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News Release: Gross Domestic Product
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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 27, 2006
Virginia H. Mannering: (202) 606-5304 BEA 06-48
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: THIRD QUARTER 2006 (ADVANCE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.6 percent in the third quarter of 2006,
according to advance estimates released by the Bureau of Economic Analysis. In the second quarter,
real GDP increased 2.6 percent.
The Bureau emphasized that the third-quarter "advance" estimates are based on source data that
are incomplete or subject to further revision by the source agency (see the box on page 3). The third-
quarter "preliminary" estimates, based on more comprehensive data, will be released on November 29,
2006.
The increase in real GDP in the third quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, equipment and software, nonresidential structures,
and state and local government spending that were partly offset by a negative contribution from
residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the third quarter primarily reflected an acceleration in
imports, a downturn in private inventory investment, a larger decrease in residential fixed investment,
and decelerations in PCE for services and in state and local government spending that were partly offset
by upturns in PCE for durable goods, in equipment and software, and in federal government spending.
Final sales of computers contributed 0.10 percentage point to the third-quarter growth in real GDP
after contributing 0.04 percentage point to the second-quarter growth. Motor vehicle output contributed
0.72 percentage point to the third-quarter growth in real GDP after subtracting 0.31 percentage point
from the second-quarter growth.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2000)
dollars. Prices indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/bea/rels.htm.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.0 percent in the third quarter, compared with an increase of 4.0 percent in the second.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.9 percent
in the third quarter, compared with 2.9 percent in the second.
Real personal consumption expenditures increased 3.1 percent in the third quarter, compared with
an increase of 2.6 percent in the second. Durable goods increased 8.4 percent, in contrast to a decrease
of 0.1 percent. Nondurable goods increased 1.6 percent, compared with an increase of 1.4 percent.
Services expenditures increased 2.8 percent, compared with an increase of 3.7 percent.
Real nonresidential fixed investment increased 8.6 percent in the third quarter, compared with an
increase of 4.4 percent in the second. Nonresidential structures increased 14.0 percent, compared with
an increase of 20.3 percent. Equipment and software increased 6.4 percent, in contrast to a decrease of
1.4 percent. Real residential fixed investment decreased 17.4 percent, compared with a decrease of 11.1
percent.
Real exports of goods and services increased 6.5 percent in the third quarter, compared with an
increase of 6.2 percent in the second. Real imports of goods and services increased 7.8 percent,
compared with an increase of 1.4 percent.
Real federal government consumption expenditures and gross investment increased 1.7 percent in
the third quarter, in contrast to a decrease of 4.5 percent in the second. National defense decreased 0.7
percent, compared with a decrease of 2.0 percent. Nondefense increased 6.9 percent, in contrast to a
decrease of 9.3 percent. Real state and local government consumption expenditures and gross
investment increased 2.1 percent, compared with an increase of 4.0 percent.
The real change in private inventories subtracted 0.10 percentage point from the third-quarter
change in real GDP after adding 0.44 percentage point to the second-quarter change. Private businesses
increased inventories $50.7 billion in the third quarter, following increases of $53.7 billion in the second
quarter and $41.2 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 1.7
percent in the third quarter, compared with an increase of 2.1 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.1 percent in the third quarter, compared with an increase of 2.0 percent in the
second.
Disposition of personal income
Current-dollar personal income increased $151.5 billion (5.7 percent) in the third quarter,
compared with an increase of $179.6 billion (6.9 percent) in the second.
Personal current taxes increased $5.5 billion in the third quarter, compared with an increase of
$46.0 billion in the second.
Disposable personal income increased $146.1 billion (6.3 percent) in the third quarter, compared
with an increase of $133.6 billion (5.8 percent) in the second. Real disposable personal income
increased 3.7 percent, compared with an increase of 1.7 percent.
Personal outlays increased $138.2 billion (5.9 percent) in the third quarter, compared with an
increase of $158.5 billion (6.9 percent) in the second. Personal saving -- disposable personal income
less personal outlays -- was a negative $46.8 billion in the third quarter, compared with a negative $54.6
billion in the second. The personal saving rate -- saving as a percentage of disposable personal income
-- increased from a negative 0.6 percent in the second quarter to a negative 0.5 percent in the third.
Saving from current income may be near zero or negative when outlays are financed by borrowing
(including borrowing financed through credit cards or home equity loans), by selling investments or
other assets, or by using savings from previous periods. For more information, see the FAQs on
?Personal Saving? on BEA?s Web site. For a comparison of personal saving in BEA's national income
and product accounts with personal saving in the Federal Reserve Board's flow of funds accounts and
data on changes in net worth (which help finance consumption), go to
http://www.bea.gov/bea/dn/nipaweb/Nipa-Frb.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.4 percent, or $111.0 billion, in the third quarter to a level of $13,308.3 billion. In the second quarter,
