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News Release: Gross Domestic Product
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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, FRIDAY, OCTOBER 29, 2004
Virginia H. Mannering: (202) 606-5304 BEA 04-48
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: THIRD QUARTER 2004 (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 3.7 percent in the third quarter of 2004,
according to advance estimates released by the Bureau of Economic Analysis. In the second quarter, real
GDP increased 3.3 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 30, 2004.
The major contributors to the increase in real GDP in the third quarter were personal consumption
expenditures (PCE), equipment and software, exports, government spending, and residential fixed
investment. The contributions of these components were partly offset by a negative contribution from
private inventory investment. Imports, which are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP growth in the third quarter primarily reflected an acceleration in PCE
and a deceleration in imports that were partly offset by a downturn in private inventory investment and a
deceleration in residential fixed investment.
Final sales of computers contributed 0.06 percentage point to the third-quarter change in real GDP
after contributing less than 0.0 percentage point to the second-quarter change. Motor vehicle output
contributed 0.33 percentage point to the third-quarter change in real GDP after subtracting 0.58
percentage point from the second-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.8 percent in the third quarter, compared with an increase of 3.5 percent in the second.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.5 percent in
the third quarter, compared with an increase of 2.5 percent in the second.
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 annualized. "Real" estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site at .
Real personal consumption expenditures increased 4.6 percent in the third quarter, compared with
an increase of 1.6 percent in the second. Durable goods purchases increased 16.8 percent, in contrast to
a decrease of 0.3 percent. Nondurable goods increased 3.9 percent, compared with an increase of 0.1
percent. Services expenditures increased 2.7 percent, the same as in the second quarter.
Real nonresidential fixed investment increased 11.7 percent in the third quarter, compared with an
increase of 12.5 percent in the second. Nonresidential structures increased 1.4 percent, compared with
an increase of 6.9 percent. Equipment and software increased 14.9 percent, compared with an increase
of 14.2 percent. Real residential fixed investment increased 3.1 percent, compared with an increase of
16.5 percent.
Real exports of goods and services increased 5.1 percent in the third quarter, compared with an
increase of 7.3 percent in the second. Real imports of goods and services increased 7.7 percent,
compared with an increase of 12.6 percent.
Real federal government consumption expenditures and gross investment increased 4.6 percent in
the third quarter, compared with an increase of 2.7 percent in the second. National defense increased 9.3
percent, compared with an increase of 1.9 percent. Nondefense decreased 4.7 percent, in contrast to an
increase of 4.4 percent. Real state and local government consumption expenditures and gross
investment decreased 0.5 percent, in contrast to an increase of 1.9 percent.
The real change in private inventories subtracted 0.48 percentage point from the third-quarter
change in real GDP, after adding 0.78 percentage point to the second-quarter change. Private businesses
increased inventories $48.1 billion in the third quarter, following increases of $61.1 billion in the second
quarter and $40.0 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 4.2
percent in the third quarter, compared with an increase of 2.5 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.1 percent in the third quarter, compared with an increase of 4.2 percent in the
second.
Disposition of personal income
Current-dollar personal income increased $71.4 billion (3.0 percent) in the third quarter, compared
with an increase of $138.4 billion (6.0 percent) in the second. Personal current taxes increased $18.4
billion, compared with an increase of $22.4 billion.
Disposable personal income increased $53.0 billion in the third quarter, compared with an increase
of $116.0 billion in the second. Real disposable personal income increased 1.4 percent, compared with
an increase of 2.4 percent.
Personal outlays increased $123.8 billion (6.0 percent) in the third quarter, compared with an
increase of $97.1 billion (4.7 percent) in the second. Personal saving -- disposable personal income less
personal outlays -- was $35.0 billion in the third quarter, compared with $105.7 billion in the second.
The personal saving rate -- saving as a percentage of disposable personal income -- decreased from 1.2
percent in the second quarter to 0.4 percent in the third.
Current-dollar GDP
Current-dollar GDP the market value of the nation's output of goods and services -- increased 5.1
percent, or $146.0 billion, in the third quarter to a level of $11,803.5 billion. In the second quarter,
current-dollar GDP increased 6.6 percent, or $184.9 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, "Business Situation."
