0.01
0.43
-0.05
-0.13
0.08
-0.03
0.11
0.26
0.25
0.02
-0.04
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
0.01
1.17
-0.28
1.45
0.65
-0.52
1.17
-0.05
1.21
-0.09
-1.01
0.92
-0.05
0.98
0.73
0.49
0.24
0.01
0.23
0.53
0.53
0.00
-0.23
0.23
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.
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
Seasonally adjusted
Line
2003
2004
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.. ,
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
110.346
113.527
111.107
117.928
119.140
119.064
119.683
107.013
122.318
122.014
121.413
126.207
97.119
129.629
113.972
114.745
109.408
112.923
107.950
106.739
105.581
111.498
111.418
111.903
2004
2003
I
II
Line
III
112.443 113.062 113.259
113.590
112.275
116.970
110.369
129.376
124.735
123.560
133.120
102.457
139.878
130.975
129.116
144.650
94.835
150.724
113.470
113.315
114.947
107.010
118.451
107.184
106.090
111.679
110.971
114.832
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
112.748
117.601
108.331
135.311
126.083
124.209
139.497
101.653
147.950
132.610
129.799
153.512
90.763
161.274
114.299
113.903
117.359
108.163
121.443
107.256
106.466
110.478
108.841
117.763
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
112.748
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
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 so ftw are .....
1 108.702
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
2004
2003
IV
IV
113.089 111.738
111.130
114.595
110.934
121.326
121.154
120.884
123.058
105.127
126.886
125.765
124.845
132.347
103.291
135.754
112.840
113.585
108.421
106.211
109.419
106.968
105.790
111.806
111.375
113.676
2003
I
II
III
112.191
109.167 110.522 111.703 112.682
113.404
106.683
113.768
95.510
112.211
114.204
99.737
114.641
97.124
112.981
115.039
99.765
115.126
98.397
110.803
112.677
99.528
114.378
94.057
112.188
112.945
109.225
113.701
93.161
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
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
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
IV
113.856
114.909
109.060
117.706
95.683
113.130
115.150
100.494
118.293
97.456
113.992
116.078
100.599
118.653
99.042
111.536
113.432
100.128
118.094
93.605
114.294
114.806
112.278
117.659
93.073
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
March 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
2003
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
I
II
Line
III
1
2,075.5
2,184.4
2,100.0
2,139.5
2,174.3
2,197.2
2,226.5
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
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
1,804.4
380.0
237.6
142.3
810.2
704.6
105.5
15.6
89.9
548.0
477.6
70.5
5.4
65.0
262.1
227.0
35.1
10.2
24.9
1,374.2
1,099.7
274.5
222.0
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
1,836.0
390.5
241.4
149.1
825.6
714.2
111.4
16.0
95.4
559.8
484.4
75.4
5.3
70.0
265.8
229.8
36.0
10.6
25.4
1,400.9
1,121.8
279.1
225.4
53.7
1. Government consumption expenditures are services (such as education and national defense) produced by government
that are valued at their cost of production. Excludes government sales to other sectors and government own-account invest
ment (construction and software).
2. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
2003
2004
2004
2003
IV
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.......
Residual...........................................
I
II
III
IV
1
1,909.4
1,946.9
1,923.7
1,935.8
1,946.5
1,949.9
1,955.6
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
1,591.0
356.2
209.0
149.0
721.9
617.0
105.8
13.6
92.6
485.0
415.1
70.6
4.7
66.1
236.6
201.5
35.2
8.9
26.4
1,224.9
973.7
251.3
195.3
56.3
-1.1
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
1,597.7
358.1
205.1
155.9
729.7
620.2
110.9
13.5
97.9
491.1
417.3
74.9
4.5
70.7
238.3
202.5
36.0
9.0
27.1
1,225.7
977.1
248.6
191.6
57.7
-1.9
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-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.
March 2005
D -2 5
S u r v e y o f C u r r e n t B u s in e s s
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
2004
2003
2004
2003
I
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.....................................................................................................................
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
1/
18
19
20
21
22
23
24
25
26
2/
28
29
30
31
32
33
34
3b
36
37
3b
39
40
41
4?
43
44
45
46
47
48
49
50
b1
b2
53
54
55
56
57
58
59
60
II
IV
III
2.9
1.7
2.0
1.9
1.0
2.9
0.0
3.1
1.1
0.9
2.5
6.4
4.8
2.8
7.7
-1.3
4.5
2.2
0.9
0.6
2.4
4.2
8.1
2.2
4.6
2.8
4.4
2.0
0.8
0.6
2.6
4.0
5.1
3.1
4.1
3.4
2.0
2.3
0.9
0.6
2.4
4.5
3.9
4.7
4.5
-1.4
4.3
1.7
0.1
-0.3
2.4
4.2
16.7
0.4
4.4
14.9
4.9
3.5
1.7
1.6
2.3
6.3
6.8
-0.9
8.7
-4.2
7.2
0.5
1.7
1.7
2.2
-1.2
10.7
4.9
-4.3
2.8
3.3
6.7
3.8
3.9
4.7
2.5
5.6
-1.6
6.5
2.6
3.1
1.0
12.0
7.5
1.6
13.7
-4.3
-7.0
3.8
0.8
0.7
1.0
7.7
12.9
1.4
7.7
6.7
0.3
3.1
-0.3
-0.7
1.3
7.5
7.9
10.4
7.2
36.8
-77.3
4.6
1.8
2.1
0.9
8.3
5.4
23.3
7.3
5.7
-11.3
2.7
-0.7
-1.1
1.0
7.1
28.3
-12.4
7.0
9.9
44.4
6.9
1.3
1.4
0.8
14.0
11.0
-18.4
18.1
9.9
521.3
-2.2
1.7
2.1
0.6
-6.8
17.2
26.2
-11.9
-7.9
-53.6
9.0
6.3
10.9
7.2
4.1
9.6
-4.5
8.7
2.8
3.6
0.7
16.9
8.2
8.0
19.2
-2.5
-27.2
6.3
1.6
1.8
0.9
12.1
13.0
4.6
12.7
4.0
-9.0
9.7
0.1
-0.3
1.2
22.5
7.5
8.7
26.3
19.3
-96.7
7.4
3.7
4.6
0.8
11.9
5.1
101.4
8.3
8.4
88.2
4.3
-1.1
-1.8
1.0
10.8
31.4
-24.8
11.1
3.1
171.7
10.5
2.8
3.5
0.6
19.7
9.4
4.7
22.6
2.4
965.4
-5.7
1.9
2.4
0.6
-13.4
16.2
-8.0
-17.8
2.4
-98.7
2.5
-1.2
-8.7
-0.3
-0.7
-2.6
4.9
2.5
2.3
2.4
1.8
2.7
0.2
-1.1
-0.6
-1.0
1.2
-1.8
12.2
-8.8
-1.0
-1.5
1.4
-19.3
13.2
-0.7
-1.5
-2.0
1.2
0.4
9.0
-0.4
0.1
-0.1
1.0
-1.2
-4.1
-0.4
-1.4
-2.0
1.4
1.1
32.0
5.5
1.4
1.6
0.6
11.7
29.3
-3.0
4.0
-5.8
7.7
5.0
-2.2
9.2
4.8
4.0
-24.0
55.1
-45.4
2.8
5.2
3.3
-32.5
-13.1
-1.9
16.3
7.5
-9.6
8.0
16.7
353.2
13.6
3.3
-15.9
71.7
0.7
0.5
0.9
0.2
0.0
1.3
1.0
1.5
0.5
0.1
3.8
3.4
1.7
3.0
3.6
-0.5
4.7
4.5
5.5
3.5
1.4
0.9
0.5
3.7
2.2
2.1
2.2
2.2
1.8
4.5
3.9
5.1
3.8
1.5
1.3
1.0
3.7
1.9
1.6
2.0
1.9
-3.3
4.2
3.6
6.0
1.5
1.1
0.5
0.1
3.7
2.2
2.0
2.0
2.3
-3.1
4.5
4.5
4.5
4.3
1.2
0.5
0.1
3.6
2.5
3.1
2.5
2.4
16.1
4.5
4.5
4.5
4.5
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
1.9
1.7
1.5
3.5
2.3
2.2
2.2
2.3
5.8
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 stmctures and in soft
ware in table 3.9.5.
D -2 6
N atio n al D a ta
March 2005
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 toother 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................... 7............................................................................................
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
110.346
112.275
111.130
111.665
111.937
112.748
112.748
111.362
104.718
104.173
107.847
123.720
112.816
118.486
126.649
113.695
117.478
113.761
105.610
104.779
110.481
128.965
121.938
121.034
132.457
116.822
122.661
112.250
105.017
104.352
108.869
125.719
115.586
119.354
128.964
114.628
119.002
112.877
105.247
104.512
109.522
127.098
116.688
120.719
130.377
114.222
120.253
113.353
105.281
104.446
110.177
128.411
121.293
120.835
131.785
118.245
121.695
114.330
105.730
104.864
110.811
130.378
123.299
120.559
134.560
116.998
123.836
114.484
106.184
105.294
111.413
129.972
126.472
122.022
133.106
117.822
124.859
119.064
123.560
120.884
122.281
123.038
124.712
124.209
118.343
105.174
105.968
102.632
140.457
115.081
131.608
145.347
122.134
61.811
122.807
106.007
106.742
103.660
151.240
129.945
133.487
156.571
130.354
62.001
119.981
105.385
106.107
103.082
144.563
119.506
131.226
149.929
125.437
48.619
121.344
105.856
106.648
103.315
147.481
121.076
138.270
152.593
127.189
47.186
122.164
105.681
106.345
103.575
150.049
128.856
133.778
155.193
130.238
51.728
124.205
106.015
106.714
103.793
155.060
132.251
127.147
161.780
133.344
81.669
123.514
106.475
107.261
103.958
152.372
137.595
134.752
156.719
130.645
67.419
121.413
129.116
124.845
127.048
128.318
131.300
129.799
121.241
105.213
107.114
100.394
147.732
113.683
135.682
156.815
167.268
66.691
128.857
106.865
109.035
101.308
165.597
128.433
141.891
176.662
173.953
60.716
124.474
105.638
107.548
100.798
155.761
117.936
125.506
167.486
168.728
38.529
126.708
106.591
108.771
100.999
160.198
119.400
149.517
170.845
172.179
45.129
128.048
106.301
108.288
101.250
164.371
127.831
139.245
175.414
173.507
57.942
131.290
107.029
109.222
101.409
171.937
130.746
140.845
184.596
174.533
104.683
129.383
107.540
109.859
101.573
165.880
135.754
137.958
175.793
175.592
35.108
114.745
113.315
113.585
113.492
113.304
112.561
113.903
113.173
105.099
104.237
108.939
127.107
132.825
111.970
104.473
103.221
110.294
124.882
149.086
111.940
104.933
103.920
109.521
123.987
139.582
111.738
104.544
103.393
109.846
124.119
142.627
111.625
104.573
103.372
110.128
123.754
141.131
111.512
104.205
102.858
110.516
124.092
151.269
113.005
104.572
103.262
110.686
127.564
161.316
141.593
126.808
97.830
60.014
148.689
124.031
106.861
62.910
152.270
121.498
102.119
53.335
153.333
123.034
102.960
48.346
148.046
122.440
106.922
49.233
144.353
124.821
111.140
71.834
149.026
125.828
106.423
82.226
105.581
106.090
105.790
105.851
105.854
106.190
106.466
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
109.748
105.432
104.054
116.967
118.157
112.524
119.179
118.085
113.856
124.465
122.792
130.632
116.178
108.822
104.851
103.704
114.374
116.556
110.979
117.593
116.473
112.276
121.080
119.439
127.066
113.050
109.121
104.976
103.723
115.427
117.196
111.530
118.191
117.140
111.382
122.409
120.765
128.477
114.254
109.445
105.102
103.745
116.458
117.908
112.398
118.912
117.836
115.629
123.763
122.106
129.903
115.505
109.950
105.599
104.181
117.485
118.428
112.771
119.487
118.339
113.395
125.116
123.462
131.345
116.716
110.476
106.051
104.568
118.497
119.096
113.397
120.126
119.025
115.017
126.571
124.834
132.804
118.235
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.
March 2005
D -2 7
S u r v e y o f C u r r e n t B u s in e s s
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
IV
2004
I
II
III
IV
Government consumption expenditures1...................................................................................
1
109.807
113.404
110.339
111.913
112.977
113.817
114.909
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...............................
2
110.122
112.072
113.901
102.307
106.814
100.919
104.402
108.326
108.996
112.086
114.033
115.636
117.699
104.632
111.209
102.166
112.812
111.724
112.612
117.853
110.899
113.035
115.042
102.337
107.300
101.065
104.112
109.119
109.745
114.303
112.484
114.640
116.878
102.741
108.849
101.484
107.656
110.115
111.243
115.958
113.592
115.391
117.512
104.096
110.483
101.999
111.217
111.221
112.183
117.332
114.463
115.982
118.000
105.211
111.762
102.327
113.430
112.292
113.057
118.381
115.593
116.529
118.407
106.478
113.743
102.854
118.946
113.269
113.966
119.742
110.779
114.204
111.217
113.189
113.983
114.496
115.150
110.768
114.086
118.490
101.360
106.182
100.265
98.010
108.047
112.015
108.393
114.201
117.716
122.586
103.622
109.341
101.274
101.074
111.531
116.398
111.889
111.210
114.406
118.886
101.455
106.766
100.328
95.707
109.031
112.636
109.335
113.185
117.357
122.572
102.247
107.580
100.636
93.654
110.239
115.365
110.990
113.975
117.617
122.536
103.377
108.979
101.213
100.111
111.179
115.989
111.287
114.490
117.753
122.548
103.878
109.918
101.410
103.424
111.971
116.812
111.760
115.152
118.138
122.689
104.986
110.886
101.839
107.107
112.734
117.426
113.520
111.711
115.039
112.169
113.879
114.805
115.393
116.078
111.718
115.800
121.750
101.656
106.317
100.997
92.286
108.911
111.450
112.690
115.052
119.497
125.836
104.408
109.209
102.207
93.876
112.282
115.820
116.548
112.176
116.198
122.248
101.807
106.835
101.107
88.725
109.924
112.045
112.916
113.892
118.994
125.775
102.808
107.385
101.463
83.809
111.033
114.511
115.501
114.816
119.390
125.783
104.167
108.850
102.108
93.055
111.901
115.261
116.169
115.407
119.564
125.818
104.684
109.856
102.374
97.920
112.701
116.402
117.033
116.092
120.040
125.968
105.973
110.744
102.885
100.721
113.494
117.107
117.489
109.065
112.677
109.455
111.953
112.481
112.840
113.432
109.051
111.154
113.640
100.590
105.907
92.283
112.670
114.665
117.749
101.584
109.662
91.100
109.454
111.334
113.874
100.542
106.619
91.831
111.944
114.557
117.805
100.790
108.055
91.620
112.467
114.579
117.703
101.331
109.295
91.466
112.826
114.649
117.680
101.788
110.067
90.885
113.443
114.876
117.807
102.426
111.233
90.428
105.519
106.559
112.445
105.975
111.298
110.310
116.841
109.284
106.465
107.486
113.085
107.222
108.274
108.916
116.049
108.547
110.100
110.023
116.560
108.679
111.222
110.801
117.109
108.926
115.595
111.499
117.644
110.985
109.233
112.945
109.825
111.152
112.386
113.434
114.806
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
113.968
114.775
115.993
105.560
112.361
103.242
114.763
111.846
111.692
117.960
133.228
116.977
109.613
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
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
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
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
115.830
115.867
116.918
107.818
115.515
104.105
120.906
113.663
113.128
119.852
137.199
118.466
110.806
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.................................................................................................................
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
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 qeneral 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 -2 8
N atio n al D a ta
March 2005
Table 3.10.5. Government Consumption Expenditures and General
Government Gross Output
[Billions of dollars]
Seasonally adjusted at annual rates
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 toother sectors.....................................................................................................
State and local consumption expenditures1............................................................................................
Gross output of general government..........................................................................................
Value added.............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3.......................................................................
Durable goods.....................................................................................................................
Nondurable goods...............................................................................................................
Services...............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales to other sectors.....................................................................................................
Tuition and related educational charges....................................................................
Health and hospital charges.......................................................................................
Other sales.................................................................................................................
1
2
3
4
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
b1
52
53
54
55
56
57
58
59
60
2004
I
II
III
IV
1,717.1
1,804.4
1,737.6
1,770.9
1,792.1
1,818.5
1,836.0
2,038.6
1,255.3
1,071.7
183.6
783.4
50.2
179.7
553.4
22.4
299.1
2,156.6
1,306.2
1,113.9
192.4
850.4
54.9
198.5
597.0
23.8
328.4
2,069.4
1,269.7
1,084.3
185.4
799.7
51.5
180.6
567.6
22.8
309.0
2,110.7
1,290.5
1,103.3
187.2
820.2
52.2
188.9
579.1
23.0
316.7
2,140.4
1,299.4
1,108.5
190.8
841.1
54.5
195.3
591.2
24.0
324.3
2,175.4
1,311.6
1,117.6
194.0
863.8
55.6
198.8
609.5
23.9
333.0
2,199.9
1,323.4
1,126.1
197.4
876.4
57.4
211.0
608.1
24.3
339.6
658.6
704.6
671.3
691.1
700.3
713.0
714.2
667.4
378.4
293.5
84.9
289.0
27.7
24.4
236.9
4.4
4.4
714.1
393.5
305.9
87.7
320.6
31.6
25.6
263.4
4.9
4.6
679.4
380.2
294.9
85.3
299.2
28.8
23.8
246.6
4.6
3.5
699.3
391.8
305.6
86.2
307.6
29.3
24.5
253.7
4.7
3.5
709.0
392.0
304.6
87.4
317.0
31.3
25.4
260.3
4.9
3.8
724.1
393.7
305.7
88.0
330.4
32.2
24.9
273.2
5.0
6.0
724.2
396.7
307.6
89.1
327.5
33.7
27.4
266.5
5.0
5.1
436.1
477.6
450.2
465.2
473.6
487.1
484.4
439.6
242.7
181.2
61.5
197.0
25.6
13.1
158.4
2.1
1.5
481.3
254.3
190.6
63.7
226.9
29.2
13.8
183.8
2.3
1.4
453.2
244.5
182.7
61.8
208.7
26.5
11.6
170.6
2.1
0.8
468.4
252.6
190.1
62.5
215.8
27.0
13.0
175.8
2.2
1.0
477.2
252.8
189.3
63.5
224.4
29.1
13.5
181.9
2.3
1.3
491.8
254.9
190.9
63.9
236.9
29.8
14.4
192.8
2.3
2.4
487.6
257.1
192.3
64.8
230.4
31.1
14.5
184.9
2.3
0.8
222.5
227.0
221.1
225.9
226.6
225.9
229.8
227.8
135.7
112.3
23.4
92.1
2.2
11.3
-0.1
11.5
78.6
2.3
3.0
232.9
139.2
115.2
23.9
93.7
2.4
11.7
-1.0
12.7
79.6
2.6
3.2
226.2
135.7
112.2
23.5
90.4
2.3
12.2
-0.2
12.5
76.0
2.4
2.7
230.9
139.2
115.5
23.7
91.8
2.3
11.5
-1.2
12.8
77.9
2.5
2.5
231.7
139.2
115.4
23.9
92.5
2.3
11.9
-0.6
12.5
78.4
2.6
2.5
232.3
138.8
114.8
24.0
93.4
2.4
10.6
-1.8
12.3
80.4
2.7
3.7
236.6
139.6
115.3
24.2
97.1
2.6
12.9
-0.3
13.2
81.6
2.6
4.3
1,058.5
1,099.7
1,066.3
1,079.8
1,091.8
1,105.5
1,121.8
1,371.2
876.9
778.2
98.7
494.3
22.5
155.3
316.5
18.0
294.7
63.8
147.2
83.8
1,442.5
912.7
808.0
104.7
529.8
23.3
172.9
333.5
18.9
323.8
72.5
161.2
90.1
1,390.0
889.4
789.4
100.0
500.5
22.7
156.8
321.0
18.2
305.4
66.9
152.8
85.7
1,411.3
898.7
797.7
101.0
512.6
22.9
164.3
325.3
18.3
313.3
69.2
156.6
87.4
1,431.5
907.4
803.9
103.5
524.1
23.2
169.9
330.9
19.1
320.5
71.4
159.6
89.5
1,451.4
917.9
811.9
106.0
533.5
23.4
173.8
336.2
18.9
326.9
73.6
162.7
90.7
1,475.7
926.8
818.4
108.3
548.9
23.7
183.6
341.6
19.3
334.5
75.9
166.0
92.7
1. Government consumption expenditures are services (such as education and national defense) produced by government that are valued at their cost of production. Excludes government sales to other sectors and
government own-account investment (construction and software).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the services of general government fixed assets; the use of depreciation assumes a zero net return on
these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related expenditures for goods and services and is classified as investment in structures and in soft
ware in table 3.9.5.
March 2005
D -2 9
S u r v e y o f C u r r e n t B u s in e s s
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
2004
1,563.7
1,591.0
1,574.8
1,582.4
1,586.2
1,597.7
1,597.7
1,851.3
1,120.1
940.9
179.4
733.4
49.7
172.2
510.9
20.6
266.9
1,891.1
1,129.6
946.4
183.8
764.5
53.8
175.9
534.3
21.1
278.7
1,866.0
1,123.2
942.5
181.1
745.2
51.0
173.4
520.2
20.7
270.4
1,876.4
1,125.7
944.0
182.2
753.4
51.4
175.4
525.9
20.7
273.2
1,884.3
1,126.1
943.4
183.3
761.2
53.5
175.6
531.6
21.4
276.5
1,900.6
1,130.9
947.1
184.4
772.9
54.4
175.2
542.8
21.2
281.3
1,903.1
1,135.7
951.0
185.4
770.5
55.8
177.3
536.9
21.3
283.7
594.5
617.0
603.6
610.6
614.3
622.7
620.2
602.6
331.7
247.7
83.7
272.2
27.7
24.9
219.3
3.9
4.1
625.3
334.3
249.5
84.6
293.1
31.2
25.2
236.2
4.2
4.1
610.9
332.3
248.0
84.1
280.2
28.7
24.8
226.2
4.1
3.2
617.8
333.8
249.3
84.3
285.8
29.1
26.2
230.2
4.1
3.1
622.0
333.3
248.6
84.5
290.8
31.0
25.3
234.1
4.2
3.4
632.4
334.3
249.5
84.7
300.5
31.8
24.0
244.1
4.3
5.4
628.9
335.8
250.7
84.8
295.3
33.1
25.5
236.4
4.2
4.5
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 toother sectors.............
State and local consumption expenditures1
Gross output of general government...
Value added............................................................................................................................
Compensation of general government employees.............................................................
Consumption of general government fixed capital2...........................................................
Intermediate goods and services purchased3..,!...................................................................
Durable goods.....................................................................................................................
Nondurable goods...........
Services..............................................................................................................................
Less: Own-account investment4.................................................................................................
Sales toother 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
2003
I
II
III
IV
390.3
415.1
401.4
408.5
412.5
422.1
417.3
393.5
209.6
148.8
60.5
185.3
25.3
14.1
145.4
1.9
1.3
418.2
212.8
151.5
61.0
207.7
28.6
14.8
163.8
2.0
1.2
404.0
210.4
149.4
60.7
195.3
26.3
13.1
155.3
1.9
0.8
411.3
212.3
151.1
60.8
200.9
26.6
15.6
158.4
2.0
0.9
415.6
211.7
150.5
61.0
206.1
28.5
14.5
162.6
2.0
1.1
426.1
213.2
151.8
61.1
215.6
29.1
14.7
171.2
2.0
2.0
419.9
214.2
152.6
61.2
208.0
30.2
14.4
163.0
2.0
0.7
204.0
201.5
202.0
201.8
201.5
200.2
202.5
208.9
122.1
98.8
23.3
86.9
2.3
10.7
-0.2
10.9
73.7
2.1
2.8
206.7
121.4
97.9
23.6
85.4
2.6
10.6
-0.8
11.4
72.1
2.2
2.9
206.6
121.9
98.5
23.4
84.8
2.5
11.6
-0.1
11.7
70.7
2.1
2.5
206.3
121.5
98.0
23.5
84.9
2.5
10.7
-1.0
11.8
71.5
2.2
2.3
206.1
121.5
98.0
23.5
84.7
2.5
10.8
-0.6
11.4
71.2
2.2
2.3
205.8
121.1
97.5
23.6
84.9
2.7
9.5
-1.6
11.1
72.6
2.3
3.4
208.6
121.5
97.9
23.7
87.3
2.8
11.3
-0.1
11.5
73.2
2.2
3.8
969.0
973.7
970.9
971.5
971.5
974.6
977.1
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
1,265.6
795.2
696.6
99.2
471.4
22.6
150.6
298.2
16.9
274.5
54.4
137.8
82.2
-3.1
1,254.9
790.8
694.2
97.0
465.0
22.3
148.6
294.1
16.7
267.1
52.9
134.1
80.0
-1.9
1,258.4
791.8
694.4
97.9
467.6
22.4
149.4
295.8
16.6
270.0
53.5
135.6
80.8
-2.4
1,262.1
792.7
694.5
98.7
470.4
22.6
150.3
297.6
17.2
273.0
54.1
137.1
81.7
-2.9
1,267.9
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
1,274.0
799.9
700.0
100.5
475.2
22.8
151.8
300.6
17.1
279.2
55.3
140.1
83.6
-3.6
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
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 -3 0
N ational D a ta
March 2005
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
2004
2003
2003
IV
National defense consumption expenditures and gross investment.......................................
Consumption expenditures1........................................................................................................................
Gross output of general government...................................................................................................
Value added.....................................................................................................................................
Compensation of general government employees.....................................................................
Military.....................................................................................................................................
Civilian.....................................................................................................................................
Consumption of general government fixed capital2...................................................................
Intermediate goods and services purchased3...............................................................................
Durable goods..............................................................................................................................
Aircraft.....................................................................................................................................
Missiles....................................................................................................................................
Ships........................................................................................................................................
Vehicles...................................................................................................................................
Electronics...............................................................................................................................
Other durable goods...............................................................................................................
Nondurable goods.......................................................................................................................
Petroleum products.................................................................................................................
Ammunition..............................................................................................................................
Other nondurable goods.........................................................................................................
Services.......................................................................................................................................
Research and development....................................................................................................
Installation support.................................................................................................................
Weapons support....................................................................................................................
Personnel support...................................................................................................................
Transportation of material.......................................................................................................
Travel of persons.....................................................................................................................
Less: Own-account investment4.........................................................................................................
Sales to other sectors.............................................................................................................
Gross investment5..........................................................................................................................................
Structures.............................................................................................................................................
Equipment and software.....................................................................................................................
Aircraft..............................................................................................................................................
Missiles............................................................................................................................................
Ships................................................................................................................................................
Vehicles............................................................................................................................................
Electronics and software.................................................................................................................
Other equipment.............................................................................................................................
1
2
3
4
5
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
2004
I
II
III
IV
9.0
9.0
7.3
6.3
11.6
10.9
10.6
7.2
1.9
4.1
10.1
9.6
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
-0.3
-4.5
6.3
1.6
1.8
1.1
3.2
0.9
12.1
13.0
7.0
14.0
7.0
-3.2
25.1
19.1
4.6
-16.8
29.6
12.3
12.7
16.1
5.4
26.4
14.6
-6.5
7.8
4.0
-9.0
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
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
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
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
-5.7
1.9
2.4
3.8
-0.7
0.6
-13.4
16.2
6.8
-7.2
-54.7
102.1
29.2
50.9
-8.0
-33.5
2.7
6.5
-17.8
-15.7
-15.7
-35.2
-19.1
0.9
10.4
2.4
-98.7
8.9
14.6
16.8
37.2
-12.0
13.1
32.5
15.8
8.3
-0.5
3.9
8.4
20.8
8.7
11.8
-2.4
16.3
34.5
13.2
-3.5
-10.4
27.2
16.4
-3.5
19.0
118.8
211.6
-25.2
-46.0
24.5
1.1
14.2
39.7
130.4
-47.1
12.9
32.8
38.1
43.9
-58.1
-6.2
-10.3
-28.2
-41.9
72.2
-2.5
11.4
55.2
10.2
-29.5
124.7
137.9
-58.1
47.6
-17.2
-19.7
38.0
146.0
-40.1
-55.4
24.4
49.5
86.3
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.
March 2005
S u rv ey
of
D -31
C u r r e n t B u sin e ss
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 added........................
Compensation of general
government employees
Military.........................
Civilian.........................
Consumption of general
government fixed
capital2........................
Intermediate goods and
services purchased3 .......
Durable goods.................
Aircraft.........................
Missiles.......................
Ships...........................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products.....
Ammunition.................
Other nondurable goods
Services..........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material...................
Travel of persons.........
Less: Own-account investment4
Sales toother sectors..
Gross investment5.......................
Structures................................
Equipment and software..........
Aircraft.
Missiles
Ships...
Vehicles................................
Electronics and software.....
Other equipment..................
Seasonally adjusted
2004
I
II
Line
III
3 121.241 128.857 124.474 126.708 128.048 131.290 129.383
4 105.213 106.865 105.638 106.591 106.301 107.029 107.540
5 107.114 109.035 107.548 108.771 108.288 109.222 109.859
6 111.549 112.831 111.592 113.440 112.340 112.242 113.300
7 98.811 102.020 100.043 100.040 100.766 103.731 103.545
8 100.394 101.308 100.798 100.999 101.250 101.409 101.573
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
165.597
128.433
111.888
122.648
102.714
108.187
169.276
152.027
141.891
125.449
186.366
133.381
176.662
155.761
117.936
109.414
124.097
92.376
112.755
135.105
129.588
125.506
102.911
155.105
125.679
167.486
160.198
119.400
101.661
110.217
89.795
107.907
154.512
149.875
149.517
167.973
177.661
127.036
170.845
164.371
127.831
109.231
137.806
108.355
101.092
161.392
150.994
139.245
116.957
182.885
133.556
175.414
171.937
130.746
117.354
122.412
116.836
102.063
174.815
145.725
140.845
113.947
191.826
135.392
184.596
165.880
135.754
119.308
120.158
95.869
121.685
186.385
161.514
137.958
102.917
193.090
137.539
175.793
22
23
24
25
171.371
128.167
164.753
167.716
198.953
135.124
208.208
192.235
191.116
132.563
179.428
180.312
194.564
132.357
191.934
184.456
200.693
133.215
202.007
189,727
204.555
140.399
231.356
202.619
195.999
134.524
207.536
192.138
26
27
28
29
30
31
32
33
34
35
36
37
38
199.089 186.191 184.764 186.555 187.749 185.017 185.441
117.803 127.034 120.612 121.877 126.593 128.229 131.437
167.268 173.953 168.728 172.179 173.507 174.533 175.592
66.691 60.716 38.529 45.129 57.942 104.683 35.108
Gross output of general
government..........................
Value added.........................
Compensation of general
government employees
Military..........................
Civilian..........................
Consumption of general
government fixed
capital2 ........................
Intermediate goods and
services purchased3........
Durable goods.................
Aircraft.........................
Missiles........................
Ships.............................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products......
Ammunition..................
Other nondurable goods
Services...........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material....................
Travel of persons..........
Less: Own-account investment4
Sales to other sectors...
153.512
Gross investment5.......................
90.763
161.274
200.421
141.033
126.471
143.523
159.220
167.229
Structures.................................
Equipment and software..........
Aircraft..................................
Missiles.................................
Ships
Vehicles................................
Electronics and software......
Other equipment..................
85.912
145.229
174.633
130.917
124.614
168.890
130.637
150.068
95.893
148.806
160.026
160.281
154.764
135.912
143.988
143.147
1. National defense consumption expenditures are defense services produced by government that are valued at their cost
of production. Excludes government sales to other sectors and government own-account investment (construction and soft
ware).
2. Consumption of fixed capital, or depreciation, is included in government gross output as a partial measure of the
services of general government fixed assets; the use of depreciation assumes a zero net return on these assets.
3. Includes general government intermediate inputs for goods and services sold to other sectors and for own-account
investment.
4. Own-account investment is measured in current dollars by compensation of general government employees and related
expenditures for goods and services and is classified as investment in structures and in software.
5. Gross government investment consists of general government and government enterprise expenditures for fixed assets;
inventory investment is included in government consumption expenditures.
National defense
consumption
expenditures and gross
investment........................
Consumption expenditures1 ....
97.119
129.629
132.780
126.818
142.087
166.266
111.127
130.311
106.774
147.586
179.462
142.215
142.752
147.426
131.451
146.064
2003
IV
126.207 144.650 132.347 143.249 138.750 143.091
103.291
135.754
145.663
166.794
138.478
137.332
121.253
133.352
2004
IV
1 122.014 130.975 125.765 128.984 129.582 132.723 132.610
2 121.413 129.116 124.845 127.048 128.318 131.300 129.799
94.835
150.724
178.636
143.612
137.150
148.938
141.324
151.627
2003
2004
I
II
III
IV
1 109.875 112.981 110.278 111.825 112.790 113.317 113.992
2 111.711 115.039 112.169 113.879 114.805 115.393 116.078
3 111.718 115.052 112.176 113.892 114.816 115.407 116.092
4 115.800 119.497 116.198 118.994 119.390 119.564 120.040
5 121.750 125.836 122.248 125.775 125.783 125.818 125.968
6 125.391 129.382 126.004 129.299 129.354 129.379 129.498
7 114.687 118.947 114.924 118.932 118.845 118.898 119.111
8 101.656 104.408 101.807 102.808 104.167 104.684 105.973
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
109.209
102.207
103.961
104.212
104.179
114.027
93.677
101.373
93.876
84.069
107.703
103.348
112.282
106.835
101.107
102.850
102.875
101.513
109.399
93.837
100.321
88.725
72.589
101.782
101.936
109.924
107.385
101.463
103.364
103.552
102.404
111.923
93.482
100.376
83.809
56.668
105.265
103.126
111.033
108.850
102.108
103.842
104.118
103.908
113.341
93.823
101.230
93.055
80.237
107.690
103.283
111.901
109.856
102.374
104.113
104.424
104.677
113.780
93.746
101.578
97.920
95.522
108.426
103.308
112.701
110.744
102.885
104.524
104.754
105.728
117.063
93.656
102.307
100.721
103.850
109.432
103.673
113.494
22
23
24
25
105.616
109.028
107.093
110.995
108.335
113.783
109.735
114.577
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
109.543
115.508
110.658
115.623
26
27
28
29
30
31
32
33
34
35
36
37
38
117.812
113.280
111.450
112.690
119.908
116.388
115.820
116.548
118.469
115.354
112.045
112.916
117.581
115.906
114.511
115.501
119.417
117.383
115.261
116.169
120.727
116.417
116.402
117.033
121.909
115.847
117.107
117.489
98.039
99.765
98.093
98.642
99.832
99.988
100.599
109.206 115.126 110.188 111.347 113.915 116.589 118.653
96.995 98.397 96.968 97.466 98.551 98.530 99.042
90.459 90.302 90.130 90.440 90.846 89.736 90.186
98.230 99.436 99.270 98.209 99.861 99.588 100.088
101.715 110.989 102.536 106.021 110.921 112.435 114.577
97.973 99.214 100.173 99.387 98.910 97.686 100.873
92.043 89.737 90.781 90.355 90.161 89.682 88.751
101.242 102.533 101.203 101.510 102.368 102.846 103.410
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 -3 2
N ational D a ta
March 2005
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
IV
National defense
consumption
expenditures and gross
investm ent.......................