current-dollar GDP increased 5.9 percent, or $188.9 billion.
BOX
Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, "GDP and the Economy."
* * *
BEA's national, international, regional, and industry estimates; the Survey of Current Business; and
BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
* * *
Next release -- November 29, 2006, at 8:30 A.M. EST for:
Gross Domestic Product: Third Quarter 2006 (Preliminary)
Corporate Profits: Third Quarter 2006
Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on source data
that are incomplete or subject to further revision by the source agency, are released near the end of the first month
after the end of the quarter; as more detailed and more comprehensive data become available, "preliminary" and
"final" estimates are released near the end of the second and third months, respectively. The "latest" estimates reflect
the results of both annual and comprehensive revisions.
Annual revisions, which cover the quarters of the 3 most recent calendar years, are usually carried out each
summer and incorporate more comprehensive data including annual surveys. Comprehensive (or benchmark) revisions
are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in
concepts and methods that update the accounts to portray more accurately the evolving U.S. economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and
real GDP for the different vintages of the estimates. From the advance estimate to the preliminary estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance
estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest
estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to
sign) from the advance estimate to the latest estimate is 0.4 percentage point, which is larger than the average
revisions from the advance estimate to the preliminary or to the final estimates. The larger average revisions to the
latest estimate reflect the fact that comprehensive revisions include major improvements such as the introduction of
chain indexes and the capitalization of software. The current quarterly estimates correctly indicate the direction of change of
real GDP 98 percent of the time, correctly indicate whether it is accelerating or decelerating 74 percent of the time,
and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the
time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average Average without Standard deviation of
Compared regard to sign revision without regard
to sign
Current-dollar GDP
Advance to preliminary.......... 0.2 0.5 0.4
Advance to final................ .2 .7 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .4 1.2 .9
Real GDP
Advance to preliminary.......... 0.1 0.5 0.4
Advance to final................ .1 .6 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .4 1.3 1.0
NOTE.--These comparisons are based on the period from 1983 through 2003.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.5 3.9 3.2 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 1.6
Personal consumption expenditures... 2.8 3.9 3.5 1.4 2.1 3.6 5.8 2.3 4.7 2.9 3.9 4.3 2.7 4.2 3.9 .8 4.8 2.6 3.1
Durable goods..................... 5.8 6.4 5.5 -5.2 .4 16.8 16.7 .7 6.1 1.7 8.7 6.1 2.4 12.8 9.0 -12.3 19.8 -.1 8.4
Nondurable goods.................. 3.2 3.6 4.5 3.6 3.8 2.3 7.7 1.8 4.3 1.7 3.7 5.4 5.2 4.9 3.4 3.9 5.9 1.4 1.6
Services.......................... 1.9 3.5 2.6 1.8 1.5 1.8 2.9 2.8 4.6 3.8 3.1 3.4 1.6 2.3 3.2 2.0 1.6 3.7 2.8
Gross private domestic investment... 3.6 9.8 5.4 -1.0 -1.3 3.3 17.7 9.3 4.8 21.7 2.0 5.1 8.2 -3.6 5.2 16.2 7.8 1.0 -2.0
Fixed investment.................. 3.4 7.3 7.5 -1.4 -.4 10.6 13.6 5.5 2.2 11.7 7.6 4.9 7.8 10.5 6.3 2.8 8.2 -1.6 -1.4
Nonresidential.................. 1.0 5.9 6.8 -5.0 -2.6 10.7 9.4 2.8 1.7 7.2 10.3 8.3 6.0 5.2 5.9 5.2 13.7 4.4 8.6
Structures.................... -4.1 2.2 1.1 -5.3 -6.9 14.7 -.8 -4.7 3.3 6.9 3.1 -2.0 5.3 -2.0 -7.0 12.0 8.7 20.3 14.0
Equipment and software........ 2.8 7.3 8.9 -4.9 -1.0 9.3 13.2 5.6 1.2 7.3 13.0 12.3 6.3 7.9 11.0 2.8 15.6 -1.4 6.4
Residential..................... 8.4 9.9 8.6 6.4 4.1 10.5 22.2 10.6 3.1 19.8 3.2 -.6 11.1 20.0 7.1 -.9 -.3 -11.1 -17.4
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 1.3 9.2 6.8 -3.1 -5.3 -1.7 11.4 20.8 7.2 6.2 4.8 9.9 4.7 9.4 3.2 9.6 14.0 6.2 6.5
Goods........................... 1.8 9.0 7.5 -9.1 2.0 -1.2 8.8 19.8 7.1 6.4 8.3 6.1 5.5 12.8 3.7 11.5 17.3 6.0 10.0
Services........................ .0 9.7 5.1 11.7 -20.0 -2.8 17.5 23.1 7.5 5.6 -2.8 19.2 2.9 2.0 2.1 5.5 6.7 6.7 -1.5
Imports........................... 4.1 10.8 6.1 9.0 -5.0 4.1 3.7 17.6 10.2 16.0 4.4 12.0 4.1 1.4 2.5 13.2 9.1 1.4 7.8
Goods........................... 4.9 10.9 6.7 8.1 -3.9 8.6 .6 17.2 10.1 17.7 4.7 12.6 4.9 2.0 2.7 14.1 9.4 -.1 9.5
Services........................ .0 10.0 2.8 14.0 -10.6 -15.7 21.2 19.6 10.9 7.6 3.1 9.0 -.2 -1.5 1.2 8.3 7.4 9.9 -1.0
Government consumption expenditures
and gross investment............... 2.5 1.9 .9 4.8 -1.4 6.1 1.5 .7 2.9 2.2 1.3 -1.9 1.6 1.1 3.4 -1.1 4.9 .8 2.0
Federal........................... 6.8 4.3 1.5 10.2 .1 19.7 .4 3.1 7.2 2.5 5.0 -5.2 3.4 .4 9.6 -4.6 8.8 -4.5 1.7
National defense................ 8.7 5.9 1.7 14.8 -4.4 36.3 -5.3 8.1 9.1 2.0 9.1 -9.1 4.5 2.9 11.2 -9.9 8.9 -2.0 -.7
Nondefense...................... 3.4 1.2 1.1 2.1 9.0 -6.4 12.4 -6.0 3.6 3.5 -2.9 3.4 1.2 -4.4 6.2 7.1 8.5 -9.3 6.9
State and local................... .2 .5 .5 2.0 -2.2 -.8 2.1 -.6 .5 2.1 -.9 .1 .6 1.5 -.1 1.0 2.7 4.0 2.1
Addenda:
Final sales of domestic product... 2.5 3.5 3.5 .1 1.3 4.5 6.9 2.1 3.4 2.6 4.0 2.6 3.3 5.6 4.4 -.3 5.6 2.1 1.7
Gross domestic purchases.......... 2.8 4.4 3.3 1.7 .9 4.0 6.6 3.0 4.4 5.5 3.1 3.3 3.4 2.4 4.0 2.7 5.3 2.0 2.1
Final sales to domestic
purchasers....................... 2.8 4.0 3.6 1.6 1.1 5.1 6.1 2.5 4.0 4.1 4.0 3.2 3.3 4.6 4.2 .7 5.4 1.6 2.2
Gross national product (GNP)...... 2.7 3.8 3.1 1.0 .8 4.1 7.3 3.5 3.5 2.9 3.3 2.0 3.6 3.0 4.9 .5 6.1 2.3 .....
Disposable personal income........ 2.2 3.6 1.2 .2 1.7 5.0 6.3 1.7 3.9 2.4 2.8 7.5 -4.0 .5 -.6 5.5 4.6 1.7 3.7
Current-dollar measures:
GDP............................. 4.7 6.9 6.3 2.4 4.4 4.8 9.7 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0 5.9 3.4
Final sales of domestic product. 4.7 6.5 6.7 2.4 4.6 5.8 9.1 4.4 7.3 6.4 6.2 5.9 6.9 8.2 7.8 3.0 9.1 5.5 3.5