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
Most of BEA's estimates and analyses are published in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
BOX
Beginning with the GDP release on November 30, 2004, supplemental information on personal
consumption expenditures (PCE) prices will be added to several tables. In tables 6 and 8, "market-based
PCE," "market-based PCE excluding food and energy," and "PCE excluding food and energy" will be
shown as addenda items. The two market-based price indexes will also be added to appendix table A.
For several months, BEA has made the market-based indexes available at the time of the GDP news
release. For more information on the market-based measures, see the discussion under FAQs on BEA's
Web site: <http://www.bea.gov/bea/faq/national/markbsdPCE.htm>.
* * *
Next release -- November 30, 2004, at 8:30 A.M. EST for:
Gross Domestic Product: Third Quarter 2004 (Preliminary)
Corporate Profits: Third Quarter 2004
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 are usually carried out each summer and cover the quarters of the most recent calendar
year and of the 2 preceding years. Comprehensive (or benchmark) revisions are carried out at about 5-year
intervals and incorporate definitional and classificational changes that update the accounts to portray more
accurately the evolving U.S. economy and statistical changes that update the accounts to reflect the introduction of
new and improved methodologies and the incorporation of newly available and revised source data.
The table below shows comparisons of the revisions between quarterly percent changes of GDP for the
different vintages of the estimates. These comparisons can be used to assess the likely size of future revisions. For
example, two-thirds of the revisions between the quarterly change in the advance estimate of real GDP and that in
the final estimate were within a range of -0.6 to +0.9 percentage point.
Thus, based on past history, the third-quarter change in real GDP now
estimated at 3.7 percent at an annual rate, is not likely to be revised below
3.1 percent or above 4.6 percent in the next two releases.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average without Range
compared regard to sign Two-thirds Nine-tenths
of revisions of revisions
Current-dollar GDP
Advance to preliminary..... 0.6 -0.5 to 0.8 -0.9 to 1.4
Advance to final........... .7 - .6 to 1.0 -1.0 to 1.6
Preliminary to final....... .3 - .3 to .4 - .6 to .7
Advance to latest.......... 1.3 -1.0 to 1.8 -1.9 to 3.4
Preliminary to latest...... 1.2 - .9 to 1.7 -1.9 to 2.6
Final to latest............ 1.3 -1.0 to 1.9 -2.2 to 2.6
Real GDP
Advance to preliminary..... 0.5 -0.5 to 0.7 -0.9 to 1.2
Advance to final........... .6 - .6 to .9 -1.0 to 1.3
Preliminary to final....... .3 - .3 to .4 - .5 to .6
Advance to latest.......... 1.5 -1.1 to 2.1 -2.5 to 3.3
Preliminary to latest...... 1.4 -1.1 to 1.9 -2.0 to 2.9
Final to latest........... 1.5 -1.2 to 2.1 -2.6 to 3.1
NOTE.--These comparisons are based on the period from 1978 through 2003 for the first three comparisons in each group and on the period from