Consumption expenditures1....
Gross output of general
government.........................
Value added........................
Compensation of general
government employees
Military.........................
Civilian.........................
Consumption of general
government fixed
capital2........................
Intermediate goods and
services purchased3.......
Durable goods.................
Aircraft.........................
Missiles.......................
Ships............................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products.....
Ammunition.................
Other nondurable goods
Services...........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material...................
Travel of persons.........
Less: Own-account investment4
Sales to other sectors..
Gross investment5.......................
Structures.................................
Equipment and software..........
Aircraft
Missiles.................................
Ships.
Vehicles................................
Electronics and software.....
Other equipment..................
1
2
496.4
436.1
548.0
477.6
I
513.6
450.2
Seasonally adjusted at annual rates
2004
2003
III
II
534.1
465.2
Line
541.2
473.6
2004
IV
557.0
487.1
559.8
484.4
3
4
439.6
242.7
481.3
254.3
453.2
244.5
468.4
252.6
477.2
252.8
491.8
254.9
487.6
257.1
5
6
7
181.2
125.1
56.1
190.6
130.5
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
192.3
131.2
61.1
National defense
consumption
expenditures and gross
investment........................
Consumption expenditures1 ....
Gross output of general
government..........................
Value added.........................
Compensation of general
government employees
Military..........................
Civilian..........................
Consumption of general
government fixed
capital2 ........................
Intermediate goods and
services purchased3........
Durable goods.................
Aircraft.........................
Missiles........................
Ships............................
Vehicles.......................
Electronics...................
Other durable goods....
Nondurable goods...........
Petroleum products......
Ammunition..................
Other nondurable goods
Services...........................
Research and
development............
Installation support......
Weapons support........
Personnel support.......
Transportation of
material....................
Travel of persons..........
Less: Own-account investment4
Sales toother sectors...
8
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
226.9
29.2
11.4
3.1
1.4
1.0
4.6
7.7
13.8
3.9
3.6
6.3
183.8
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
230.4
31.1
12.3
3.1
1.3
1.1
5.1
8.2
14.5
4.1
3.8
6.5
184.9
22
23
24
25
47.6
34.8
16.9
42.7
56.6
38.3
21.9
50.5
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
56.4
38.7
22.0
51.0
26
27
28
29
30
31
32
33
34
35
36
37
38
10.1
6.3
2.1
1.5
9.6
6.9
2.3
1.4
9.4
6.5
2.1
0.8
9.4
6.6
2.2
1.0
9.6
7.0
2.3
1.3
9.6
7.0
2.3
2.4
9.7
7.1
2.3
0.8
60.4
70.5
63.4
69.0
67.6
69.8
75.4
Gross investment5.......................
5.3
55.1
9.3
3.4
9.5
3.0
10.3
19.6
5.4
65.0
12.5
3.8
10.0
2.7
12.8
23.1
5.7
57.7
10.2
4.4
9.3
2.5
11.1
20.1
5.9
63.1
12.6
3.8
10.0
2.7
12.0
22.1
4.9
62.8
12.3
3.5
9.1
3.1
11.9
22.8
5.6
64.3
11.1
4.3
11.5
2.4
13.1
21.9
5.3
70.0
14.0
3.8
9.5
2.7
14.3
25.7
Structures.................................
Equipment and software..........
Aircraft..................................
Missiles.................................
Ships.....................................
Vehicles................................
Electronics and software......
Other equipment..................
Residual........................................
2004
2003
I
IV
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
II
III
IV
1
2
451.8
390.3
485.0
415.1
465.7
401.4
477.6
408.5
479.9
412.5
491.5
422.1
491.1
417.3
3
4
393.5
209.6
418.2
212.8
404.0
210.4
411.3
212.3
415.6
211.7
426.1
213.2
419.9
214.2
5
6
7
148.8
99.8
48.9
151.5
100.9
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
152.6
101.3
51.3
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
207.7
28.6
11.0
3.0
1.4
0.8
4.9
7.6
14.8
5.1
3.4
6.1
163.8
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
208.0
30.2
11.7
2.9
1.3
0.9
5.4
8.0
14.4
4.2
3.5
6.3
163.0
22
23
24
25
45.0
31.9
15.8
38.5
52.3
33.7
20.0
44.1
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
51.5
33.5
19.9
44.1
26
27
28
29
30
31
32
33
34
35
36
37
38
39
8.6
5.5
1.9
1.3
8.0
6.0
2.0
1.2
7.9
5.7
1.9
0.8
8.0
5.7
2.0
0.9
8.1
5.9
2.0
1.1
8.0
6.0
2.0
2.0
8.0
6.2
2.0
0.7
61.6
70.6
64.6
69.9
67.7
69.8
74.9
4.8
56.8
10.3
3.4
9.4
3.0
11.2
19.4
-0.5
4.7
66.1
13.9
3.9
9.0
2.7
14.3
22.6
-2.7
5.1
59.5
11.3
4.5
9.1
2.5
12.3
19.8
-0.5
5.3
64.7
13.9
3.8
9.4
2.7
13.3
21.7
-2.3
4.3
63.7
13.5
3.5
8.2
3.1
13.2
22.3
-1.9
4.8
65.2
12.4
4.3
10.2
2.5
14.6
21.3
-2.3
4.5
70.7
15.5
3.8
8.3
2.6
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.
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.
March 2005
S u rvey
of
D -3 3
C u r r e n t B u sin e ss
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
I
IV
Current receipts from the rest of the w orld.....................................................................................
Exports of goods and services....................................................................................................................
Goods1.................................................................................................................................................
Durable....
Nondurable......................................................................................................................................
Services’ ....
Income receipts
Wage and salary receipts...................................................................................................................
Income receipts on assets..................................................................................................................
Interest................
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
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)............................................................................................................................
1
2
3
4
5
6
7
fi
q
10
11
1?
13
14
15
16
17
18
19
?n
?1
??
?3
?4
25
26
27
28
.............
Less: Capital account transactions (net)2.......................................................................................
726.4
497.1
229.3
319.8
III
II
IV
1,174.8
1,471.0
1,099.2
1,508.2
1,134.3
1,555.6
1,167.6
1,596.3
1,189.5
1,207.8
820.3
561.9
258.4
354.5
761.3
523.7
237.6
337.9
790.3
541.7
248.6
344.1
812.2
556.2
256.0
355.4
833.4
573.3
260.1
356.1
845.4
576.6
268.8
362.4
329.0
371.8
373.8
388.0
406.8
3.0
326.0
75.3
82.1
168.6
3.2
368.6
75.3
81.9
211.5
3.0
370.8
71.8
101.0
198.0
3.0
385.1
79.5
106.0
199.6
3.1
403.6
90.5
99.5
213.7
1,886.1
1,544.3
1,781.8
1,957.6
1,602.0
2,065.2
1,681.2
2,185.7
1,758.9
2,230.0
1,801.2
1,885.7
1,282.0
800.2
481.8
262.3
1,491.2
927.1
564.1
290.5
1,326.4
840.0
486.4
275.6
1,399.2
870.3
528.9
282.0
1,470.1
924.8
545.3
288.8
1,506.9
942.7
564.2
294.4
1,588.8
970.7
618.1
297.0
273.9
284.6
300.3
351.9
368.6
8.5
265.4
191.5
61.6
12.2
8.7
276.0
198.4
57.0
20.6
8.6
291.6
198.0
65.0
28.6
9.1
342.8
53.3
67.0
8.8
359.8
235.4
53.8
70.6
3D
31
32
67.9
73.9
71.0
83.8
74.9
60.1
76.8
38.2
18.4
11.3
42.5
20.3
11.1
41.6
15.8
13.6
41.7
28.0
14.1
42.1
17.6
15.2
43.2
17.1
-0.2
42.9
18.5
15.4
-510.9
Balance on current account, NIPAs...................................................................................................
Addenda:
Net lending or net borrowing (-), NIPAs........................................................................
1,375.2
1,046.2
2004
2003
-486.6
-557.0
-630.1
-633.7
-514.0
-510.9
3.1
-487.8
-486.6
1.2
-558.4
-557.0
1.4
-631.2
-630.1
1.1
-635.0
-633.7
1.3
1. Exports and imports of certain qoods, primarily military equipment purchased and sold by the Federal Government, are included in services. Beqinninq 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 -3 4
N ational D a ta
Table 4.2.1. Percent Change From Preceding Period in Real Exports and in
Real Imports of Goods and Services by Type of Product
March 2005
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
Exports of goods and
services............................
Exports of goods1.......................
I
II
III
1
2
3
1.9
2.2
8.5
8.8
17.5
16.1
7.3
9.1
7.3
6.0
1.7
-8.8
-6.0
-30.0
4
5
6
2.6
2.6
2.5
6.1
4.2
7.0
5.2
6.1
4.8
14.4
14.0
14.7
7
2.2
12.8
31.0
8
-10.8
3.6
9
10
6.1
4.9
8.3
15.8
IV
6.0
9.5
2.4
1.9
-24.3
28.6
36.7
6.9
3.6
8.7
-0.1
-5.5
2.8
1.8
6.9
-0.7
13.1
6.2
6.2
0.3
42.1
-14.0
-17.5
30.8
-4.7
19.8
30.8
-8.3
25.2
-1.8
13.5
22.4
-0.9
14.1
-1.0
11
1.5
8.7
14.8
5.1
8.2
34.8
-2.8
6.0
4.4
7.7
-5.8
13.1
16.0
10.1
9.0
11.3
21.6
1.2
7.3
18.6
6.8
32.7
11.4
18.2
27.7
8.8
16.1
-0.7
10.1
-11.4
39.9
22.1
18.6
26.2
-42.1
Exports of services1...................
12
13
14
15
16
1.4
7.8
3.4
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
20.6
10.2
-1.8
3.5
17
18
19
20
21
22
23
4.9
-5.2
-17.7
3.1
7.0
6.1
-8.9
9.7
14.3
6.3
14.5
5.0
5.0
-1.1
9.1
49.7
20.4
41.3
9.0
11.3
-2.2
-6.3
-4.1
-5.0
19.0
4.4
5.1
6.3
61.4
17.3
21.0
12.9
-2.3
6.3
1.6
-32.2
2.9
-12.2
-2.2
9.4
-2.6
-6.5
-8.8
10.7
4.0
0.0
3.2
2.6
-3.2
24
25
26
4.4
4.7
9.9
10.8
17.1
18.4
10.6
12.7
12.6
13.0
4.6
5.0
11.4
15.3
7.7
5.8
18.9
2.3
7.4
-10.1
17.4
27
28
29
30
1.6
1.1
2.1
6.4
15.5
20.7
10.4
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
-0.2
7.9
-8.8
57.8
31
6.0
17.1
26.0
13.4
30.6
14.0
9.6
32
-5.9
-1.6
67.0
-55.7
59.0
74.9
33
34
9.0
6.4
23.3
17.1
34.2
18.7
12.8
26.4
38.6
25.1
29.9
11.0
10.1
3.9
35
2.6
6.7
21.7
6.0
10.1
3.2
-3.3
Imports of goods and
services.............................
Imports of goods1.......................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products..........
Capital goods, except
automotive............................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive............................
Durable goods.....................
Nondurable goods...............
Other........................................
Imports of services1....................
Direct defense expenditures....
Travel........................................
Passenger fares........................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
8.7
7.3
10.1
-7.0
10.6
15.1
5.9
-0.9
21.9
33.2
10.8
11.8
3.1
5.6
12.1
-9.1
2.8
3.2
2.2
11.1
-2.1
-1.6
3.5
8.6
7.3
10.1
7.3
-1.6
9.6
11.6
7.5
-2.2
20.5
25.0
15.8
-10.7
11.1
1.2
10.6
2.8
-7.0
11.5
7.7
12.4
5.7
6.5
18.5
-1.2
-20.2
-12.6
-11.9
38.4
-3.5
6.6
-5.6
11.9
29.7
18.7
-7.6
18.2
6.4
6.3
-9.4
-0.8
10.8
2.3
52.8
-1.8
-3.2
-21.3
-22.6
-8.7
18.8
-40.7
7.7
-4.2
2.0
2.5
1.3
11.2
3.7
-7.3
23.4
1.6
-19.1
11.3
4.6
-23.2
8.4
0.9
-19.1
10.3
7.8
24.6
0.0
6.1
26.8
2.2
4.1
5.7
4.5
10.5
13.5
6.4
11.3
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
0.1
10.9
22.8
10.1
-9.8
-11.5
-7.8
16.5
28.6
37.7
19.0
0.9
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. 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
2003
IV
O
O
C
O
I
Foods, feeds, and beverages....
Industrial supplies and
materials...............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive............................
Durable goods.....................
Nondurable goods...............
Other........................................
2003
2004
2003
IV
Line
Percent change at annual rate:
Exports of goods and
services............................
Percentage points at annual
rates:
Exports of goods1 .......................
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other.....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
2004
I
II
1
1.9
2
3
1.50
6.13
11.21
0.09
-0.51
-0.32
4
5
6
0.40
0.14
0.26
1.00
0.24
0.76
0.87
0.34
0.53
7
0.63
3.54
8.25
8
-0.55
0.16
1.73
-0.68
9
10
0.23
0.96
0.31
3.07
0.76
5.76
-0.33
4.62
8.5
17.5
7.3
III
IV
7.3
6.0
2.4
6.30
4.19
6.52
1.32
-1.83
-1.35
1.21
1.46
2.23
0.74
1.49
1.14
0.21
0.93
-0.02
-0.33
0.31
0.31
0.39
-0.08
3.61
1.75
1.73
0.07
-0.82
1.16
-0.21
-0.06
2.63
0.75
-0.18
0.48
-0.20
11
0.12
0.66
1.13
0.38
0.60
2.31
-0.22
0.50
0.19
0.31
-0.23
1.11
0.69
0.42
0.34
0.99
0.94
0.05
0.28
1.50
0.30
1.20
0.41
1.49
1.12
0.37
0.57
-0.06
0.44
-0.50
1.35
1.76
0.80
0.96
-2.07
Exports of services1....................
12
13
14
15
16
0.42
2.39
6.24
1.04
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
3.06
-0.54
1.05
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
0.10
0.44
0.23
0.64
-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
-0.10
0.67
0.06
0.00
0.14
0.32
-0.04
24
4.4
9.9
17.1
10.6
12.6
4.6
11.4
25
26
3.90
8.96
15.11
10.41
10.82
0.27
4.15
12.53
0.21
0.68
0.08
0.27
-0.37
0.57
27
28
29
30
0.18
0.06
0.12
0.50
1.82
1.21
0.61
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
0.00
0.56
-0.55
5.10
Percent change at annual rate:
Imports of goods and
services............................
Percentage points at annual
rates:
Imports of goods1........................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products...........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other.....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
Imports of services1....................
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
31
1.15
3.20
4.83
2.55
5.43
2.59
1.84
32
-0.10
-0.03
0.87
-1.17
0.65
-0.13
0.83
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
0.50
0.52
35
0.37
0.91
2.88
0.82
1.33
0.42
-0.42
36
37
38
39
40
41
42
43
44
45
46
47
1.84
0.81
1.03
-0.40
2.25
1.64
0.61
-0.05
4.64
3.48
1.15
0.60
2.08
1.30
0.78
-0.11
4.21
2.64
1.56
-0.51
-2.13
-1.34
-0.80
0.70
5.39
3.64
1.75
0.04
0.53
0.96
1.97
0.21
0.17
-0.38
0.04
0.09
0.03
0.59
-0.01
1.78
0.47
-1.15
-0.03
0.13
0.12
0.22
0.13
0.41
-0.01
0.20
0.30
0.18
0.17
0.09
1.03
-0.01
-0.38
-0.50
-0.17
0.98
-0.05
0.36
-0.03
0.19
0.99
0.23
-0.23
0.22
0.35
0.03
-0.15
-0.03
0.13
0.07
0.57
-0.10
-0.02
-0.36
-0.89
-0.11
0.52
-0.66
0.39
-0.02
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
March 2005
S u rv ey
of
D -3 5
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.................................
Other....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other........................................
Exports of services1 ...................
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
Imports of goods and
services............................
Imports of goods1.......................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products..........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive............................
Durable goods.....................
Nondurable goods...............
Other........................................
Imports of services1....................
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
1 94.116 102.143 98.170
2 92.018 100.145 95.694
3 102.509 93.528 102.254
2004
I
99.924
97.810
93.521
II
Line
III
101.690 103.176 103.783
99.242 101.526 102.000
92.900 100.449
107.765 107.275 108.212
Exports of services1....................
100.367
91.087
69.831
117.385
112.863
127.774
88.881
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
7
84.189
94.949
90.331
93.162
94.573
96.000
96.060
8
86.257
89.387
93.302
89.857
85.636
91.576
90.479
9
10
81.186
84.666
87.929
98.038
87.139
90.664
85.262
95.900
84.885
98.976
89.292
98.760
92.278
98.516
11
98.862 107.447 100.810 102.073 104.114 112.191
111.410
17 94.991
18 77.128
19 65.481
20 102.011
21 105.788
22 121.009
23 91.111
104.183
88.185
69.631
116.827
111.126
127.083
90.095
102.082
85.602
68.999
109.630
108.976
124.284
89.384
100.440
84.704
68.111
114.506
110.144
125.831
90.769
113.923
113.106
114.837
96.095
113.207
88.158
71.436
118.040
109.511
127.782
91.128
102.718
88.792
69.145
117.378
111.986
126.945
89.600
24 105.048 115.468 108.725 111.504 114.862 116.167 119.340
25 105.131 116.489 108.824 112.116 115.593 117.005 121.244
26 118.666 125.544 123.573 124.264 126.516 123.184 128.211
27 100.739 116.386 102.465 106.538
28 99.819 120.445 103.196 108.328
29 101.657 112.188 101.689 104.706
30 107.572 115.042 110.589 120.103
31
92.361
108.186
32
86.412
85.007
115.505
119.317
111.580
108.606
97.433 100.546 107.481
92.966
75.857
85.182
121.783
125.866
117.575
109.142
121.718
128.269
114.890
122.319
111.072 113.644
83.250
95.739
33 109.730 135.306 118.543 122.170 132.566 141.518 144.968
34 87.240 102.190 90.939 96.429 101.972 104.676 105.683
35 106.478 113.645 109.791
36
37
38
39
40
41
42
43
44
45
46
47
111.395 114.112 115.025 114.050
120.896 133.680 125.724 128.645 134.796 131.371 139.908
118.602 136.496 126.665 130.189 137.646 133.511 144.638
123.461 130.694 124.757 127.027 131.774 129.112 134.863
98.316 97.455 98.151 97.601 94.876 98.563 98.780
104.753
110.647
151.794
81.066
73.884
100.325
115.483
131.485
101.550
108.360 108.675
149.401
83.875
80.240
107.611
127.130
141.143
99.970
158.961
83.993
79.608
99.321
121.618
136.989
100.942
150.249
81.215
77.125
107.729
120.530
139.189
99.510
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products........................
Durable goods.....................
Nondurable goods...............
Petroleum and products...........
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other.....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
112.241
110.212
Imports of services1....................
154.544
86.670
80.510
105.614
125.674
141.354
101.030
150.797
86.488
82.595
106.212
139.719
140.698
100.199
142.012
81.125
80.729
110.890
122.595
143.331
99.140
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation.................
Royalties and license fees.......
Other private services..............
Other.........................................
2004
2003
I
II
III
IV
1 101.395 104.914 102.146 103.565 104.746 105.175 106.170
2 100.640 104.431 101.438 103.023 104.356 104.665 105.682
3 112.133 124.998 120.104 126.145 133.508 121.842 118.498
4 102.151 113.720 103.779 108.493 111.629 115.172 119.584
5 102.787 116.020 104.862 110.503 114.143 118.379 121.056
6 101.663 112.362 103.055 107.293 110.170 113.364 118.622
7
97.693
97.463
97.134
97.201
97.395
97.484
97.769
8 112.636 117.154 114.399 115.443 115.862 117.918 119.393
9
10
88.541
96.483
87.333
95.563
88.302
95.414
88.659
95.240
88.691
95.426
86.990
95.525
84.991
96.062
11 101.566 102.350 101.754 101.883 102.226 102.460 102.833
12 99.695 100.653 100.099 100.258
13 100.234 100.594 100.609 100.330
14 99.101 100.699 99.537 100.162
15 102.245 106.828 103.343 105.178
16 103.219 106.111 103.865 104.897
17
18
19
20
21
22
23
98.034
101.504
115.849
104.706
105.450
101.274
109.564
99.503
104.797
127.814
108.645
107.997
103.089
111.087
98.341
102.479
120.781
104.622
105.968
101.507
110.400
98.405
103.261
126.073
106.226
106.885
102.162
112.014
100.380
100.410
100.329
106.644
100.944
100.624
101.280
107.104
101.030
101.011
101.024
108.388
105.726 106.440 107.382
99.421
105.019
124.621
106.617
107.806
102.904
111.775
99.681
105.100
127.907
109.054
108.291
103.494
111.042
100.506
105.809
132.658
112.685
109.007
103.794
109.517
24 99.615 104.515 99.837 102.163 103.760 105.066 107.070
25 98.068 102.889 98.011 100.355 102.267 103.560 105.373
26 102.328 107.586 102.908 105.282 107.410 107.440 110.213
27 100.105 111.434 100.692 106.217 110.836 112.887
28 94.838 111.541 97.955 103.903 111.983 114.536
29 105.572 111.217 103.590 108.659 109.462 110.949
30 102.940 130.943 101.114 112.501 125.787 136.856
31
92.300
91.311
91.906
91.990
91.331
91.035
115.794
115.742
115.800
148.627
90.887
32 105.680 109.548 107.220 107.960 108.677 110.247 111.308
33
34
77.680
96.928
72.760
97.430
75.610
97.144
75.292
97.361
73.631
97.085
71.769
97.430
70.348
97.843
35 100.771 102.488 101.282 101.795 102.199 102.659 103.300
36
37
38
39
40
41
42
43
44
45
46
47
97.967 98.641 98.023 98.725 98.581 98.480 98.776
96.439 96.405 96.324 96.456 96.387 96.227 96.549
99.642 101.123 99.888 101.246 101.016 100.984 101.248
100.731 104.047 101.278 102.773 103.741 104.347 105.326
107.784 113.061
122.818
107.929
116.853
107.717
105.423
102.511
105.360
137.520
116.475
115.392
117.082
107.960
103.526
111.052
109.502 111.718
111.566
112.937 116.021
127.412
111.151
115.094
112.155
105.931
102.192
107.377
132.960
113.324
114.008
115.749
107.768
103.285
109.866
136.998
115.228
113.645
117.848
108.254
103.980
110.873
134.661
115.897
113.952
114.250
106.848
102.719
109.986
145.461
121.450
119.965
120.481
108.969
104.121
113.485
Addenda:
48 87.974 97.867 92.688 95.198 97.144 99.561 99.563
49 102.844 106.670 103.929 105.103 105.332 107.325 108.919
50 101.977 94.513 100.607 94.183 89.335 94.385 100.148
51 91.295 100.843 95.413 98.303 100.321 102.358
52 101.657 115.410 106.382 109.226 115.179 117.085
53 111.931 119.058 113.720 117.836 117.012 117.592
54 104.839 116.716 108.610 111.179 116.579 118.114
102.391
120.151
123.789
120.991
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.
Imports of goods and
services............................
Imports of goods1........................
111.458
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
Exports of goods and
services............................
Exports of goods1.......................
113.724 119.550
115.870 120.929
111.407 118.070
104.514 91.176
4 98.856 104.847 100.012 103.437 105.185 105.150 105.616
5 87.637 91.314 88.045 90.972 91.786 90.487 92.011
6 105.953 113.416 107.581 111.322 113.665 114.442 114.234
12 100.902 114.116 104.699 109.267
13 98.368 114.074 104.645 106.391
14 103.711 114.188 104.762 112.437
15 88.135 96.092 90.109 92.583
16 99.330 107.106 104.310 105.173
2004
IV
Foods, feeds, and beverages....
Industrial supplies and
materials..............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive...........................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other.....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other.........................................
87.242
2003
IV
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
48 99.263 100.860 99.260 99.963 100.583 101.150 101.742
49 103.634 112.582 106.270 109.944 112.994 112.670 114.719
50 113.072 124.972 122.770 127.914 133.058 121.450 117.465
51 99.642 102.737 99.723 101.046 102.120 103.211 104.571
52 95.914 97.876 96.216 97.097 97.843 98.114 98.450
53 101.816 111.953 101.143 106.127 110.189 113.438 118.059
54 97.562 99.908 97.707 99.037 99.725 100.045 100.826
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 -3 6
N ational D a ta
March 2005
Table 4.2.5. Exports and Imports of Goods and Services by
Type of Product
Table 4.2.6. Real Exports and Imports of Goods and Services by
Type of Product, Chained Dollars
[Billions of dollars]
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Exports of goods and
services.............................
Exports of goods1.......................
Seasonally adjusted at annual rates
2004
I
II
Line
III
1,046.2
726.4
55.0
55.8
58.8
56.5
55.8
54.2
57.0
4
5
6
168.3
57.3
111.0
198.7
67.4
131.3
172.9
58.7
114.2
187.0
64.0
123.0
195.6
66.6
129.0
201.8
68.1
133.6
210.4
70.9
139.6
7
293.6
330.4
313.3
323.3
328.9
334.2
335.4
8
46.7
50.3
51.3
49.9
47.7
51.9
51.9
9
10
39.9
207.0
42.6
237.5
42.7
219.3
42.0
231.5
41.8
239.4
43.1
239.1
43.6
239.9
11
80.7
88.4
82.4
83.6
85.5
92.4
92.1
89.9
46.1
43.9
38.9
102.7
53.6
49.1
44.3
93.7
49.2
44.5
40.1
97.9
49.8
48.1
42.0
102.2
53.0
49.2
44.2
102.6
54.4
48.1
48.3
107.9
57.0
50.9
42.6
Exports of services1 ...................
12
13
14
15
16
319.8
354.5
337.9
344.1
355.4
356.1
362.4
Transfers under U.S. military
agency sales contracts........
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
17
18
19
20
21
22
23
11.9
64.5
15.7
31.8
48.2
134.0
13.6
13.3
76.2
18.4
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
79.4
19.2
39.4
53.2
145.0
13.3
24
25
26
1,544.3
1,282.0
1,781.8
1,491.2
1,602.0
1,326.4
1,681.2
1,399.2
1,758.9
1,470.1
1,801.2
1,506.9
1,885.7
1,588.8
55.8
62.1
58.5
60.2
62.5
60.9
65.0
27
28
29
30
174.3
83.7
90.5
133.1
224.5
119.1
105.4
181.1
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
243.6
131.2
112.3
218.5
31
295.8
342.8
310.8
321.0
340.7
350.9
358.5
32
24.1
24.6
26.3
21.6
24.4
24.2
28.1
Foods, feeds, and beverages....
Industrial supplies and
materials...............................
Durable goods.....................
Nondurable goods...............
Capital goods, except
automotive............................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts..............................
Consumer goods, except
automotive............................
Durable goods.....................
Nondurable goods...............
Other........................................
Imports of goods and
services............................
Imports of goods1 .......................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products.........................
Durable goods.....................
Nondurable goods...............
Petroleum and products..........
Capital goods, except
automotive............................
Civilian aircraft, engines, and
parts.................................
Computers, peripherals, and
parts.................................
Other....................................
Automotive vehicles, engines,
and parts.............................
Consumer goods, except
automotive...........................
Durable goods.....................
Nondurable goods...............
Other........................................
Imports of services1....................
Direct defense expenditures....
Travel........................................
Passenger fares.......................
Other transportation................
Royalties and license fees.......
Other private services.............
Other........................................
1,099.2
761.3
1,134.3
790.3
1,167.6
812.2
1,189.5
833.4
1,207.8
845.4
33
34
76.5
195.2
88.3
229.9
80.5
203.9
82.7
216.7
87.7
228.6
91.3
235.5
91.6
238.7
35
210.2
228.1
217.8
222.1
228.4
231.3
230.8
36
37
38
39
40
41
42
43
44
45
46
47
334.0
171.0
163.0
78.8
371.9
196.8
175.1
80.7
347.5
182.5
165.1
79.1
358.2
187.8
170.4
79.8
374.7
198.4
176.3
78.4
364.8
192.1
172.7
81.9
389.7
208.8
180.9
82.8
262.3
290.5
275.6
282.0
288.8
294.4
297.0
25.1
56.6
21.0
44.8
20.0
86.3
8.5
27.6
63.2
22.5
52.3
22.6
93.6
8.8
27.3
60.4
22.3
46.2
21.2
89.6
8.6
27.2
60.9
21.3
51.1
21.2
91.5
8.7
27.7
63.6
22.3
50.7
22.3
93.5
8.8
27.8
64.5
22.8
51.9
24.9
93.7
8.8
27.8
63.8
23.5
55.4
22.0
95.5
8.9
48
49
50
497.1
229.3
60.9
561.9
258.4
62.3
523.7
237.6
65.2
541.7
248.6
63.6
556.2
256.0
62.8
573.3
260.1
60.5
576.6
268.8
62.1
51
52
53
54
665.5
800.2
481.8
1,148.9
758.0
927.1
564.1
1,310.1
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
783.3
970.7
618.1
1,370.3
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. 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
IV
1
2
3
1,174.8
820.3
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
parts2..................................
Other.......................................
Automotive vehicles, engines,
and parts................................
Consumer goods, except
automotive..............................
Durable goods.......................
Nondurable goods................
Other............................................
Exports of services1....................
Transfers under U.S. military
agency sales contracts.........
Travel...........................................
Passenger fares.........................
Other transportation...................
Royalties and license fees........
Other private services...............
Other............................................
Residual...........................................
Imports of goods and
services............................
Imports of goods1........................
Foods, feeds, and beverages....
Industrial supplies and
materials, except petroleum
and products..........................
Durable goods.......................
Nondurable goods................
Petroleum and products............
Capital goods, except
automotive.............................
Civilian aircraft, engines, and
parts...................................
Computers, peripherals, and
parts2..................................
Other.......................................
Automotive vehicles, engines,
and parts................................
Consumer goods, except
automotive..............................
Durable goods.......................
Nondurable goods................
Other............................................
Imports of services1....................
Direct defense expenditures....
Travel...........................................
Passenger fares.........................
Other transportation...................
Royalties and license fees........
Other private services...............
Other............................................
Residual...........................................
Addenda:
Exports of durable goods..........
Exports of nondurable goods....
Exports of agricultural goods3..
Exports of nonagricultural
goods......................................
Imports of durable goods..........
Imports of nondurable goods....
Imports of nonpetroleum goods
I
II
III
IV
1,076.2
750.6
1,095.4
767.2
1,114.8
778.4
1,131.1
796.3
1,137.8
800.0
1
2
3
1,031.8
721.7
49.1
44.8
49.0
44.8
41.8
44.5
48.1
4
5
6
164.7
55.8
109.1
174.7
58.1
116.8
166.6
56.0
110.8
172.3
57.9
114.7
175.3
58.4
117.1
175.2
57.6
117.9
176.0
58.5
117.7
7
300.6
339.0
322.5
332.6
337.6
342.7
342.9
8
41.5
43.0
44.9
43.2
41.2
44.0
43.5
9
10
214.5
248.4
229.7
243.0
250.8
250.2
249.6
11
79.4
86.3
81.0
82.0
83.7
90.2
89.5
12
13
14
15
16
90.2
45.9
44.3
38.0
102.0
53.3
48.7
41.4
93.6
48.9
44.7
38.9
97.7
49.7
48.0
39.9
101.8
52.8
49.0
41.4
101.6
54.1
47.5
45.1
106.9
56.5
50.4
39.3
309.9
334.1
325.4
328.1
336.2
334.6
337.6
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
72.7
14.4
34.8
48.0
138.9
12.3
-4.3
13.1
70.5
14.3
32.7
47.1
135.9
12.2
-1.9
12.9
69.8
14.1
34.1
47.6
137.6
12.4
-3.7
14.5
72.6
14.8
35.2
47.3
139.7
12.5
-5.1
13.2
73.2
14.3
35.0
48.4
138.8
12.3
-4.8
12.9
75.1
14.4
35.0
48.8
139.7
12.2
-4.7
25
26
27
1,550.3
1,307.3
1,704.0
1,448.5
1,604.5
1,353.2
1,645.5
1,394.1
1,695.1
1,437.4
1,714.3
1,454.9
1,761.2
1,507.6
54.6
57.7
56.8
57.1
58.2
56.6
59.0
28
29
30
31
174.1
88.3
85.8
129.3
201.1
106.5
94.6
138.3
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
210.3
113.4
96.9
147.0
32
320.5
375.4
338.1
348.9
373.0
385.4
394.4
33
22.8
22.4
24.5
20.0
22.5
22.0
25.3
34
35
201.4
235.9
210.0
222.6
235.4
241.7
244.0
36
208.6
222.6
215.1
218.2
223.5
225.3
223.4
37
38
39
40
41
42
43
44
45
46
47
48
49
340.9
177.4
163.5
78.3
377.0
204.1
173.1
77.6
354.6
189.4
165.3
78.1
362.8
194.7
168.3
77.7
380.1
205.8
174.6
75.5
370.5
199.7
171.0
78.5
394.6
216.3
178.7
78.6
243.3
257.0
251.7
252.4
258.9
260.7
256.0
20.5
52.5
17.9
41.6
19.0
84.2
8.0
-1.9
20.1
54.3
19.5
44.6
20.9
90.4
7.9
-8.0
21.4
54.3
19.3
41.1
20.0
87.7
8.0
-2.9
20.2
52.6
18.7
44.6
19.8
89.1
7.9
^1.1
20.8
56.1
19.5
43.8
20.7
90.5
8.0
-8.9
20.3
56.0
20.0
44.0
23.0
90.1
7.9
-10.5
19.1
52.5
19.6
45.9
20.2
91.8
7.9
-8.5
50
51
52
500.8
221.2
53.8
557.1
229.5
49.9
527.6
223.6
53.1
541.9
226.1
49.7
553.0
226.6
47.2
566.7
230.9
49.8
566.7
234.3
52.9
53
54
55
56
667.9
834.3
473.2
1,177.6
737.7
947.1
503.4
1,311.1
698.0
873.1
480.8
1,220.0
719.1
896.4
498.2
1,248.9
733.9
945.3
494.7
1,309.5
748.8
960.9
497.2
1,326.8
749.0
986.1
523.4
1,359.1
1,119.8
785.5
1. Exports and imports of certain goods, primarily military equipment purchased and sold by the Federal Government, are
included in services. Beginning with 1986, repairs and alterations of equipment are reclassified from goods to services.
2. The quantity index for computers can be used to accurately measure the real growth of this component. However,
because computers exhibit rapid changes in prices relative to other prices in the economy, the chained-dollar estimates
should not be used to measure the component’s relative importance or its contribution to the growth rate of more aggregate
series; accurate estimates of these contributions are shown in table 4.2.2. and real growth rates are shown in table 4.2.1.