Gross domestic purchases........ 5.2 7.6 6.9 3.9 5.1 4.7 9.1 4.9 8.9 9.7 5.8 7.0 6.7 5.8 8.5 6.3 8.2 6.1 4.0
Final sales to domestic
purchasers..................... 5.2 7.2 7.2 3.8 5.3 5.7 8.5 4.4 8.5 8.3 6.7 7.0 6.7 8.1 8.8 4.3 8.2 5.7 4.2
GNP............................. 4.9 6.7 6.2 3.2 4.0 5.4 9.6 5.8 7.4 6.7 5.4 5.3 7.2 5.6 8.4 3.8 9.6 5.7 .....
Disposable personal income...... 4.2 6.4 4.1 1.9 4.8 5.7 8.9 3.2 7.7 6.0 4.7 10.7 -1.8 3.6 3.5 8.6 6.8 5.8 6.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 2.5 3.9 3.2 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 1.6
Percentage points at annual rates:
Personal consumption expenditures. 1.94 2.71 2.44 .97 1.41 2.53 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38 1.81 2.13
Durable goods................... .50 .54 .45 -.47 .03 1.35 1.39 .06 .51 .14 .71 .50 .20 1.02 .74 -1.08 1.50 -.01 .66
Motor vehicles and parts...... .12 .07 .02 -.75 -.04 .65 .46 -.29 .09 -.14 .22 .17 -.29 .50 .38 -1.51 .60 -.04 .41
Furniture and household
equipment.................... .27 .35 .29 .21 .05 .49 .67 .27 .33 .28 .36 .21 .27 .28 .40 .33 .65 .10 .21
Other......................... .10 .11 .14 .07 .02 .21 .26 .08 .10 .01 .13 .12 .21 .24 -.03 .10 .26 -.06 .03
Nondurable goods................ .64 .73 .90 .70 .75 .45 1.53 .36 .86 .34 .74 1.07 1.04 .98 .70 .79 1.20 .30 .33
Food.......................... .23 .33 .51 .20 .39 .04 .61 .02 .54 .16 .28 .70 .53 .55 .61 .39 .64 .19 -.06
Clothing and shoes............ .14 .14 .17 .31 -.02 .29 .31 -.02 .32 -.14 .18 .19 .17 .25 .08 .27 .23 -.10 .15
Gasoline, fuel oil, and other
energy goods................. .01 .02 -.01 -.04 -.02 -.02 .10 .06 .00 .00 -.04 .01 .12 -.10 -.15 -.06 -.03 .02 .11
Other......................... .26 .24 .23 .23 .39 .14 .52 .30 .00 .32 .32 .16 .21 .28 .16 .19 .36 .19 .13
Services........................ .80 1.45 1.09 .74 .63 .73 1.21 1.18 1.92 1.59 1.30 1.39 .70 .94 1.32 .83 .67 1.52 1.15
Housing....................... .10 .40 .30 -.07 .11 .18 .35 .40 .49 .42 .37 .32 .29 .28 .24 .18 .24 .25 .27
Household operation........... .06 .10 .08 .19 .00 .00 .02 .17 .11 .10 .06 .25 .01 .04 .09 .01 -.58 .31 .18
Electricity and gas......... .03 .02 .04 .23 -.05 -.08 -.03 .12 .06 -.06 -.07 .25 .00 .00 .03 .03 -.58 .23 .13
Other household operation... .03 .08 .04 -.04 .05 .08 .05 .05 .05 .16 .13 .00 .01 .04 .06 -.02 .00 .08 .05
Transportation................ .00 .03 .00 -.01 .07 -.03 .03 .02 .05 .06 .00 .04 .02 -.03 -.04 .00 .10 .04 .04
Medical care.................. .45 .37 .43 .59 .47 .28 .28 .28 .33 .47 .53 .43 .32 .40 .53 .44 .52 .31 .34
Recreation.................... .10 .14 .08 .16 .02 .15 .13 .16 .18 .13 .09 .05 .13 .05 .05 .04 .09 .02 .09
Other......................... .09 .41 .20 -.12 -.04 .16 .40 .15 .76 .42 .24 .30 -.07 .20 .44 .16 .31 .58 .23
Gross private domestic investment. .54 1.49 .87 -.14 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .17 -.34
Fixed investment................ .51 1.11 1.17 -.21 -.04 1.52 2.00 .83 .34 1.72 1.16 .77 1.22 1.62 1.02 .46 1.34 -.27 -.24
Nonresidential................ .10 .58 .67 -.52 -.24 1.01 .92 .29 .18 .69 .97 .81 .59 .51 .59 .52 1.36 .45 .88
Structures.................. -.11 .06 .03 -.14 -.18 .35 -.02 -.12 .08 .17 .08 -.05 .14 -.06 -.20 .31 .25 .56 .41
Equipment and software...... .21 .52 .64 -.38 -.06 .66 .95 .41 .10 .52 .90 .86 .45 .56 .78 .21 1.11 -.10 .46
Information processing
equipment and software... .22 .36 .30 -.38 .31 .13 .82 .70 .30 .05 .21 .33 .43 .29 .26 .25 .74 -.04 .27
Computers and peripheral
equipment.............. .09 .10 .12 -.04 .12 .00 .26 .21 -.03 -.03 .21 .17 .10 .10 .06 .16 .15 .03 .14
Software................ .07 .15 .09 -.17 .06 .05 .32 .20 .17 .03 .12 .16 .03 .12 .07 .04 .18 .07 .08
Other................... .05 .11 .10 -.17 .12 .08 .23 .29 .16 .05 -.12 .00 .30 .06 .13 .04 .40 -.14 .04
Industrial equipment...... .04 -.05 .10 .01 .17 .14 -.14 -.22 -.09 -.05 .19 .05 .16 -.07 .23 .19 -.05 .16 .04
Transportation equipment.. -.12 .14 .15 -.02 -.57 .31 .01 -.13 -.08 .46 .39 .40 -.14 .11 .27 -.31 .31 -.32 .11
Other equipment........... .07 .07 .09 .02 .04 .08 .26 .07 -.04 .06 .10 .08 .01 .24 .03 .08 .11 .09 .05
Residential................... .41 .53 .50 .30 .20 .51 1.08 .55 .16 1.03 .18 -.04 .63 1.11 .43 -.06 -.02 -.72 -1.12
Change in private inventories... .04 .38 -.30 .08 -.12 -1.01 .56 .56 .40 1.44 -.84 .05 .09 -2.23 -.18 2.05 -.03 .44 -.10
Farm.......................... .03 .07 -.06 .03 .19 -.16 -.06 -.05 .27 .61 -.48 -.38 .16 -.26 .28 .14 -.01 -.09 -.01
Nonfarm....................... .00 .31 -.24 .04 -.31 -.85 .62 .60 .13 .84 -.35 .43 -.06 -1.97 -.46 1.90 -.02 .54 -.09
Net exports of goods and services. -.44 -.65 -.26 -1.52 .21 -.73 .51 -.47 -.73 -1.62 -.20 -.81 -.16 .72 -.06 -1.07 -.04 .42 -.58
Exports......................... .12 .88 .68 -.31 -.53 -.16 1.02 1.81 .69 .60 .46 .96 .47 .94 .33 .97 1.41 .66 .70
Goods......................... .12 .60 .52 -.64 .13 -.08 .55 1.20 .47 .43 .55 .42 .38 .88 .27 .80 1.20 .45 .75
Services...................... .00 .28 .16 .33 -.65 -.08 .47 .61 .22 .17 -.09 .54 .09 .06 .06 .17 .21 .21 -.05
Imports......................... -.56 -1.53 -.94 -1.21 .74 -.57 -.51 -2.29 -1.42 -2.22 -.66 -1.77 -.63 -.22 -.39 -2.04 -1.46 -.24 -1.28
Goods......................... -.56 -1.29 -.87 -.90 .47 -.97 -.07 -1.86 -1.17 -2.03 -.59 -1.55 -.64 -.26 -.36 -1.84 -1.27 .01 -1.31
Services...................... .00 -.24 -.07 -.31 .27 .40 -.44 -.43 -.25 -.18 -.08 -.22 .01 .04 -.03 -.20 -.19 -.25 .03
Government consumption expenditures
and gross investment............. .47 .36 .17 .89 -.26 1.16 .29 .14 .55 .43 .24 -.37 .31 .21 .64 -.21 .94 .16 .37
Federal......................... .44 .30 .11 .64 .01 1.26 .03 .21 .49 .18 .34 -.38 .23 .03 .66 -.33 .61 -.32 .12
National defense.............. .37 .27 .08 .59 -.20 1.41 -.25 .35 .41 .09 .41 -.45 .21 .13 .52 -.49 .41 -.09 -.03
Consumption expenditures.... .32 .22 .05 .67 -.22 1.30 -.32 .31 .40 .00 .34 -.44 .25 .03 .45 -.47 .37 -.17 -.02
Gross investment............ .05 .05 .03 -.08 .02 .12 .07 .05 .00 .10 .08 -.01 -.04 .10 .07 -.02 .05 .08 -.01
Nondefense.................... .08 .03 .03 .05 .21 -.16 .28 -.14 .09 .08 -.07 .08 .03 -.11 .14 .16 .20 -.23 .15