1978 through 2001 for the last three comparisons in each group.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). .8 1.9 3.0 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 3.7
Personal consumption expenditures... 2.5 3.1 3.3 3.4 1.7 1.0 1.8 7.0 1.8 2.8 2.9 2.5 2.7 3.9 5.0 3.6 4.1 1.6 4.6
Durable goods..................... 4.3 6.5 7.4 .7 6.7 -.3 3.1 37.4 -8.5 4.4 14.0 -2.4 -.1 20.6 16.5 3.9 2.2 -.3 16.8
Nondurable goods.................. 2.0 2.6 3.7 3.7 .5 -.1 2.4 4.9 3.8 .8 -.6 5.3 5.0 1.6 6.9 5.1 6.7 .1 3.9
Services.......................... 2.4 2.6 2.2 3.9 1.1 1.8 1.2 2.3 3.3 3.5 2.4 2.2 2.1 1.8 1.9 2.8 3.3 2.7 2.7
Gross private domestic investment... -7.9 -2.4 4.4 -2.3 -13.6 -7.6 -10.5 -22.7 16.8 .3 4.1 -.5 -.8 3.5 22.4 13.9 12.3 19.0 5.2
Fixed investment.................. -3.0 -4.9 5.1 .7 -2.6 -8.7 -4.5 -10.6 -4.3 -3.5 .2 -.8 2.4 10.9 18.0 10.5 4.5 13.9 8.5
Nonresidential.................. -4.2 -8.9 3.3 .9 -4.2 -13.6 -6.8 -13.3 -9.7 -9.6 -1.1 -3.2 -.1 11.8 15.7 11.0 4.2 12.5 11.7
Structures.................... -2.3 -17.8 -5.6 1.2 -8.3 -4.0 6.0 -33.2 -18.5 -22.6 -16.0 -6.6 -13.0 14.5 -1.3 7.9 -7.6 6.9 1.4
Equipment and software........ -4.9 -5.5 6.4 .8 -2.8 -16.9 -11.4 -4.2 -6.3 -4.5 4.6 -2.0 4.5 11.0 21.7 12.0 8.0 14.2 14.9
Residential..................... .4 4.8 8.8 .4 2.2 5.6 1.8 -3.7 9.3 11.3 2.8 4.2 7.5 9.1 22.4 9.6 5.0 16.5 3.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -5.4 -2.3 1.9 -2.7 -5.3 -12.7 -18.2 -10.8 4.7 11.0 3.1 -4.2 -1.5 -1.6 11.3 17.5 7.3 7.3 5.1
Goods........................... -6.1 -4.1 2.2 -5.4 -5.4 -17.1 -20.0 -8.8 -1.9 14.0 2.9 -10.2 4.0 -.8 10.1 16.1 9.1 6.0 7.8
Services........................ -3.7 1.8 1.4 4.4 -5.0 -.7 -13.7 -15.3 21.7 4.5 3.5 10.5 -12.7 -3.4 14.1 20.6 3.4 10.2 -.8
Imports........................... -2.7 3.4 4.4 -1.6 -3.7 -12.6 -10.3 -3.4 12.5 11.4 5.4 9.6 -2.0 2.5 2.8 17.1 10.6 12.6 7.7
Goods........................... -3.2 3.7 4.7 -1.6 -3.4 -16.9 -8.6 -2.0 10.1 15.3 5.9 8.2 -1.8 5.1 .0 18.4 12.7 13.0 7.5
Services........................ -.3 1.9 3.1 -1.9 -5.0 12.8 -18.3 -10.4 24.7 -5.8 2.8 16.6 -2.6 -9.4 17.9 11.1 1.2 10.6 8.8
Government consumption expenditures
and gross investment............... 3.4 4.4 2.8 1.3 5.3 7.9 -1.5 8.5 4.7 4.4 2.1 4.0 .2 7.2 .1 1.6 2.5 2.2 1.4
Federal........................... 3.9 7.5 6.6 -1.0 8.1 9.1 .0 8.8 8.2 12.8 2.9 9.1 .3 22.1 -3.3 4.8 7.1 2.7 4.6
National defense................ 3.9 7.7 9.0 1.7 7.0 4.3 2.4 12.5 5.8 11.5 3.4 13.5 -2.7 38.4 -7.7 11.6 10.6 1.9 9.3
Nondefense...................... 3.9 7.1 2.4 -5.7 10.1 18.0 -3.9 2.3 12.6 15.0 1.9 1.6 6.2 -3.9 5.8 -7.5 .2 4.4 -4.7
State and local................... 3.2 2.8 .7 2.5 4.0 7.2 -2.3 8.4 2.9 .3 1.7 1.4 .1 -.4 2.2 -.1 .0 1.9 -.5
Addenda:
Final sales of domestic product... 1.6 1.4 3.1 2.6 1.6 1.0 -.4 3.8 .3 1.8 2.0 .7 2.4 5.2 6.8 3.7 3.3 2.5 4.2
Gross domestic purchases.......... .9 2.5 3.3 2.1 -.4 .7 -.8 2.2 4.4 2.8 2.9 2.4 1.7 4.4 6.4 4.7 5.0 4.2 4.1
Final sales to domestic
purchasers....................... 1.8 2.1 3.4 2.6 1.5 .5 .2 4.3 1.4 2.2 2.4 2.3 2.2 5.4 5.9 4.2 3.9 3.5 4.6
Gross national product (GNP)...... .8 1.7 3.3 3.0 -1.1 1.5 -2.5 3.9 1.4 2.1 3.0 1.4 1.7 4.4 7.6 5.5 3.9 1.9 .....