3. Includes parts of foods, feeds, and beverages, of nondurable industrial supplies and materials, and of nondurable nonau
tomotive consumer goods.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. For exports and for imports, the
residual line is the difference between the aggregate line and the sum of the most detailed lines.
March 2005
S urv ey
of
D -3 7
C u r r e n t B u sin e ss
5. S avin g and Investm ent
Table 5.3.1. Percent Change From Preceding Period in Real Private Fixed
Investment by Type
Table 5.1. Saving and Investment
[Billions of dollars]
[Percent]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Gross saving........................
Net saving.....................................
Net private saving......................
Personal saving.....................
Undistributed corporate
profits with inventory
valuation and capital
consumption adjustments.
Undistributed profits.........
Inventory valuation
adjustment.....................
Capital consumption
adjustment.....................
Wage accruals less
disbursements...................
Net government saving.............
Federal...................................
State and local.......................
Consumption of fixed capital....
Private.........................................
Domestic business...............
Households and institutions.
Government................................
Federal...................................
State and local.......................
Gross domestic
investment, capital
account transactions,
and net lending, NIPAs...
Gross domestic investment..........
Gross private domestic
investment..............................
Gross government investment..
Capital account transactions
(net)1...........................................
Net lending or net borrowing (-),
NIPAs...........................................
Statistical discrepancy.....
Addenda:
Gross private saving..................
Gross government saving.........
Federal...................................
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.......
1,487.7
133.8
Line
II
1,621.7
247.6
1,568.3
213.3
1,616.3
241.2
591.5
111.1
592.4
602.9
113.4
504.1
63.4
390.9
244.2
480.4
317.5
505.7
302.5
489.5
303.9
440.7
255.5
-14.1
-24.3
-37.0
-47.8
-37.8
187.2
240.2
233.3
223.0
501.5
110.6
160.8
100.8
239.3
139.6
260.6
0.0
-379.2
-391.0
11.8
0.0
-361.7
-380.0
18.3
0.0
-370.5
-375.0
4.5
0.0
1.407.1
1,374.2
1,355.0
1,375.2
1,497.9
1.178.1
967.1
211.0
229.1
93.1
136.0
1,153.8
955.0
198.8
220.4
90.7
129,7
1,132.4
936.4
196.0
222.6
91.6
131.0
1,148.1
948.8
199.4
227.0
92.8
134.3
1,266.8
1,021.8
245.1
231.1
93.4
137.7
1,400.5
1,164.9
961.6
203.4
235.5
94.5
141.0
0.0
1.353.9
1.135.9
942.6
193.3
218.1
90.2
127.9
1,634.6
1.631.3
1.672.8
1.691.9
2,024.2
2.306.9
2,121.2
2.188.3
2.302.9
2,325.6
2,410.9
1,665.8
358.5
1.926.9
380.0
1,758.8
362.4
1,819.7
368.6
1,920.7
382.2
1,947.0
378.7
2,020.4
390.5
1.513.3
3.1
1.2
1.4
-514.0
-558.4
-631.2
-635.0
25.6
-487.8
12.8
63.0
56.4
60.4
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
1.770.9
-139.4
-281.6
142.2
827.7
13.5
14.3
13.7
13.9
13.8
1.2
2.2
1.9
2.1
1.1
899.1
Private fixed investment....
Nonresidential...............................
Structures..................................
Commercial and health care.
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures 1................
0.0
-343.9
-379.2
35.3
0.0
-367.8
-364.5
-3.2
2003
2004
1.3
1,010.5
Equipment and software........
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software 2........................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
Residential.....................................
Structures..................................
Permanent site.....................
Single family....................
Multifamily........................
Other structures 5................
Equipment.................................
Addenda:
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 6..........................
Nonresidential structures.....
Residential structures..........
2004
2003
IV
1,631.5
133.6
1. Consists of capital transfers and the acquisition and disposal of nonproduced nonfinancial assets.
Seasonally adjusted at annual rates
2004
IV
I
II
5.1
3.3
-5.6
10.2
10.6
1.3
10.5
11.0
7.9
4.5
4.2
-7.6
13.9
12.5
6.9
13.0
-1.1
9.7
14.0
1.2
-7.0
-14.7
-19.9
-0.5
-2.1
-8.1
-6.3
^ .1
71.4
-9.1
-16.8
-13.4
21.3
-14.2
-37.0
-1.8
25.4
-20.9
-8.5
50.4
13.7
7
8
9
23.1
-2.7
18.4
1.8
13.7
2.3
6.7
-7.0
20.0
16.8
9.5
1.6
16.9
-6.6
6.4
13.5
12.0
8.0
14.2
17.5
18.0
10
12.0
16.1
16.3
16.4
14.1
7.5
17.0
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
26.6
12.3
14.1
5.1
12.5
15.2
31.5
9.3
15.0
-4.5
11.9
16.5
6.5
16.8
22.1
6.6
-15.0
8.3
26.5
8.7
12.7
2.1
26.1
16.1
20.7
6.8
1.1
27.7
38.1
22.6
52.3
20.0
-2.6
7.1
40.8
11.6
24
3.7
25
6.4
26
27
28
2.9
-5.6
8.1
5.8
1.3
8.2
1
2
3
4
5
6
III
8.8
8.8
8.8
9.6
9.6
9.6
9.5
5.0
4.9
16.5
16.7
1.6
1.5
2.1
2.1
10.5
11.3
3.5
6.2
10.3
11.2
2.7
8.4
21.6
24.8
-4.4
-7.2
6.7
7.1
2.8
2.1
9.0
8.9
9.8
30.5
2.7
3.0
0.2
-0.4
-1.8
-1.9
-1.2
8.8
9.2
11.0
12.7
11.9
3.7
9.1
6.3
7.0
9.0
0.9
13.7
0.7
1.8
13.5
12.0
8.1
14.1
17.4
17.9
12.8
7.8
15.6
0.9
-7.6
5.5
6.7
6.8
6.7
1.7
-1.2
3.1
0.8
1.2
0.6
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 -3 8
N ational D a ta
Table 5.3.2. Contributions to Percent Change in Real Private Fixed
Investment by Type
March 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
2003
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 wells..........................
Other structures ’ ................
Equipment and software........
Information processing
equipment and software...
Computers and peripheral
equipment...................
Software 2 .......................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
Residential....................................
Structures.................................
Permanent site....................
Single family....................
Multifamily.......................
Other structures 5................
Equipment.................................
Addenda:
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 6...........................
Nonresidential structures.....
Residential structures..........
Line
2004
I
II
III
2004
2003
IV
IV
1
5.1
10.2
10.5
4.5
13.9
8.8
9.7
Private fixed investment....
Nonresidential...............................
Structures..................................
2
3
4
5
6
2.21
-0.98
6.89
0.21
7.20
1.22
2.73
-1.19
8.11
1.07
8.21
-0.16
8.90
0.19
-0.52
-0.15
-0.63
-0.03
-0.02
-0.20
-0.42
-0.03
1.30
-0.60
-0.15
-0.35
1.24
-0.12
-1.03
-0.11
0.17
-0.48
-0.55
0.33
0.26
Commercial and health care.
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures 1................
7
8
9
0.43
-0.10
0.39
0.07
0.29
0.08
0.14
-0.25
0.42
0.55
0.21
0.05
0.38
-0.23
3.19
6.68
5.97
3.92
7.05
8.37
8.71
10
3.00
4.07
4.11
4.01
3.67
1.92
4.19
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
1.45
1.20
1.42
0.43
0.96
1.23
1.70
0.91
1.50
-0.36
0.92
1.31
0.37
1.54
2.10
0.52
-1.26
0.66
1.47
0.87
1.33
0.17
1.88
1.32
1.14
0.66
0.11
2.03
2.64
1.78
2.61
1.83
-0.25
0.58
2.96
0.98
2.86
2.82
3.33
3.28
3.34
3.28
1.75
1.70
5.76
5.74
0.59
0.55
0.77
0.74
2.03
1.95
0.07
0.79
2.16
2.10
0.06
1.12
4.25
4.34
-0.09
-0.97
1.43
1.37
0.06
0.27
1.99
1.78
0.21
3.75
0.60
0.60
0.00
-0.05
-0.39
-0.37
-0.02
1.13
0.04
0.05
0.06
0.05
0.02
0.04
0.03
24
1.83
3.48
4.50
0.50
6.81
0.39
0.93
25
3.23
6.73
6.03
3.97
7.06
8.41
8.74
26
27
28
1.29
-0.98
2.27
2.61
0.20
2.41
5.61
1.21
4.40
0.45
-1.19
1.64
3.13
1.05
2.09
0.77
-0.17
0.94
0.38
0.18
0.21
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
Equipment and software........
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software 2........................
Other3.............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
Residential.....................................
Structures..................................
Permanent site.....................
Single family....................
Multifamily........................
Other structures 5................
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
2004
I
II
96.924 106.826 101.412 102.529 105.913
90.157 99.688 94.235 95.204 98.041
75.810 76.802 77.406 75.886 77.171
74.227
41.256
79.852
73.879
40.384
73.417
73.538
41.163
84.585
71.796
39.318
81.600
75.348
37.839
72.699
III
IV
108.170
101.075
76.958
110.694
104.433
77.195
75.006
40.038
68.565
73.365
44.341
70.805
7 106.863 126.505 117.689 119.605 125.188 128.066 133.161
8 78.553 79.999 79.285 77.869 80.959 81.272 79.896
9 95.679 108.642 100.735 102.699 106.157 110.524 115.188
10 105.291
122.257 112.621
116.982 120.907 123.101
128.038
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
191.497
109.198
107.703
90.812
85.066
115.134
171.109
101.347
100.200
85.923
79.468
106.143
173.806
105.355
105.333
87.305
76.298
108.274
184.318
107.579
108.535
87.752
80.847
112.402
214.654
114.483
108.114
94.901
95.477
121.581
114.392
114.426
125.361
125.376
119.916
119.939
121.400
121.396
126.122 126.628 127.295
126.168 126.645 127.295
115.579
115.795
113.665
112.649
127.499
128.740
116.720
122.141
123.160
124.222
113.946
114.981
125.180
126.382
114.747
115.571
127.898
129.101
117.456
123.534
128.752
130.047
117.517
123.421
128.164
129.431
117.162
126.039
112.240
124.566 118.530 121.900 123.005 125.711
127.646
193.210
109.374
108.828
93.289
87.643
118.280
24
98.345 105.200 102.240 102.480 105.817 106.012 106.491
25
95.814 108.772 100.880 102.855 106.294 110.649 115.291
26 96.308 101.872 100.145 100.373 102.019 102.445 102.651
27 75.950 76.904 77.537 76.014 77.278 77.051 77.272
28 112.870 122.102 118.507 120.115 122.073 123.013 123.208
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.
March 2005
S u rv ey
of
D -3 9
C u r r 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 at annual rates
Seasonally adjusted
Line
2003
2004
IV
Private fixed investment....
Nonresidential..............................
Structures.................................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures 1................
Equipment and software........
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software 2 .......................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
Residential....................................
Structures.................................
Permanent site.....................
Single family....................
Multifamily........................
Other structures 5................
Equipment.................................
Addenda:
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 6...........................
Nonresidential structures.....
Residential structures..........
1
2
3
4
5
6
2004
2003
I
II
Line
III
IV
Private fixed investment....
Nonresidential...............................
Structures..................................
109.279 114.752 110.250 111.436 113.585 115.927 118.060
108.466 113.652 109.194 110.371 112.497 114.814 116.925
107.935 115.701 108.932 110.582 114.409 117.479 120.334
Commercial and health care.
Manufacturing......................
Power and communication....
Mining exploration, shafts,
and wells..........................
Other structures 1................
7 122.504 125.659 119.664 121.300 121.461 125.956 133.917
8 109.106 114.088 109.998 111.088 112.995 115.160 117.109
9 94.754 94.393 94.862 94.611 94.626 94.256 94.079
10
11
12
13
14
15
16
17
18
19
20
21
22
23
87.570
84.664
86.283
85.604
85.016
84.434
83.602
62.100 57.121 60.053 59.030 58.015 56.548 54.889
96.862 94.815 95.459 95.229 94.929 94.921 94.182
94.763 93.178 94.348 93.613 93.189 92.952 92.957
101.641 104.195 101.950 102.970 103.750 104.515 105.547
104.064 109.453 109.654 109.754 110.286 108.675 109.099
103.305 104.459 103.386 103.221 104.371 104.840 105.402
Information processing
equipment and software...
Computers and peripheral
equipment....................
Software 2........................
Other3..............................
Industrial equipment............
Transportation equipment....
Other equipment4...............
115.179 117.710 119.674 120.342
115.511 118.093 120.104 120.788
112.911
113.270
109.951
111.123
120.177
120.533
116.731
116.191
114.633
114.972
111.346
112.962
116.381
116.725
113.044
114.160
119.304
119.657
115.883
116.194
121.768
122.128
118.276
117.493
123.256
123.621
119.722
116.917
Permanent site.....................
Single family....................
Multifamily........................
Other structures 6................
96.804
94.224
95.757
95.148
94.629
93.658
93.460
Equipment.................................
Addenda:
94.770
94.388
94.867
94.612
94.623
94.247
94.070
26 111.407 117.963 112.704 114.275 116.881 119.357 121.340
27 110.212 115.651 110.676 111.979 114.055 116.761 119.811
28 112.003 119.163 113.753 115.463 118.343 120.702 122.143
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 sate of structures.
Equipment and software........
111.951 118.227 113.675
112.202 118.624 113.972
24 111.569 117.654 112.920 114.382 116.803 119.020 120.412
25
2004
2004
2003
IV
104.949 103.101 103.618 104.709 105.482 105.987
99.336 98.729 98.793 99.220 99.449 99.882
115.574 110.633 111.926 113.984 116.677 119.709
102.435
98.546
110.176
2003
Residential.....................................
Structures..................................
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures6..........................
Nonresidential structures.....
Residential structures..........
I
II
III
IV
1
2
3
4
5
6
1,667.0
1,094.7
261.6
1,882.5
1,220.2
278.0
1,755.2
1,146.3
268.2
1,783.5
1,158.8
266.0
1,861.7
1,198.5
275.5
1,915.4
1,238.5
281.2
1,969.5
1,285.2
289.4
111.6
14.2
40.3
116.6
14.6
39.7
111.5
14.3
43.1
110.0
13.8
42.2
117.7
13.5
38.9
119.6
14.6
37.7
119.1
16.5
39.9
7
8
9
35.6
59.9
43.3
63.8
38.3
60.9
39.5
60.4
41.4
63.9
43.9
65.4
48.5
65.4
833.1
942.2
878.1
892.8
923.1
957.3
995.8
10
431.2
484.2
454.7
468.5
480.9
486.3
500.8
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
111.0
182.4
190.7
150.7
149.5
157.8
104.5
170.5
179.7
139.5
140.0
144.0
104.4
176.8
187.4
143.1
134.5
146.6
108.8
180.0
192.2
145.0
143.2
153.9
111.1
182.9
192.2
155.2
153.0
162.7
119.8
190.0
191.0
159.5
167.3
168.1
572.3
564.3
662.3
653.6
609.0
600.6
624.6
616.1
663.2
654.6
677.0
668.3
684.3
675.6
345.9
310.6
35.3
218.4
406.0
367.5
38.5
247.6
374.0
338.2
35.9
226.6
386.0
349.3
36.7
230.1
404.3
365.8
38.5
250.4
415.4
376.1
39.3
252.9
418.5
378.9
39.6
257.0
8.0
8.6
8.4
8.5
8.6
8.7
8.8
24
825.9
931.7
868.8
882.1
930.1
949.5
964.9
25
841.1
950.9
886.5
901.4
931.6
965.9
1,004.6
26
27
28
748.0
261.3
486.7
837.7
277.6
560.1
786.7
267.8
518.8
799.4
265.7
533.8
831.1
275.1
556.0
852.2
280.8
571.4
868.1
289.0
579.2
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 -4 0
N ational D a ta
March 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
2003
2004
2003
Seasonally adjusted at annual rates
2004
Line
IV
Private fixed investment....
Nonresidential..............................
Structures.................................
Commercial and health care
Manufacturing......................
Power and communication...
Mining exploration, shafts,
and wells.........................
Other structures 1................
Equipment and software........
Information processing
equipment and software ...
Computers and peripheral
Software 3........................
Other4..............................
Industrial equipment............
Transportation equipment....
Other equipment5...............
Residential....................................
Structures.................................
Permanent site....................
Single family....................
Multifamily.......................
Other structures 6................
Equipment.................................
Residual.......................................
1
2
3
4
5
6
I
II
III
1,627.3
1,110.8
237.4
1,793.6
1,228.2
240.5
1,702.7
1,161.0
242.4
1,721.4
1,173.0
237.7
1,778.3
1,207.9
241.7
1,816.1
1,245.3
241.0
1,858.5
1,286.7
241.8
102.1
13.1
37.4
101.6
12.8
34.4
101.2
13.1
39.6
98.8
12.5
38.2
103.6
12.0
34.0
103.2
12.7
32.1
100.9
14.1
33.1
/
8
9
29.0
54.9
34.4
55.9
32.0
55.4
32.5
54.4
34.0
56.6
34.8
56.8
36.2
55.8
879.2
998.3
925.6
943.7
975.5
1,015.6
1,058.5
10
492.4
571.7
526.6
547.0
565.4
575.6
598.7
171.2
179.4
137.6
121.6
131.2
192.4
204.7
144.6
136.8
151.1
178.5
190.4
136.8
127.8
139.3
185.6
200.2
139.0
122.7
142.1
189.5
206.2
139.7
130.0
147.5
192.7
206.8
148.5
141.0
155.2
201.7
205.4
151.1
153.6
159.5
511.2
503.0
560.2
551.1
535.9
527.2
542.5
533.6
563.6
554.6
565.9
556.7
568.9
559.5
306.3
274.2
32.1
196.6
337.9
304.8
33.0
213.1
326.4
294.1
32.2
200.6
331.8
299.3
32.4
201.7
339.0
305.7
33.2
215.6
341.3
307.9
33.2
215.4
339.7
306.5
33.1
219.9
11
12
13
14
15
16
17
18
19
20
21
22
23
24
8.3
9.2
8.7
9.0
9.1
9.3
9.4
-14.9
-29.5
-20.6
-23.3
-25.4
-29.5
-39.5
25
740.3
791.9
769.6
771.4
796.5
798.0
801.6
26
887.5
1,007.5
934.4
952.7
984.5
1,024.9
1,067.9
27
28
29
671.4
237.1
434.6
710.2
240.0
470.1
698.2
242.0
456.3
699.7
237.3
462.4
711.2
241.2
470.0
714.2
240.5
473.6
715.6
241.2
474.4
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 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.
2004
2003
2004
IV
Addenda:
Private fixed investment in
structures..............................
Private fixed investment in
equipment and software......
Private fixed investment in new
structures 7...........................
Nonresidential structures.....
Residential structures..........
2003
IV
Change in private
inventories........................
Farm.............................................
Mining, utilities, and construction..
Manufacturing...............................
Durable goods industries.........
Nondurable goods industries....
Wholesale trade...........................
Durable goods industries
Nondurable goods industries....
Retail trade...................................
Motor vehicle and parts dealers
Food and beverage stores
General merchandise stores
Other retail stores....................
Other industries...........................
I
II
IV
III
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
-1.2
44.4
3.5
36.2
59.0
31.6
50.9
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
-1.1
0.3
7.1
4.5
2.5
22.3
17.8
4.5
12.6
1.3
0.8
3.3
7.2
3.1
-0.9
3.8
-13.5
-1.9
-11.6
3.8
9.6
-5.8
9.5
-0.8
-2.3
3.3
9.3
0.8
1.0
-5.2
3.2
-2.2
5.4
8.8
11.1
-2.3
25.6
17.9
0.3
3.0
4.4
2.8
-2.4
-2.0
9.6
6.0
3.6
21.2
16.7
4.5
30.2
16.4
1.8
2.8
9.2
2.3
-0.2
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
-2.6
2.9
8.2
6.1
2.1
24.0
15.5
8.5
15.1
-6.9
1.1
7.1
13.7
3.3
16
17
18
19
-1.2
0.6
-1.8
-1.5
44.4
30.3
14.1
45.5
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
50.9
26.5
24.4
53.5
20
16.9
98.6
31.7
82.0
119.2
73.8
119.3
21
22
23
24
-18.3
-0.3
1.5
1.1
-53.1
22.3
19.8
16.4
-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
-65.7
24.0
23.4
15.5
Addenda:
Change in private inventories...
Durable goods industries
Nondurable goods industries
Nonfarm industries..................
Nonfarm change in book
value’ ...............................
Nonfarm inventory valuation
adjustment2.....................
Wholesale trade.......................
Merchant wholesale trade
Durable goods industries..
Nondurable goods
industries.....................
Nonmerchant wholesale
trade.................................
25
0.4
3.3
-5.3
-2.8
1.3
6.9
7.9
26
-1.8
2.6
-0.4
1.2
4.6
3.8
0.7
1. This series is derived from the Census Bureau series “current cost inventories.”
2. The inventory valuation adjustment (IVA) shown in this table differs from the IVA that adjusts business incomes. The IVA
in this table reflects the mix of methods (such as first-in, first-out and last-in, first-out) underlying inventories derived primarily
from Census Bureau statistics (see footnote 1). This mix differs from that underlying business income derived primarily from
Internal Revenue Service statistics.
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
Table 5.6.6B. Real Change in Private Inventories by Industry, Chained Dollars
[Billions of chained (2000) dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
IV
Change in private
inventories........................
Farm.............................................
Mining, utilities, and construction..
Manufacturing...............................
Durable goods industries.........
Nondurable goods industries....
Wholesale trade...........................
Durable goods industries.........
Nondurable goods industries....
Retail trade...................................
Motor vehicle and parts dealers
Food and beverage stores.......
General merchandise stores....
Other retail stores....................
Other industries...........................
Residual........................................
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
2004
I
II
III
IV
-0.8
46.6
8.6
40.0
61.1
34.5
51.0
0.3
0.3
-15.2
-11.4
-3.9
0.0
-0.3
0.3
13.1
6.2
-0.4
0.7
6.7
1.0
-0.3
3.4
0.1
6.6
4.3
2.3
21.0
17.4
4.0
12.5
1.4
0.7
3.2
7.0
3.1
-0.3
3.5
3.5
-13.1
-1.8
-10.9
4.0
9.7
-5.2
9.4
-0.9
-2.1
3.3
9.2
0.8
-0.5
5.1
-4.5
3.0
-2.2
5.0
8.5
11.1
-2.0
25.6
18.7
0.3
3.0
4.3
2.8
-1.6
3.0
-1.7
9.1
5.9
3.3
20.0
16.4
4.0
29.9
17.1
1.6
2.7
8.9
2.3
-2.4
3.8
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
1.7
2.3
7.3
5.6
1.7
22.2
14.9
7.5
14.8
-7.0
1.0
6.9
13.1
3.2
0.1
17
18
19
20
21
22
23
-0.8
0.4
-1.1
-1.1
0.0
1.8
1.1
46.6
29.8
17.6
43.4
21.0
18.6
16.0
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
51.0
25.5
25.6
49.7
22.2
21.8
14.8
24
0.7
3.0
-4.7
-2.5
1.2
6.4
7.0
25
-1.8
2.4
-0.3
1.2
4.4
3.5
0.6
Addenda:
Change in private inventories...
Durable goods industries.....
Nondurable goods industries
Nonfarm industries..................
Wholesale trade.......................
Merchant wholesale trade....
Durable goods industries..
Nondurable goods
industries.....................
Nonmerchant wholesale
trade.................................
Note. Estimates in this table are based on the North American Industry Classification System (NAICS).
Chained (2000) dollar series for real change in private inventories are calculated as the period-to-period change in
chained-dollar end-of-period inventories. Quarterly changes in end-of-period inventories are stated at annual rates. Because
the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar esti
mates are usually not additive. The residual line is the difference between the first line and the sum of the most detailed lines.
March 2005
S urvey
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
Seasonally adjusted quarterly totals
2004
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.............................................................
I
II
III
1,552.5
1,606.0
1,645.8
1,660.1
1,694.1
152.0
52.3
442.0
257.6
184.4
357.7
203.0
154.7
435.2
143.5
35.6
67.1
189.0
113.3
175.4
53.9
452.1
263.5
188.6
366.6
209.5
157.1
443.8
148.3
35.8
68.1
191.6
114.3
178.6
55.4
463.7
268.6
195.0
376.4
216.4
160.0
456.3
153.8
37.0
69.3
196.3
115.4
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
163.5
61.6
489.3
282.6
206.7
399.3
233.5
165.8
460.9
148.5
37.4
71.5
203.5
119.5
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
1,606.0
711.8
894.2
1,430.6
366.6
316.2
182.6
133.6
50.4
1,645.8
733.7
912.0
1,467.2
376.4
323.9
188.9
135.0
52.5
1,660.1
750.0
910.1
1,496.7
389.0
334.0
198.5
135.4
55.1
1,694.1
764.7
929.4
1,530.5
399.3
343.1
204.5
138.6
56.2
Final sales of domestic business2......................
Final sales of goods and structures of
domestic business2 ...........................................
Ratios of private inventories to final sales of
domestic business:
723.5
733.9
745.1
757.8
768.1
26
397.8
403.0
409.7
417.9
423.5
Private inventories to final sales...............................
Nonfarm inventories to final sales.............................
Nonfarm inventories to final sales of goods and
structures...............................................................
27
28
2.15
1.94
2.19
1.95
2.21
1.97
2.19
1.97
2.21
1.99
29
3.52
3.55
3.58
3.58
3.61
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 GDP 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
Line
2003
2004
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
103.505
106.362
107.905
108.231
109.538
121.492
109.532
102.741
100.390
106.295
102.907
99.034
108.666
99.902
95.331
108.693
101.992
101.134
100.004
138.741
115.478
104.904
102.914
107.928
104.828
100.851
110.741
100.400
95.515
108.989
102.371
101.965
100.275
140.419
119.907
107.030
104.314
111.119
106.120
102.176
111.984
101.517
96.427
111.247
103.034
103.208
100.736
127.550
122.395
110.031
106.756
114.946
107.173
103.967
111.932
102.123
97.020
110.947
103.139
104.159
101.367
127.228
128.491
112.027
108.333
117.567
108.348
104.998
113.323
102.836
97.715
111.664
103.598
104.975
102.625
16
17
18
19
20
21
22
23
24
103.505
98.839
107.615
101.862
102.907
102.961
99.210
108.691
102.584
106.362
100.468
111.554
103.407
104.828
104.861
101.084
110.636
104.631
107.905
101.878
113.215
104.938
106.120
106.035
102.433
111.545
106.662
108.231
103.570
112.319
106.465
107.173
106.732
104.304
110.437
109.930
109.538
104.682
113.799
107.920
108.348
107.769
105.373
111.423
111.970
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.............................................................
I
II
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...............................
1. Implicit price deflators are as of the end of the quarter and are consistent with inventory stocks.
Note. Estimates in this table
based
Industry Classification System (NAICS).
are
Line
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Addenda:
Private inventories.....................................................
Durable goods industries.......................................
Nondurable goods industries.................................
Nonfarm industries.................
Wholesale trade.....................
Merchant wholesale trade...
Durable goods industries.
Nondurable goods industries.............................
Nonmerchant wholesale trade...............................
D -41
C u r r e n t B u sin e ss
or theN A erican
orth m
2004
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............................................................
Residual........................................................................
I
II
III
IV
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
1,499.9
1,509.9
1,525.2
1,533.8
1,546.6
125.1
47.8
430.2
256.6
173.5
347.5
205.0
142.3
435.6
150.6
32.7
65.8
186.9
113.3
0.3
126.4
46.6
430.9
256.1
174.7
349.7
207.7
141.8
442.0
155.2
32.8
66.5
187.9
114.0
0.2
127.2
46.2
433.2
257.5
175.5
354.7
211.8
142.8
449.5
159.5
33.2
67.2
190.2
114.6
-0.5
128.1
47.3
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
128.5
47.9
436.8
260.9
175.8
368.5
222.4
146.3
448.2
152.0
33.5
69.0
193.9
116.4
0.0
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
1,509.9
708.5
801.5
1,383.5
349.7
301.5
180.7
120.8
48.1
1,525.2
720.2
805.6
1,398.2
354.7
305.5
184.4
121.0
49.2
1,533.8
724.1
810.3
1,405.8
363.0
312.9
190.3
122.6
50.1
1,546.6
730.5
816.7
1,418.2
368.5
318.3
194.0
124.4
50.2
618.7
624.5
628.7
637.8
644.2
27
387.3
390.8
393.5
401.4
404.9
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
3.50
Addenda:
Private inventories....................................................
Durable goods industries......................................
Nondurable goods industries...............................
Nonfarm industries.............
Wholesale trade..................
Merchant wholesale trade
Durable goods industries..................................
Nondurable goods industries............................
Nonmerchant wholesale trade.............................
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..................................................................
1. Inventories are as of the end of the quarter. The quarter-to-quarter changes calculated from this table are at quarterly
rates, whereas the change in private inventories component of GDP is stated at annual rates.
2. Quarterly totals at monthly rates. Final sales of domestic business equals final sales of domestic product less gross
value added of households and institutions and of general government, and it includes a small amount of final sales by farm
and by government enterprises.
Note Estimates this table are based the North American Industry Classification
(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.
in
on
S
ystem
D -4 2
N atio n al D a ta
March 2005
6. Incom e and E m p lo ym en t 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
2004
2003
IV
National income without capital consumption adjustment.
Domestic industries...................................................................................
Private industries.........................................................................................
9.396.6
9,647.7
9.744.7
9.883.2
9.938.5
9,341.5
9.560.6
9.671.2
8.158.7
8.363.9
8.455.9
9,847.0
8,626.4
8.670.8
Agriculture, forestry, fishing, and hunting............................................
Mining..................................................................................................
Utilities............
Construction....
Manufacturing..
Durable goods
Nondurable goods
Wholesale trade
Retail trade...........................................................................................
Transportation and warehousing.........................................................
Information...........................................................................................
Finance, insurance, real estate, rental, and leasing............................
Professional and business services'..................................................
Educational services, health care, and social assistance..................
Arts, entertainment, recreation, accommodation, and food services,.
Other services, except government....................................................
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
80.5
99.7
162.9
488.5
1.158.2
666.0
492.2
580.9
735.0
267.3
313.0
1.790.2
1.248.9
843.4
346.2
249.2
76.5
100.3
164.4
492.0
1.145.9
656.8
489.2
583.0
740.2
269.2
311.9
1.846.8
1.271.2
853.2
350.3
251.0
Government...................................................................................................
Rest of the w orld..............................................................................................
1.182.8
55.1
1.196.7
87.2
1.215.2
73.5
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
9,900.4
74.1
108.1
164.8
518.7
1.202.9
710.4
492.4
614.5
731.5
273.9
346.4
1,837.1
1.311.6
873.1
356.4
257.6
1.229.6
38.2
1. Consists of professional, scientific, and technical services; management of companies and enterprises; and administrative and waste management services.
Note. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
Table 6.16D. Corporate Profits by Industry
[Billions of dollars]
Seasonally adjusted at annual rates
Line
2003
2004
2003
2004
IV
Corporate profits with inventory valuation and capital consumption adjustments.
Domestic industries.......................................................................................................
Financial1
...........
Nonfinancial.......
Rest of the world . ..
Receipts from the rest of the world................................................................................
Less: Payments to the rest of the world.........................................................................
Corporate profits with inventory valuation adjustment
Domestic industries....................................................
Financial...................................................................
Federal Reserve banks.............................................................................................
Other financial2
........................................................................................................
Nonfinancial................................................................................................................
Utilities.
Manufacturing..........................................................................................................
Durable goods......................................................................................................
Fabricated metal products................................................................................
Machinery........................................................................................................
Computer and electronic products.....................................................................
Electrical equipment, appliances, and components.............................................
Motor vehicles, bodies and trailers, and parts.....................................................
Other durable goods3..........................
Nondurable goods...................................
Food and beverage and tobacco products..........................................................
Petroleum and coal products...............
Chemical products..............................
Other nondurable goods4..................................................................................
Wholesale trade...................
Retail trade...........................
Transportation and warehousing................................................................................
Information...........................
Other nonfinancial5
...............
Rest of the world........................
1,021.1
1,129.1
1,165.6
1,173.9
1,118.0
844.2
913.3
960.3
988.6
327.8
516.4
335.9
577.3
355.7
604.6
929.3
347.8
640.8
279.1
650.2
176.9
215.8
205.3
185.3
188.7
250.7
73.8
293.4
77.5
299.0
93.7
305.6
120.3
313.1
124.5
860.4
683.4
941.9
726.1
925.4
720.0
940.6
755.2
299.8
19.2
280.6
383.6
18.8
67.3
-3.5
10.1
-0.5
-15.4
-3.2
-6.2
11.8
70.7
27.7
14.8
21.2
7.1
47.9
77.7
10.5
-0.7
162.1
895.0
706.3
305.3
17.6
287.8
420.7
24.3
93.4
9.3
13.2
1.1
-14.0
-4.4
-5.0
18.4
84.1
34.2
18.7
21.3
9.8
50.1
74.7
12.4
-1.0
166.8
313.7
18.2
295.5
406.4
23.2
81.5
2.8
11.8
2.2
-17.2
-8.1
-0.5
14.6
78.6
31.1
24.5
14.1
8.9
46.0
80.0
11.7
-6.6
170.7
306.4
18.1
288.3
448.8
21.5
94.8
14.9
12.1
3.6
-15.9
-1.6
-1.2
18.0
79.9
27.9
27.3
13.7
11.0
52.2
73.1
15.5
16.5
175.1
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
176.9
215.8
205.3
185.3
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.
Note. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
March 2005
S u rv ey
of
D -4 3
C u rr e n t B u sin ess
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
Line
2003
2004
2003
IV
Line
2004
I
II
III
IV
2004
I
II
III
IV
4.2
5.6
2.9
8.8
-15.2
10.4
1
?
3
4
37,805
37,995
31,476
28,034
39,916
32,901
29,367
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
32,959
29,395
27.2
40,630
Auto output...................
Truck output..................
-7.7
11.6
0.5
8.0
-22.1
17.8
8.0
9.2
-9.0
-17.9
16.3
7.7
4.2
39.5
33,711
30,086
Final sales of domestic product.
Personal consumption
expenditures.........................
2
3
4
7.1
6.6
-5.1
-11.2
-6.7
64.5
9.6
b
6
7
5.4
2.5
-3.0
-8.4
-6.5
33.6
-3.8
8.2
-2.2
1.1
0.2
-21.4
-10.8
-2.3
9.9
3.3
1.5
14.0
-19.3
-15.1
27.0
b
6
7
8
26,663
3,266
7,559
15,838
27,995
3,380
8,087
16,528
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
28,535
3,440
8,305
16,790
9
10
11
35,666
35,846
26,570
36,882
36,208
36,491
26,862
36,526
36,762
26,964
36,740
36,856
27,088
37,005
37,125
27,214
37,256
27,237
27,678
12 25,270 25,965 25,552 25,755 25,797 26,053 26,251
13
3,541
3,738
3,661
3,672
3,661
3,800
3,819
14
7,257
7,514
7,364
7,454
7,469
7,520
7,611
15 14,499 14,759 14,567 14,654 14,717 14,788 14,875
16 291,073 293,951 292,217 292,872 293,540 294,315 295,077
New motor vehicles..............