Consumption expenditures..... .07 .03 .00 .07 .19 -.21 .27 -.12 .11 .03 -.06 .05 .01 -.09 .08 .05 .16 -.10 .15
Gross investment............. .01 .00 .02 -.02 .01 .06 .01 -.03 -.03 .05 -.01 .03 .01 -.02 .06 .11 .03 -.12 .01
State and local................. .02 .06 .06 .25 -.27 -.10 .26 -.07 .06 .25 -.10 .01 .08 .18 -.01 .13 .33 .48 .25
Consumption expenditures.... .00 .10 .08 .15 -.19 -.07 -.04 .07 .19 .15 .08 .15 .02 .05 .14 .09 .17 .20 .25
Gross investment............ .02 -.04 -.02 .10 -.09 -.02 .30 -.15 -.13 .11 -.18 -.14 .06 .13 -.15 .03 .16 .28 .00
Addenda:
Goods........................... 1.00 1.56 1.43 -1.74 1.27 .56 5.00 .81 1.20 .99 1.56 1.43 1.51 1.09 2.07 .97 3.86 1.12 .81
Services........................ 1.20 1.84 1.31 1.65 .03 2.06 1.15 1.63 2.59 1.74 1.48 1.47 1.07 1.04 2.02 .46 1.39 1.40 1.50
Structures...................... .31 .51 .49 .29 -.09 .85 1.33 .22 .05 1.31 .06 -.29 .82 1.13 .09 .33 .33 .04 -.73
Motor vehicle output............ .05 .12 .20 .01 -.46 .36 .30 -.23 .33 -.24 .52 .06 .38 -.03 .70 -.71 .12 -.31 .72
Final sales of computers........ .15 .06 .16 .11 .12 -.02 .50 .15 -.13 -.14 .15 .26 .16 .20 .08 .20 .07 .04 .10
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (2000) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2005 III 05 IV 05 I 06 II 06 III 06 2005 III 05 IV 05 I 06 II 06 III 06 2005 II 06 III 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,308.3 11,048.6 11,115.1 11,163.8 11,316.4 11,388.1 11,432.9 345.1 71.7 44.8
Personal consumption expenditures. 8,742.4 8,847.3 8,927.8 9,079.2 9,228.1 9,355.5 7,841.2 7,895.3 7,910.2 8,003.8 8,055.0 8,116.2 264.1 51.2 61.2
Durable goods................... 1,033.1 1,057.3 1,019.6 1,064.1 1,061.8 1,080.6 1,145.3 1,175.9 1,137.9 1,190.5 1,190.3 1,214.5 59.6 -.2 24.2
Motor vehicles and parts...... 448.2 468.1 421.6 442.7 441.7 455.6 452.9 474.6 426.3 445.1 443.7 457.3 2.5 -1.4 13.6
Furniture and household
equipment.................... 377.2 380.0 386.0 402.3 401.3 403.8 490.6 497.7 511.5 538.5 542.9 552.5 44.6 4.4 9.6
Other......................... 207.7 209.2 212.0 219.1 218.8 221.1 212.6 213.1 216.3 224.6 222.5 223.5 17.0 -2.1 1.0
Nondurable goods................ 2,539.3 2,584.9 2,613.5 2,658.2 2,721.4 2,748.2 2,276.8 2,287.6 2,309.6 2,342.8 2,351.1 2,360.5 97.6 8.3 9.4
Food.......................... 1,201.4 1,214.7 1,233.7 1,262.3 1,274.0 1,281.3 1,065.7 1,074.9 1,085.7 1,103.4 1,108.8 1,107.2 54.7 5.4 -1.6
Clothing and shoes............ 341.8 341.3 349.1 355.4 355.1 358.8 372.7 373.9 383.1 391.1 387.4 392.7 21.8 -3.7 5.3
Gasoline, fuel oil, and other
energy goods................. 302.1 331.0 322.1 316.2 359.1 368.7 199.5 197.8 196.6 196.0 196.3 198.3 -1.0 .3 2.0
Other......................... 694.0 698.0 708.6 724.2 733.3 739.5 643.9 646.7 652.4 662.6 668.3 672.1 25.4 5.7 3.8
Services........................ 5,170.0 5,205.1 5,294.7 5,356.8 5,444.9 5,526.7 4,436.6 4,454.5 4,476.7 4,494.5 4,535.4 4,566.9 112.7 40.9 31.5
Housing....................... 1,304.1 1,311.7 1,326.6 1,345.4 1,370.1 1,394.2 1,122.6 1,126.4 1,131.2 1,137.6 1,144.5 1,151.8 31.0 6.9 7.3
Household operation........... 483.0 484.3 506.1 494.8 499.1 506.7 418.0 419.4 419.8 404.3 412.5 417.4 8.7 8.2 4.9
Electricity and gas......... 199.8 199.4 219.9 206.2 206.9 210.4 153.8 154.0 154.7 141.7 147.0 150.0 4.0 5.3 3.0
Other household operation... 283.2 285.0 286.2 288.6 292.2 296.3 264.1 265.4 264.9 264.8 267.0 268.6 4.6 2.2 1.6
Transportation................ 320.4 322.3 325.9 330.4 335.9 339.7 284.4 283.6 283.5 286.3 287.5 288.6 .4 1.2 1.1
Medical care.................. 1,493.4 1,505.0 1,534.0 1,557.2 1,578.2 1,602.0 1,260.9 1,267.5 1,279.0 1,292.6 1,300.9 1,310.1 43.6 8.3 9.2
Recreation.................... 360.6 362.6 367.7 372.4 377.2 383.0 313.1 313.9 315.1 317.5 318.1 320.6 8.3 .6 2.5
Other......................... 1,208.4 1,219.1 1,234.4 1,256.5 1,284.3 1,301.2 1,036.2 1,042.2 1,046.5 1,054.9 1,070.6 1,076.9 20.2 15.7 6.3
Gross private domestic investment. 2,057.4 2,052.6 2,154.5 2,214.8 2,237.1 2,227.6 1,866.3 1,855.9 1,927.0 1,963.6 1,968.5 1,958.7 95.7 4.9 -9.8
Fixed investment................ 2,036.2 2,067.9 2,105.8 2,167.7 2,174.8 2,169.1 1,842.0 1,864.2 1,877.3 1,914.6 1,906.8 1,899.9 128.1 -7.8 -6.9
Nonresidential................ 1,265.7 1,276.7 1,304.3 1,359.2 1,384.3 1,416.2 1,223.8 1,232.4 1,248.2 1,288.8 1,302.8 1,330.0 78.0 14.0 27.2
Structures.................. 338.6 336.3 359.7 378.2 406.3 425.7 251.5 247.1 254.2 259.6 271.9 281.0 2.8 12.3 9.1
Equipment and software...... 927.1 940.4 944.7 981.0 977.9 990.4 984.9 1,000.6 1,007.6 1,044.8 1,041.2 1,057.6 80.7 -3.6 16.4
Information processing
equipment and software... 454.3 456.6 461.3 482.4 479.9 486.9 552.6 557.7 567.3 595.9 594.3 605.3 43.3 -1.6 11.0
Computers and peripheral
equipment.............. 85.1 83.9 85.9 88.0 85.9 87.6 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 194.0 195.6 196.9 203.6 207.0 210.5 206.2 208.0 209.5 215.6 217.8 220.7 11.2 2.2 2.9
Other................... 175.2 177.2 178.4 190.8 187.1 188.9 193.6 196.0 197.5 211.6 206.7 208.1 12.9 -4.9 1.4
Industrial equipment...... 155.1 157.0 163.9 163.4 170.1 173.0 143.5 144.9 150.4 149.0 153.9 155.0 10.8 4.9 1.1
Transportation equipment.. 158.3 165.0 154.6 165.7 155.9 155.6 145.4 152.3 143.2 152.2 142.7 146.1 16.6 -9.5 3.4
Other equipment........... 159.4 161.8 164.9 169.4 172.1 174.9 147.3 148.8 151.2 154.3 157.1 158.5 9.7 2.8 1.4
Residential................... 770.4 791.2 801.5 808.5 790.6 752.9 608.0 620.4 618.9 618.5 600.5 572.5 48.1 -18.0 -28.0
Change in private inventories... 21.3 -15.3 48.6 47.2 62.3 58.5 19.6 -12.7 43.5 41.2 53.7 50.7 -33.8 12.5 -3.0
Farm.......................... .3 1.3 5.8 5.4 2.3 1.6 .2 1.1 4.8 4.3 1.9 1.6 -5.9 -2.4 -.3
Nonfarm....................... 21.0 -16.6 42.8 41.8 59.9 57.0 19.6 -14.0 38.6 36.8 52.2 49.5 -27.4 15.4 -2.7
Net exports of goods and services. -716.7 -728.8 -775.4 -765.2 -781.8 -810.0 -619.2 -607.6 -636.6 -636.6 -624.2 -639.9 -28.3 12.4 -15.7
Exports......................... 1,303.1 1,312.4 1,352.4 1,405.4 1,448.1 1,489.1 1,196.1 1,200.5 1,228.4 1,269.3 1,288.5 1,309.0 75.7 19.2 20.5
Goods......................... 907.5 913.9 944.3 989.3 1,019.1 1,057.3 843.2 847.5 870.8 906.2 919.5 941.7 58.8 13.3 22.2