Autos..................................
Light trucks (including
utility vehicles)..............
Net purchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Private fixed investment..........
New motor vehicles..............
Autos..................................
Trucks................................
Light trucks (including
utility vehicles)..........
Other..............................
Net purchases of used autos
and used light trucks.........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Gross government
investment..............................
Autos......................................
Trucks....................................
Net exports.................................
Exports..................................
Autos..................................
Trucks ................................
Imports..................................
Autos..................................
Trucks................................
Change in private inventories....
Autos..........................................
Domestic...........................
Foreign...............................
Used......................................
Trucks
New........................................
Domestic............................
Foreign...............................
Used1....................................
8
15.4
1.6
-26.6
00
00
1
2003
1
Chained (2000) dollars:
Gross domestic product..........
Gross national product............
Disposable personal income....
Personal consumption
expenditures........................
Durable goods.....................
Nondurable goods...............
Services...............................
Population (midperiod, thousands)
2004
Motor vehicle output.......
Current dollars:
Gross domestic product..........
Gross national product............
Personal income......................
Disposable personal income....
Personal consumption
expenditures........................
Durable goods......................
Nondurable goods...............
Services...............................
2003
IV
4.4
37.8
-32.2
9
10
-0.9
-1.1
5.9
1.5
67.3
52.7
-21.8
-27.0
-28.3
-26.3
101.1
106.4
27.8
14.1
11
12
13
14
15
-0.6
10.3
82.7
-16.6
-30.1
96.2
42.1
2.9
16.8
9.0
-3.2
5.0
72.0
35.0
-0.5
-6.1
3.3
13.4
5.0
18.6
23.2
13.6
29.5
-8.2
-13.4
-5.1
-1.6
-10.6
3.9
55.0
31.1
69.6
33.3
32.8
33.5
16
17
3.0
4.1
13.8
34.1
22.3
54.5
-15.2
30.9
8.8
-8.4
68.3
73.3
25.0
59.0
18
19
-5.2
-3.1
7.5
3.9
51.2
32.1
-16.5
-20.7
-12.8
-5.8
26.9
17.7
30.0
27.0
20
-7.2
11.1
72.9
-12.5
-19.0
36.3
32.8
21
22
23
?4
25
26
27
28
29
30
31
1.9
16.0
16.5
9.8
35.6
-4.7
53.8
-4.6
4.4
-9.9
25.1
14.3
17.2
-10.2
16.2
30.5
37.0
-37.2
5.6
39.7
57.2
10.0
4.6
15.8
-0.2
-3.5
3.7
11.0
3.0
18.6
5.1
0.4
10.2
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
-25.2
-2.2
-39.3
-12.8
-24.1
0.6
42
4.8
5.9
-0.1
-6.8
-3.0
40.5
6.0
43
44
45
-1.3
-7.6
-3.8
9.9
-2.2
3.5
18.4
-16.0
-7.5
-14.4
-3.3
4.0
-0.2
-18.8
10.4
51.4
24.3
-5.4
28.2
0.3
33.7
W
33
34
35
V
38
39
40
41
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos2..
Sales of imported new autos3...
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
D -4 4
N ational D a ta
March 2005
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
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 autos.......................
Used light trucks (including
utility vehicles)..............
Private fixed investment.........
New motor vehicles..............
Autos.................................
Trucks................................
Light trucks (including
utility vehicles)..........
Other.............................
Net purchases of used autos
and used light trucks........
Used autos.......................
Used light trucks (including
utility vehicles)..............
Gross government investment
Autos.....................................
Trucks ....................................
Net exports.................................
Exports..................................
Autos.................................
Trucks................................
Imports
Autos.................................
Trucks
Change in private inventories....
Autos...........
....................
New.......................................
Domestic...........................
Foreign..............................
Used......................................
Trucks
Foreign..............................
Seasonally adjusted
2004
2003
I
II
Line
III
fa 119.262 122.201 122.213 119.571 117.586 126.426 125.222
6 128.769 130.205 129.367 128.602 129.653 133.973 128.591
7 97.523 97.759 96.309 98.610 98.984 93.831 99.610
9 101.191 107.174 109.027 102.525
10 93.876 95.311 98.566 91.094
94.351
84.411
171.716 155.832
112.360 119.459
101.175 104.566
11 110.008 121.361 121.569 116.185 106.236 125.734 137.287
12 82.945 96.853 88.326 87.619 88.702 101.584 109.508
13 87.570 99.308 94.361 92.356 91.979 102.625 110.270
14 85.332 89.610 89.976 86.801 84.395 90.300 96.943
15 89.047 105.578 97.229 95.969 96.892 110.579 118.870
16
17
93.868 106.788 100.822
75.681 101.451 86.979
96.758
93.037
98.819 112.558 119.017
91.029 104.447 117.292
18
19
94.332 101.401 103.837
88.558 91.982 95.073
99.248
89.731
95.899 101.782 108.675
88.397 92.069 97.731
20
21
22
23
?4
2b
26
27
28
29
30
31
100.858 112.092 113.780 110.059 104.405 112.807 121.098
97.081
112.662
104.007
112.237
110.898
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)..............
Autos......................................
Trucks....................................
Net exports.................................
132.489
129.478
134.831
108.000
100.374
116.963
124.853
128.662
121.354
105.439
104.208
106.895
117.092
118.448
115.711
106.040
99.320
113.936
123.902
125.049
122.688
109.646
97.786
123.559
149.733
137.582
159.844
110.012
105.710
115.093
139.228
136.834
141.082
106.300
98.678
115.263
Exports..................................
Autos..................................
Trucks ................................
Imports
Autos
Trucks................................
Change in private inventories....
Autos..........................................
New........................................
Domestic...........................
Foreign...............................
Used......................................
V
33
34
35
36
37
3fi
39
40
41
Domestic............................
Foreign...............................
Used1....................................
2004
I
II
III
IV
96.347
95.086
95.897
95.149
96.905
93.815
95.680
94.247
96.670
96.094
94.724
95.543
94.578
94.760
94.201
95.102
96.061
96.003
96.027
96.191
95.149
95.597
95.779
95.944
1
2
3
4
96.462
95.899
96.048
96.266
95.464
96.892
94.428
96.588
94.125
96.951
94.500
97.095
96.100
95.569
95.797
95.914
fa
6
7
96.200
94.660
94.430
96.429
96.527
95.754
95.934
95.956
96.000
8
96.303
95.601
95.881
96.044
95.880
94.847
95.633
9
10
95.415
94.743
91.663
91.530
90.384
89.235
90.634
89.825
91.362
91.174
91.585
91.706
93.070
93.413
11 96.061 91.829 91.514 91.439 91.581 91.508 92.785
12 101.697 106.966 107.996 107.908 108.319 105.751 105.884
13 96.806 97.263 97.482 97.165 97.477 96.800 97.612
14 96.511 95.924 95.986 95.988 96.188 95.593 95.927
15 96.975 98.070 98.390 97.882 98.258 97.536 98.604
16 95.503 96.015 97.256 96.003 96.363 95.093 96.601
17 101.987 104.792 102.300 104.061 104.488 105.410 105.208
18
19
20
21
22
23
?4
25
26
27
28
29
30
31
3?
33
34
35
36
37
38
39
40
41
90.570
91.133
84.437
84.914
83.385
84.162
82.755
83.423
82.928
83.541
85.083
85.426
90.016
83.952
82.621
82.092
82.317
84.725
86.675
100.398 102.840 102.386 102.693 102.739 102.600
103.329
86.982
87.268
99.649 98.913 102.260 100.347 98.962 98.461 97.884
100.655 103.923 102.407 103.353 103.796 103.750 104.791
103.701
102.543
104.901
102.154
101.661
102.733
105.679
103.966
107.355
103.825
103.076
104.658
42
97.305
43
44
45
95.999
97.366
96.581
104.205
102.898
105.545
102.928
102.343
103.596
'104.745
103.335
106.179
103.095
102.477
103.799
105.318
104.063
106.613
103.530
102.674
104.469
97.197
97.232
97.337
96.021
97.275
95.960
96.738
96.586
96.830
96.041
97.287
96.031
105.903
104.028
107.711
104.130
103.344
104.998
106.750
104.436
108.915
104.546
103.809
105.364
97.562
96.587
97.305
96.331
97.554
96.222
95.346
96.951
95.626
96.364
97.307
95.961
Addenda:
42 109.332 115.742 113.002 111.035 110.205 119.982 121.745
43
44
45
89.811 98.662
91.620 89.649
97.326 100.769
95.677
91.429
96.797
92.032 91.994 102.040 108.582
90.668 86.076 90.894 90.959
97.757 100.210 98.835 106.273
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.
Auto output...................
Truck output..................
92.466 83.345 84.479 82.226 87.880 78.228 85.047
98.842 123.647 108.095 112.234 121.428 123.095 137.832
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...
Motor vehicle output......
Gross government investment
119.396
125.759
113.713
102.801
100.009
106.091
2003
IV
123.505
101.611
2004
IV
1 110.849 117.003 114.894 117.344 112.620 115.444 122.604
2 90.589 91.079 89.002 90.723 88.609 92.012 92.971
3 125.264 135.336 133.197 136.160 129.616 132.049 143.519
4 112.554 119.989 116.751 113.326 111.392 126.161 129.075
8 158.129 160.706 160.432 156.795 158.481
2003
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks....
Domestic output of new autos2..
Sales of imported new autos3...
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
March 2005
S urvey
of
D -4 5
C u r r e n t B u sin e ss
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
2003
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 autos.......................
Used light trucks (including
utility vehicles)..............
Private fixed investment
New motor vehicles..............
Autos.................................
Trucks................................
Light trucks (including
utility vehicles)..........
Other.............................
Net purchases of used autos
and used light trucks
Used autos.......................
Used light trucks (including
utility vehicles)..............
Gross government
investment..............................
Autos.....................................
Trucks.
Net exports
Exports..................................
Autos.................................
Trucks................................
Imports..................................
Autos.................................
Trucks................................
Change in private inventories....
Autos.........................................
New.......................................
Domestic..........................
Foreign.............................
Used......................................
Trucks....
New...
Domestic..........................
Foreign.............................
Used1....................................
1
2
3
4
5
6
7
Seasonally adjusted at annual rates
Line
2004
I
II
III
409.6
402.9
412.3
396.1
400.7
429.2
130.6
259.6
129.9
279.7
126.6
276.3
129.5
282.8
127.4
268.7
130.4
270.3
132.4
296.8
Auto output...................
Truck output..................
383.4
406.4
396.5
385.3
379.5
423.6
437.2
373.4
376.6
375.8
368.2
362.8
387.8
387.8
Final sales of domestic product.
Personal consumption
expenditures.........................
266.0
97.5
267.1
97.1
266.0
95.8
264.7
98.1
266.8
98.6
273.1
92.9
263.9
99.0
168.5
170.0
170.2
166.7
168.2
180.2
164.9
9
107.4
53.9
109.5
53.0
109.8
53.4
103.5
49.7
96.0
46.7
114.6
56.3
123.8
59.3
11
12
13
14
15
53.5
56.5
56.4
53.9
49.3
58.3
64.6
99.8
122.2
112.6
111.6
113.4
126.8
136.9
163.9
62.9
101.0
186.7
65.7
121.1
177.8
66.0
111.9
173.5
63.7
109.8
173.3
62.0
111.3
192.1
65.9
126.1
208.1
71.0
137.1
16
17
77.2
23.9
88.2
32.9
84.4
27.5
79.9
29.9
81.9
29.4
92.1
34.0
98.9
38.2
18
19
-64.2
-32.2
-64.6
-31.2
-65.2
-32.0
-61.9
-29.9
-59.9
-29.5
-65.3
-31.4
-71.2
-34.1
20
-32.0
-33.3
-33.3
-32.0
-30.4
-33.8
-37.2
12.1
14.4
12.9
13.2
14.3
14.1
15.8
3.1
8.9
2.8
11.5
2.9
9.9
2.8
10.4
3.0
11.3
2.6
11.5
2.8
13.0
-101.9
-106.7
-104.7
-107.7
-111.0
-105.0
-103.2
32.3
15.8
16.6
134.3
70.6
63.7
36.6
16.5
20.1
143.3
71.8
71.5
34.0
16.2
17.8
138.7
74.0
64.7
32.0
15.0
17.1
139.7
70.6
69.1
34.1
15.9
18.2
145.1
69.7
75.4
41.4
17.5
23.9
146.4
75.8
70.6
38.8
17.5
21.3
142.1
71.1
71.0
6.9
3.2
6.4
27.0
16.6
-23.0
-8.0
0.1
0.1
0.2
-0.1
0.0
6.8
6.7
6.7
0.0
0.0
-2.1
-2.9
-1.9
-1.0
0.8
5.3
4.2
4.3
-0.1
1.1
-1.6
-1.7
-2.6
0.9
0.0
8.0
8.1
4.4
3.7
0.0
0.9
0.4
-1.0
1.5
0.5
26.1
25.6
24.1
1.6
0.5
0.3
-6.3
^f.O
-2.4
6.7
16.3
10.1
7.8
2.3
6.2
2.4
3.6
1.3
2.3
-1.3
-25.3
-25.7
-21.1
-4.5
0.3
-12.1
-9.4
^ .1
-5.3
-2.7
4.1
6.6
6.4
0.2
-2.5
Addenda:
Final sales of motor vehicles to
domestic purchasers............
Private fixed investment in new
autos and new light trucks
Domestic output of new autos2.
Sales of imported new autos3 ...
42
485.3
513.2
501.2
493.0
490.5
528.7
540.4
43
44
45
140.1
98.6
78.8
153.9
96.4
81.1
150.3
97.6
78.6
143.6
97.5
78.7
143.9
92.8
80.9
158.0
97.4
79.3
170.0
97.8
85.5
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.
Motor vehicle output
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
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
2004
2003
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
I
IV
390.2
8
10
2003
IV
II
III
IV
1
2
3
4
404.6
427.0
419.3
428.3
411.0
421.3
447.5
136.9
267.9
137.6
289.5
134.5
284.9
137.1
291.2
133.9
277.2
139.0
282.4
140.5
307.0
398.9
425.3
413.8
401.7
394.8
447.2
457.5
5
6
7
388.2
397.8
397.8
389.2
382.7
411.5
407.6
275.9
101.0
279.0
101.3
277.2
99.8
275.5
102.1
277.8
102.5
287.0
97.2
275.5
103.2
8
175.0
177.8
177.5
173.5
175.4
190.0
172.4
9
10
112.6
56.9
119.2
57.8
121.3
59.8
114.1
55.2
105.0
51.2
125.0
61.4
132.9
63.4
11
12
13
14
15
55.7
61.4
61.5
58.8
53.8
63.6
69.5
98.1
114.5
104.5
103.6
104.9
120.1
129.5
169.3
65.2
104.2
192.0
68.5
123.5
182.5
68.7
113.7
178.6
66.3
112.3
177.9
64.5
113.3
198.5
69.0
129.4
213.2
74.1
139.1
16
17
80.8
23.4
91.9
31.4
86.8
26.9
83.3
28.8
85.1
28.1
96.9
32.3
102.4
36.3
18
19
-70.9
-35.3
-76.2
-36.7
-78.0
-37.9
-74.5
-35.8
-72.0
-35.2
-76.4
-36.7
-81.6
-39.0
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
-39.5
-40.1
-38.8
-36.8
-39.8
-42.7
12.0
14.0
12.6
12.9
13.9
13.7
15.3
3.2
8.9
2.8
11.1
2.9
9.7
2.8
10.1
3.0
10.9
2.7
11.0
2.9
12.4
-100.2
-103.5
-102.2
-105.0
-107.8
-101.5
-99.5
31.2
15.4
15.8
131.4
69.4
62.0
34.6
15.8
18.7
138.1
69.7
68.3
32.6
15.7
16.9
134.8
72.3
62.5
30.6
14.5
16.1
135.6
68.9
66.6
32.4
15.3
17.0
140.2
67.9
72.2
39.1
16.8
22.2
140.6
73.4
67.2
36.4
16.7
19.6
135.9
68.5
67.3
10.3
3.3
9.6
27.6
17.2
-23.7
-8.1
3.5
0.1
0.2
-0.1
3.6
6.5
6.0
6.0
0.0
0.1
-2.4
-2.9
-2.0
-0.9
1.0
4.7
3.4
3.5
-0.1
1.3
1.5
-1.7
-2.6
0.9
-0.1
7.3
6.8
3.7
3.0
-0.1
1.1
0.4
-1.1
1.4
0.6
23.6
21.2
19.9
1.3
0.5
0.4
-6.3
-4.0
-2.3
7.9
15.0
8.5
6.6
1.9
7.3
2.7
3.6
1.3
2.2
-1.5
-23.3
-21.6
-17.8
-3.8
0.3
-13.7
-9.2
^ .1
-5.1
-3.1
3.7
5.5
5.3
0.1
-2.9
-4.3
-0.1
1.1
4.3
-1.1
-5.4
1.9
43
498.7
527.9
515.5
506.5
502.7
547.3
555.3
44
45
46
145.9
101.2
81.6
160.3
99.1
84.5
155.4
101.0
81.2
149.5
100.2
82.0
149.5
95.1
84.0
165.8
100.4
82.9
176.4
100.5
89.1
1. Consists of used light trucks only.
2. Consists of final sales and change in private inventories of new autos assembled in the United States.
3. Consists of personal consumption expenditures, private fixed investment, and gross government investment.
Note. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 currentdollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses weights
of more than one period, the corresponding chained-dollar estimates are usually not additive. The residual line is the differ
ence between the first line and the sum of the most detailed lines, excluding the lines in the addenda.
March 2005
D -4 6
B. O th er NIPA and N IPA -R elated Tables
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 February 28, 2005.
Table B.1. Personal Income and Its Disposition
[Billions of dollars; monthly estimates seasonally adjusted at annual rates]
2004
2003
2003
2005
2004
Dec.
Jan.
Feb.
March
April
May
June
Julyr
Aug.r
Sep.r
Oct.'
Nov.r
Dec.r
Jan.p
Personal income.................................................................
9,161.8
9.671.3
9,375.3
9.404.1
9,445.9
9,484.9
9.550.0
9.603.8
9,624.2
9.668.5
9.706.3
9,726.4
9.800.0
9.836.7 10,204.9
9.966.3
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.........................................................
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
6.631.1
5.356.1
4,430.5
1.045.3
687.2
3.385.2
891.4
2,493.8
925.6
1,275.1
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
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
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
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
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
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
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
6,660.2
5.381.3
4.455.5
1.051.1
691.6
3.404.4
897.3
2.507.1
925.8
1,278.9
6,688.1
5.403.6
4,474.9
1,060.2
698.5
3.414.7
898.3
2.516.4
928.7
1.284.5
6.713.8
5,424.0
4.493.8
1.063.9
700.9
3.429.9
903.3
2,526.6
930.2
1,289.8
6,749.9
5,454.6
4.523.1
1.066.5
700.2
3.456.6
905.2
2,551.4
931.6
1.295.2
6.761.1
5.461.7
4.528.2
1.067.8
700.1
3.460.4
905.9
2.554.5
933.5
1,299.4
6.796.4
5.491.4
4,556.6
1,072.2
703.4
3.484.4
911.3
2,573.1
934.8
1,304.9
6.840.9
5.522.3
4.578.9
1.072.4
704.4
3.506.5
918.8
2,587.7
943.3
1.318.6
808.9
875.4
841.6
848.7
856.5
864.4
867.0
870.2
873.9
877.5
881.6
885.7
889.2
892.9
896.6
903.7
376.6
399.7
382.3
391.0
392.5
393.3
395.2
397.8
397.4
401.4
402.9
404.1
406.0
406.4
408.3
415.0
Proprietors’ income with IVA and CCAdj....................
Farm.........................................................................
Nonfarm...................................................................
834.1
21.8
812.3
902.5
18.2
884.3
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
18.6
902.2
932.8
22.8
909.9
947.5
25.8
921.7
963.1
24.4
938.8
Rental income of persons with CCAdj.........................
153.8
165.6
175.7
174.1
172.6
171.8
172.0
172.8
172.9
170.5
156.8
134.2
164.1
162.7
162.7
158.6
Personal income receipts on assets............................
Personal interest income.........................................
Personal dividend income.......................................
1,322.7
929.9
392.8
1,386.4
945.3
441.1
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
1,380.6
952.1
428.5
1,388.9
956.9
431.9
1,695.4
961.8
733.6
1,401.8
963.9
437.8
Personal current transfer receipts................................
Government social benefits to persons...................
Old-age, survivors, disability, and health
insurance benefits...........................................
Government unemployment insurance benefits
Other....................................................................
Other current transfer receipts, from business (net)
Less: Contributions for government social insurance
1.335.4
1.306.4
1,405.9
1,373.2
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
1,418.8
1,389.5
1,426.3
1,397.1
1,441.8
1,412.5
1,454.9
1,425.7
733.8
52.8
519.8
28.9
773.2
779.2
34.6
559.5
32.7
820.2
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
823.8
782.3
32.6
558.0
42.8
827.0
786.9
32.5
561.9
56.8
829.9
791.2
31.3
567.0
29.2
834.1
795.6
31.0
570.5
29.2
835.0
807.5
31.0
574.1
29.2
838.8
814.1
29.9
581.7
29.2
853.0
Less: Personal current taxes...........................................
1,001.9
1,038.9
1,010.8
1,003.3
1,006.9
1,009.6
1,024.5
1,032.6
1,034.6
1,044.4
1,049.0
1,053.3
1,064.6
1,068.3
1,075.8
1,078.5
Equals: Disposable personal income...........................
8,159.9
8,632.4
8,364.5
8,400.8
8,439.0
8,475.3
8,525.4
8,571.2
8,589.6
8,624.1
8,657.3
8,673.1
8,735.4
8,768.4
9,129.1
8,887.7
Less: Personal outlays......................................................
8,049.3
8,531.6
8,266.1
8.309.4
8,358.9
8.386.6
8,400.4
8.484.6
8,461.0
8,561.9
8,573.2
8.629.2
8,688.7
8,725.2
8,800.1
8,798.7
Personal consumption expenditures............................
Durable goods.........................................................
Nondurable goods........
Services..................................................................
Personal interest payments1.......................................
Personal current transfer payments.............................
To government.........................................................
To the rest of the world (net)....................................
7,760.9
950.7
2,200.1
4,610.1
185.3
103.1
64.9
38.2
8.229.1
993.5
2.377.2
4,858.4
189.0
113.5
71.0
42.5
7,969.7
994.4
2.256.6
4.718.7
187.3
109.1
67.5
41.6
8.015.5
964.7
2,299.9
4,750.8
184.2
109.7
68.1
41.7
8,067.5
979.0
2,312.1
4,776.4
181.1
110.3
68.6
41.7
8.097.7
985.3
2.337.7
4.774.7
178.1
110.8
69.1
41.7
8,108.3
967.9
2.333.2
4.807.2
180.3
111.7
69.6
42.1
8,189.8
999.8
2.364.6
4,825.4
182.6
112.2
70.2
42.1
8,163.3
958.7
2.365.8
4.838.8
184.9
112.8
70.7
42.1
8,259.7
1,016.0
2,375.6
4,868.1
187.8
114.5
71.2
43.2
8,267.6
996.5
2.384.0
4.887.0
190.6
115.0
71.8
43.2
8.320.2
1,008.4
2,402.1
4,909.7
193.5
115.6
72.4
43.2
8,375.3
1.003.9
2.442.9
4,928.5
197.6
115.8
72.9
42.9
8,407.1
999.2
2.453.9
4.953.9
201.7
116.4
73.5
42.9
8.477.3
1.042.4
2,454.8
4,980.2
205.8
117.0
74.1
42.9
8,473.4
997.9
2,473.9
5,001.6
207.9
117.5
74.6
42.9
Equals: Personal saving...................................................
Personal saving as percentage of disposable
personal income........................................................
110.6
100.8
98.4
91.4
80.1
88.7
125.1
86.6
128.6
62.2
84.1
43.9
46.7
43.2
329.0
89.0
1.4
1.2
1.2
1.1
0.9
1.0
1.5
1.0
1.5
0.7
1.0
0.5
0.5
0.5
3.6
1.0
7,733.8
8,006.4
7,880.1
7,883.6
7,899.0
7,908.4
7,943.8
7,956.4
7,954.5
7,989.8
8,016.1
8,022.4
8,047.0
8,059.6
8,395.1
8,158.0
Addenda:
Disposable personal income:
Billions of chained (2000) dollars2..........................
Per capita:
Current dollars.....................................................
Chained (2000 dollars)........................................
Population (midperiod, thousands)3............................
28,034 29,367 28,602
26,570 27,237 26,945
291,073 293,951 292,448
28,705 28,815 28,918 29,067 29,200 29,238 29,329 29,415 29,442 29,627 29,715 30,914 30,075
26,937 26,971 26,984 27,084 27,105 27,076 27,172 27,236 27,233 27,292 27,313 28,429 27,606
292,666 292,872 293,078 293,299 293,537 293,783 294,042 294,315 294,587 294,846 295,083 295,303 295,519
Personal consumption expenditures:
Billions of chained (2000) dollars............................
Durable goods...
Nondurable goods...................................................
Services............
Implicit price deflator, 2000= 100.............................
7.355.5
1.030.6
2,112.4
4,220.3
105.510
7.632.3
1,098.8
2,208.6
4.338.4
107.820
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
Personal income, current dollars...................................
3.2
5.6
0.4
0.3
0.4
Disposable personal income:
Current dollars.........................................................
Chained (2000) dollars............................................
4.2
2.3
5.8
3.5
0.5
0.2
0.4
0.0
Personal consumption expenditures:
Current dollars.........................................................
Chained (2000) dollars............................................
5.2
3.3
6.0
3.8
0.6
0.4
0.6
0.2
p Preliminary.
r Revised.
CCAdj Capital consumption adjustment.
IVA Inventory valuation adjustment.
1. Consists of nonmortgage interest paid by households.
7,551.2 7,556.0
1.078.7 1,084.8
2,185.5 2,192.7
4.298.7 4,291.4
106.837 107.169
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
0.4
0.7
0.6
0.2
0.5
0.4
0.2
0.5
0.2
0.4
0.1
0.6
0.4
0.5
0.2
0.2
0.0
0.4
0.4
0.4
0.3
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
7,559.7 7.652.2 7.655.2
1,057.1 1.124.8 1,108.9
2.184.9 2.202.8 2.211.3
4.324.9 4.342.2 4,349.7
107.985 107.939 107.999
7.715.2 7,727.5
1.114.3 1.109.1
2.237.4 2,245.4
4,377.9 4.386.1
108.555 108.794
7,795.7
1,157.5
2,255.1
4,403.9
108.743
7,777.6
1,102.5
2,273.9
4,412.3
108.945
0.8
0.4
3.7
-2.3
0.2
0.1
0.7
0.3
0.4
0.2
4.1
4.2
-2.6
-2.8
0.6
0.5
0.7
0.3
0.4
0.2
0.8
0.9
0.0
-0.2
7.696.0
1.121.1
2.225.5
4.365.5
108.111
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.
March 2005
S u rvey
of
D -4 7
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
2001
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
2002
10,074.8 10,381.3
8,851.6
9,123.0
Agriculture, forestry, fishing, and
hunting.......................................................
97.9
96.9
113.9
91.8
98.1
103.5
Farms......................................................
Forestry, fishing, and related activities....
73.1
24.8
70.8
26.1
84.8
29.1
65.6
26.3
69.9
28.3
72.7
31.1
Mining.............................................................
118.7
104.9
130.3
114.9
112.4
104.6
Oil and gas extraction..............................
Mining, except oil and gas.......................
Support activities for mining...................
72.5
27.1
19.1
60.4
27.4
17.1
83.2
27.7
19.4
77.7
25.8
11.6
77.6
24.7
10.9
65.3
25.1
12.7
Utilities...........................................................
202.3
210.7
222.2
180.0
190.7
202.0
Construction.................................................
469.5
479.1
501.3
436.6
425.1
424.1
Manufacturing...............................................
1,341.3
1,347.2
1,402.3
1,346.9
1,378.2
1,440.0
Durable goods.........................................
Wood products....................................
Nonmetallic mineral products.............
Primary metals....................................
Fabricated metal products..................
Machinery............................................
Computer and electronic products.....
Electrical equipment, appliances, and
components.....................................
Motor vehicles, bodies and trailers,
and parts.........................................
Other transportation equipment.........
Furniture and related products...........
Miscellaneous manufacturing.............
Nondurable goods...................................
Food and beverage and tobacco
products..........................................
Textile mills and textile product mills....
Apparel and leather and allied
products..........................................
Paper products....................................
Printing and related support activities
Petroleum and coal products..............
Chemical products...............................
Plastics and rubber products..............
778.9
31.3
44.9
41.1
112.0
103.2
136.9
771.9
30.0
43.3
41.6
109.4
97.6
130.5
798.0
32.0
43.3
38.9
112.2
96.4
147.6
813.6
30.9
45.2
43.2
109.4
100.4
181.9
824.3
29.9
42.8
43.6
106.3
94.5
195.3
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
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
18.0
18.2
18.4
12.6
11.6
14.1
Real estate and rental and leasing.
1.276.6
1.330.0
1,367.4
1.232.6
1,239.7
1,244.1
Real estate......................................
Rental and leasing services and
lessors of intangible assets........
1.169.7
1,227.5
1,260.7
1.125.7
1.135.9
1,140.7
106.9
102.5
106.7
106.8
103.5
103.0
1,165.9
1.190.0
1,244.3
1,133.4
1.147.9
1,188.0
698.8
712.9
743.3
679.1
681.2
701.8
145.6
149.2
160.6
137.7
135.8
140.8
127.1
123.1
126.6
125.3
123.5
129.8
421.9
431.2
Professional and business services.
Professional, scientific, and technical
services................................................
Legal services.....................................
Computer systems design and related
services..........................................
Miscellaneous professional, scientific,
and technical services....................
426.2
440.6
456.1
416.1
Management of companies and
enterprises.................................
177.6
178.0
191.3
179.9
179.8
186.5
Administrative and waste
management services.......................
289.4
299.1
309.7
274.4
286.7
299.6
264.1
272.9
282.4
250.2
261.4
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
Health care and social assistance......
654.2
707.6
756.7
621.0
647.6
669.3
Ambulatory health care services.......
Hospitals and nursing and residential
care facilities...................................
Social assistance................................
338.1
367.8
391.1
325.4
348.7
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
Arts, entertainment, recreation,
accommodation, and food services..
361.5
382.3
396.4
347.6
354.1
360.9
631.0
Arts, entertainment, and recreation..
95.7
102.5
106.6
91.5
94.7
95.6
Performing arts, spectator sports,
museums, and related activities...
Amusements, gambling, and
recreation industries....................
42.7
46.8
49.0
40.6
43.0
43.3
Retail trade.....................................................
691.6
744.3
770.5
708.6
746.4
788.4
Transportation and warehousing.............
296.9
304.4
319.3
293.6
299.1
Air transportation.....................................
Rail transportation...................................
Water transportation................................
Truck transportation.................................
Transit and ground passenger
transportation......................................
Pipeline transportation...........................
Other transportation and support
activities...............................................
Warehousing and storage......................
314.2
50.0
25.6
7.4
93.3
50.0
25.8
7.0
95.4
56.5
26.6
7.7
97.2
57.0
24.8
6.8
87.9
61.1
24.2
6.3
87.9
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.....................................................
476.9
470.0
493.8
476.8
475.5
Publishing industries (includes software)
Motion picture and sound recording
industries.............................................
Broadcasting and telecommunications....
Information and data processing
services...............................................
118.7
116.1
120.9
115.7
33.6
283.2
36.4
272.8
41.2
283.0
41.5
44.7
Finance, insurance, real estate, rental,
and leasing................................................
Finance and insurance..........................
2,059.2
2,148.2
818.2
782.6
Billions of dollars
2001
2003
Administrative and support services...
Waste management and remediation
services..........................................
Educational services, health care, and
social assistance...................................
Educational services.
53.0
55.7
57.6
50.8
51.6
52.3
Accommodation and food services.
265.8
279.8
289.8
256.2
259.4
265.2
Accommodation...............................
Food services and drinking places...
87.5
178.3
90.4
189.4
93.2
196.6
85.4
170.8
87.9
171.5
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..................................
385.7
415.8
447.1
372.5
380.6
390.3
502.4
General government.......
Government enterprises.
325.7
60.0
350.4
65.4
378.4
68.7
317.0
55.7
323.2
57.7
331.7
58.8
113.6
121.3
State and lo c a l...................
872.6
917.1
952.8
839.7
849.7
856.9
31.9
289.1
33.5
285.7
35.5
299.2
General government......
Government enterprises.
800.8
71.9
844.3
72.8
876.9
75.9
772.3
67.5
784.3
65.6
788.3
68.7
48.6
40.2
42.5
46.1
-16.3
-13.6
-23.7
2,250.3
882.9
2,005.4
772.8
2,033.3
793.8
2,098.6
856.3
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
1. Chained (2000) dollar series are calculated as the product of the chain-type quantity index and the 2000 current2. Consists of agriculture, forestry, fishing, and hunting; mining; construction; and manufacturing.
dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity indexes uses
3. Consists of utilities; wholesale trade; retail trade; transportation and warehousing; information; finance, insurance,
weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The value of not
real estate, rental, and leasing; professional and business services; educational services, health care, and social assis
allocated by industry reflects the difference between the first line and the sum of the most detailed lines, as well as the
tance; arts, entertainment, recreation, accommodation, and food services; and other services, except government.
differences in source data used to estimate GDP by industry and the expenditures measure of real GDP.
Note. Estimates in this table are based on the 1997 North American Industry Classification System (NAICS).
March 2005
D -4 8
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 2004 issue. (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 price deflators
Gross
domestic
product
Gross
national
product
1959
...................
2,441.3
2,442.7
2,457.4
7.1
6.2
20.754
20.365
20.751
20.727
1.2
1.2
1.2
1.2
1960
1961
1962
1963
1964
...................
...................
...................
...................
...................
2,501.8
2,560.0
2,715.2
2,834.0
2,998.6
2,506.8
2,566.8
2,708.5
2,830.3
2,999.9
2,519.4
2,579.3
2,736.9
2,857.2
3,023.6
2.5
2.3
6.1
4.4
5.8
2.6
2.4
5.5
4.5
6.0
21.044
21.281
21.572
21.801
22.134
20.646
20.865
21.139
21.385
21.725
21.041
21.278
21.569
21.798
22.131
21.018
21.255
21.547
21.777
22.111
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.3
1.2
1.6
1.4
1.1
1.4
1.1
1.5
1.4
1.1
1.4
1.1
1.5
1965
1966
1967
1968
1969
...................
...................
...................
...................
...................