Services...................... 395.6 398.5 408.1 416.0 429.0 431.9 352.9 353.0 357.8 363.6 369.5 368.1 17.0 5.9 -1.4
Imports......................... 2,019.9 2,041.2 2,127.8 2,170.6 2,229.8 2,299.1 1,815.3 1,808.1 1,865.0 1,905.9 1,912.7 1,948.9 104.0 6.8 36.2
Goods......................... 1,699.0 1,719.1 1,799.3 1,832.6 1,879.0 1,946.1 1,549.9 1,543.9 1,595.8 1,631.9 1,631.7 1,669.1 97.7 -.2 37.4
Services...................... 320.9 322.1 328.5 338.1 350.8 353.0 267.5 266.3 271.7 276.6 283.2 282.4 7.2 6.6 -.8
Government consumption expenditures
and gross investment............. 2,372.8 2,402.4 2,423.6 2,479.6 2,513.9 2,535.2 1,958.0 1,968.8 1,963.5 1,987.1 1,991.2 2,000.8 17.4 4.1 9.6
Federal......................... 878.3 895.8 886.2 921.7 919.7 926.8 727.5 738.2 729.6 745.1 736.6 739.8 10.9 -8.5 3.2
National defense.............. 589.3 605.0 590.9 613.5 616.5 618.0 483.6 494.1 481.4 491.8 489.3 488.5 8.2 -2.5 -.8
Consumption expenditures.... 516.9 530.9 516.9 537.7 537.7 539.0 413.3 421.9 410.0 419.0 414.7 414.1 5.0 -4.3 -.6
Gross investment............ 72.4 74.2 74.1 75.8 78.8 79.1 71.2 73.2 72.6 74.0 76.5 76.1 3.7 2.5 -.4
Nondefense.................... 289.0 290.7 295.3 308.2 303.2 308.7 243.7 243.8 248.0 253.1 247.0 251.2 2.7 -6.1 4.2
Consumption expenditures.... 251.7 253.4 254.2 265.9 264.6 269.9 207.3 207.5 208.7 212.8 210.1 214.0 .3 -2.7 3.9
Gross investment............ 37.4 37.4 41.1 42.4 38.6 38.8 36.7 36.6 40.1 41.1 37.2 37.4 2.8 -3.9 .2
State and local................. 1,494.4 1,506.6 1,537.4 1,557.9 1,594.2 1,608.4 1,230.4 1,230.5 1,233.7 1,242.0 1,254.4 1,260.8 6.5 12.4 6.4
Consumption expenditures.... 1,207.2 1,217.8 1,243.4 1,256.2 1,280.7 1,293.2 988.0 989.5 991.9 996.1 1,001.2 1,007.6 8.4 5.1 6.4
Gross investment............ 287.3 288.7 294.0 301.7 313.5 315.2 242.1 240.7 241.6 245.7 253.1 253.1 -2.0 7.4 .0
Residual.......................... ..... ..... ..... ..... ..... ..... -42.6 -47.1 -53.7 -78.7 -77.6 -90.2 ..... ..... .....
Addenda:
Final sales of domestic product. 12,434.6 12,588.8 12,681.9 12,961.2 13,135.1 13,249.8 11,025.2 11,123.5 11,115.5 11,269.0 11,328.0 11,375.7 376.9 59.0 47.7
Gross domestic purchases........ 13,172.5 13,302.3 13,505.9 13,773.6 13,979.1 14,118.3 11,659.7 11,714.6 11,792.9 11,946.3 12,005.9 12,067.0 373.2 59.6 61.1
Final sales to domestic
purchasers..................... 13,151.3 13,317.6 13,457.3 13,726.4 13,916.8 14,059.8 11,636.1 11,722.8 11,744.6 11,898.7 11,945.9 12,009.8 405.0 47.2 63.9
Gross domestic product.......... 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,308.3 11,048.6 11,115.1 11,163.8 11,316.4 11,388.1 11,432.9 345.1 71.7 44.8
Plus: Income receipts from
the rest of the world.......... 513.3 527.2 564.9 603.3 661.4 ..... 456.9 467.2 496.1 526.4 571.4 ..... 80.2 45.0 .....
Less: Income payments to
the rest of the world.......... 481.5 475.0 552.4 574.3 638.6 ..... 427.2 419.9 483.8 499.7 550.3 ..... 93.9 50.6 .....
Equals: Gross national product.. 12,487.7 12,625.7 12,743.0 13,037.4 13,220.1 ..... 11,077.9 11,162.0 11,175.6 11,342.7 11,408.5 ..... 331.1 65.8 .....
Net domestic product............ 10,851.0 10,675.5 11,168.0 11,460.3 11,624.6 11,728.2 9,557.2 9,371.6 9,727.9 9,896.5 9,959.8 9,996.8 237.4 63.3 37.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.1 2.8 3.0 2.2 3.1 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.8
Personal consumption expenditures... 2.0 2.6 2.9 1.7 3.1 .7 2.4 1.5 3.7 3.6 1.9 3.0 2.3 3.1 4.1 2.9 2.0 4.0 2.5
Durable goods..................... -3.6 -1.6 -.7 -2.7 -4.8 -4.2 -4.0 -3.5 .0 .3 -2.3 .3 .3 -.6 -2.9 -1.3 -1.0 -.8 -1.1
Nondurable goods.................. 2.0 3.3 3.6 1.2 5.6 -2.9 3.9 .5 5.7 6.0 1.1 4.4 1.1 4.8 9.0 .6 1.1 8.3 2.3
Services.......................... 3.2 3.2 3.2 2.8 3.6 3.5 3.0 3.0 3.5 3.2 3.1 3.0 3.2 3.1 3.2 5.0 3.1 2.9 3.3
Gross private domestic investment... 1.5 3.3 3.4 2.9 2.8 -.7 1.3 3.5 4.2 4.5 3.6 3.7 3.0 2.7 3.7 4.3 3.7 3.1 .5
Fixed investment.................. 1.6 3.4 3.5 3.0 3.1 -.8 1.3 3.5 4.3 4.6 3.6 3.7 3.1 2.7 4.0 4.6 3.8 3.0 .4
Nonresidential.................. .1 1.2 2.6 1.1 .1 -1.3 .7 1.4 1.0 2.1 1.4 2.6 3.6 2.0 2.2 3.5 3.7 3.0 .8
Structures.................... 3.5 6.2 11.3 5.1 4.8 -.2 2.3 4.2 6.7 7.8 10.2 12.0 11.6 9.2 13.2 16.8 12.4 10.7 5.7
Equipment and software........ -1.1 -.4 -.4 -.3 -1.5 -1.7 .1 .4 -.9 .2 -1.5 -.5 .9 -.4 -1.5 -1.0 .6 .1 -1.2
Residential..................... 4.8 7.3 5.1 7.0 9.4 .2 2.6 7.7 10.5 9.0 7.4 5.6 2.3 3.8 6.9 6.3 3.8 2.9 -.4
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 2.2 3.7 3.6 .6 4.1 1.1 .9 3.0 6.1 5.0 1.8 4.0 4.6 3.6 2.6 2.8 2.3 6.1 5.0
Goods........................... 2.0 3.7 3.1 .5 3.6 1.6 -.7 4.1 6.5 5.2 1.1 3.6 4.4 3.0 1.3 2.3 2.8 6.2 5.3
Services........................ 2.6 3.5 4.8 .7 5.3 -.2 4.7 .7 5.0 4.5 3.5 5.0 5.1 4.9 5.6 4.2 1.2 6.0 4.3
Imports........................... 3.5 5.0 6.3 .6 11.3 -3.9 2.6 .4 9.7 7.3 5.5 6.7 2.6 9.2 10.2 4.3 -.7 9.8 4.9
Goods........................... 2.9 5.0 6.5 .4 11.9 -6.7 2.5 .5 10.1 7.9 5.4 6.8 1.8 10.1 11.3 5.1 -1.6 10.6 5.1
Services........................ 6.3 5.1 5.4 1.4 8.1 11.8 3.1 .0 8.0 4.4 6.2 6.3 6.8 5.1 4.3 -.1 4.5 5.5 3.6
Government consumption expenditures
and gross investment............... 4.1 4.4 5.6 3.6 9.2 1.3 2.5 2.2 6.8 5.3 4.6 5.7 7.0 4.6 5.9 4.7 4.4 4.8 1.4
Federal........................... 4.2 4.7 4.8 4.6 11.3 1.5 1.0 1.1 11.5 5.3 2.2 2.9 11.3 2.2 3.3 .4 7.6 3.8 1.3
National defense................ 4.7 4.7 5.1 6.9 10.3 1.4 1.2 1.3 10.5 5.8 2.8 3.2 11.6 2.4 3.4 1.0 6.7 4.1 1.7
Nondefense...................... 3.4 4.7 4.1 .5 12.9 1.6 .6 .6 13.7 4.3 .9 2.3 10.6 1.8 3.2 -.7 9.5 3.2 .6
State and local................... 4.1 4.3 6.2 3.0 8.1 1.1 3.3 2.9 4.1 5.3 6.1 7.4 4.6 6.1 7.4 7.3 2.6 5.4 1.5
Addenda:
Final sales of domestic product... 2.1 2.8 3.0 2.3 3.2 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.8
Gross domestic purchases.......... 2.3 3.1 3.5 2.2 4.1 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.0
Final sales to domestic
purchasers....................... 2.3 3.1 3.5 2.2 4.2 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.0
Gross national product (GNP)...... 2.1 2.8 3.0 2.2 3.2 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.2 3.3 3.3 .....