3,191.1
3,399.1
3,484.6
3,652.7
3,765.4
3,173.8
3,364.8
3,467.6
3,640.3
3,753.7
3,217.3
3,423.7
3,510.1
3,680.0
3,792.0
6.4
6.5
2.5
4.8
3.1
5.8
6.0
3.1
5.0
3.1
22.538
23.180
23.897
24.916
26.153
22.102
22.724
23.389
24.380
25.580
22.535
23.176
23.893
24.913
26.149
22.516
23.158
23.874
24.893
26.127
1.8
2.8
3.1
4.3
5.0
1.7
2.8
2.9
4.2
4.9
1.8
2.8
3.1
4.3
5.0
1.8
2.9
3.1
4.3
5.0
1970
1971
1972
1973
1974
...................
...................
...................
...................
...................
3,771.9
3,898.6
4,105.0
4,341.5
4,319.6
3,787.7
3,893.4
4,098.6
4,315.9
4,305.5
3,798.2
3,927.8
4,136.2
4,383.6
4,367.5
0.2
3.4
5.3
5.8
-0.5
0.9
2.8
5.3
5.3
-0.2
27.538
28.916
30.171
31.854
34.721
26.964
28.351
29.619
31.343
34.546
27.534
28.911
30.166
31.849
34.725
27.512
28.889
30.145
31.830
34.699
5.3
5.0
4.3
5.6
9.0
5.4
5.1
4.5
5.8
10.2
5.3
5.0
4.3
5.6
9.0
5.3
5.0
4.3
5.6
9.0
1975
1976
1977
1978
1979
...................
...................
...................
...................
...................
4,311.2
4,540.9
4,750.5
5,015.0
5,173.4
4,352.5
4,522.3
4,721.6
4,981.6
5,161.2
4,348.4
4,585.3
4,800.3
5,064.4
5,240.1
-0.2
5.3
4.6
5.6
3.2
1.1
3.9
4.4
5.5
3.6
38.007
40.202
42.758
45.762
49.553
37.761
39.938
42.634
45.663
49.669
38.002
40.196
42.752
45.757
49.548
37.976
40.175
42.731
45.737
49.527
9.5
5.8
6.4
7.0
8.3
9.3
5.8
6.8
7.1
8.8
9.4
5.8
6.4
7.0
8.3
9.4
5.8
6.4
7.0
8.3
1980
1981
1982
1983
1984
...................
...................
...................
...................
...................
5,161.7
5,291.7
5,189.3
5,423.8
5,813.6
5,196.7
5,265.1
5,233.4
5,454.0
5,739.2
5,227.6
5,349.7
5,249.7
5,482.5
5,869.3
-0.2
2.5
-1.9
4.5
7.2
0.7
1.3
-0.6
4.2
5.2
54.062
59.128
62.738
65.214
67.664
54.876
59.896
63.296
65.515
67.822
54.043
59.119
62.726
65.207
67.655
54.015
59.095
62.699
65.184
67.631
9.1
9.4
6.1
3.9
3.8
10.5
9.1
5.7
3.5
3.5
9.1
9.4
6.1
4.0
3.8
9.1
9.4
6.1
4.0
3.8
1985
1986
1987
1988
1989
...................
...................
...................
...................
...................
6,053.7
6,263.6
6,475.1
6,742.7
6,981.4
6,042.1
6,271.8
6,457.2
6,734.5
6,962.2
6,093.4
6,290.6
6,500.9
6,775.2
7,015.4
4.1
3.5
3.4
4.1
3.5
5.3
3.8
3.0
4.3
3.4
69.724
71.269
73.204
75.706
78.569
69.760
71.338
73.527
76.043
78.934
69.713
71.250
73.196
75.694
78.556
69.695
71.227
73.181
75.679
78.549
3.0
2.2
2.7
3.4
3.8
2.9
2.3
3.1
3.4
3.8
3.0
2.2
2.7
3.4
3.8
3.1
2.2
2.7
3.4
3.8
1990
1991
1992
1993
1994
...................
...................
...................
...................
...................
7,112.5
7,100.5
7,336.6
7,532.7
7,835.5
7,108.5
7,115.0
7,331.1
7,522.3
7,777.8
7,155.2
7,136.8
7,371.8
7,568.6
7,864.2
1.9
-0.2
3.3
2.7
4.0
2.1
0.1
3.0
2.6
3.4
81.614
84.457
86.402
88.390
90.265
82.144
84.836
86.828
88.730
90.583
81.590
84.444
86.385
88.381
90.259
81.589
84.440
86.375
88.382
90.262
3.9
3.5
2.3
2.3
2.1
4.1
3.3
2.3
2.2
2.1
3.9
3.5
2.3
2.3
2.1
3.9
3.5
2.3
2.3
2.1
1995
1996
1997
1998
1999
...................
...................
...................
...................
...................
8,031.7
8,328.9
8,703.5
9,066.9
9,470.3
8,010.2
8,306.5
8,636.6
8,997.6
9,404.0
8,069.8
8,365.3
8,737.5
9,088.7
9,504.7
2.5
3.7
4.5
4.2
4.5
3.0
3.7
4.0
4.2
4.5
92.115
93.859
95.415
96.475
97.868
92.483
94.145
95.440
96.060
97.556
92.106
93.852
95.414
96.472
97.868
92.114
93.863
95.420
96.475
97.869
2.0
1.9
1.7
1.1
1.4
2.1
1.8
1.4
0.6
1.6
2.0
1.9
1.7
1.1
1.4
2.1
1.9
1.7
1.1
1.4
2000
2001
2002
2003
2004
...................
...................
...................
9,817.0
9,890.7
10,074.8
10,381.3
10,841.6
9,760.5
9,920.9
10,063.2
10,379.9
10,793.4
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
108.287
100.000
101.994
103.489
105.571
108.122
100.000
102.399
104.092
105.998
108.226
100.000
102.396
104.082
105.992
2.2
2.4
1.7
1.8
2.2
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
March 2005
S u rv ey
of
D -4 9
C u rr e n t B u sin e ss
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]
Gross
domestic
product
Gross
domestic
product
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
purchases
Gross
national
product
1959: I....
11...
11
1 ..
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...
11
1 ..
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
1961: I....
11...
1 ..
11
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
1962: I....
11...
11
1 ..
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
1963: I...
11...
11
1..
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
1964: I....
11...
11
1 ..
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
1965: I...
11..
III.
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
1966: I....
11..
III.
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
1967: I...
11..
III.
IV
3,464.1
3,464.3
3,491.8
3,518.2
1968: I...
11..
III.
IV
Gross
domestic
product
Gross
domestic
purchases
Implicit price deflators
Gross
domestic
product
Gross
national
product
2.1
0.6
0.9
1.0
0.9
0.0
1.1
1.6
1.6
1.7
1.7
20.909
20.982
21.061
21.122
1.0
0.9
1.8
1.8
1.9
1.8
1.4
1.5
1.8
1.4
1.5
1.8
1.8
1.2
1.2
21.192
21.237
21.303
21.375
21.169
21.214
21.280
21.352
0.5
0.7
0.4
0.5
0.9
0.9
1.1
1.1
1.2
1.0
0.9
1.4
0.9
0.9
1.3
1.4
21.041
21.109
21.163
21.241
21.501
21.533
21.585
21.653
21.479
21.511
21.564
21.632
2.3
2.1
2.4
1.0
1.1
1.3
0.6
2.4
0.6
1.0
1.0
1.0
1.4
1.5
1.3
1.3
21.732
21.754
21.794
21.923
21.308
21.335
21.382
21.514
21.702
21.745
21.788
21.951
21.681
21.724
21.768
21.930
1.1
0.4
0.7
2.4
1.3
0.5
0.9
2.5
0.9
0,8
0.9
0.8
0.8
0.8
3.0
3.0
9.0
4.9
5.1
1.0
22.001
22.073
22.180
22.282
21.596
21.674
21.769
21.860
22.016
22.073
22.160
22.270
21.995
22.053
22.140
22.250
1.4
1.3
2.0
1.9
1.5
1.5
1.2
1.2
1.0
1.8
1.6
1.1
1.6
1.7
2.0
2.0
10.2
5.5
8.4
10.0
6.5
7.4
7.7
11.3
22.380
22.479
22.578
22.717
21.940
22.037
22.140
22.292
22.383
22.480
22.563
22.707
22.363
22.460
22.544
22.688
1.8
1.5
2.0
2.5
1.9
2.8
2.0
1.7
1.5
2.6
3,396.9
3,408.7
3,430.4
3,458.9
10.1
1.4
2.7
3.3
6.8
1.9
3.4
1.1
22.857
23.071
23.293
23.498
22.416
22.629
22.831
23.018
22.855
23.048
23.291
23.505
22.837
23.029
23.272
23.486
2.5
3.8
3.9
3.6
2.2
2.6
2.7
3.4
4.3
3.7
3,424.2
3,460.2
3,477.8
3,508.2
3,489.0
3,488.5
3,518.5
3,544.1
3.6
0.0
3.2
3.1
4.1
4.3
2.0
3.5
23.611
23.759
23.977
24.242
23.109
23.254
23.469
23.723
23.612
23.741
23.975
24.241
23.593
23.722
23.955
24.221
1.9
2.5
3.7
4.5
2.5
3.7
4.4
2.2
4.0
4.5
2.2
3,590.7
3,651.6
3,676.5
3,692.0
3,581.7
3,617.7
3,669.4
3,692.2
3,617.2
3,678.7
3,704.4
3,719.6
8.5
7.0
2.7
1.7
8.6
4.1
5.8
2.5
24.503
24.777
25.017
25.367
23.979
24.230
24.483
24.826
24.506
24.763
25.008
25.362
24.487
24.743
24.988
25.342
4.4
4.5
3.9
5.7
4.4
4.3
4.2
5.7
4.4
4.3
4.0
5.8
4.5
4.2
4.0
5.8
1969: I...
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
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
1970: I...
11..
III.
IV
3,760.0
3,767.1
3,800.5
3,759.8
3,778.0
3,771.0
3,804.6
3,797.2
3,786.3
3,794.3
3,827.4
3,784.5
-0.7
0.8
3.6
-4.2
1.1
-0.7
3.6
-0.8
27.051
27.437
27.655
28.009
26.474
26.841
27.093
27.449
27.056
27.428
27.647
28.004
27.034
27.406
27.624
27.982
5.7
5.8
3.2
5.2
6.0
5.7
3.8
5.4
5.8
5.6
3.2
5.3
5.9
5.6
3.2
5.3
1971: I...
11..
III.
IV
3,864.1
3,885.9
3,916.7
3,927.9
3,844.7
3,871.3
3,905.2
3,952.5
3,893.1
3,916.4
3,944.4
3,957.1
11.6
2.3
3.2
1.1
5.1
2.8
3.5
4.9
28.429
28.809
29.097
29.329
27.854
28.230
28.539
28.779
28.425
28.798
29.089
29.322
28.403
28.777
29.069
29.300
6.1
6.0
6.2
6.2
5.5
4.1
3.2
5.5
4.5
3.4
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...
11..
III.
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
8.0
4.9
6.4
8.0
8.2
8.2
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
11.0
7.9
9.8
12.3
12.5
7.8
9.7
12.3
12.5
1.8
0.6
1.8
1.8
6.0
6.8
7.9
7.1
12.8
1.9
1.8
3.9
3.6
3.3
1.6
11.9
12.8
12.1
1.0
3.4
4.3
3.7
1.8
0.0
1.0
1.7
1.5
2.6
1.8
4.0
4.5
D -5 0
N atio n al D a ta
March 2005
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 price deflators
Gross
domestic
product
Gross
national
product
1975: I..................
II.................
Ill................
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
95
6.2
7.6
7.2
95
62
7.7
7.2
1976: I..................
II.................
Ill................
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
56
7.5
1977: I..................
II.................
II I
I V
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
67
6.0
5.0
9.0
1978: I..................
II.................
II I
I V
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 ..................
II..................
II I
I V
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..................
II.................
Ill................
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..................
II.................
II I
I V
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 ..................
II.................
II I
I V
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 ..................
II.................
II I
I V
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..................
II.................
Ill................
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..................
II.................
II I
I V
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...................
II..................
Ill................
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 ..................
II..................
Ill................
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 ..................
II.................
Ill................
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...................
II.................
Ill................
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 ..................
II.................
Ill................
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
March 2005
S urv ey
of
D -51
C u rr en 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: I..................
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: I..................
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
99714
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
10,993.3
10,655.8
10,722.3
10.854.7
10.940.7
10,766.7
10,818.7
10,926.5
4.5
3.3
4.0
3.8
3.3
2.5
5.0
3.2
107.314
108.169
108.551
109.115
106.980
107.913
108.429
109.167
107.246
108.093
108.482
109.056
107.240
108.087
108.479
2.8
3.2
1.4
2.1
3.4
3.5
1.9
2.8
2.7
3.2
1.4
2.1
2.7
3.2
1.5
D -5 2
March 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
March 2005
S urvey
D -5 3
C u r r e n t B u sin ess
of
SELECTED NIPA SERIES
P ercen t
Apr Feb
Dec Nov
60
Nov
Mar
Jan JlyJly
Nov
Mar Nov
Jly Mar
SHARES OF FEDERAL GOVERNM ENT RECEIPTS
50 _
V\
s
40.
V
^
J
v
-1
40
'V lk 'llS k
I
y
1
t il
y 'i_,.
30-
50
-
Personal current t
A
^
V
's / V w
-
.
V / 'l
v
S - il!
- 7 *
Contributions for government social insurance
30
2 0 -
-
20
Taxes on corporate income
*V
/
«••••»••♦
Taxes on production and imports
P e r c e n t Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Mar Nov
Jly Mar
Nov
SHARES OF FEDERAL GOVERNM ENT CURRENT EXPENDITURES
60 -
V *
v 'v v ,
'
'
V ..
H i
Current transfer payments
1
...................
.......
50 -
-4 0
40 s „ .4/
Consumption expenditures
30 -
20 Interest payments
10 -
-10
59
61
69
P e rc e n t Apr Feb
71
73
Dec Nov
75
Nov
79
Mar
81
Jan JlyJly
Mar Nov
Jly Mar
Nov
-2 -
-4 -
-6 _
- -6
I
59
I
I
61
I I
63
I
U.S. Bureau of Economic Analysis
I
65
I
I
67
I
I
69
I
I
71
I
I
73
I
I
75
I
I
77
I
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
D -5 4
SELECTED NIPA SERIES
National Data
March 2005
March 2005
S u rv ey
of
D -5 5
C u rr e n t B u sin ess
SELECTED NIPA SERIES
SHARES OF NATIONAL INCOME
2003
1959
Supplements to wages
salaries, 4.6%
Wage and salary
accruals, 57.0%
Supplements to wages
salaries, 12.2%
Wage and salary
accruals, 52.7 °i
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%
t interest and misc. payments, 2.1%
Other o 4%
Taxes on Production and imports, 9.0%
SHARES OF GROSS DOMESTIC PRODUCT BY SECTOR
1959
Taxes on Procluc,ion ancl imports, 8.2%
2003
Business, 77.0°/
Business, 80.6'
Other 0 4%
Households, 5.9%
Nonprofit institutions serving
households, 2.0%
General government,
Federal 6.3%
General government,
state and local 5.2%
Households, 6.5%
Nonprofit institutions
serving households,
5.1%
General government,
Federal, 3.4%
General government,
state and local, 8.0%
National Data
D -5 6
March 2005
SELECTED NIPA SERIES
Percent
Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Nov
Mar Nov
Jly Mar
60
SHARES OF GROSS DO MESTIC PRODUCT BY TYPE O F PRODUCT
- 50
40-
- 40
Goods
- 30
- 20
Structures
P e r c e n t Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Mar Nov
Jly Mar
Nov
16
EXPORTS AS SHARE O F G ROSS DO MESTIC PRODUCT
IMPORTS AS SHARE O F G ROSS DOMESTIC PURCHASES
14 -
- 14
12 -
- 12
10 -
- 10
P erce-1
70
60
50
40
30
20
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
March 2005
S urvey
of
D -5 7
C u rr e n t B u sin ess
SELECTED NIPA SERIES
Percent.
20
Apr Feb
Dec Nov
Nov
Mar
Jan JlyJly
Nov
Mar Nov
Jly Mar
PROFIT MARGIN, DOMESTIC NONFINANCIAL CORPORATIONS*
Before tax
- 12
After tax
‘ Ratio of corporate profits per unit to cost and profit per unit
i I i i i i I I I I T" I I I T "T I I I I !“ I ""T I I I I I I I I ..I I I I I I I I I I I""1I 1 I I 1
""
"
0
59
R a tio
5
61
63
65
67
69
Apr Feb
71
73
75
Nov
Dec Nov
Mar
77
79
81
83
Jan JlyJly
85
87
89
Nov
91
93
95
97
99
01
Jly Mar
03
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
____J on current-dollar estimates of inventories and sales
59
i r i i i i i i i i 'i..i i i " i '"I1"i" i i !..i i... i i i i i i i i “T r i i i i i i 11 11 11
i... '
...i i i
61
63
65
67
69
71
73
75
77
79
81
83
85
87
89
91
93
95
97
99
01
03
R a tio
Apr Feb
Dec Nov
Nov Mar
Jan JlyJly
Nov
Jly Mar
Mar Nov
5 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------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
* * * * * * • * ..* .• ............
^
_
____5
* • ..
Ratio of private nonfarm inventories to
final sales of domestic business
'Based on chained (2000) dollar estimates of inventories and sales'
I
59
I
61
I
I
63
U.S. Bureau of Economic Analysis
I
65
I
I
67
I
I
69
l
I
71
I
I
73
I
I
75
l
l
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
I
T
D -5 8
March 2005
International Data
E. Transaction s Tables
Table E.l presents estimates of U.S. international trade in goods and services that were released on March 11, 2005. It
includes preliminary estimates for January 2005 and revised estimates for January through December 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
2005
2004r
Dec.
Exports of goods and services .............................................. 1,020,503 1,147,181
Jan. r
Feb.'
March ’
A prilr
May r
June r
July '
A ug.r
Sept. r
O ct. '
Nov. r
90,067
88,786
92,430
95,404
94,462
97,004
93,121
96,052
96,429
97,608
98,137
97,323 100,425 100,829
Dec.r
Jan. p
G oods..........................................................................................
713,122
807,610
62,613
61,818
65,068
67,436
66,081
68,827
64,809
67,5%
68,143
69,273
69,314
68,111
71,132
Foods, feeds, and beverages............................................
Industrial supplies and materials.......................................
Capital goods, except automotive.....................................
Automotive vehicles, parts, and engines...........................
Consumer goods (nonfood), except automotive...............
Other goods........................................................................
Adjustments ' .....................................................................
56,354
203,571
331,094
88,225
102,828
36,980
-11,442
4,880
15,122
26,003
6,906
7,849
2,648
-796
4,604
15,162
25,935
6,666
7,689
2,738
-976
4,713
16,046
27,296
6,959
8,168
2,851
-964
4,924
16,741
27,767
7,228
8,664
3,285
-1,173
4,708
16,365
27,141
7,140
8,595
3,083
-951
71,253
55,026
173,043
293,621
80,686
89,908
32,488
-11,649
4,816
17,381
28,804
7,233
8,547
2,984
-938
4,539
16,131
26,444
6,969
8,452
3,315
-1,040
4,479
17,328
27,823
7,552
8,263
2,922
-770
4,270
17,009
27,797
7,797
8,602
3,505
-837
4,920
17,451
28,084
7,704
8,828
3,329
-1,042
4,788
17,958
28,121
7,643
8,829
2,922
-948
4,791
17,635
27,154
7,527
8,790
3,134
-920
4,803
18,364
28,729
7,808
9,400
2,913
-884
4,740
18,406
28,525
8,084
9,213
3,050
-766
Services.......................................................................................
307,381
339,571
27,454
26,968
27,362
27,968
28,381
28,177
28,312
Travel..................................................................................
Passenger fares............
Other transportation......
Royalties and license fees.................................................
Other private services....
Transfers under U.S. military agency sales contracts 2
U.S. Government miscellaneous services........................
28,456
28,286
28,335
28,823
29,212
29,293
64,509
15,693
31,833
48,227
133,818
12,491
810
74,768
18,939
37,047
51,341
143,150
13,571
755
6,131
1,476
2,880
4,176
11,615
1,108
68
5,840
1,444
2,906
4,160
11,493
1,063
62
6,052
1,529
2,995
4,158
11,493
1,074
61
6,109
1,561
3,169
4,160
11,755
1,153
61
6,161
1,546
3,091
4,193
11,908
1,216
62
6,291
1,559
2,988
4,221
11,952
1,238
63
29,576
6,288
1,619
3,136
4,172
11,890
1,214
62
6,341
1,609
3,038
4,275
12,020
1,110
63
6,065
1,580
3,125
4,317
12,022
1,114
63
6,141
1,571
2,987
4,358
12,138
1,077
63
6,390
1,565
3,206
4,408
12,090
1,099
65
6,548
1,644
3,238
4,444
12,170
1,103
65
6,542
1,712
3,168
4,474
12,222
1,110
65
6,695
1,761
3,157
4,493
12,252
1,153
65
Imports of goods and services................................................. 1,517,011 1,764,256 134,077 134,633 138,293 142,531
G oods...............................................
Foods, feeds, and beverages
Industrial supplies and materials
Capital goods, except automotive.....................................
Automotive vehicles, parts, and engines..........................
Consumer goods (nonfood), except automotive...............
Other goods........................................................................
Adjustments 1.............................
142,973 144,393 148,542 146,760 150,397 148,796 154,028 156,738 156,169 159,099
1,260,674 1,473,087 111,135 111,506 114,934 118,936 119,164 120,397 124,022 122,453 125,222 124,353 129,523 131,587 130,990 133,534
55,831
313,818
295,833
210,173
333,878
47,587
3,553
62,157
412,154
343,736
228,248
373,046
50,524
3,223
4,949
28,056
26,686
18,337
28,853
4,028
226
4,804
28,235
26,806
17,843
29,525
4,048
243
5,094
31,209
26,381
18,790
29,013
4,195
251
5,152
31,813
27,328
18,955
31,339
4,047
302
5,117
30,850
27,874
19,003
31,773
4,327
220
5,265
31,906
28,116
19,439
31,168
4,226
277
5,251
35,042
29,446
18,725
31,082
4,229
247
5.148
33,863
29,267
19,147
30,608
4.149
271
5,104
36,580
29,138
19,247
30,495
4,376
281
4,974
35,476
29,589
19,489
30,447
4,123
255
5,241
38.405
29,876
19.406
32,114
4,185
296
5,436
39,953
29,685
19,005
32,845
4,356
306
5,569
38,821
30,230
19,199
32,636
4,262
274
5,552
38,105
30,737
19,739
34,609
4,504
290
................................................................................
256,337
291,169
22,942
23,127
Travel
Passenger fares................................................................
Other transportation..........................................................
Royalties and license fees.................................................
Other private services.......................................................
Direct defense expenditures 2...........................................
U.S. Government miscellaneous services........................
23,359
23,595
23,809
23,9%
24,520
24,307
25,175
24,443
25,179
64,590
23,310
54,173
22,868
94,736
28,238
3,254
5,211
1,816
4,072
1,785
7,509
2,296
253
5,238
1,853
4,165
1,733
7,611
2,269
259
24,505
25,151
56,613
20,957
44,768
20,049
85,829
25,117
3,004
5,233
1,861
4,329
1,738
7,665
2,273
261
5,103
1,894
4,561
1,754
7,737
2,282
264
5,374
1,898
4,266
1,856
7,783
2,360
272
5,476
1,895
4,231
1,879
7,857
2,384
274
5,501
1,986
4,559
1,883
7,919
2,399
274
25,565
5,528
2,016
4,334
1,838
7,896
2,417
278
5,405
1,975
4,535
2,631
7,934
2,417
278
5,445
1,909
4,533
1,849
8,024
2,405
278
5,414
1,941
4,604
1,886
8,035
2,353
272
5,396
2,020
5,092
1,903
8,127
2,341
272
5,477
2,062
4,964
1,919
8,147
2,338
272
5,603
2,092
5,114
1,924
8,210
2,346
276
Services
Memoranda:
Balance on goods.................................................................. -547,552 -665,477 -48,523 -49,688 -49,866 -51,501 -53,083 -51,569 -59,213 -54,856 -57,079 -55,080 -60,209 -63,476 -59,858 -62,281
Balance on services..............................................................
48,402
3,841
51,044
4,512
4,572
4,003
4,373
4,181
3,792
4,149
3,111
3,892
4,318
4,061
4,114
4,011
Balance on goods and services............................................ -496,508 -617,075 -44,011 -45,847 -45,863 -47,128 -48,511 -47,388 -55,421 -50,707 -53,968 -51,188 -55,891 -59,415 -55,744 -58,270
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.
March 2005
D -5 9
S u r v e y o f C u r r e n t B u sin e ss
Table E.2. U.S. International Transactions
[Millions of dollars]
Not seasonally adjusted
Line
(Credits +; debts - ) 1
Seasonally adjusted
2003
2003
I
II
2004
III
IV
I
II'
2004
2003
NIP
II
I
III
IV
I
IIr
III p
Current account
1 Exports of goods and services and income receipts.............. 1,314,888 312,717 319,352 327,829 354,990 358,940 375,319 380,191 315,676 317,367 329,508 352,336 359,604 372,463 382,498
2 Exports of goods and services............................................... 1,020,503 244,400 249,271 253,788 273,044 274,808 285,215 287,404 247,999 248,474 255,723 268,306 276,076 284,044 289,619
3
Goods, balance of payments basis2...................................
713,122 171,660 177,552 172,740 191,170 193,902 202,808 198,498 173,459 174,554 178,251 186,858 193,920 199,315 204,610
4
Services3.........................................................................
81,874 80,906
77,472
307,381
72,740
71,719
81,048
82,407
88,906
74,540
73,920
81,448
82,156 84,729
85,009
2,827
5
Transfers under U.S. military agency sales contracts4.....
3,014
3,292
3,358
3,290
3,348
2,827
3,292
3,668
12,491
3,668
3,014
3,358
3,290
3,348
13,602
14,518
17,169
21,897
18,617
6
Travel...........................................................................
64,509
19,220
16,103
18,879
15,862
14,360
16,216
18,071
17,878
18,769
7
Passenger fares....
15,693
3,454
3,440
4,561
4,238
4,183
4,535
5,251
3,825
3,522
4,036
4,310
4,527
4,717
4,687
8
Other transportation......................................................
7,352
7,777
8,489
8,653
9,851
9,206
9,367
31,833
8,215
9,260
7,683
7,709
7,893
8,548
9,060
11,286
11,779
9
Royalties and license fees5...........................................
48,227
11,914
13,248
12,136
12,422
12,649
11,628
12,175
12,472
12,581
12,928
11,943
12,481
Other private services5.................................................
34,017
10
30,989
35,169
36,357
35,722
33,657
34,477
35,722
133,818
33,643
33,456
32,513
33,170
34,745
35,753
11
U.S. Government miscellaneous services......................
202
202
203
184
188
187
810
203
187
202
202
203
203
184
188
12 Income receipts.............
68,317
81,946
84,132
92,787
294,385
70,081
74,041
90,104
67,677 68,893
73,785
84,030
88,419
92,879
83,528
13
Income receipts on U.S.-owned assets abroad...................
291,354
67,576
69,351
73,272
81,155
83,373
92,001
66,936
83,239
87,676
92,093
89,361
68,163 73,016
82,769
14
187,522
41,288
43,984 47,452
54,798
Direct investment receipts.............
56,066
59,777
58,895
40,748
42,704 47,229
56,843
55,553
58,011
59,013
15
Other private receipts.....................
25,345
25,074
99,135
24,218
24,498
26,433
29,055
32,311
25,345
24,498
25,074
26,433
29,055
32,311
24,218
16
U.S. Government receipts..............
4,697
943
1,149
1,322
1,283
874
795
843
1,241
1,289
1,322
610
769
529
783
17
741
Compensation of employees..............
730
791
786
741
769
791
743
786
3,031
769
759
743
730
759
18 Imports of goods and services and income payments........... -1,778,117 -418,713 -438,545 -455,104 -465,755 -469,523 -523,589 -543,775 -437,067 -434,873 -444,497 -461,679 -486,042 -518,510 -532,559
19 Imports of goods and services............................................... -1,517,011 -355,417 -374,464 -387,701 -399,429 -398,564 -439,157 -455,282 -373,385 -371,854 -377,973 -393,800 -414,678 -435,128 -444,961
20
Goods, balance of payments basis2................................... -1,260,674 -297,186 -310,988 -319,254 -333,246 -332,718 -364,846 -377,837 -311,402 -310,087 -312,886 -326,299 -344,688 -362,895 -371,341
21
Services3..................
-256,337 -58,231 -63,476 -68,447 -66,183 -65,846 -74,311 -77,445 -61,983 -61,767 -65,087 -67,501 -69,990 -72,233 -73,620
-5,732
-6,817
22
Direct defense expenditures..........................................
-25,117
-6,229
-6,824
-7,180
-5,732
-6,339
-6,817
-7,143
-7,180
-6,339
-7,143
-6,229
-6,824
23
Travel....................
-56,613 -12,229 -14,286 -16,868 -13,230 -13,206 -18,118 -19,263 -14,312 -12,790 -14,409 -15,102 -15,508 -16,285 -16,518
Passenger fares....
24
-20,957
-4,498
-5,347
-6,163
-4,949
-5,033
-6,236
-6,618
-5,007
-5,512
-5,563
-5,574
-5,745
-5,871
-4,875
25
Other transportation......................................................
-44,768 -10,248 -11,242 -11,668 -11,610 -12,378 -13,237 -13,756 -10,796 -11,109 -11,312 -11,551 -13,051 -13,053 -13,356
26
Royalties and license fees5...........................................
-4,480
-4,726
-5,663
-5,072
-6,268
-5,204
-5,304
-5,614
-20,049
-5,180
-5,393
-4,629
-4,912
-5,223
-6,265
27
Other private services5
-85,829 -20,299 -20,897 -21,476 -23,157 -22,549 -23,364 -23,551 -20,762 -21,103 -21,558 -22,407 -23,026 -23,573 -23,621
28
-757
-3,004
-745
-749
-753
-784
-820
-809
-753
-757
-784
-820
-809
U.S. Government miscellaneous services......................
-745
-749
29 Income payments..................................................................
-261,106 -63,296 -64,081 -67,403 -66,326 -70,959 -84,432 -88,493 -63,682 -63,019 -66,524 -67,879 -71,364 -83,382 -87,598
30
Income payments on foreign-owned assets in the
United States................................................................
-252,573 -61,221 -62,078 -65,265 -64,009 -68,841 -82,290 -86,279 -61,557 -60,899 -64,402 -65,713 -69,205 -81,100 -85,393
31
Direct investment payments..........................................
-68,657 -15,079 -17,541 -19,452 -16,585 -20,423 -27,937 -28,503 -15,415 -16,362 -18,589 -18,289 -20,787 -26,747 -27,617
32
-111,874 -28,146 -26,785 -27,844 -29,099 -29,361 -33,853 -36,248 -28,146 -26,785 -27,844 -29,099 -29,361 -33,853 -36,248
Other private payments......
33
U.S. Government payments
-72,042 -17,996 -17,752 -17,969 -18,325 -19,057 -20,500 -21,528 -17,996 -17,752 -17,969 -18,325 -19,057 -20,500 -21,528
34
Compensation of employees...
-2,075
-2,317
-2,214
-2,122 -2,166
-2,282
-8,533
-2,003
-2,138
-2,118
-2,142
-2,125
-2,120
-2,159
-2,205
35 Unilateral current transfers, net....
-67,439 -16,979 -16,001 -16,674 -17,785 -20,920 -17,517 -14,785 -16,815 -16,369 -16,639 -17,617 -20,726 -18,344 -14,648
36 U.S. Government grants4.......................................................
-21,865
-5,833
-5,832
-5,447
-4,753
-7,744
-4,772
-5,447
-4,910
-4,772
-4,910
-5,833
-5,832
-4,753
-7,744
37 U.S. Government pensions and other transfers......................
-5,341
-1,037
-1,941
-1,392
-1,334
-1,208
-1,155
-1,159
-1,348
-1,320
-1,352
-1,554
-1,556
-1,559
-1,335
38 Private remittances and other transfers6.................................
-40,233 -10,109
-8,961 -10,072 -11,091 -11,784 -11,448
-8,665
-9,662
-9,858 -11,512 -11,428 -11,878
-8,317
-9,202
Capital and financial account
Capital account
39 Capital account transactions, net...............................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))
41
42
43
44
45
46
47
48
49
50
51
52
53
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, net.........................................................
Direct investment..............................................................
Foreign securities.............................................................
U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns....................................................
U.S. claims reported by U.S. banks, not included elsewhere
64
55 Foreign-owned assets in the United States, net (increase/
financial inflow (+))..................................................................
56
57
58
59
60
61
62
63
64
65
66
67
68
69
Foreign official assets in the United States, net.......................
U.S. Government securities....
U.S. Treasury securities9....
Other’0........................................................................
Other U.S. Government liabilities".....................................
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.....................................................................
-3,079
-406
-1,552
-821
-283,414 -106,395 -114,630
-10,447
-300
-396
-324
-374
-406
-1,552
-821
-51,942 -310,328 -111,789 -136,155 -102,665 -110,962
-8,138
-300
-396
-324
-374
-61,647 -306,729 -105,810 -133,176
1,523
83
-170
-611
2,221
557
1,122
429
83
-170
-611
2,221
557
1,122
429
601
1,494
-572
537
-7,279
7,981
897
-644
-170
53
-2,428
2,445
-102
86
-154
310
-1,591
1,975
-97
-383
-131
483
-1,532
2,035
-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
897
-644
-170
53
-2,428
2,445
-102
86
-154
310
-1,591
1,975
-97
-383
-131
483
-1,532
2,035
-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
-165
36
-74
-285,474 -106,531 -114,770
-173,799 -44,567 -37,717
-72,337 -26,619
8,429
-20
-10,319
-47,515
-28,312
-107
-86
122
-18
-74
36
-53,854 -311,612 -112,909 -136,767 -102,801 -111,102
-44,000 -51,207 -61,236 -46,458 -40,837 -34,049
-25,835 -16,524 -26,844 -15,015 -26,619
8,429
-20
-8,010
-45,206
-28,312
-28,932
-10,406
-11,207
-24,138
-22,480
-63,002
35,845
29,663
829,173
245,695
220,419
135,414
248,573
194,568
169,685
24,883
-564
49,420
5,149
580,600
39,890
113,432
250,981
16,640
48,986
39,845
30,277
9,568
-437
65,245
45,958
42,668
3,290
-16
50,663
27,293
23,953
3,340
-41
8,325
1,253
196,709
32,113
8,974
56,723
4,927
18,552
751
155,174
1,322
53,254
92,407
1,458
22,019
1,392
84,751
-1,598
46,490
18,090
2,768
-31,090 -56,761
47,071 -187,120
12,122
-36,951
-14,986
-60,308
-11,207
-24,138
-22,480
-63,002
35,845
29,663
227,645
272,562
287,983
246,105
218,553
134,202
65,245
45,958
42,668
3,290
-16
50,663
27,293
23,953
3,340
-41
11,854
1,442
317,261
10,002
65,438
62,064
-1,800
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
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
83,679
81,472
72,787
8,685
-70
524
1,753
143,966
8,053
4,714
83,761
7,487
445,125
127,864
114,708
101,692
13,016
-140
73,349
65,240
62,979
2,261
-89
60,118
51,735
45,688
6,047
515
48,986
39,845
30,277
9,568
-437
-107
122
-18
-86
-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
230,311
445,348
270,745
73,349
65,240
62,979
2,261
-89
286,412
127,864
114,708
101,692
13,016
-140
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
83,679
81,472
72,787
8,685
-70
60,118
51,735
45,688
6,047
515
84,014
69,410
-2,257
12,721
4,140
40,723
-3,603
19,542
69,410
-2,257
12,721
4,140
40,723
-3,603
19,542
75,643
24,562
8,990
6,280
35,811
140,834
41,150
46,561
24,562
8,990
6,280
35,811
140,834
41,150
46,561
-12,012
-15,919
30,957
19,803
-46,853
-2,898
5,338
26,915
-4,828
27,836
6,385
-41,404
8,941
-220
11,847
11,091
-3,121
-13,418
5,449
11,839
-5,558
-15,068
70 Statistical discrepancy (sum of above items with sign
70a
71
72
73
74
75
76
reversed)...................................................................................