Implicit price deflators:
GDP............................. 2.1 2.8 3.0 2.2 3.2 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 1.8
Gross domestic purchases........ 2.3 3.1 3.5 2.2 4.1 .6 2.3 1.9 4.3 4.0 2.6 3.6 3.2 3.4 4.3 3.5 2.7 4.0 2.0
GNP............................. 2.1 2.8 3.0 2.3 3.1 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2003 2004 2005 III 05 IV 05 I 06 II 06 III 06
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.931 109.031 112.546 113.223 113.719 115.274 116.004 116.461
Personal consumption expenditures.......... 108.249 112.430 116.349 117.152 117.373 118.761 119.521 120.430
Durable goods............................ 118.214 125.753 132.666 136.207 131.799 137.893 137.868 140.677
Nondurable goods......................... 108.002 111.913 116.924 117.481 118.608 120.313 120.742 121.224
Services................................. 106.363 110.055 112.925 113.379 113.945 114.398 115.440 116.240
Gross private domestic investment.......... 92.949 102.026 107.537 106.938 111.034 113.143 113.429 112.861
Fixed investment......................... 95.110 102.080 109.708 111.032 111.811 114.033 113.570 113.159
Nonresidential......................... 87.804 92.995 99.326 100.025 101.308 104.606 105.738 107.952
Structures........................... 77.735 79.418 80.302 78.903 81.174 82.893 86.819 89.715
Equipment and software............... 91.747 98.400 107.180 108.889 109.653 113.704 113.313 115.096
Residential............................ 113.977 125.281 136.050 138.821 138.495 138.391 134.368 128.094
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 93.599 102.201 109.105 109.503 112.054 115.783 117.536 119.403
Imports of goods and services.............. 104.693 115.962 123.007 122.520 126.377 129.146 129.608 132.060
Government consumption expenditures and
gross investment.......................... 110.644 112.720 113.731 114.358 114.048 115.423 115.657 116.217
Federal.................................. 118.712 123.813 125.701 127.545 126.053 128.728 127.262 127.815
State and local.......................... 106.557 107.094 107.660 107.674 107.954 108.682 109.762 110.326
Addenda:
Final sales of domestic product.......... 105.375 109.096 112.958 113.965 113.883 115.455 116.060 116.549
Gross domestic purchases................. 106.071 110.691 114.351 114.889 115.657 117.161 117.746 118.345
Final sales to domestic purchasers....... 106.504 110.761 114.755 115.610 115.825 117.345 117.810 118.440
Gross national product................... 105.067 109.039 112.399 113.252 113.390 115.085 115.753 .....
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2003 2004 2005 III 05 IV 05 I 06 II 06 III 06
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 106.409 109.429 112.744 113.139 114.048 114.967 115.905 116.431
Personal consumption expenditures
(PCE)..................................... 105.597 108.373 111.493 112.067 112.873 113.445 114.573 115.278
Durable goods............................ 92.366 90.845 90.198 89.908 89.606 89.385 89.206 88.968
Nondurable goods......................... 104.145 107.617 111.530 113.016 113.177 113.484 115.769 116.443
Services................................. 109.379 112.863 116.529 116.858 118.281 119.194 120.059 121.026
Gross private domestic investment.......... 103.191 106.645 110.284 110.675 111.853 112.860 113.717 113.857
Fixed investment......................... 103.313 106.811 110.542 110.946 112.194 113.238 114.074 114.187
Nonresidential......................... 99.591 100.834 103.428 103.607 104.510 105.471 106.266 106.486
Structures........................... 113.872 120.951 134.647 136.089 141.476 145.684 149.432 151.520
Equipment and software............... 94.912 94.503 94.134 93.983 93.754 93.887 93.920 93.646
Residential............................ 112.372 120.618 126.714 127.573 129.536 130.765 131.696 131.569
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 101.429 105.151 108.949 109.341 110.108 110.737 112.400 113.780
Imports of goods and services.............. 99.685 104.678 111.268 112.919 114.117 113.918 116.608 117.998
Government consumption expenditures and
gross investment.......................... 109.849 114.718 121.183 122.029 123.444 124.791 126.262 126.715
Federal.................................. 110.094 115.249 120.726 121.353 121.479 123.721 124.871 125.282
State and local.......................... 109.712 114.417 121.463 122.438 124.620 125.434 127.095 127.574
Addenda:
PCE excluding food and energy............ 105.175 107.314 109.559 109.732 110.418 110.983 111.738 112.381
Market-based PCE\1\...................... 104.995 107.393 110.339 110.952 111.647 112.116 113.272 113.917
Market-based PCE excluding food
and energy\1\........................... 104.330 105.865 107.713 107.854 108.375 108.810 109.524 110.081
Final sales of domestic product.......... 106.430 109.455 112.783 113.181 114.101 115.025 115.961 116.483
Gross domestic purchases................. 105.966 109.210 112.981 113.572 114.541 115.313 116.455 117.026
Final sales to domestic purchasers....... 105.986 109.235 113.021 113.614 114.594 115.371 116.510 117.080
Gross national product................... 106.401 109.419 112.733 113.131 114.038 114.958 115.897 .....
Implicit price deflators:
Gross domestic product................. 106.404 109.426 112.737 113.121 114.034 114.951 115.887 116.403
Final sales of domestic product........ 106.430 109.455 112.783 113.173 114.092 115.017 115.952 116.474
Gross domestic purchases............... 105.961 109.207 112.975 113.553 114.526 115.296 116.435 116.999
Final sales to domestic purchasers..... 105.985 109.235 113.021 113.604 114.583 115.360 116.499 117.069
Gross national product................. 106.396 109.416 112.726 113.113 114.025 114.942 115.879 .....
-----------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.9 3.2
Personal consumption expenditures...... 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.9 3.5
Durable goods........................ -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.4 5.5
Nondurable goods..................... 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.6 4.5
Services............................. 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.5 2.6
Gross private domestic investment...... -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.6 9.8 5.4
Fixed investment..................... -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.4 7.3 7.5
Nonresidential..................... .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.0 5.9 6.8
Structures....................... 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.1 2.2 1.1
Equipment and software........... .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 2.8 7.3 8.9
Residential........................ -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 9.9 8.6
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.3 9.2 6.8
Goods.............................. 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.8 9.0 7.5
Services........................... 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 .0 9.7 5.1
Imports.............................. 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.1 10.8 6.1
Goods.............................. 3.0 -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.9 10.9 6.7
Services........................... 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 .0 10.0 2.8
Government consumption expenditures
and gross investment.................. 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.9 .9
Federal.............................. 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.8 4.3 1.5
National defense................... .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.7 5.9 1.7
Nondefense......................... 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.2 1.1
State and local...................... 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .2 .5 .5
Addenda:
Final sales of domestic product...... 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.5 3.5
Gross domestic purchases............. 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 2.8 4.4 3.3
Final sales to domestic purchasers... 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 4.0 3.6
Gross national product............... 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.1
Real disposable personal income...... 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.2
Price indexes:
Gross domestic purchases........... 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.3 3.1 3.5
Gross domestic purchases excluding
food and energy................... 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 2.8
GDP................................ 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.8 3.0
GDP excluding food and energy...... 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.0
Personal consumption expenditures.. 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 2.0 2.6 2.9
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.9 1.5 1.8 3.1 3.7 4.3 4.5 3.4 3.4 3.3 3.1 3.4 3.1 3.7 3.5 2.9
Personal consumption expenditures
(PCE)................................. 1.9 2.0 2.3 3.2 3.4 4.1 3.9 3.5 4.0 3.5 3.8 3.8 2.9 3.4 3.0 2.8
Durable goods........................ 1.2 2.4 5.5 6.7 8.3 9.8 6.1 4.2 5.6 4.7 7.4 7.5 2.5 6.6 3.4 3.3
Nondurable goods..................... 2.1 2.3 2.5 4.3 3.9 4.0 3.8 2.9 3.8 4.0 4.8 4.7 4.4 4.5 3.6 3.2
Services............................. 1.9 1.8 1.6 2.0 2.2 3.0 3.5 3.6 3.7 3.0 2.6 2.6 2.3 2.3 2.6 2.5
Gross private domestic investment...... 4.9 1.3 1.6 4.4 7.0 8.6 13.2 9.2 8.2 9.0 2.8 3.6 6.3 6.2 7.4 5.5
Fixed investment..................... -2.5 -1.0 1.9 5.4 7.2 7.9 8.2 6.7 6.6 8.0 7.7 7.4 6.8 6.9 3.9 1.9
Nonresidential..................... -6.5 -3.9 .1 2.9 4.9 6.1 5.2 5.5 6.9 8.0 7.4 6.3 5.6 7.4 7.2 7.9
Structures....................... -14.9 -11.9 -3.9 .1 .2 2.9 1.1 2.0 2.7 3.2 1.0 -1.6 1.8 2.6 8.0 13.7
Equipment and software........... -3.4 -.9 1.5 3.9 6.6 7.2 6.7 6.7 8.3 9.7 9.8 9.3 7.0 9.2 6.8 5.7
Residential........................ 7.0 5.5 5.7 10.6 11.7 11.4 13.7 9.0 6.1 8.1 8.1 9.1 9.0 6.1 -1.5 -7.7
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 3.8 1.1 -1.9 .1 5.8 9.1 11.2 9.6 7.0 6.4 7.2 6.8 6.7 9.0 8.2 9.0
Goods.............................. 1.1 2.0 -1.6 -.1 7.1 8.4 10.4 10.3 7.0 6.6 8.1 7.0 8.3 11.2 9.5 11.1
Services........................... 10.2 -1.0 -2.4 .5 3.0 10.9 13.2 7.9 7.1 5.9 5.0 6.3 3.1 4.0 5.2 4.3
Imports.............................. 9.7 5.3 3.3 2.8 4.8 8.8 11.7 11.9 10.6 9.0 5.4 4.9 5.2 6.4 6.4 7.8
Goods.............................. 9.9 6.4 4.7 3.2 5.3 9.0 11.2 12.3 11.2 9.8 6.0 5.5 5.8 6.9 6.4 8.1
Services........................... 8.8 .1 -3.3 1.0 2.2 7.9 14.7 10.1 7.6 4.8 2.5 2.0 1.9 3.7 6.6 6.0
Government consumption expenditures
and gross investment.................. 4.0 2.6 2.9 2.7 1.7 2.8 1.8 1.8 1.1 .8 .5 1.0 1.2 2.1 2.0 1.6
Federal.............................. 7.8 6.3 8.0 7.3 5.5 7.4 3.3 4.4 2.3 1.3 .8 1.9 2.1 3.4 2.1 .2
National defense................... 8.4 6.3 11.7 9.1 7.5 11.1 3.3 7.0 2.5 1.4 1.6 2.1 1.9 2.9 1.7 -1.1
Nondefense......................... 6.8 6.5 1.3 4.0 1.9 .6 3.2 -.5 1.8 1.2 -.7 1.5 2.4 4.2 2.9 3.0
State and local...................... 2.1 .7 .2 .3 -.4 .3 1.0 .3 .4 .5 .3 .5 .8 1.3 1.9 2.5
Addenda:
Final sales of domestic product...... .8 1.1 1.8 3.2 3.7 4.2 3.7 3.0 3.1 3.1 3.9 4.0 3.2 3.8 2.9 2.3
Gross domestic purchases............. 2.7 2.0 2.3 3.3 3.6 4.5 4.9 4.0 4.1 3.8 3.0 3.3 3.1 3.6 3.5 3.0
Final sales to domestic purchasers... 1.6 1.7 2.4 3.4 3.7 4.4 4.2 3.6 3.8 3.6 3.8 3.8 3.2 3.7 3.0 2.4
Gross national product............... 1.6 1.6 2.2 3.3 3.9 4.6 4.3 3.3 2.9 3.0 3.0 3.4 3.0 3.6 3.4 .....
Real disposable personal income...... 2.9 .6 1.3 3.3 3.7 4.2 3.6 2.7 4.1 2.1 1.6 .8 .3 2.5 2.8 3.9
Price indexes:
Gross domestic purchases........... 1.9 2.6 2.1 2.3 2.2 2.2 3.1 3.2 3.7 3.4 3.2 3.6 3.6 3.5 3.6 3.0
Gross domestic purchases excluding
food and energy................... 1.7 1.9 1.8 1.9 1.9 2.1 2.6 2.8 3.0 3.0 2.8 2.8 2.8 2.7 2.9 2.7
GDP................................ 1.7 2.1 2.1 2.2 2.2 2.3 2.9 2.9 3.2 3.1 2.8 3.1 3.1 3.1 3.3 2.9
GDP excluding food and energy...... 1.9 2.0 1.9 1.9 1.9 2.1 2.6 2.9 3.1 3.1 2.9 2.9 3.0 2.9 3.1 2.9
PCE................................ 1.8 2.3 1.8 1.9 1.9 2.0 2.8 2.7 3.0 2.7 2.6 3.1 3.1 3.0 3.3 2.9
PCE excluding food and energy...... 1.6 1.5 1.4 1.3 1.4 1.8 2.1 2.1 2.2 2.2 2.0 2.0 2.1 2.0 2.2 2.4
Market-based PCE\1\................ 1.7 2.3 1.7 1.8 1.6 1.7 2.4 2.3 2.7 2.5 2.4 3.1 3.0 2.9 3.2 2.7
Market-based PCE excluding food
and energy\1\..................... 1.4 1.3 1.2 1.1 1.0 1.3 1.5 1.4 1.7 1.8 1.7 1.7 1.8 1.6 1.9 2.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2003 2004 2005 III 05 IV 05 I 06 II 06 III 06
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,960.8 11,712.5 12,455.8 12,573.5 12,730.5 13,008.4 13,197.3 13,308.3
Plus: Income receipts from the rest of the
world..................................... 336.8 410.2 513.3 527.2 564.9 603.3 661.4 .....
Less: Income payments to the rest of the
world..................................... 280.0 363.9 481.5 475.0 552.4 574.3 638.6 .....
Equals: Gross national product............. 11,017.6 11,758.7 12,487.7 12,625.7 12,743.0 13,037.4 13,220.1 .....
Less: Consumption of fixed capital......... 1,336.5 1,436.2 1,604.8 1,898.0 1,562.5 1,548.0 1,572.8 1,580.1
Less: Statistical discrepancy.............. 48.8 66.7 71.0 84.5 74.3 -61.9 -72.0 .....
Equals: National income.................... 9,632.3 10,255.9 10,811.8 10,643.2 11,106.2 11,551.3 11,719.3 .....