Of which: Seasonal adjustment discrepancy..........................
Memoranda:
Balance on goods (lines 3 and 20).............................................
Balance on services (lines 4 and 21).........................................
Balance on goods and services (lines 2 and 19).........................
Balance on income (lines 12 and 29).........................................
Unilateral current transfers, net (line 35).....................................
Balance on current account (lines 1,18, and 35 or lines 73,74,
and 75)’3..............................................................................
p Preliminary,
r Revised.
See footnotes on page D-63.
-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
51,044
14,509
8,243
12,601
15,691
15,060
8,096
11,461
12,557
12,153
12,385
13,947
12,166
12,496
11,389
-496,508 -111,017 -125,193 -133,913 -126,385 -123,756 -153,942 -167,878 -125,386 -123,380 -122,250 -125,494 -138,602 -151,084 -155,342
5,021
4,294
5,037
33,279
6,000
6,638
15,620
13,173
5,672
3,995
5,874
7,261
16,151
12,164
5,281
-67,439 -16,979 -16,001 -16,674 -17,785 -20,920 -17,517 -14,785 -16,815 -16,369 -16,639 -17,617 -20,726 -18,344 -14,648
-530,668 -122,975 -135,194 -143,949 -128,550 -131,503 -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 S urvey of C urrent Busi
ness.
D -6 0
Intern ational D a ta
March 2005
Table E.3. U.S. International Transactions, by Area— Continues
[Millions of dollars]
Europe
Line
I
European Union14
United Kingdom
Canada
2004
(Credits +; debits - ) 1
2004
2004
2004
IIr
HIP
I
114,985
121,279
120,074
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
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
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
-137,722 -157,917 -157,127
-118,021
-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
-3,221
-2,303
-3,685
-4,887
-4,573
-5,213
-3,004
-3,254
-2,676
-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
-5,240
-5,407
-126
-106
-102
-87,962
-64,341
-23,621
-2,611
-3,461
-2,126
-3,775
-2,009
-9,381
-258
-30,059
-29,971
-10,183
-15,800
-3,988
-88
llr
IM
P
I
IIr
98,826
105,801
105,094
27,393
29,843
30,638
59,564
64,141
61,305
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
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
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
17,823
8,898
8,925
92
1,989
653
626
983
4,578
4
9,570
9,547
4,161
5,386
18,120
8,811
9,309
110
2.370
735
684
987
4,416
7
11,723
11,700
5,427
6,273
18,581
8,465
10,116
145
2,811
873
751
1,047
4,482
7
12,057
12,033
4,844
7,189
52,775
45,016
7,759
60
2,288
713
679
868
3,131
20
6,789
6,761
5,040
1,721
56,312
48,787
7,525
30
2,260
560
741
844
3,068
22
7,829
7,803
5,874
1,929
53,779
46,586
7.193
23
1,834
519
767
877
3,151
22
7,526
7,498
5,548
1,950
23
23
24
28
26
28
-137,794 -136,888
-34,637
-39,248
-38,096
-68,073
-75,193
-74,773
-18,866
-10,889
-7,977
-282
-1,213
-859
-855
-407
-4,343
-18
-15,771
-15,750
-4,976
-9,764
-1,010
-21
-20,516
-11,963
-8,553
-245
-1,660
-1,006
-873
-443
-4,307
-19
-18,732
-18,713
-5,986
-11,489
-1,238
-19
-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
-65,093
-60,998
-4,095
-26
-1,040
-75
-993
-192
-1,722
-47
-2,980
-2,884
-1,264
-1,255
-365
-96
-71,661
-66,377
-5,284
-37
-1,789
-133
-1,040
-219
-2,011
-55
-3,532
-3,443
-1,663
-1,376
-404
-89
-70,722
-64,318
-6,404
-25
-3,120
-147
-1,032
-220
-1,794
-66
-4,051
-3,962
-2,132
-1,416
-414
-89
II|p
I
llr
IIP
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..................................
6
Travel..............................................................................................................
7
Passenger fares.............................................................................................
8
Other transportation.....
9
Royalties and license fees5...........................................................................
10
Other private services5..................................................................................
11
U.S. Government miscellaneous services.....................................................
12 Income receipts......................................................................................................
13
Income receipts on U.S.-owned assets abroad.................................................
14
Direct investment receipts...................
15
Other private receipts..........................
U.S. Government receipts...................
1fi
17
Compensation of employees..............................................................................
18 Imports of goods and services and income paym ents..........................................
19 Imports of goods and services...............................................................................
20
Goods, balance-of-payments basis2.................................................................
21
Services3............................................................................................................
22
Direct defense expenditures...........................................................................
23
Travel............................
24
Passenger fares...........
25
Other transportation....
26
Royalties and license fees5...........................................................................
27
Other private services5..................................................................................
28
U.S. Government miscellaneous services.....................................................
29 Income payments...................................................................................................
30
Income payments on foreign-owned assets in the United States.....................
31
Direct investment payments...........................................................................
32
Other private payments
..........
33
U.S. Government payments...........................................................................
34
Compensation of employees..............................................................................
35 Unilateral current transfers, net...................................................................................
36 U.S. Government grants4.......................................................................................
37 U.S. Government pensions and other transfers....................................................
38 Private remittances and other transfers6...............................................................
-98,926
-70,658
-28,268
-2,581
-6,269
-2,991
-4,126
-2,341
-9,702
-258
-38,868
-38,783
-16,041
-18,463
-4,279
-85
-97,474
-68,356
-29,118
-2,600
-5,930
-3,470
-4,395
-2,541
-9,920
-262
-39,414
-39,330
-16,132
-18,843
-4,355
-84
-733
-528
870
-66
-23
1,023
447
449
920
-128
-82
-22
-612
-435
314
-485
-415
372
-613
-434
1,917
-50
-357
341
-3
-370
350
-21
-362
1,406
-62
509
-62
511
-59
979
-141
13
-142
60
-7
-158
143
-144
-140
-152
-60
-71
-86
-9
-8
-9
19
26
11
40 U.S.-owned assets abroad, net (increase/financial outflow (-))........................... -208,240
41
-158
4?
Gold7..................................................................................................................
43
44
Reserve position in the International Monetary Fund.......................................
45
Foreign currencies..............................................................................................
-158
46 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, ne t.......................................................................................... -208,730
51
Direct investment................................................................................................
-22,086
52
Foreign securities...............................................................................................
-17,101
53
-45,181
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..
54
U.S. claims reported by U.S. banks, not included elsewhere............................ -124,362
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
189,622
4,549
56 Foreign official assets in the United States, net....................................................
57
U.S. Government securities................................................................................
(17)
58
U.S. Treasury securities9................................................................................
H
Other10...........................................................................................................
59
(17)
60
Other U.S. Government liabilities11...................................................................
-80
61
U.S. liabilities reported by U.S. banks, not included elsewhere........................
(,7)
62
Other foreign official assets12............................................................................
(17)
63 Other foreign assets in the United States, net
..............................................
185,073
64
Direct investment.................................................
153
65
45,944
U.S. Treasury securities......................................
66
U.S. securities other than U.S. Treasury securities...........................................
13,310
67
U.S. currency.......................................................
68
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
35,489
69
U.S. liabilities reported by U.S. banks, not included elsewhere........................
90,177
70 Statistical discrepancy (sum of above items with sign reversed).......................
42,232
-69,099
-80,145
-172,034
-67,970
-64,261
-101,487
-44,116
-67,070
-7,194
-15,338
5,956
-132
-148
-118
-4
-7
-4
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
-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
141,464
12,672
113,297
11,182
17,127
17,177
n
(18)
(18)
H
-91
(18)
n
n
48
(18)
9,281
(18)
(18)
(18)
H
-16
(18)
H
(18)
1,471
(18)
23,373
(18)
(18)
(18)
(18)
-32
(18)
(18)
(18)
17,629
(18)
39,455
892
(17)
(,7)
(,7)
-31
(,7)
n
10,290
-726
(17)
6,220
-114
07)
C7)
(,7)
23
(,7>
(17)
17,241
17,843
(17)
-2,115
968
H
C7)
(17)
5
(17)
(17)
16,209
3,280
(’7)
7,760
-15,794
11,370
18 3,638 18 44,875
Capital and financial account
Capital account
39 Capital account transactions, net................................................................................
Financial account
-132
95
-24
84
35
-69,062
-36,057
-28,791
17,670
-21,884
-148
-118
227
328
-57
291
335
-7
-7
-80,224 -172,244
-16,142
-19,638
-19,987 -17,502
4,660 -45,296
-48,755 -89,808
-91
-111
-91
13
-111
124
28
-15
-67,892
-34,036
-28,223
20,292
-25,925
64,824
154,365
155,563
31,197
22,534
6,953
H
n
<
17)
-89
(,7)
(17)
147,412
40,869
1,453
54,278
n
n
H
n
-331
n
n
n
-3,768
H
8,867
n
(18)
n
(18)
-213
(18)
n
(18)
4,873
(18)
31,659
(,7)
(17)
(17)
-277
(,7)
(17)
42,290
5,924
-2,438
35,222
-12,544
16,126
143,027
(18)
(18)
(18)
(18)
23
n
(18)
(18)
39,669
n
49,868
37,221 -19,860
9,678
12,463
35,995
41,134 18113,574 1814,738 18 41,004 1 96,231
8
-4
(17)
-4,148
(17)
928
C7)
1,394
41,581
-37,885
35,792
68,860
-47,909
-33,171
40,408
-39,680
4,630
9,319
-9,654
-33,537
-229
-33,766
-2,872
-528
-37,166
-33,734
568
-33,166
-3,887
870
-36,183
-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
-22
-13,490
Memoranda:
71
72
73
74
75
76
Balance on goods (lines 3 and 20)............................................................................
Balance on services (lines 4 and 21)........................................................................
Balance on goods and services (lines 2 and 19)......................................................
Balance on income (lines 12 and 29)..............
Unilateral current transfers, net (line 35)
.........................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13.............
p Preliminary,
r Revised.
See the footnotes on page 0-63.
-28,408
3,236
-25,172
2,435
-733
-23,470
Source: Table 11 in “U.S. International Transactions: Third Quarter of 2004” in the January 2005 Survey of Current Busi
ness.
March 2005
D -61
S u rv e y o f C u r r e n t B u sin e ss
Table E.3. U.S. International Transactions, by Area—Continues
[Millions of dollars]
Latin America and Other Western Hemisphere
(Credits +; debits - ) 1
Line
2004
1
Japan
Mexico1
5
2004
llr
IM
P
I
2004
II|p
llr
I
II|p
llr
Current account
1 Exports of goods and services and income receipts.............................................
2 Exports of goods and services..............................................................................
Goods, balance-of-payments basis2.................................................................
3
4
Services3............................................................................................................
Transfers under U.S. military agency sales contracts4..................................
5
6
Travel..............................................................................................................
7
Passenger fares.............................................................................................
8
Other transportation.......................................................................................
Royalties and license fees5...........................................................................
9
10
Other private services5.........................
11
U.S. Government miscellaneous services.....................................................
12 Income receipts..............................................
13
Income receipts on U.S.-owned assets abroad.................................................
14
Direct investment receipts
Other private receipts.....
15
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......
26
Royalties and license fees5...........................................................................
27
Other private services5 ..
28
U.S. Government miscellaneous services.....................................................
29 Income payments...................................................................................................
30
Income payments on foreign-owned assets in the United States.....................
Direct investment payments..........................................................................
31
32
Other private payments.................................................................................
33
U.S. Government payments..........................................................................
34
Compensation of employees.............................................................................
35 Unilateral current transfers, net
36
37 U.S. Government pensions and other transfers....................................................
38 Private remittances and other transfers6...............................................................
68,161
72,008
75,761
32,630
34,853
35,411
25,641
26,211
26,790
53,793
40,531
13,262
114
3,820
1,046
959
860
6,418
45
14,368
14,316
8,412
5,860
44
52
56,918
42,606
14,312
118
4,605
1,215
1,071
941
6,319
43
15,090
15,038
8,508
6,440
90
52
58,927
42,915
16,012
113
5,633
1,432
1,169
1,008
6,613
44
16,834
16,782
8,946
7,751
85
52
30,071
25,849
4,222
1
1,470
324
233
273
1,916
5
2,559
2,552
2,072
476
4
7
32,088
27,539
4,549
4
1,572
348
265
313
2,042
5
2,765
2,758
2,237
517
4
7
32,702
27,907
4,795
- 21,036
12,708
8,328
111
2,171
706
884
1,714
2,726
16
4,605
4,587
2,824
1,763
21,492
13,329
8,163
115
2,097
672
941
1,740
2,582
16
4,719
4,701
2,853
1,848
18
18
22,036
12,799
9,237
107
2,701
910
935
1,740
2,828
16
4,754
4,736
2,755
1,980
1
18
-81,576
-89,493
-93,692
-42,047
-45,179
-44,915
-46,663
-48,889
-49,666
-71,353
-58,128
-13,225
-56
-4,754
-649
-1,069
-287
-6,268
-142
-10,223
-8,597
-601
-6,196
-1,800
-1,626
-77,431
-63,513
-13,918
-60
-4,987
-1,025
-1,152
-367
-6,149
-178
-12,062
-10,298
-1,082
-7,097
-2,119
-1,764
-79,870
-65,353
-14,517
-60
-5,758
-841
-1,185
-255
-6,274
-144
-13,822
-11,955
-1,212
-8,392
-2,351
-1,867
-39,960
-36,636
-3,324
-4
-2,263
-212
-242
-23
-525
-55
-2,087
-504
-29
-188
-287
-1,583
-42,913
-39,742
-3,171
-3
-2,040
-215
-255
-33
-570
-55
-2,266
-538
26
-230
-334
-1,728
-42,241
-39,300
-2,941
-3
-1,918
-236
-109
-36
-584
-55
-2,674
-851
-171
-298
-382
-1,823
-36,385
-31,141
-5,244
-453
-542
-275
-1,320
-1,580
-1,024
-50
-10,278
-10,250
-2,634
-1,555
-6,061
-28
-37,323
-32,029
-5,294
-402
-708
-172
-1,400
-1,465
-1,096
-51
-11,566
-11,547
-3,049
-1,870
-6,628
-19
-37,685
-32,301
-5,384
-405
-706
-270
-1,541
-1,385
-1,027
-50
-11,981
-11,964
-3,116
-1,960
-6,888
-17
-7,337
-7,427
-5,695
-1,825
-1,912
-1,967
-105
12
-5
-521
-221
-6,595
-466
-202
-6,759
-502
-210
-4,983
-8
-8
-7
-1,817
-1,904
— ,960
i
-37
-68
-38
50
-27
22
-15
-12
-15
-4
-4
-5
6
6
6
-62,127
-20,947
-35,213
991
1,062
-2,515
-5,234
-14,795
-19,282
-1
-1
-i
-1
-1
1
1,663
349
296
316
2,165
5
2,709
2,702
2,160
538
4
7
Capital and financial account
Capital account
39 Capital account transactions, net................................................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow ( -)) ...........................
41 U.S. official reserve assets, net.............................................................................
4?
Gold7..................................
43
Reserve position in the International Monetary Fund.......................................
44
45
46 U.S. Government assets, other than official reserve assets, net..........................
47
Repayments on U.S. credits and other long-term assets8
48
U.S. foreign currency holdings and U.S. short-term assets, net........................
49
50 U.S. private assets, net.........................................................
51
Direct investment...............................................................
52
Foreign securities...............................................................................................
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..
54
U.S. claims reported by U.S. banks, not included elsewhere............................
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
56 Foreign official assets in the United States, net....................................................
57
U.S. Government securities................................................................................
58
U.S. Treasury securities9................................................................................
Other10...........................................................................................................
59
Other U.S. Government liabilities11...................................................................
60
U.S. liabilities reported by U.S. banks, not included elsewhere........................
61
62
Other foreign official assets12............................................................................
63 Other foreign assets in the United States, net.......................................................
Direct investment................................................................................................
64
U.S. Treasury securities.....................................................................................
65
U.S. securities other than U.S. Treasury securities...........................................
66
67
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
68
U.S. liabilities reported by U.S. banks, not included elsewhere.........................
69
70 Statistical discrepancy (sum of above items with sign reversed).......................
99
-36
147
95
-128
122
218
-67
285
8
-2
10
8
-3
11
28
-2
30
-12
-62,226
-9,623
6,968
-7,634
-51,937
101
-21,042
-2,263
6,420
-9,284
-15,915
-35,431
-8,388
3,980
-20,039
-10,984
983
-2,669
2,790
148
714
1,054
-2,204
1,894
-82
1,446
-2,543
-1,880
45
181
-889
-5,234
560
-13,441
792
6,855
-14,794
-3,453
2,639
-821
-13,159
-1
-19,280
-3,372
-5,717
31
-10,222
96,987
94,528
41,153
4,180
8,635
4,326
105,026
60,583
41,447
4,448
(,7)
n
(,7)
44
C7)
(17)
92,539
3,144
n
23,495
7,786
n
<
17)
(17>
60
(,7)
(,7)
86,742
1,736
(,7)
13,472
1,856
(17)
C7)
(17)
51
(17)
n
39,297
1,847
C7)
18,103
n
n
n
n
-1
H
n
n
418
(18)
750
n
n
n
n
n
(18)
H
(18)
n
-83
(18)
-419
(1
8)
618
(18)
-526
(18)
7,674
(18)
(18)
(18)
n
-103
(18)
(18)
(18)
2,739
(18)
4,643
(18)
3,936
(18)
21,243
(18)
(18)
(18)
(18)
423
n
n
(18)
3,298
(18)
3,205
(,7)
54,180
(17)
36,159
(17)
1,886
111
18 2,902
409
18 8,031
12
18 -2,833
1,257
18 96,490
-792
18 36,279
1,226
18 33,295
-14,093
-48,657
17,701
6,075
2,545
9,665
-78,671
-23,128
710
-17,597
37
-17,560
4,145
-7,337
-20,752
-20,907
394
-20,513
3,028
-7,427
-24,912
-22,438
1,495
-20,943
3,012
-5,695
-23,626
-10,787
898
-9,889
472
-1,825
-11,242
-12,203
1,378
-10,825
499
-1,912
-12,238
-11,393
1,854
-9,539
35
-1,967
-11,471
-18,433
3,084
-15,349
-5,673
-105
-21,127
-18,700
2,869
-15,831
-6,847
12
-22,666
-19,502
3,853
-15,649
-7,227
-5
-22,881
-4
n
n
n
n
n
n
(18)
(18)
n
Memoranda:
71
72
73
74
75
76
Balance on goods (lines 3 and 20).............................................................................
Balance on services (lines 4 and 21).........................................................................
Balance on goods and services (lines 2 and 19)......................................................
Balance on income (lines 12 and 29).........................................................................
Unilateral current transfers, net (line 35)...................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13.............
See the footnotes on page D -6 3 .
D -6 2
Intern ational D a ta
March 2005
Table E.3. U.S. International Transactions, by Area
[Millions of dollars]
Australia
Line
(Credits +; debits - ) 1
Other countries in Asia and Africa
2004
I
International organizations and unallocated16
2004
IIr
HIP
I
2004
IIr
IIIp
I
llr
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..................................
fi
Travel................................................................
7
Passenger fares.............................................................................................
8
Other transportation.......................................................................................
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.................................................
14
Direct investment receipts..............................................................................
Other private receipts....
15
1fi
U.S. Government receipts..............................................................................
17
Compensation of employees.............................................................................
18 Imports of goods and services and income payments..........................................
19 Imports of goods and services...............................................................................
?n
Goods, balance-of-payments basis2.................................................................
21
Services3............................................................................................................
??
Direct defense expenditures...........................................................................
?3
Travel..............................................................................................................
?4
Passenger fares............
25
Other transportation......
26
Royalties and license fees5...........................................................................
27
Other private services5..
28
U.S. Government miscellaneous services.....................................................
29 Income payments...................................................................................................
30
Income payments on foreign-owned assets in the United States.....................
Direct investment payments...........................................................................
31
32
Other private payments..................................................................................
33
U.S. Government payments...........................................................................
34
Compensation of employees....................
35 Unilateral current transfers, net......................
3fi U.S. Government grants4..............................
37 U.S. Government pensions and other transfers....................................................
38 Private remittances and other transfers6......
6,485
7,144
7,393
74,056
74,216
78,372
10,048
10,320
10,496
4,728
3,134
1,594
53
435
97
82
234
691
2
1,757
1,750
1,265
485
5,087
3,327
1,760
35
548
134
92
264
684
3
2,057
2,050
1,526
524
5,334
3,629
1,705
53
516
106
109
249
669
3
2,059
2,052
1,511
541
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
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
1,521
1,615
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
7
7
7
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
-3,392
-3,838
-4,175
-127,459
-143,558
-158,577
-4,638
-4,701
-5,765
-2,616
-1,669
-947
-47
-295
-199
-62
-32
-295
-17
-776
-772
-359
-286
-127
-4
-2,668
-1,751
-917
-58
-294
-142
-64
-20
-331
-8
-1,170
-1,167
-732
-330
-105
-3
-2,998
-1,972
-1,026
-60
-304
-176
-74
-34
-363
-15
-1,177
-1,174
-725
-352
-97
-3
-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
-134,892
-119,832
-15,060
-3,677
-3,284
-1,543
-3,869
-60
-2,418
-209
-8,666
-8,505
-500
-2,032
-5,973
-161
-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
-1,129
-1,113
-2,111
-1,129
-1,113
-2,111
-859
-241
-28
-1
-3,509
-3,509
-2,611
-869
-29
-825
-258
-29
-1
-3,588
-3,588
-2,642
-915
-31
-1,023
-1,057
-30
-1
-3,654
-3,654
-2,672
-949
-33
-52
-53
-60
-10,706
-7,620
-7,957
-1,859
-1,819
-1,916
-15
-37
-16
-37
-16
-44
-6 526
-140
-4,040
-3795
-143
-3,682
-3 555
-142
-4,260
-85
-403
-1,371
-164
-203
-1,452
95
-361
-1,460
-7
-7
-8
-255
-197
-216
-4,858
2,011
1,488
-16,109
8,059
-2,074
-6,566
-1,680
-6,885
715
1,255
578
-100
815
-90
1,345
-98
676
Capital and financial account
Capital account
39 Capital account transactions, net................................................................................
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow ( - ))...........................
41 U.S. official reserve assets, net..............................................................................
4?
Gold7..................................
43
Special drawing rights.......
44
45
Foreign currencies..............................................................................................
4fi U.S. Government assets, other than official reserve assets, net..........................
47
U.S. credits and other long-term assets............................................................
48
Repayments on U.S. credits and other long-term assets8................................
49
U.S. foreign currency holdings and U.S. short-term assets, net.......................
50 U.S. private assets, net..........................................................................................
Direct investment................................................................................................
51
52
Foreign securities...............................................................................................
53
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns..
54
U.S. claims reported by U.S. banks, not included elsewhere............................
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))
56 Foreign official assets in the United States, net....................................................
57
U.S. Government securities......................
58
U.S. Treasury securities9.......................
59
Other10..................................................
fid
Other U.S. Government liabilities11...................................................................
fi1
U.S. liabilities reported by U.S. banks, not included elsewhere........................
fi?
Other foreign official assets12.............................................................................
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...........................................
fi/
U.S. currency.............................................
fifi U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
69
U.S. liabilities reported by U.S. banks, not included elsewhere........................
70 Statistical discrepancy (sum of above items with sign reversed).......................
-4,858
-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
21,986
(18)
(18)
(18)
(18)
(18)
H
H
H
(18)
(18)
19,890
(18)
(18)
(18)
16
(18)
(18)
(18)
1,667
(18)
9,214
53
-271
338
-14
8,006
-7,310
7,208
-1,932
10,040
480
-113
603
-10
-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
34,609
998
10,195
3,143
2
101
2,907
(18)
591
-2,567
-478
18 -4,269
-400
18178
-54
18-2,306
286
-1,800
540
8,754
2,156
18 27,682
3,042
2,672
(18)
496
2,560
268
18 2,286
939
18 22,773
18-101
18-1,741
18-2,686
5,289
-8,576
-727
35,698
47,114
55,843
2,017
-12,315
927
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
-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
(18)
(18)
-16
(1S)
H
n
43
(18)
H
n
(18)
8
(18)
(18)
n
1,008
n
H
145
H
(18)
n
-603
n
n
101
197
(18)
1,101
H
n
2
n
(18)
(18)
(18)
44
(18)
(18)
(18)
1,884
(18)
13,009
996
2,611
(18)
10,195
2,642
n
Memoranda:
71
72
73
74
75
76
Balance on goods (lines 3 and 20)............................................................................
Balance on services (lines 4 and 21).........................................................................
Balance on goods and services (lines 2 and 19)......................................................
Balance on income (lines 12 and 29)........................................................................
Unilateral current transfers, net (line 35)...................................................................
Balance on current account (lines 1,18, and 35 or lines 73,74, and 75)13.............
See the footnotes on page D -6 3 .
March 2005
S u rvey
of
D -6 3
C u rr en t B u sin ess
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)..........................
Freight.....................................................................
5
6
Port services..............
7 Royalties and license fees (table E.2, line 9).................
8
Affiliated..................................................................
9
U.S. parents’ receipts..........................................
10
U.S. affiliates' receipts.........................................
11
Unaffiliated..............................................................
12
Industrial processes 1.........................................
13
Other2...............................................................
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
Other2...............................................................
38 Other private services (table E.2, line 27)......................
39
Affiliated services
40
U.S. parents’ payments.......................................
41
U.S. affiliates’ payments.......................................
42
Unaffiliated services....
43
Education..............
44
Financial services...
45
Insurance services..
46
Telecommunications
47
Business, professional, ana tecnmcai services
48
Other unaffiliated services 3.................................
II
Seasonally adjusted
2004
III
IV
I
2003
II'
III p
I
II
2004
III
IV
I
IIr
III p
294,080
69,711
68,503
77,553
78,313
77,432
78,552
85,370
71,511
70,704
73,977
77,887
78,682
80,874
81,473
64,509
15,693
31,833
14,099
17,734
48,227
35,924
32,500
3,424
12,303
4,775
7,528
133,818
48,450
27,674
20,776
85,368
13,399
17,637
4,877
5,477
29,084
14,894
13,602
3,454
7,352
3,261
4,091
11,286
8,278
7,540
738
3,008
1,120
1,887
34,017
11,084
6,368
4,716
22,933
5,464
4,282
1,194
1,328
7,059
3,606
14,518
3,440
7,777
3,611
4,166
11,779
8,721
8,007
714
3,058
1,179
1,879
30,989
11,547
6,743
4,804
19,442
1,669
4,289
1,210
1,354
7,269
3,651
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
17,169
4,238
8,489
3,773
4,716
13,248
10,112
9,030
1,082
3,136
1,251
1,885
35,169
14,022
7,929
6,093
21,147
2,595
4,616
1,249
1,414
7,440
3,834
16,103
4,183
8,653
3,940
4,713
12,136
8,979
8,378
601
3,157
1,255
1,901
36,357
11,644
6,806
4,838
24,713
5,798
4,828
1,267
1,433
7,638
3,748
18,879
4,535
9,260
3,996
5,264
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
21,897
5,251
9,851
3,872
5,979
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
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
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
16,216
4,036
7,893
3,465
4,428
12,175
9,074
8,167
907
3,101
1,225
1,877
33,657
12,154
6,890
5,264
21,503
3,390
4,450
1,224
1,382
7,316
3,742
18,071
4,310
8,548
3,723
4,825
12,481
9,345
8,516
829
3,136
1,251
1,885
34,477
12,574
7,293
5,281
21,903
3,392
4,616
1,249
1,414
7,440
3,793
17,878
4,527
9,060
4,011
5,049
12,472
9,315
8,627
688
3,157
1,255
1,901
34,745
12,280
7,098
5,182
22,465
3,488
4,828
1,267
1,433
7,638
3,809
18,617
4,717
9,206
3,969
5,237
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
18,769
4,687
9,367
3,882
5,485
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
228,216
51,754
56,498
61,355
58,609
58,238
66,348
69,456
55,506
54,789
57,995
59,927
62,382
64,270
65,631
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
12,229
4,498
10,248
6,971
3,277
4,480
3,592
637
2,955
888
535
354
20,299
8,460
4,086
4,374
11,839
516
1,029
6,307
1,183
2,585
220
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
16,868
6,163
11,668
8,384
3,284
5,180
4,263
669
3,594
917
551
366
21,476
8,423
4,649
3,774
13,053
887
1,103
6,807
1,207
2,810
240
13,230
4,949
11,610
8,307
3,303
5,663
4,727
701
4,026
936
560
376
23,157
10,076
5,354
4,722
13,081
618
1,107
7,021
1,214
2,875
247
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
18,118
6,236
13,237
9,625
3,612
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
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
14,312
5,007
10,796
7,369
3,427
4,629
3,741
637
3,104
888
535
354
20,762
8,782
4,439
4,343
11,980
657
1,029
6,307
1,183
2,585
220
12,790
4,875
11,109
8,023
3,086
4,912
4,011
651
3,360
901
543
358
21,103
8,748
4,615
4,133
12,355
671
997
6,569
1,196
2,691
231
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
15,102
5,563
11,551
8,228
3,324
5,304
4,368
701
3,667
936
560
376
22,407
9,258
4,878
4,380
13,149
686
1,107
7,021
1,214
2,875
247
15,508
5,574
13,051
9,434
3,617
5,223
4,277
666
3,611
946
570
376
23,026
9,419
5,279
4,140
13,607
700
1,261
7,229
1,221
2,951
246
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
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
13,139
8,548
57,561
34,787
3,247
2,083
13,511
8,538
3,259
2,120
14,149
8,655
3,286
2,157
14,714
8,751
3,347
2,188
15,187
8,843
3,447
2,213
15,571
8,959
3,568
2,235
15,904
9,070
3,700
2,254
16,210
12,885
3,247
2,083
13,511
8,538
3,259
2,120
14,149
8,655
3,286
2,157
14,714
8,751
3,347
2,188
15,187
8,843
3,447
2,213
15,571
8,959
3,568
2,235
15,904
9,070
3,700
2,254
16,210
12,885
Supplemental detail on insurance transactions:
49
50
51
52
Premiums received 4........................................................
Actual losses paid...........................................................
Premiums paid 4..............................................................
Actual losses recovered...................................................
Memoranda:
53 Balance on goods (table E.2, line 71)...............................
54 Balance on private services (line 1 minus line 25).............
55 Balance on goods and private services (lines 53 and 54)....
-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
12,005
16,198
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 2 0 0 4 ” in the January 2 0 0 5 S u rv e y o f C u r r e n t B usine ss.
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 Survey 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 NIPAs (a) includes adjustments to the international transac
tions accounts for the treatment of gold, (b) includes adjustments for the different geographical treatment of transactions with U.S.
territories and Puerto Rico, and (c) includes services furnished without payment by financial pension plans except life insur
ance carriers and private noninsured pension plans. A reconciliation of the balance on goods and services from the international
accounts and the NIPA net exports appears in reconciliation table 2 in appendix A in the August 2004 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.
D -6 4
March 2005
F. Investment Tables
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
Line
Type of investment
Position,
200 2 r
Financial
flows
Price
changes
Exchange-rate
changes1
Total
Position,
2003 p
Other
changes:
(a+b+c+d)
(d)
(b)
(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
-2,233,018
-2,553,407
-545,759
-545,759
37,112
-13,696
255,457
397,918
55,526
63,954
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)..
6,413,535
6,613,320
283.414
283.414
355,668
676,650
327,520
468,722
-177,445
-178,138
U.S. official reserve assets
Gold.............................
Special drawing rights..
Reserve position in the International Monetary Fund......
Foreign currencies............................................................
158,602
90,806
12,166
21,979
33,651
-1,523
18,059
3) 18,059
8,438
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
-340,377
175,940
229,018
690,509
627,495
368
627,127
-293,352
201,558
8,646,553
9,166,727
829.173
829.173
318,556
690,346
72,063
70,804
-232,971
-242,092
986,821 9,633,374
1,348,231 10,514,958
Foreign official assets in the United States....................................
U.S. Government securities.......................................................
U.S. Treasury securities......
Other.......................................................................................
Other U.S. Government liabilities7.............................................
U.S. liabilities reported by U.S. banks, not included elsewhere.
Other foreign official assets........................................................
1,212,723
954,896
796,449
158,447
17,144
144,646
96,037
248,573
194,568
169,685
24,883
-564
49,420
5,149
3,920
-16,845
-13,947
-2,898
Other foreign assets:
With direct investment at current cost (lines 35+37+38+41+42+43)...
With direct investment at market value (lines 36+37+38+41+42+43).
7,433,830
7,954,004
580.600
580.600
314,636
686,426
72,063
70,804
1,505,171
2,025,345
457,670
2,786,647
1,600,414
1,186,233
301,268
864,632
1,518,442
39.890
39.890
113,432
250,981
213,718
37,263
16,640
84,014
75,643
6,460
378,250
-11,612
319,788
5,205
314,583
1,259
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.
-197,664 -2,430,682
-97,583 -2,650,990
1,073
2,050
5,315
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
-601
-1,494
572
789,157
1,250,648
84,772
81,980
81,706
274
2,792
-177,446
764,719
-178,139 1,226,210
6,934,343
7,595,619
(4)1
-13,009
-13,702
2,069,013
2,730,289
2,474,374
502,130
1,972,244
614,672
1,776,284
261,438
190,133
160,214
29,919
-564
45,955
25,914
1,474,161
1,145,029
956,663
188,366
16,580
190,601
121,951
725,383
-241,916
-251,037 1,086,793
8,159,213
9,040,797
8,945
12,410
4,476
7,934
-3,465
20,765
48.437
48.437
1,175
-7,946
-16,948
-14,803
-14,803
11,269
11,098
-493,372
282,032
48,784
410,194
84,872
604,403
252,557
351,846
16,640
-398,089
368,773
1,553,955
2,435,539
542.542
3,391,050
1,852,971
1,538,079
317,908
466.543
1,887,215
5. Also includes paid-in capital subscriptions to international financial institutions and resources provided to
foreigners under foreign assistance programs requiring repayment over several years. Excludes World War I
debts that are not being serviced.
6. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a
third country’s currency, or by delivery of materials or transfer of services.
7. Primarily U.S. Government liabilities associated with military sales contracts and other transactions
arranged with or through foreign official agencies.
Source: Table 1 in ‘The International Investment Position of the United States at Yearend 2003” in the July
2004 Survey of Current Business.
March 2005
S u rvey
of
D -6 5
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
Capital outflows (inflows (-))
2003
1,316,247 1,460,352 1,601,414 1,788,911
Income
2000
2001
2002
2003
2000
2001
2002
2003
142,627
124,873
115,340
151,884
133,692
110,029
126,694
164,712
By country of foreign affiliate
Canada........................................................................................
132,472
152,601
170,169
192,409
16,899
16,841
11,534
13,826
16,181
11,836
12,697
17,354
Europe.........................................................................................
687,320
771,936
848,599
963,087
77,976
65,580
69,665
99,191
65,574
53,524
62,467
81,751
France.................................................................................
Germany............................................................................
Ireland.................................................................................
Netherlands........................................................................
Switzerland.........................................................................
United Kingdom..................................................................
42,628
55,508
35,903
115,429
55,377
230,762
40,125
63,396
39,541
147,687
63,768
228,230
42,999
67,404
46,617
164,217
71,454
239,219
47,914
80,163
55,463
178,933
86,435
272,640
1,967
3,811
9,823
961
8,687
28,317
476
11,823
2,437
12,025
4,170
7,890
3,324
-216
5,663
14,633
6,683
16,852
1,504
8,676
9,093
14,968
14,444
30,455
2,370
4,736
5,773
13,402
5,027
19,099
1,697
3,407
5,161
10,922
6,636
9,612
2,428
2,519
6,245
12,352
9,130
10,570
4,339
4,062
8,281
15,791
10,738
13,756
Latin America and Other Western Hemisphere........................
266,576
279,611
284,561
304,023
23,212
25,691
6,428
13,171
19,796
18,006
17,146
24,552
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
2,864
Of which:
Of which:
Bermuda.............................................................................
Brazil...................................................................................
Mexico.................................................................................
United Kingdom Islands, Caribbean...................................
11,891
15,574
16,290
18,960
716
2,438
1,443
2,211
2,010
1,554
1,873
Middle East.................................................................................
10,863
13,212
14,671
16,942
1,375
1,397
1,703
2,093
2,272
1,545
1,876
2,645
Asia and Pacific..........................................................................
207,125
227,418
267,125
293,490
22,449
12,927
24,568
21,392
27,861
23,564
30,636
35,546
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.............................................................................
343,899
328,030
339,391
378,033
43,002
25,871
28,002
28,370
42,230
27,603
26,733
36,531
Food...................................................................................
Chemicals...........................
Primary and fabricated metals...........................................
Machinery..........................................................................
Computers and electronic products...................................
Electrical equipment, appliances, and components..........
Transportation equipment...................................................
23,497
75,807
21,644
22,229
59,909
10,005
49,887
21,334
79,186
21,814
17,655
58,651
9,552
40,487
18,340
81,449
21,926
18,612
53,601
9,030
44,820
22,717
90,341
22,970
21,380
57,596
9,657
45,372
2,014
3,812
1,233
2,659
17,303
2,100
7,814
1,813
10,210
311
-812
4,107
1,129
1,861
2,210
6,332
1,244
220
1,179
269
2,471
2,793
6,178
-169
2,405
3,061
772
1,517
2,681
11,552
1,536
2,257
8,860
1,079
4,107
2,597
7,161
1,422
1,313
4,335
669
2,148
2,674
9,093
898
1,974
2,504
522
612
3,172
10,620
1,607
2,043
5,394
739
1,802
Wholesale trade.........................................................................
93,936
112,946
124,686
140,579
11,938
15,712
3,841
12,802
14,198
13,706
12,905
19,583
Information.................................................................................
52,345
42,996
39,812
47,525
16,531
-2,838
-1,886
5,578
-964
-3,084
535
5,474
Depository institutions (banking)................................................
40,152
55,620
56,595
63,655
-1,274
10,326
-1,976
693
2,191
2,343
1,288
2,356
Finance (except depository institutions) and insurance............
217,086
240,272
264,680
299,805
21,659
2,854
14,643
30,149
15,210
9,224
13,946
19,165
Of which:
Australia.............................................................................
Hong Kong .........................................................................
Japan .................................................................................
Singapore...........................................................................
By industry of foreign affiliate
Of which:
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 -6 6
In tern atio n al D a ta
March 2005
Table F.3. Selected Financial and Operating Data of Nonbank Foreign Affiliates of U.S. Companies by Country and by Industry of Affiliate, 2002
All nonbank foreign affiliates
Majority-owned nonbank foreign affiliates
Millions of dollars
Total
assets
All countries, all industries......................................
Sales
6,865,705 2,973,212
Millions of dollars
Thousands
U.S. exports U.S. imports
of
Net
of goods
of goods employees
income shipped to shipped by
affiliates
affiliates
217,660
184,499
217,673
Total
assets
Sales
9,695.9 6,209,829 2,548,625
Net
income
Value
added
204,802
611,456
Thousands
U.S. exports U.S. imports
of
of goods
of goods employees
shipped to shipped by
affiliates
affiliates
177,213
199,349
8,183.9
By country of foreign affiliate
359,620
13,624
58,373
80,860
1,124.1
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
Canada...................................................................................
Europe....................................................................................
514,250
484,796
Of which:
France...........................................................................
Germany........................................................................
Netherlands...................................................................
United Kingdom.............................................................
212,778
351,566
534,795
1,581,483
139,456
242,206
141,606
389,292
3,166
6,206
19,994
8,098
4,131
7,207
7,771
9,829
3,296
4,983
(D)
6,464
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
Latin America and Other Western Hemisphere.....................
994,055
365,977
34,947
42,283
49,931
1,990.0
860,328
308,180
32,264
61,400
41,023
47,194
1,594.3
3,118
32,970
1,807
41,902
-5,015
6,026
391.1
1,041.5
79,611
113,128
58,787
112,443
-3,531
4,834
10,865
22,233
2,991
32,011
1,673
40,255
336.7
841.2
139.0
Of which:
Brazil..............................................................................
Mexico............................................................................
101,114
142,566
68,155
137,055
Africa......................................................................................
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...................................................................... 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
298,637
104,463
17,166
1,124
12,516
167.5
275,111
142,367
60,632
1,343,683 1,415,463
-301
61,180
8
127,658
3
186,483
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
Of which:
Australia.........................................................................
Japan..............................................................................
By industry of foreign affiliate
Mining.....................................................................................
Utilities....................................................................................
Manufacturing........................................................................
94,171
14,193
58,175
1,050
11,622
149.2
101.4
100,498
40,570
5,062.8 1,143,805 1,208,610
-1,614
54,798
7,582
316,621
8
122,573
3
169,379
70.7
4,317.8
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
Of which:
Food...............................................................................
Chemicals......................................................................
Primary and fabricated metals......................................
Machinery.......................................................................
Computers and electronic products..............................
Electrical equipment, appliances, and components.....
Transportation equipment..............................................
76,557
345,030
64,165
70,477
177,022
32,183
245,032
99,819
249,099
45,828
72,461
210,937
29,132
357,234
Wholesale trade.....................................................................
463,176
680,498
19,634
47,045
17,076
823.4
442,458
647,333
18,938
94,447
45,556
16,827
775.9
Information.............................................................................
280,209
166,416
-6,582
908
(D
)
646.0
120,348
78,686
-2,759
23,102
797
96
345.2
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
)
Finance (except depository institutions) and insurance
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 Business.
198,704
18,706
23,875
10
(D
)
310.7
120,226
79,284
2,556
30,962
1,517
(D
)
413.9
2,118.3 1,653,870
201,267
99,985
56,693
5,703
901
1,800.6
March 2005
S urvey
of
D -6 7
C u rr e n t B u sin ess
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 of dollars]
Direct investment position
on a historical-cost basis
2000
All countries, all industries........................................................
2001
2002
Income
Capital inflows (outflows I-))
2003
1,256,867 1,343,987 1,340,011 1,378,001
2000
2001
314,007
159,461
2002
2003
2000
62,870
29,772
47,921
2001
3,919
2002
2003
35,984
56,727
By country of foreign parent
Canada...................................................................................................
114,309
92,420
105,255
27,258
9,173
2,976
9,116
849
-5,223
-909
3,462
Europe....................................................................................................
887,014
999,069
982,062 1,000,532
251,041
140,661
45,012
6,572
38,766
13,964
28,989
43,946
France............................................................................................
Germany........................................................................................
Luxembourg..................................................................................
Netherlands...................................................................................
Switzerland....................................................................................
United Kingdom.............................................................................
125,740
122,412
58,930
138,894
64,719
277,613
154,984
162,314
95,299
145,554
129,478
197,651
141,400
139,620
97,822
153,679
119,338
218,175
143,341
148,774
104,452
146,117
112,856
230,374
51,001
14,054
30,864
33,517
12,124
82,652
14,546
40,206
-21,498
24,036
61,789
2,819
6,678
-842
1,288
5,650
6,566
23,941
5,130
407
8,823
-614
-6,993
-1,661
3,633
2,140
4,711
8,776
2,782
13,347
4,024
-7,787
2,414
3,189
1,299
9,046
4,171
-3,508
840
4,042
5,867
11,492
4,808
1,726
6
7,934
4,723
17,604
Latin America and Other Western Hemisphere....................................
96,437
Of which:
53,691
64,842
68,366
69,557
12,741
8,232
1,577
3,525
2,382
-3,748
-592
1,253
Bermuda.........................................................................................
Mexico
Panama.........................................................................................
United Kingdom Islands, Caribbean..............................................
18,336
7,462
3,819
15,191
7,316
6,645
4,385
25,620
8,088
7,483
5,394
28,260
5,914
6,680
8,383
28,949
2,965
5,062
-1,087
3,800
-6,467
-716
297
12,961
-177
2,099
1,572
230
-3,366
1,944
2,592
1,841
-204
-142
647
1,627
-4,868
-823
499
1,166
-2,362
35
642
701
-1,049
193
1,014
175
Africa......................................................................................................
2,700
2,346
2,298
2,187
666
-308
34
-50
31
-221
41
3
Middle East.............................................................................................
6,506
6,082
7,456
7,931
2,389
-401
1,290
522
241
200
-214
163
Asia and Pacific.....................................................................................
192,647
179,228
183,392
192,539
19,912
2,104
11,980
10,086
5,651
-1,053
8,670
7,901
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
Of which:
Of which:
Australia.........................................................................................
Japan.
Singapore......................................................................................
By industry of U.S. affiliate
Manufacturing........................................................................................
480,561
476,474
468,471
475,475
105,119
51,069
18,876
344
24,744
4,261
21,680
20,216
Food..............................................................................................
Chemicals............................
Primary and fabricated metals......................................................
Machinery............................
Computers and electronic products..............................................
Electrical equipment, appliances, and components.....................
Transportation equipment..............................................................
18,073
120,413
24,184
32,283
92,782
43,109
55,750
18,577
128,630
19,998
43,317
54,729
53,559
62,349
19,785
121,641
19,245
41,424
43,111
46,080
62,607
19,074
123,242
19,434
37,701
45,854
42,311
63,653
2,281
25,466
8,199
2,175
33,073
13,333
1,653
312
16,823
-3,109
3,560
-1,403
20,545
9,694
1,300
-7,410
1,308
-1,426
-6,682
3,200
6,449
-1,423
2,800
711
-2,917
-548
-6,550
1,637
1,076
4,572
1,121
1,003
2,395
2,033
4,284
597
2,005
-265
-982
-5,609
2,413
1,891
933
6,211
147
225
-2,043
4,781
4,238
-370
6,792
465
-447
-527
2,292
4,777
Wholesale trade....................................................................................
173,991
184,743
195,876
182,176
52,501
5,998
10,332
-6,510
13,569
9,566
12,499
16,647
Retail trade............................................................................................
26,703
22,647
21,974
24,171
4,111
5,881
763
1,389
1,519
1,335
2,161
1,368
Information............................................................................................
146,856
146,913
117,646
120,122
25,207
51,472
6,235
-1,441
-3,996
-13,392
-4,232
2,084
Of which:
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
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.
3,473 . -2,178
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 Business.
-68
Intern ational D a ta
March 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
All nonbank affiliates
Millions of dollars
Total
assets
All countries, all industries...........................................
Sales
5,213,336 2,225,352
Majority-owned nonbank affiliates
Millions of dollars
Net
income
-46,188
Millions of dollars
Thousands
U.S.
U.S.
of
exports
imports
employees of goods of goods
shipped by shipped to
affiliates
affiliates
5,932.2
146,186
Total
assets
Sales
337,406 4,556,582 2,043,500
Millions of dollars
Net
income
Value
added
-51,250
453,637
Thousands
U.S.
U.S.
of
imports
exports
employees of goods of goods
shipped by shipped to
affiliates
affiliates
5,420.3
137,037
324,578
By country
Canada .........................................................................
Europe..........................................................................
135,626
-4,425
500.4
6,018
3,574,466 1,321,197
346,204
-32,476
4,017.2
79,224
128,411
-4,732
36,589
470.5
5,678
16,406
137,288 3,418,922 1,246,557
16,750
325,469
-30,801
290,887
3,751.9
73,806
132,322
Of which:
France...................................................................
Germany...............................................................
Netherlands..........................................................
Sweden
Switzerland...........................................................
United Kingdom....................................................
466,024
549,123
540,928
58,427
898,393
905,691
163,391
302,732
233,696
43,426
119,340
346,008
-6,317
-24,776
-1,036
-814
-5,589
7,634
514.8
711.2
556.5
232.3
498.9
1,071.6
13,901
28,726
5,648
3,979
6,203
15,421
54,720
14,405
3,908
8,250
22,445
(D
)
447,432
534,078
529,883
58,142
878,483
819,758
150,885
290,353
226,982
43,049
111,395
314,944
-1,461
-24,598
-2,213
-830
-4,439
4,518
40,926
56,951
38,487
11,891
27,596
89,658
468.0
676.4
547.3
225.7
429.9
995.8
10,065
28,241
5,328
3,976
6,105
14,978
14,895
54,439
14,290
3,904
8,111
22,254
Latin America and Other Western Hemisphere..........
233,064
136,837
-11,808
417.7
9,515
18,270
222,161
122,170
-11,817
37,045
352.3
9,104
15,509
Bermuda................................................................
Mexico...................................................................
Panama.................................................................
United Kingdom Islands, Caribbean....................
Venezuela..............................................................
122,016
23,872
1,896
56,176
12,027
63,534
23,602
1,369
9,957
25,184
-10,540
-880
-136
-162
251
224.8
105.7
6.8
38.3
7.5
(D
)
121,159
18,132
62,552
15,769
1,312
9,714
-10,495
-828
-134
-174
22,154
3,496
513
2,147
(D
)
2,842
2,571
161
895
(D
)
(D
)
(D
)
(D
)
(D
)
223.4
47.1
6.5
36.5
H
6,454
806
143
66
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
Of which:
(D
)
55,661
142
66
466
(D
)
Middle East...................................................................
25,010
31,772
-567
K
(D
)
7,566
22,888
30,331
-617
7,275
40.7
748
7,510
Asia and Pacific.............................................................
570,339
532,579
-1,502
848.2
45,488
153,384
540,946
492,116
-2,342
75,627
754.3
43,164
149,093
Australia................................................................
Japan ....................................................................
71,831
452,603
25,864
446,801
-5,587
4,429
66.4
697.0
344
38,781
399
128,373
67,658
430,565
22,642
414,472
-5,824
3,833
6,656
61,976
55.0
628.2
303
36,778
360
125,242
United States................................................................
456,647
(D
)
(D
)
L
(D
)
(D
)
20,122
18,529
-913
5,064
40.1
4,024
3,377
143,080 1,009,551
Of which:
By industry
1,063,821
912,574
-12,011
2,374.0
93,106
Food......................................................................
Chemicals..............................................................
Primary and fabricated metals..............................
Machinery.............................................................
Computers and electronic products.....................
Electrical equipment, appliances, and
components.......................................................
Transportation equipment......................................
47,049
256,248
49,268
91,970
104,159
47,558
166,633
50,764
73,572
99,200
54
2,751
446
-285
-8,199
130.0
357.5
149.8
286.5
271.7
3,554
16,280
4,388
8,894
15,201
1,962
18,672
7,969
8,073
26,021
215,770
19,382
200,847
-756
2,057
80.4
389.0
3,036
28,335
Wholesale trade............................................................
417,987
605,917
10,474
544.9
Retail trade....................................................................
68,075
122,892
-1,055
672.0
Information....................................................................
(D
)
98,953
-36,789
(D
)
(D
)
33,985
-1,973
(D
)
(D
)
Manufacturing...............................................................
855,354
-13,107
217,552
2,227.6
86,839
132,928
(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
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
48,115
185,884
409,360
583,646
9,743
76,122
516.3
45,412
183,396
728
4,202
60,095
111,580
-561
25,654
583.3
711
4,037
318.4
1,070
853
248,147
75,109
-38,095
24,689
245.8
1,046
853
(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
)
(D
)
140.2
M
285.0
(*)
4 2,293,786
185,248
-10,118
19,487
233.3
(*)
4
35.8
215
17,709
414
9,072
33.8
215
467
Of which:
Of which:
Publishing industries.............................................
Telecommunications..............................................
Finance (except depository institutions) and insurance 2,732,422
Real estate and rental and leasing...............................
102,749
20,525
599
Professional, scientific, and technical services............
60,295
43,392
184
174.7
406
244
54,932
41,620
677
16,182
162.5
384
234
Other industries.............................................................
(D
)
(D
)
(D
)
1,527.3
2,546
2,672
392,039
173,234
-201
64,880
1,417.6
2,430
2,658
D Suppressed to avoid disclosure of data of individual companies.
* Less than $500,000.
Notes. The data in this table are from the 2002 benchmark survey of foreign direct investment in the United
States; see “Operations of U.S. Affiliates of Foreign Companies: Preliminary Results From the 2002 Benchmark
467
88,670
(D
)
Survey” in the August 2004 S urvey of C urrent Business.
The following ranges are given in employment cells that are suppressed: A—1 to 499; F—500 to 999;
G—1,000 to 2,499; H-2,500 to 4,999; 1-5,000 to 9,999; J—10,000 to 24,999; K-25,000 to 49,999;
L—50,000 to 99,999; M—100,000 or more.
March 2005
D -6 9
G. C harts
THE U.S. IN THE INTERNATIONAL ECONOMY
Billion $
Billion $
Billion $
Billion $
Billion $
Billion $
U.S. Bureau of Economic Analysis
D -7 0
March 2005
R egional Data
H. S tate and R egional Tables
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
[Millions of dollars, seasonally adjusted at annual rates]
2000
2002
2001
Percent
change1
2004
2003
Area name
IV
I
II
III
IV
I
II
III
IV
I
II
III
IV
I
II
III
2004:112004:111
United S tates............. 8,554,392 8,681,379 8,712,868 8,725,409 8,753,004 8,793,524 8,895,952 8,884,308 8,899,260 8,987,629 9,093,138 9,196,611 9,317,342 9,442,744 9,590,857 9,670,604
524,837 522,244 523,594 526,458 531,609 529,378 528,207 533,194 536,212 541,900 548,971
558,314 567,152 570,993
New England................................
513,216 526,881
Connecticut............................
Maine.......................................
Massachusetts.......................
New Hampshire......................
Rhode Island...........................
Vermont...................................
148,434
34,812
251,126
42,796
32,065
17,647
147,438
36,460
249,020
43,554
33,331
18,403
149,122
37,191
250,452
43,937
33,982
18,510
149,867
37,428
251,842
44,306
34,026
18,742
Great Lakes..................................
Illinois......................................
Indiana.....................................
Michigan..................................
Ohio.........................................
Wisconsin................................
Plains
Iowa.........................................
Kansas....................................
Minnesota................................
Missouri...................................
Nebraska.................................
North Dakota..........................
South Dakota..........................
Southeast
25,547
25,713
191,861
332,394
689,347
372,519
25,834
25,829
193,151
336,096
673,155
373,762
26,138
25,962
196,944
337,926
678,630
377,746
26,259
26,196
198,827
337,898
682,928
380,436
26,193
26,071
198,710
337,749
680,486
381,177
26,140
26,272
199,696
337,837
678,684
381,289
26,713
26,194
202,327
340,044
683,026
385,972
27,131
26,544
205,124
343,586
692,960
389,538
151,350
37,853
254,383
44,889
34,456
18,970
152,864
38,654
257,435
45,613
35,013
19,392
27,359
26,756
207,185
347,811
699,983
393,329
27,757
27,111
210,029
350,788
710,154
399,391
156,856
39,009
261,519
46,169
35,329
19,430
28,097
27,813
213,804
354,319
721,801
400,864
157,751
39,570
266,940
47,113
35,804
19,975
0.8
0.7
1.0
25,365
25,599
191,059
331,747
671,847
371,644
148,113
36,330
252,013
43,731
33,181
18,241
148,169
36,413
249,715
43,525
33,259
18,296
Mideast.......................................... 1,614,961 1,620,606 1,617,262 1,637,381 1,627,826 1,643,347 1,652,543 1,650,386 1,649,919 1,664,276 1,684,882 1,702,422 1,725,231 1,746,698 1,765,501 1,782,364
24,945
25,332
188,955
330,564
681,147
369,663
146,526
35,096
248,027
42,569
32,264
17,761
147,705
35,979
248,810
43,062
32,853
18,048
0.8
1.0
0.4
1.1
1.0
0.7
24,806
23,493
186,217
330,775
678,801
370,869
147,553
35,062
249,490
42,717
32,195
17,821
146,779
35,439
248,308
42,745
32,394
17,929
159,030
39,947
268,122
47,640
36,147
20,106
Delaware.................................
District of Columbia................
Maryland.................................
New Jersey..............................
New York.................................
Pennsylvania...........................
144,245
33,646
244,714
42,191
31,217
17,204
28,806
27,968
216,073
358,239
727,170
407,245
29,114
28,252
218,614
362,430
732,681
411,274
1,343,314 1,357,135 1,359,188 1,359,982 1,363,909 1,362,348 1,386,415 1,386,835 1,389,237 1,401,040 1,415,112 1,427,911 1,450,706 1,457,195 1,482,450 1,493,647
1.1
1.0
1.2
1.2
0.8
1.0
0.8
406,087
165,331
294,418
322,038
155,441
408,525
168,254
298,059
324,297
158,000
407,131
168,490
299,305
325,733
158,530
407,961
168,236
299,372
325,836
158,576
408,242
168,746
300,401
327,010
159,510
409,657
168,945
295,172
327,434
161,139
414,576
172,177
303,572
332,522
163,568
412,392
172,785
304,257
333,856
163,545
412,423
173,458
305,073
334,061
164,221
415,225
174,918
307,560
337,840
165,496
418,348
177,063
311,916
340,717
167,067
421,533
179,073
315,787
342,744
168,775
425,520
182,607
322,576
348,829
171,174
432,539
183,856
318,829
349,578
172,392
437,175
188,009
325,276
356,967
175,023
441,255
189,487
326,168
359,839
176,898
0.9
0.8
0.3
0.8
1.1
552,155
559,824
562,695
562,506
567,781
569,338
576,645
576,042
577,209
584,893
591,792
598,422
603,755
615,766
624,827
628,978
0.7
78,260
75,178
161,023
154,219
47,710
16,181
19,584
79,321
76,756
162,327
155,956
48,910
16,327
20,227
79,716
77,132
162,726
157,006
49,302
16,424
20,389
79,650
77,453
162,113
157,236
49,278
16,404
20,372
80,083
78,256
163,838
158,741
49,709
16,724
20,429
81,204
77,638
164,698
159,780
49,385
16,603
20,031
82,546
78,905
167,022
161,208
49,777
16,883
20,305
81,990
78,348
167,360
161,143
50,062
16,797
20,342
81,960
78,268
167,794
161,717
50,266
16,836
20,367
82,324
79,526
169,217
163,820
51,375
17,584
21,048
83,008
79,811
171,509
165,201
52,661
18,004
21,599
83,916
80,782
173,910
166,635
53,149
18,275
21,756
85,170
81,744
174,232
168,213
53,835
18,448
22,113
88,104
82,948
178,385
170,202
54,225
19,196
22,706
89,632
83,825
180,726
172,714
55,060
19,609
23,261
89,970
84,716
181,793
174,256
55,418
19,650
23,175
0.4
1.1
0.6
0.9
0.6
0.2
-0.4
1,868,445 1,905,352 1,924,878 1,924,925 1,943,802 1,955,462 1,982,036 1,978,935 1,986,231 2,013,352 2,033,577 2,056,893 2,087,930 2,119,326 2,154,240 2,170,607
0.8
Alabama..................................
Arkansas.................................
Florida.....................................
Georgia....................................
Kentucky..................................
Louisiana.................................
Mississippi...............................
North Carolina........................
South Carolina........................
Tennessee...............................
Virginia ....................................
West Virginia..........................
107,129
59,383
465,868
233,905
99,707
104,215
60,379
221,685
99,527
150,745
225,800
40,102
109,274
61,721
472,770
238,391
100,653
108,867
62,310
224,838
100,998
153,161
231,078
41,291
110,563
62,203
478,365
240,828
101,195
110,193
62,961
225,826
101,369
154,330
235,230
41,815
110,776
62,201
479,395
241,563
101,648
110,705
62,734
224,602
101,712
154,595
233,084
41,910
111,835
62,809
484,093
243,731
102,179
111,862
63,562
227,701
102,643
155,669
235,162
42,557
112,170
62,821
486,097
244,859
102,652
112,313
63,676
229,084
103,404
158,046
237,292
43,049
114,069
63,653
493,216
248,052
104,077
113,420
64,539
231,791
104,852
160,506
240,483
43,377
113,969
63,605
492,812
246,704
104,390
113,294
64,502
231,151
104,767
160,163
240,228
43,349
114,380
63,940
496,745
247,509
105,101
114,082
64,595
230,756
105,139
160,617
239,918
43,447
116,233
64,824
501,513
250,065
106,488
114,953
66,188
233,991
106,906
163,859
244,210
44,122
117,442
65,755
507,044
252,511
107,818
116,469
66,738
235,357
107,559
165,512
246,895
44,477
118,631
66,538
512,841
255,056
109,061
117,699
67,568
238,951
108,646
167,637
249,495
44,770
120,733
67,777
518,962
258,782
110,691
119,177
68,540
243,424
110,479
170,461
253,615
45,289
122,304
69,203
527,188
263,056
111,946
121,329
69,904
246,140
111,466
172,466
258,371
45,953
124,448
70,309
538,629
267,903
113,476
122,302
70,845
248,834
113,505
175,150
261,963
46,875
125,249
70,678
541,273
269,662
114,601
123,556
71,366
251,202
114,270
176,704
264,707
47,339
0.6
0.5
0.5
0.7
1.0
1.0
0.7
1.0
0.7
0.9
1.0
1.0
Southwest....................................
866,645
888,630
891,962
893,032
896,398
897,023
906,295
904,154
905,547
915,662
929,268
939,449
953,704
968,355
982,379
991,095
0.9
Arizona....................................
New Mexico.............................
Oklahoma................................
Texas.......................................
134,836
41,016
86,406
604,386
136,744
43,108
89,416
619,362
138,521
43,812
90,190
619,440
139,663
44,328
90,357
618,684
140,036
45,086
90,829
620,447
142,233
45,266
89,731
619,793
144,161
46,182
90,245
625,707
143,829
45,838
90,197
624,291
144,499
45,915
90,135
624,998
146,619
46,656
91,336
631,051
149,164
47,444
92,918
639,743
151,187
47,982
93,867
646,413
154,208
49,146
95,041
655,308
156,591
49,745
96,106
665,914
159,953
50,354
97,520
674,552
161,709
50,702
98,275
680,409
0.8
0.9
Rocky Mountain..........................
269,840
277,824
279,745
279,646
280,687
281,242
284,533
283,363
283,760
285,913
289,453
293,717
295,447
301,103
306,855
309,891
1.0
Colorado..................................
Idaho.......................................
Montana..................................
Utah.........................................
Wyoming..................................
148,213
31,811
21,037
54,294
14,486
152,794
32,707
21,909
55,634
14,781
153,162
33,122
22,182
56,268
15,011
152,598
33,068
22,385
56,463
15,131
152,297
33,465
22,648
56,962
15,316
152,760
33,556
22,206
57,464
15,255
154,156
34,327
22,832
57,794
15,424
153,534
34,043
22,666
57,675
15,445
153,923
33,927
22,401
57,995
15,515
154,549
34,286
23,051
58,256
15,771
156,017
34,748
23,637
59,074
15,978
158,862
35,198
23,836
59,540
16,281
158,742
35,586
24,082
60,437
16,600
162,264
36,150
24,701
61,159
16,829
164,972
37,031
25,003
62,681
17,167
166,093
37,385
25,215
63,788
17,411
0.7
1.0
0.8
1.8
1.4
Far West......................................... 1,525,817 1,545,127 1,552,301 1,545,693 1,549,007 1,558,307 1,575,876 1,575,215 1,579,150 1,589,299 1,612,841 1,635,897 1,651,597 1,675,987 1,707,454 1,723,029
0.9
20,185
20,295
20,456
20,596
20,787
20,985
21,230
21,095
21,498
21,728
21,984
21,784
Alaska......................................
18,981
19,713
21,615
22,011
California................................. 1,123,310 1,136,944 1,135,837 1,131,282 1,135,473 1,139,648 1,152,177 1,150,758 1,153,992 1,161,193 1,178,114 1,194,113 1,207,788 1,227,302 1,248,541 1,259,549
36,294
36,703
36,856
37,182
37,822
38,277
38,594
39,185
34,876
35,283
35,315
40,524
Hawaii......................................
34,998
34,683
39,965
41,001
65,324
64,746
65,757
66,392
66,644
67,343
68,692
69,574
71,082
Nevada....................................
62,411
63,848
64,988
72,921
74,249
75,859
76,858
Oregon....................................
98,614
98,970
98,747
98,870
99,478 100,896 100,515 100,847 100,869 101,706 103,122 104,456 105,413 107,436 108,350
97,273
Washington..............................
188,845 191,325 197,444 194,761 194,148 196,533 198,922 199,458 198,556 199,629 203,671 207,259 205,263 207,443 213,310 215,260
1.0
0.9
1.2
1.3
0.9
0.9
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
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.
1.1
0.7
March 2005
S u rvey
of
D -71
C u r r e n t B u sin ess
Table H.2. Annual Personal Income and Per Capita Personal Income by State and Region
Per capita personal income1
Personal income
Percent
change2
[Millions of dollars]
Area name
20022003
2002
2003
8,718,165
524,389
8,868,261
528,913
9,148,680
540,069
141,570
33,173
240,209
41,429
30,697
16,883
147,323
35,102
249,238
42,707
32,229
17,790
147,856
36,295
249,889
43,468
33,156
18,247
150,801
37,781
253,528
44,686
34,369
18,904
1,467,261
1,580,733
1,625,769
1,649,049
1,694,203
2.7
22,416
21,115
167,075
294,385
619,659
342,611
24,277
23,102
181,957
323,554
663,005
364,838
25,423
25,618
191,257
332,700
678,874
371,897
26,183
26,125
198,544
337,853
680,182
380,162
27,240
26,651
206,166
345,557
696,531
392,058
4.0
2.0
3.8
2.3
2.4
3.1
1,207,487
1,255,454
1,333,971
1,360,054
1,381,209
1,423,692
3.1
26,996
360,095
149,336
265,098
294,292
138,667
373,385
154,842
278,062
304,464
144,702
400,373
165,285
294,227
320,538
153,548
407,965
168,431
299,284
325,719
158,654
412,262
171,841
302,019
331,968
163,118
420,156
178,415
314,460
342,533
168,128
1.9
3.8
4.1
3.2
3.1
29,343
24,894
26,919
26,017
26,175
492,324
511,507
545,882
563,202
574,808
594,716
3.5
25,928
26,737
71,704
67,800
139,553
137,619
43,314
14,810
17,523
73,285
70,158
146,722
142,925
45,116
14,934
18,367
77,763
74,570
157,964
152,722
47,329
16,097
19,438
79,692
77,399
162,751
157,235
49,300
16,470
20,355
81,925
78,290
166,718
160,962
49,872
16,780
20,261
83,604
80,466
172,217
165,967
52,755
18,078
21,629
2.1
2.8
3.3
3.1
5.8
7.7
6.7
24,701
25,483
28,993
24,923
25,542
22,872
23,488
25,118
26,195
30,106
25,697
26,465
23,180
24,475
1,633,535
1,716,450
1,840,460
1,924,739
1,975,666
2,047,938
3.7
24,155
25,032
97,012
53,810
402,454
198,782
87,851
96,677
54,820
193,223
86,854
133,620
191,711
36,722
100,662
56,052
423,834
212,081
91,462
98,200
56,719
203,187
91,716
140,395
204,586
37,557
105,807
58,726
457,539
230,356
98,845
103,151
59,837
218,668
98,270
148,833
220,845
39,582
110,612
62,233
478,656
241,128
101,419
110,407
62,892
225,742
101,681
154,439
233,639
41,893
113,647
63,505
492,218
246,781
104,055
113,277
64,328
230,696
104,540
159,833
239,480
43,305
118,260
66,224
510,090
254,104
108,515
117,074
67,258
237,931
108,398
166,867
248,554
44,665
4.1
4.3
3.6
3.0
4.3
3.4
4.6
3.1
3.7
4.4
3.8
3.1
22,025
20,489
25,987
25,279
22,043
21,772
19,545
24,743
22,161
23,989
27,780
20,226
22,722
21,137
26,894
26,359
22,763
22,014
20,053
25,560
23,075
24,898
29,226
20,729
732,215
776,129
850,326
892,506
903,255
934,521
3.5
24,214
25,177
113,370
37,046
74,118
507,681
120,857
38,046
77,565
539,661
132,558
40,318
84,310
593,139
138,741
44,083
90,198
619,483
143,680
45,801
90,077
623,697
150,295
47,807
93,290
643,129
4.6
4.4
3.6
3.1
23,216
20,656
21,766
25,186
24,057
21,042
22,567
26,250
223,844
239,693
264,024
279,475
283,224
291,133
2.8
25,100
118,493
27,287
18,857
47,019
12,189
128,860
29,068
19,373
49,343
13,050
144,394
31,290
20,716
53,561
14,063
152,713
33,090
22,281
56,332
15,060
153,593
33,963
22,526
57,732
15,410
157,043
34,954
23,651
59,327
16,157
2.2
2.9
5.0
2.8
4.9
28,784
21,789
21,130
21,708
24,836
1,286,611
1,371,257
1,502,717
1,548,032
1,572,137
1,622,409
3.2
28,093
17,085
936,009
31,757
52,371
85,629
163,762
17,557
999,228
32,646
56,462
89,873
175,491
18,741
1,103,842
34,451
61,428
96,402
187,853
20,162
1,134,884
35,039
64,727
98,800
194,420
20,899
1,149,144
36,759
66,534
100,434
198,367
21,576
1,185,302
38,470
70,567
102,538
203,956
3.2
3.1
4.7
6.1
2.1
2.8
27,560
28,374
26,132
28,260
25,542
28,384
1998
Maryland.........................................................