Compensation of employees................ 6,325.4 6,650.3 7,030.3 7,093.6 7,184.4 7,400.3 7,533.2 7,623.7
Wage and salary accruals............... 5,127.7 5,377.1 5,664.8 5,715.2 5,787.0 5,970.1 6,081.2 6,152.7
Supplements to wages and salaries...... 1,197.7 1,273.2 1,365.5 1,378.4 1,397.4 1,430.3 1,452.0 1,471.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 811.3 911.1 970.7 967.3 996.8 1,008.3 1,011.9 1,013.4
Rental income of persons with capital
consumption adjustment.................. 133.0 127.0 72.8 -11.5 81.5 76.8 71.4 74.5
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 993.1 1,182.6 1,330.7 1,266.3 1,393.5 1,569.1 1,591.8 .....
Net interest and miscellaneous payments.. 524.7 485.1 483.4 482.9 490.0 514.8 513.2 504.7
Taxes on production and imports less
subsidies............................... 759.3 819.4 865.1 872.1 874.2 897.4 914.0 923.4
Business current transfer payments....... 83.8 85.5 74.2 .2 99.1 93.8 93.1 93.4
Current surplus of government
enterprises............................. 1.7 -5.0 -15.4 -27.7 -13.3 -9.2 -9.4 -9.9
Addendum:
Gross domestic income.................... 10,912.0 11,645.8 12,384.8 12,489.0 12,656.2 13,070.3 13,269.3 .....
-----------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2003 2004 2005 III 05 IV 05 I 06 II 06 III 06
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,163.6 9,731.4 10,239.2 10,262.7 10,483.7 10,721.4 10,901.0 11,052.5
Compensation of employees, received...... 6,310.4 6,665.3 7,030.3 7,093.6 7,184.4 7,400.3 7,533.2 7,623.7
Wage and salary disbursements.......... 5,112.7 5,392.1 5,664.8 5,715.2 5,787.0 5,970.1 6,081.2 6,152.7
Supplements to wages and salaries...... 1,197.7 1,273.2 1,365.5 1,378.4 1,397.4 1,430.3 1,452.0 1,471.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 811.3 911.1 970.7 967.3 996.8 1,008.3 1,011.9 1,013.4
Farm................................... 29.2 36.2 30.2 29.7 28.7 23.9 17.5 19.6
Nonfarm................................ 782.1 874.9 940.4 937.7 968.1 984.4 994.3 993.8
Rental income of persons with capital
consumption adjustment.................. 133.0 127.0 72.8 -11.5 81.5 76.8 71.4 74.5
Personal income receipts on assets....... 1,336.6 1,427.9 1,519.4 1,532.7 1,580.2 1,602.3 1,647.7 1,685.0
Personal interest income............... 914.1 890.8 945.0 951.2 981.7 989.1 1,019.2 1,037.2
Personal dividend income............... 422.6 537.1 574.4 581.5 598.5 613.2 628.5 647.8
Personal current transfer receipts....... 1,351.0 1,426.5 1,526.6 1,569.0 1,539.8 1,570.4 1,589.7 1,618.8
Less: Contributions for government
social insurance........................ 778.6 826.4 880.6 888.5 898.9 936.7 952.9 962.8
Less: Personal current taxes............... 1,001.1 1,049.8 1,203.1 1,215.0 1,247.6 1,332.6 1,378.6 1,384.1
Equals: Disposable personal income......... 8,162.5 8,681.6 9,036.1 9,047.7 9,236.1 9,388.8 9,522.4 9,668.5
Less: Personal outlays..................... 7,987.7 8,507.2 9,070.9 9,180.3 9,264.5 9,418.5 9,577.0 9,715.2
Equals: Personal saving.................... 174.9 174.3 -34.8 -132.6 -28.5 -29.7 -54.6 -46.8
Personal saving as a percentage of
disposable personal income.............. 2.1 2.0 -.4 -1.5 -.3 -.3 -.6 -.5
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,729.9 8,010.8 8,104.6 8,074.1 8,183.3 8,276.8 8,311.9 8,387.7
-----------------------------------------------------------------------------------------------------------------------------------
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 2.5 3.9 3.2 .2 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 1.6
Goods............................. 3.1 4.9 4.6 -5.2 3.9 1.6 16.2 2.5 3.7 3.0 5.0 4.6 4.9 3.5 6.7 3.1 12.8 3.6 2.6
Services.......................... 2.1 3.2 2.3 2.9 .1 3.6 1.9 2.8 4.5 3.0 2.5 2.5 1.8 1.8 3.5 .8 2.4 2.4 2.6
Structures........................ 3.3 5.2 4.6 3.1 -1.0 9.2 14.1 2.2 .5 13.6 .6 -2.7 8.0 11.1 .7 3.1 2.9 .3 -6.4
Motor vehicle output.............. 1.3 3.5 5.9 .5 -11.8 10.9 8.9 -6.5 9.9 -7.1 16.6 1.9 12.0 -.7 22.6 -19.1 3.8 -9.4 25.7
GDP excuding motor vehicle
output........................... 2.6 3.9 3.1 .2 1.7 3.2 7.4 3.0 3.6 4.5 2.7 2.6 3.1 3.4 3.6 2.6 5.6 3.0 .9
Final sales of computers\1\....... 20.8 8.2 24.5 15.3 16.9 -2.5 90.4 20.0 -16.0 -17.4 23.0 42.8 24.3 31.5 11.6 33.8 9.5 6.7 16.9
GDP excluding final sales of
computers........................ 2.4 3.9 3.1 .1 1.1 3.5 7.0 2.5 4.0 4.2 3.0 2.4 3.3 3.1 4.1 1.6 5.6 2.5 1.5
Farm gross value added\2\......... 8.4 7.4 1.0 34.2 -16.1 26.6 -34.7 -36.1 120.0 -17.4 19.4 23.7 -2.0 -24.6 11.3 8.1 14.1 3.9 -12.3
Nonfarm business gross value
added\3\......................... 3.1 4.3 3.8 .1 1.2 4.3 11.0 1.6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 1.8 6.7 2.7 1.6
Price indexes:
GDP............................... 2.1 2.8 3.0 2.2 3.1 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.8
GDP excluding food and energy..... 1.9 2.7 3.0 2.0 2.7 1.1 1.7 2.1 3.4 3.4 2.6 3.1 3.4 2.4 2.8 3.3 3.1 3.0 2.0
GDP excluding final sales of
computers........................ 2.3 2.9 3.2 2.4 3.3 1.4 2.2 2.3 3.8 3.7 2.2 3.4 3.7 2.6 3.4 3.4 3.4 3.5 2.0
Gross domestic purchases.......... 2.3 3.1 3.5 2.2 4.1 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.0
Gross domestic purchases excluding
food and energy.................. 1.9 2.7 2.8 1.8 2.6 1.3 1.8 2.0 3.5 3.3 2.5 2.9 3.4 2.3 2.5 3.0 3.0 2.9 1.9
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.5 3.2 3.7 2.4 4.4 .7 2.4 2.0 4.4 4.2 2.8 3.8 3.4 3.5 4.6 3.7 2.9 4.2 2.1
Personal consumption expenditures
(PCE)............................ 2.0 2.6 2.9 1.7 3.1 .7 2.4 1.5 3.7 3.6 1.9 3.0 2.3 3.1 4.1 2.9 2.0 4.0 2.5
Personal consumption expenditures
excluding food and energy........ 1.4 2.0 2.1 1.2 1.1 1.3 1.8 1.6 2.5 2.5 1.7 2.3 2.4 1.9 1.6 2.5 2.1 2.7 2.3
Market-based PCE\4\............... 1.9 2.3 2.7 1.7 3.1 .3 2.2 .9 3.3 3.4 1.5 2.9 2.1 3.1 4.3 2.5 1.7 4.2 2.3
Market-based PCE excluding food
and energy\4\.................... 1.1 1.5 1.7 1.2 .7 1.0 1.4 .9 1.7 1.9 1.2 1.8 2.2 1.7 1.2 1.9 1.6 2.7 2.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Some components of final sales of computers include
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2004-05
annual percent change in real GDP uses prices for 2004 and 2005 as weights, and the 2004-05 annual
percent change in GDP prices uses quantities for 2004 and 2005 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.
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