New Jersey......................................................
New York.........................................................
Pennsylvania...................................................
Illinois..............................................................
Indiana.............................................................
Michigan..........................................................
Ohio.................................................................
Wisconsin........................................................
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 ............................................................
Oregon............................................................
Washington......................................................
7,796,137
458,387
8,422,074
503,961
123,918
29,710
203,987
35,149
27,501
14,788
129,807
31,016
216,221
37,125
28,568
15,650
1,404,640
Delaware.........................................................
2000
7,415,709
435,052
Connecticut.....................................................
Maine...............................................................
Massachusetts................................................
New Hampshire...............................................
Rhode Island...................................................
Vermont...........................................................
1999
21,565
20,562
157,784
282,721
591,847
330,161
2001
1. Per capita personal income was computed using midyear population estimates from the Census Bureau.
2. Percent change was calculated from unrounded data.
Note. The personal income level shown for the United States is derived as the sum of the state estimates. It differs
from the estimate of personal income in the national income and product accounts because of differences in coverage, in
Rank in
United
States
[Dollars]
2000
2001
2002
2003
1998
1999
3.2
2.1
26,883
31,677
27,939
33,126
29,847
36,121
30,580
37,328
30,795
37,420
31,459
38,018
2.0
4.1
1.5
2.8
3.7
3.6
36,822
23,596
32,524
29,147
26,670
24,629
38,332
24,484
34,227
30,380
27,459
25,881
41,495
25,972
37,756
33,398
29,216
27,680
42,919
27,324
38,944
33,922
30,434
29,024
42,751
28,030
38,913
34,109
31,035
29,603
43,292
28,935
39,408
34,703
31,937
30,534
30,654
31,824
34,079
34,866
35,188
35,983
28,252
36,379
30,317
34,115
31,555
26,961
28,925
37,030
31,796
35,215
32,816
27,937
30,871
40,428
34,257
38,372
34,900
29,697
31,955
44,731
35,527
39,122
35,590
30,240
32,487
45,902
36,427
39,399
35,548
30,835
33,321
47,305
37,424
40,002
36,296
31,706
27,918
29,497
29,931
30,266
31,060
30,212
25,615
28,095
26,859
27,135
32,187
27,134
29,553
28,208
28,573
32,592
27,492
29,913
28,607
29,352
32,754
27,910
30,072
29,098
29,987
33,205
28,797
31,196
29,953
30,723
28,327
29,080
29,532
30,391
26,554
27,694
32,018
27,243
27,627
25,109
25,722
27,178
28,662
32,647
27,897
28,679
25,884
26,847
27,905
28,870
33,179
28,391
28,869
26,471
26,644
28,398
29,545
34,039
29,094
30,331
28,521
28,299
26,485
27,381
27,769
28,436
23,768
21,926
28,511
27,989
24,414
23,080
21,007
27,071
24,426
26,099
31,084
21,901
24,765
23,118
29,266
28,724
24,935
24,722
22,008
27,545
25,046
26,879
32,483
23,253
25,374
23,466
29,489
28,884
25,442
25,307
22,440
27,775
25,474
27,606
32,860
23,993
26,276
24,296
29,972
29,259
26,352
26,038
23,343
28,301
26,138
28,565
33,651
24,672
27,089
27,948
27,776
28,246
25,661
22,134
24,410
28,313
26,189
24,101
26,015
29,028
26,406
24,730
25,812
28,693
26,931
25,502
26,567
29,076
26,356
28,491
29,639
29,588
30,053
30,492
22,786
21,585
22,393
26,536
33,371
24,076
22,932
23,878
28,463
34,482
25,044
24,594
24,711
30,502
34,124
25,287
24,744
24,898
30,892
34,510
25,583
25,775
25,230
32,235
29,486
31,837
32,284
32,323
32,894
28,100
29,828
26,973
29,184
26,480
30,037
29,863
32,466
28,417
30,438
28,100
31,780
31,868
32,864
28,603
30,901
28,451
32,442
32,580
32,831
29,628
30,697
28,530
32,696
33,254
33,403
30,589
31,487
28,806
33,264
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.
D -7 2
R eg io n al D a ta
March 2005
Table H.3. Disposable Personal Income and Per Capita Disposable Personal Income by State and Region
Disposable personal income
Per capita disposable personal income1
Percent
change2
[Millions of dollars]
Area name
1998
1999
2000
2001
2002
2003
20022003
Rank in
United
States
[Dollars]
1998
1999
2000
2001
2002
2003
United States.................................
New England...................................................
6,389,738
363,291
6,689,767
380,679
7,187,588
411,889
7,482,144
432,891
7,818,343
453,964
8,148,213
468,972
4.2
3.3
23,163
26,452
23,974
27,510
25,472
29,522
26,244
30,815
27,149
32,118
28,019
33,013
Connecticut...............................................
Maine.........................................................
Massachusetts..........................................
New Hampshire.........................................
Rhode Island.............................................
Vermont.....................................................
101,189
25,908
168,810
30,635
23,831
12,918
105,480
27,038
177,680
32,113
24,716
13,652
113,910
28,728
192,839
35,438
26,330
14,645
118,792
30,503
203,533
36,857
27,700
15,506
123,975
32,284
213,638
38,671
29,160
16,236
128,096
33,901
219,303
40,172
30,483
17,017
3.3
5.0
2.7
3.9
4.5
4.8
30,068
20,576
26,916
25,403
23,111
21,515
31,148
21,343
28,126
26,278
23,757
22,577
33,388
22,491
30,311
28,568
25,060
24,010
34,608
23,744
31,803
29,275
26,157
25,298
35,846
24,932
33,268
30,344
27,295
26,340
36,774
25,963
34,088
31,197
28,325
27,486
Mideast.............................................................
1,190,117
1,235,841
1,325,573
1,359,963
1,422,154
1,477,234
3.9
25,973
26,804
28,578
29,166
30,346
Delaware...................................................
District of Columbia...................................
Maryland...................................................
New Jersey................................................
New York...................................................
Pennsylvania.............................................
18,269
17,300
133,288
239,619
496,302
285,339
19,001
17,514
140,891
247,445
515,421
295,568
20,666
19,078
152,970
269,958
548,702
314,199
21,574
21,540
161,323
278,898
555,710
320,917
31,375
22,874
22,542
171,489
291,887
577,687
335,675
24,051
23,179
179,915
302,060
598,509
349,520
5.1
2.8
4.9
3.5
3.6
4.1
23,933
30,608
25,610
28,914
26,461
23,301
24,518
30,716
26,813
29,600
27,296
24,101
26,279
33,385
28,800
32,015
28,883
25,575
27,118
37,610
29,967
32,796
29,133
26,094
28,382
39 607
31,463
34,038
30,191
27,227
29,420
41 143
32,659
34,967
31,188
28,266
Great Lakes......................................................
1,036,741
1,077,642
1,145,681
1,174,196
1,219,137
1,270,248
4.2
23,179
23,964
25,334
25,841
26,715
Illinois........................................................
Indiana.......................................................
Michigan....................................................
Ohio...........................................................
Wisconsin..................................................
318,411
134,237
238,508
262,576
123,910
27,712
308,065
129,406
227,260
253,439
118,570
340,996
144,059
253,237
275,725
131,663
349,550
147,127
259,810
281,084
136,626
362,708
152,950
267,928
291,814
143,737
373,690
160,358
282,084
304,748
149,368
3.0
4.8
5.3
4.4
3.9
25,103
21,572
23,077
22,405
22,382
25,763
22,206
24,099
23,164
23,236
27,414
23,649
25,436
24,264
24,500
27,926
24,015
25,967
24,687
25,277
28,817
24,842
26,678
25,578
26,424
29,532
25,882
27,985
26,649
27,295
Plains.................................................................
427,609
444,820
473,377
489,853
510,191
533,115
4.5
22,520
23,251
24,565
25,292
26,212
27,243
Iowa...........................................................
Kansas......................................................
Minnesota..................................................
Missouri.....................................................
Nebraska...................................................
North Dakota.............................................
South Dakota.............................................
63,065
58,989
118,648
119,728
37,973
13,352
15,854
64,411
61,000
125,656
124,279
39,508
13,441
16,524
68,496
64,751
134,132
132,734
41,271
14,487
17,505
70,376
67,519
138,903
136,739
43,180
14,767
18,368
73,729
69,775
145,182
143,102
44,554
15,293
18,557
75,737
72,451
151,604
149,007
47,663
16,637
20,016
2.7
3.8
4.4
4.1
7.0
8.8
7.9
21,725
22,171
24,649
21,683
22,392
20,620
21,251
22,076
22,775
25,784
22,345
23,175
20,863
22,019
23,389
24,048
27,187
23,677
24,091
22,598
23,164
24,001
25,003
27,863
24,261
25,119
23,209
24,228
25,113
25,731
28,893
25,240
25,790
24,124
24,403
25,725
26,602
29,965
26,121
27,404
26,248
26,188
Southeast.........................................................
1,427,795
1,498,498
1,604,611
1,684,803
1,765,988
1,847,073
4.6
21,113
21,854
23,091
23,968
24,822
Alabama....................................................
Arkansas ...................................................
Florida.......................................................
Georgia......................................................
Kentucky....................................................
Louisiana...................................................
Mississippi.................................................
North Carolina...........................................
South Carolina...........................................
Tennessee.................................................
Virginia......................................................
West Virginia.............................................
89,022
49,720
370,488
182,606
79,693
87,655
51,020
175,967
80,438
125,704
172,650
33,535
93,705
51,897
398,172
197,964
86,423
91,957
53,940
189,004
86,509
133,501
186,232
35,308
25,647
85,890
47,657
351,980
171,364
76,590
86,076
49,346
167,117
76,188
119,491
163,292
32,804
98,448
55,292
418,874
208,336
88,609
98,557
56,844
195,771
89,815
138,840
198,002
37,416
102,678
57,285
440,616
218,374
92,468
102,713
58,891
204,332
94,019
146,313
209,090
39,210
107,736
60,246
461,037
227,074
97,194
106,993
62,078
212,752
98,370
154,155
218,667
40,772
4.9
5.2
4.6
4.0
5.1
4.2
5.4
4.1
4.6
5.4
4.6
4.0
19,500
18,146
22,728
21,792
19,218
19,385
17,593
21,400
19,440
21,452
23,662
18,068
20,095
18,749
23,509
22,695
19,834
19,650
18,038
22,136
20,238
22,293
24,664
18,509
21,050
19,377
24,812
24,054
21,346
20,576
18,937
23,398
21,503
23,410
26,212
19,536
22,042
20,539
25,611
24,817
21,786
22,068
19,892
23,888
22,123
24,164
27,528
20,768
22,925
21,167
26,397
25,559
22,609
22,946
20,543
24,601
22,910
25,271
28,690
21,724
23,937
22,103
27,089
26,146
23,603
23,796
21,545
25,306
23,720
26,389
29,604
22,521
Southwest........................................................
646,262
685,463
748,309
789,086
815,266
851,673
4.5
21,371
Arizona......................................................
New Mexico...............................................
Oklahoma..................................................
Texas.........................................................
22,236
23,839
24,709
25,070
25,742
98,888
32,967
65,247
449,160
105,330
33,777
68,353
478,003
115,336
35,661
74,327
522,986
121,434
39,333
79,769
548,550
128,702
41,407
80,849
564,307
135,750
43,555
84,424
587,944
5.5
5.2
4.4
4.2
20,250
18,382
19,161
22,282
20,966
18,681
19,887
23,251
22,327
19,577
21,519
24,964
22,922
21,504
23,007
25,705
23,654
22,358
23,168
25,961
24,324
23,234
24,042
26,582
Rocky Mountain..............................................
193,508
206,559
226,461
Colorado....................................................
Idaho.........................................................
Montana....................................................
Utah...........................................................
Wyoming....................................................
242,200
251,312
261,013
3.9
21,698
22,713
24,437
109,656
25,498
17,131
42,941
11,333
122,175
27,240
18,281
46,661
12,105
139,679
31,752
21,432
53,618
14,531
3.5
3.6
5.8
3.6
6.1
24,565
19,192
18,738
18,937
21,613
25,948
19,988
19,087
19,488
23,044
28,236
20.960
20,236
20,802
24,500
29,577
21,934
21,808
21,655
26,546
26,944
130,990
28,981
19,757
49,365
13,107
134,949
30,641
20,265
51,756
13,701
25,686
26,254
101,125
24,035
16,722
41,018
10,607
29,982
22,813
22,261
22,320
27,466
30,694
23,239
23,356
22,802
28,991
Far West............................................................
1,104,416
1,160,267
1,251,686
1,309,152
1,380,330
1,438,886
4.2
24,115
24,949
26,519
27,302
28,379
29,173
Alaska........................................................
California...................................................
Hawaii........................................................
Nevada......................................................
Oregon......................................................
Washington................................................
15,127
800,228
27,910
45,545
73,590
142,017
15,577
840,397
28,625
49,043
76,895
149,729
16,582
908,421
30,111
53,123
82,019
161,429
17,914
949,424
30,614
56,476
84,917
169,807
18,868
1,002,855
32,709
59,345
88,377
178,175
19,641
1,045,286
34,542
63,519
90,803
185,095
4.1
4.2
5.6
7.0
2.7
3.9
24,401
24,258
22,967
24,576
21,951
24,615
24,932
25,087
23,651
25,349
22,657
25,627
26,422
26,718
24,837
26,323
23,907
27,310
28,314
27,493
24,991
26,962
24,453
28,335
29,413
28,651
26,364
27,380
25,105
29,368
30,272
29,458
27,466
28,342
25,509
30,188
2003
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
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.
March 2005
D -7 3
S u rv e y o f C u r r e n t B u sin e ss
Table H.4. Gross State Product (GSP) by Industry for States and Regions, 2002
[Millions of dollars]
State and region
Rank of Total GSP
total GSP
Natural
Nondurableresources Construction Durable-goods
goods
manufacturing
and mining
manufacturing
Trade
Transportation Information
and utilities
371,515
253,713
1,253,039
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
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
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
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
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
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
3,444
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
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
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
16,387
773
753
2,791
345
65,710
37,188
6,155
4,088
15,642
2,637
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
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
111,811
831
82,018
1,278
2,137
3,860
21,688
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
464,852
786,143
565,487
1,388,670
4%, 521
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
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
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
Iowa..........................
Kansas.....................
Minnesota.................
Missouri....................
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
Alabama...................
Arkansas..................
Florida......................
Georgia.....................
Kentucky...................
Louisiana..................
Mississippi................
North Carolina..........
South Carolina..........
Tennessee................
Virginia.....................
West Virginia............
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
Southwest...................
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
Colorado...................
Idaho........................
Montana...................
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
Alaska.......................
California..................
Hawaii.......................
Nevada.....................
Oregon.....................
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
Delaware..................
District of Columbia...
Maryland..................
New Jersey...............
New York..................
Pennsylvania............
38
._
Note. 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-
Other
services Government
793,132
204,208
23
42
12
39
44
50
Professional
Education Leisure and
and
business and health hospitality
services
services
1,220,153
483,972 2,125,736
10,407,141
Connecticut..............
Maine........................
Massachusetts.........
New Hampshire........
Rhode Island............
Vermont....................
Financial
activities
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>.
I. Local A rea Table
. Personal Income and Per Capita Personal Income by Metropolitan Area, 2000-2002—<
Per capita personal income1
Personal income
Millions of dollars
Percent
change2
2001
20012002
2002
8,703,023 8,900,007
7,585,056 7,751,013
1,117,967 1,148,994
3,674
20,602
3,517
26,179
20,525
3,612
22,762
3,061
5,627
2,103
11,335
3,366
4,199
11,458
2,493
6,062
9,857
3,961
147,307
7,887
2,437
12,506
43,152
14,727
89,050
3,667
8,714
17,841
3,477
2,829
9,375
4,341
3,367
3,846
6,371
31,494
2,571
3,145
4,048
4,619
13,976
188,380
12,084
2,463
7,159
54,393
5,340
2,497
32,169
3,524
6,328
10,791
14,295
1,721
2,220
7,254
5,684
8,409
14,433
44,965
5,576
12,991
2,425
325,965
4,783
62,996
5,520
2,587
68,364
2,639
3,842
16,534
3,989
17,844
7,159
2,126
51,420
9,771
2,334
2,167
182,207
2,972
1,842
2,391
10,411
24,689
3,635
3,169
3,837
21,147
3,662
26,967
21,421
3,762
23,542
3,165
5,828
2,173
11,874
3,430
4,252
11,801
2,618
6,232
10,103
4,109
149,974
8,210
2,530
13,016
42,671
15,674
92,410
3,817
9,021
18,494
3,621
2,861
9,689
4,509
3,540
3,986
6,503
32,651
2,658
3,262
4,182
4,798
14,397
188,418
11,281
2,574
7,570
53,433
5,697
2,616
33,076
3,587
6,474
11,061
15,009
1,774
2,294
7,329
5,862
8,654
15,176
46,512
5,755
13,333
2,570
329,814
4,999
64,769
5,802
2,655
69,060
2,761
3,976
16,895
4,131
18,385
7,410
2,172
53,061
10,163
2,399
2,264
185,167
3,083
1,870
2,470
10,644
25,190
3,642
3,157
10,865
85,894
15,782
11,380
86,526
16,434
Rank
in
U.S.
Dollars
2000
2001
2002
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
M illions 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
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
Personal income
e1
ank
in
I.S.
2000
Detroit-Warren-Livonia, M l......................
Dothan, AL................................................
Dover, D E ...
Dubuque, IA
Duluth, MN-WI..........................................
Durham, NC
Eau Claire, W l..........................................
El Centro, C A ............................................
Elizabethtown, K Y ...................................
Elkhart-Goshen, IN ..................................
Elmira, N Y ..
El Paso, TX.
Erie, PA......................................................
Eugene-Springfield, O R .........................
Evansville, IN-KY.....................................
Fairbanks, A K ...........................................
Fargo, ND-MN...........................................
Farmington, N M .......................................
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,
F L ..........................................................
Fort Wayne, IN..........................................
Fresno, C A................................................
Gadsden, AL
Gainesville, FL..........................................
Gainesville, G A........................................
Glens Falls, N Y.........................................
Goldsboro, N C .........................................
Grand Forks, ND-MN...............................
Grand Junction, C O .................................
Grand Rapids-Wyoming, M l...................
Great Falls, M T .........................................
Greeley, CO
Green Bay, W l...........................................
Greensboro-High Point, NC....................
Greenville, N C ..........................................
Greenville, SC...........................................
Gulfport-Biloxi, MS...................................
Hagerstown-Martinsburg, MD-WV.........
Hanford-Corcoran, C A ............................
Harrisburg-Carlisle, PA...........................
Harrisonburg, V A .....................................
Hartford-West Hartford-East Hartford,
C T .........................................................
Hattiesburg, M S.......................................
Hickory-Lenoir-Morganton, NC..............
Hinesvitle-Fort Stewart, G A ....................
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, F L .......................................
Jacksonville, N C ......................................
Janesville, W l............................................
Jefferson City, M O ...................................
Johnson City, T N .....................................
Johnstown, PA..........................................
Jonesboro, A R ..........................................
Joplin, M O ..
Kalamazoo-Portage, M l..........................
Kankakee-Bradley, IL...............................
Kansas City, MO-KS................................
Kennewick-Richland-Pasco, W A............
Killeen-Temple-Fort Hood, T X ...............
Ki ngsport- Bri stol - B ristol, TN-VA............
Kingston, NY.............................................
Knoxville, TN.............................................
Kokomo, IN .
La Crosse, W I-M N...................................
Lafayette, IN
Lafayette, LA.............................................
Lake Charles, L A .....................................
Lakeland, FL
Lancaster, PA............................................
Lansing-East Lansing, M l.......................
Laredo, T X ................................................
Las Cruces, NM .......................................
Las Vegas-Paradise, NV.........................
2001
302
151,793
3,018
3,021
2,293
7,000
12,997
3,804
2,530
2,621
4,871
2,217
12,650
6,888
8,248
9,294
2,303
4,821
2,167
7,823
7,979
2,662
11,550
4,486
3,113
2,700
7,657
5,889
151,682
3,240
3,088
2,362
7,154
13,548
3,873
2,734
2,702
4,921
2,203
13,314
6,949
8,435
9,717
2,426
4,896
2,365
8,088
8,636
2,792
11,270
4,741
3,213
2,799
8,099
6,253
35
233
267
171
181
75
190
351
240
157
286
352
244
200
120
4,611
11,211
17,628
2,212
5,521
3,485
3,009
2,504
2,309
2,928
20,818
1,968
4,586
8,137
18,138
3,667
15,073
5,827
5,454
2,118
15,143
2,385
4,871
11,277
18,401
2,292
5,720
3,670
3,040
2,567
2,363
3,010
21,257
2,033
4,886
8,327
18,383
3,702
15,342
5,965
5,778
2,339
15,718
2,534
103
125
316
325
261
260
259
318
223
214
131
194
288
104
135
296
175
269
209
357
42,568
2,555
8,636
1,192
6,678
26,605
2,118
4,198
161,398
6,204
9,477
2,321
48,862
3,815
2,321
3,966
12,668
2,664
33,151
3,437
3,993
3,445
3,893
3,413
2,248
3,533
8,325
2,571
58,247
4,756
7,459
6,834
4,546
16,569
2,929
3,303
4,393
6,048
4,313
11,517
13,570
12,067
2,934
3,120
41,239
43,659
2,754
8,816
1,230
6,673
26,915
2,216
4,597
170,558
6,412
9,850
2,494
50,763
3,950
2,422
3,929
13,144
2,682
33,974
3,596
4,010
3,637
4,066
3,498
2,336
3,654
8,446
2,651
59,737
5,139
7,823
7,122
4,710
17,156
2,825
3,480
4,491
6,478
4,582
12,316
13,603
12,268
3,216
3,424
42,457
16
330
231
358
165
69
232
291
29
322
126
274
49
97
248
264
184
243
100
128
349
235
276
287
213
270
331
112
77
324
66
320
101
241
183
206
327
304
339
317
173
216
52
182
293
289
178
139
134
146
265
168
290
225
118
154
359
347
114
March 2005
Su r v e y
of
D -7 5
C u r r e n t B u sin ess
Table 1.1. Personal Income and Per Capita Personal Income by Metropolitan Area, 2000-2002
Personal income
2000
Lawrence, KS......................................
Lawton, OK........................................
Lebanon, PA.......................................
Lewiston, ID-WA..................................
Lewiston-Auburn, ME..........................
Lexington-Fayette, KY.........................
Lima, OH............................................
Lincoln, NE.........................................
Little Rock-North Little Rock, AR.........
Logan, UT-ID......................................
Longview, TX......................................
Longview, WA......................................
Los Angeles-Long Beach-Santa Ana,
CA..................................................
Louisville, KY-IN..................................
Lubbock, TX.......................................
Lynchburg, VA.....................................
Macon, GA.........................................
Madera, CA........................................
Madison, W l.......................................
Manchester-Nashua, NH.....................
Mansfield, OH.....................................
McAllen-Edinburg-Pnarr, TX................
Medford, OR........................................
Memphis, TN-MS-AR..........................
Merced, CA........................................
Miami-Fort Lauderdale-Miami Beach,
FL...............
Michigan City-La Porte, IN...................
Midland, TX........................................
Milwaukee-Waukesha-West Allis, Wl
Minneapolis-St. Paul-Bloomington, MNW l..................................................
Missoula, MT.......................................
Mobile, AL..........................................
Modesto, CA......................................
Monroe, LA.........................................
Monroe, Ml.........................................
Montgomery, AL..................................
Morgantown, WV.................................
Morristown, TN....................................
Mount Vernon-Anacortes, WA..............
Muncie, IN..........................................
Muskegon-Norton Shores, Ml..............
Myrtle Beach-Conway-North Myrtle
Beach, SC.....................................
Napa, CA...........................................
Naples-Marco Island, FL.....................
Nashville-Davidson-Murfreesboro, TN...
New Haven-Milford, CT.......................
New Orleans-Metairie-Kenner, LA.......
New York-Northern New Jersey-Long
Island, NY-NJ-PA.............................
Norwich-New London, CT....................
Ocean City, NJ....................................
Oklahoma City, OK..............................
Orlando, FL........................................
Owensboro, KY...................................
Oxnard-Thousand Oaks-Ventura, CA....
Palm Bay-Melbourne-Titusville, FL......
Panama City-Lynn Haven, FL..............
Parkersburg-Marietta, WV-OH.............
Pascagoula, MS..................................
Pensacola-Ferry Pass-Brent, FL..........
Philadelphia-Camden-Wilmington, PANJ-DE-MD ........
............
Phoenix-Mesa-Scottsdale, AZ..............
Pine Bluff, AR......................................
Portland-South Portland-Biddeford, ME.
Portland-Vancouver-Beaverton, OR-WA
Port St. Lucie-Fort Pierce, FL...............
Poughkeepsie-Newburgh-Middletown,
NY..................................................
Prescott, AZ.......................................
Providence-New Bedford-Fall River, RlMA.................................................
Provo-Orem, UT..................................
Pueblo, CO.........................................
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
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
84
356
310
180
94
41
166
111
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
Redding, CA......................................
Reno-Sparks, NV................................
Richmond, VA.....................................
Riverside-San Bernardino-Ontario, CA
Roanoke, VA......................................
Rochester, MN....................................
Rochester, NY....................................
Rockford, IL........................................
Rocky Mount, NC...............................
Rome, GA..........................................
Sacramento-Arden-Arcade-Roseville,
CA.................................................
Saginaw-Saginaw Township North, Ml
St. Cloud, MN.....................................
St. George, UT...................................
St. Joseph, MO-KS
St. Louis, MO-IL
Salem, OR......
Salinas, CA.....
Salisbury, MD....
Salt Lake City, UT...............................
San Angelo, TX...................................
San Antonio, TX..................................
San Diego-Carlsbad-San Marcos, CA...
Sandusfy, 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, FL..........
Savannah, GA............
Scranton-Wilkes-Barre, PA..................
Seattle-Tacoma-Bellevue, WA.............
Sheboygan, Wl...........
Sherman-Denison, TX..
Shreveport-Bossier City, LA.................
Sioux City, IA-NE-SD....
Sioux Falls, SD...................................
South Bend-Mishawaka, IN-MI............
Spartanburg, SC.........
Spokane, WA......................................
Springfield, IL .....................................
Springfield, MA...................................
Springfield, MO...................................
Springfield, OH...................................
State College, PA................................
Stockton, CA.......................................
Sumter, SC........................................
Syracuse, NY......................................
Tampa-St. Petersburg-Clearwater, FL...
Texarkana, TX-Texarkana, AR.............
Trenton-Ewing, NJ..............................
Tulsa, OK.......
Tuscaloosa, AL
Tyler, TX.........
Utica-Rome, NY..................................
Valdosta, GA....
Vallejo-Fairfield, CA............................
Vero Beach, FL
Victoria, TX.....
Vineland-Millville-Bridgeton, NJ...........
Virginia Beach-Norfolk-Newport News,
VA-NC...........................................
Visalia-Porterville, CA.........................
Waco, TX...........................................
Warner Robins, GA............................
Washington-Arlington-Alexandria, DCVA-MD-WV.....................................
Weirton-Steubenville, WV-OH.............
Wenatchee, WA..................................
Wheeling, WV-OH...............................
Wichita, KS.....
Wichita Falls, TX
Williamsport, PA..................................
Wilmington, NC
Winchester, VA-WV............................
Winston-Salem, NC............................
Worcester, MA.
Youngstown-Warren-Boardman, OH-PA
Yuma, AZ...........................................
2001
Per capita personal income1
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
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
5.9
24,791
28,655
22,081
22,237
27,767
26,787
39,455
24,172
29,008
23,362
28,061
23,520
20,765
27,579
37,114
25,162
23,371
25,680
29,263
22,582
23,122
27,944
27,679
40,193
24,645
30,336
24,284
27,861
23,955
21,716
28,683
39,437
25,557
24,584
26,302
29,728
23,196
23,931
28,612
28,398
40,711
25,278
30,627
25,152
28,466
24,668
23,059
29,089
39,830
25,844
25,856
202
108
321
303
133
141
7
246
87
253
139
281
323
122
10
221
220
41,659
7,219
4,862
2,714
43,856
7,739
5,007
2,828
45,773
8,076
5,212
3,027
4.4
4.3
4.1
7.0
26,355
19,571
22,719
24,378
27,557
20,703
23,230
24,910
28,365
21,193
24,003
25,876
143
344
301
219
196,093
4,056
3,431
2,937
2,378
3,540
15,918
3,712
2,762
7,118
2,649
12,412
24,539
4,916
11,019
14,806
3,094
2,654
208,098
4,204
3,555
2,982
2,523
3,680
16,830
3,822
2,932
7,477
2,837
12,500
25,377
5,120
10,891
14,749
3,252
2,968
214,441
4,354
3,692
3,072
2,644
3,776
17,158
3,982
2,980
7,689
2,955
12,775
25,580
5,324
11,222
15,107
3,416
3,431
3.0
3.6
3.8
3.0
4.8
2.6
2.0
4.2
1.6
2.8
4.1
2.2
0.8
4.0
3.0
2.4
5.1
15.6
40,665
24,795
27,248
22,307
23,923
23,159
27,828
24,513
23,029
25,820
25,577
29,323
32,604
22,074
28,790
24,588
22,177
16,513
42,241
25,748
28,120
22,859
25,297
24,282
29,268
25,441
24,602
26,579
26,781
29,173
33,305
22,934
28,243
24,610
22,987
18,149
42,773
26,846
29,103
23,750
26,321
24,993
29,587
26,583
25,096
26,753
27,308
29,485
33,229
23,714
28,810
25,358
23,617
20,561
4
185
121
306
201
266
109
193
258
188
170
113
44
308
129
237
314
348
of U.S. residents employed abroad temporarily by private U.S. firms.
4. The metropolitan area definitions used by BEA for its personal income estimates are the new county-based definitions
issued by the Office of Management and Budget in June 2003 (with revisions released February 2004) for federal statistical
purposes.
Source: Table 1 in “Comprehensive Revision of Local Area Personal Income: Preliminary Estimates for 2002 and Revised
Estimates for 1969-2001” in the June 2004 Survey of C urrent Business.
D -7 6
March 2005
J. C harts
SELECTED REGIONAL ESTIMATES
SHARES OF U.S. PERSONAL INCOME BY REGION
1969
2003
N e w E n g la n d
6 .4 %
N e w E n g la n d
5 .9 %
P la in s
7 .5 %
S o u th e a s t
17.3%
S o u th w e s t
7 .0 %
R o c k y M o u n ta in
2 .2 %
S o u th w e s t
10 .2 %
R o c k V M o u n ta in
3-2 %
SHARES OF U.S. G ROSS STATE PRODUCT BY REGION
1977
20 0 3
N e w E n g la n d
5 .2 %
N e w E n g la n d
5 .7 %
R o c k y M o u n ta in
2 .7 %
R o c k y M o u n ta in
3 .2 %
A V E R A G E A N N U A L G R O W T H R A TE O F P E R S O N A L IN C O M E , 1 9 9 3 -2 0 0 3
S TA TE S W IT H F A S T E S T G R O W T H
STA TE S W IT H S L O W E S T G R O W T H
U 'Sg ®V% a g e
Nevada
Arizona
Colorado
Utah
Georgia
Texas
New Hampshire
Florida
Idaho
Washington
1
U .S. B ureau of Econom ic A nalysis
2
3
4
5
P e rce n t
6
7
8
9
March 2005
D-77
S u r v ey of C urren t B usin ess
SELECTED REGIONAL ESTIMATES
PER CAPITA PERSONAL INCOME, 2003
U .S . = $ 3 1 ,4 5 9
Highest quintile
□
Fourth quintile
^
□
Third quintile
S econd quintile
” j Lowest quintile
PERSONAL INCOME: PERCENT CHANGE, 2004:11-2004:III
U.S. growth rate = 0.8 percent
I
| Highest quintile
I Fourth quintile
Third quintile
□
Second quintile
Lowest quintile
U .S. B ureau of Econom ic Analysis
-7 8
March 2005
A p p e n d ix A
Additional Information About the NIPA Estimates
Statistical C onven tions
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
1. See J. Steven Landefeld, Brent R. Moulton, and Cindy M. Vojtech, “ChainedDollar Indexes: Issues, Tips on Their Use, and Upcoming Changes,” S u r v e y o f C u r r e n t
B u s i n e s s (November 2003): 8-16.
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:
X
r =
-
\ m /n
-
i
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
cal and other short-term changes in the economy stand
out more clearly.
March 2005
S urvey
of
D-79
C u rr en t B u sin ess
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
2004
2003
II
III
I
IV
II
III
Exports of goods and services and incom e receipts, ITAs...................................................................................
1 1,242.7 1,314.9
1,269.5
1,318.0
1,409.3
1,438.4
1,489.9
1,530.0
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
-1.9
0.7
5.0
-1.9
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 q u a ls: Exports of goods and services and incom e receipts, N IP A s..............................................................
Im ports of goods and services and income payments, ITA s...............................................................................
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
-41 4 .6
-46 3 .2
-4 7 0 .0
-4 6 0 .0
-4 3 7 .4
-50 5 .8
-584.1
-60 0 .2
Less: Gold (2-10+13).................................................................................................................................................
Statistical differences (3 -1 1 )1..................................................................................................................................
Other items (4-12).....................................................................................................................................................
19
20
21
-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
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 o rld ...................................................................................................................
1. Consists of statistical revisions to the ITAs that have not yet been incorporated into the NIPAs.
March 2005
D-80
A p p e n d ix B
S ug gested R eading
The Bureau of Economic Analysis (BEA) has published
a wealth of information about the methodologies that
are used to prepare its national, industry, interna
tional, and regional accounts. In addition, most of this
information is available on BEA’s Web site at
< www.bea.gov>. Look under “Methodologies”; for ar
ticles from the Survey of Current B usiness, 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 Accounting
(1985) [also in the March 1985 Survey]
C orporate Profits: Profits B efore Tax, Profits Tax L ia
bility, an 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 Survey 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 I-O Ac
counts and Proposed Definitional and Statistical
Changes” (lanuary 2003)
“Preview of the 2003 Comprehensive Revision of
the National Income and Product Accounts”
Changes in Definitions and Classifications
(lune 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 Goods in the United
States, 1925-97 (2003) discusses the concepts and sta
tistical considerations that underlie the estimates and
their derivation.
“Fixed Assets and Consumer Durable Goods for
1925-2002” (May 2004) describes the improvements
that were incorporated into these estimates as part of
the comprehensive NIPA revision.
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 Statement and Strategic Plan
The mission statement of the Bureau of Economic
Analysis and the latest update to its strategic plan for
improving the accuracy, reliability, and relevance of
the national, industry, regional, and international
accounts are available on BEA’s Web site at
<www.bea.gov>; look under “About BEA.”
March 2005
S u rv ey
of
C u rr en t B u sin e ss
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 o f 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 US. 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 o f personal
income and gross state product.
Personal income. Estimates o f 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 of 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 of these estimates.
D-
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