Disposable personal income........ 1.9 3.1 2.3 .6 1.3 -1.7 11.5 -5.6 10.8 2.7 -1.7 .2 1.8 4.3 8.2 1.4 2.4 2.4 1.4
Current-dollar measures:
GDP............................. 3.2 3.5 4.9 3.8 2.8 4.4 .2 3.6 4.5 4.2 3.9 2.7 4.9 5.3 8.8 5.7 7.4 6.6 5.1
Final sales of domestic product. 4.1 3.1 5.1 4.5 4.9 4.2 1.2 5.5 1.7 3.3 3.7 2.7 5.3 6.3 8.4 5.4 6.1 5.8 5.5
Gross domestic purchases........ 2.9 4.0 5.4 3.7 2.2 3.0 .2 3.1 5.3 5.6 4.4 4.3 5.7 4.8 8.1 5.9 8.6 7.9 6.1
Final sales to domestic
purchasers..................... 3.8 3.6 5.5 4.4 4.3 2.8 1.2 4.9 2.6 4.7 4.2 4.3 6.0 5.8 7.7 5.7 7.4 7.1 6.5
GNP............................. 3.2 3.4 5.2 4.7 2.1 4.6 -.8 6.0 2.4 3.9 4.3 3.4 4.6 5.6 9.0 7.0 6.8 5.2 .....
Disposable personal income...... 4.1 4.6 4.2 2.4 4.6 .8 12.1 -5.0 11.8 5.7 .2 1.5 5.1 5.0 9.9 2.6 5.8 5.6 2.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... .8 1.9 3.0 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 3.7
Percentage points at annual rates:
Personal consumption expenditures. 1.74 2.14 2.29 2.29 1.07 .67 1.20 4.71 1.32 1.98 2.02 1.74 1.84 2.72 3.58 2.50 2.90 1.10 3.23
Durable goods................... .37 .56 .63 .06 .55 -.03 .26 2.81 -.79 .37 1.16 -.21 -.01 1.64 1.38 .33 .19 -.02 1.33
Motor vehicles and parts...... .20 .22 .22 .01 .36 -.17 .16 2.24 -1.34 .13 1.09 -.50 -.22 .86 .53 -.07 -.23 -.24 .93
Furniture and household
equipment.................... .19 .26 .27 .07 .23 .16 .15 .39 .41 .20 .04 .20 .07 .51 .62 .28 .32 .22 .30
Other......................... -.01 .08 .15 -.02 -.03 -.03 -.06 .18 .14 .04 .03 .08 .14 .27 .23 .12 .10 .00 .11
Nondurable goods................ .40 .51 .73 .72 .09 -.03 .47 .95 .76 .15 -.12 1.03 .97 .31 1.38 1.01 1.33 .03 .79
Food.......................... .15 .18 .37 .14 .24 .05 .09 .18 .26 .29 -.02 .31 .62 .26 .57 .25 .77 .22 .27
Clothing and shoes............ .06 .12 .12 .04 -.06 .05 .04 .27 .25 -.01 -.12 .30 -.02 .23 .27 .11 .43 -.15 .13
Gasoline, fuel oil, and other
energy goods................. .02 .02 .01 .25 .05 -.33 .11 .24 .00 -.14 -.01 .21 .01 -.29 .10 .33 -.04 -.29 .14
Other......................... .17 .17 .23 .29 -.14 .21 .23 .27 .24 .01 .03 .21 .37 .12 .43 .32 .17 .25 .25
Services........................ .97 1.08 .93 1.51 .43 .73 .47 .95 1.36 1.46 .98 .93 .87 .77 .83 1.15 1.39 1.10 1.10
Housing....................... .28 .29 .15 .28 .31 .28 .21 .26 .42 .33 .19 .13 .12 .11 .16 .09 .23 .21 .25
Household operation........... .01 .03 .06 .41 -.25 -.35 .03 -.15 .09 .24 .01 .16 .01 -.11 .08 .29 .13 -.03 -.05
Electricity and gas......... -.03 .04 .03 .40 -.24 -.44 .00 -.07 .11 .19 .04 .19 -.04 -.19 .01 .25 .05 -.13 -.10
Other household operation... .03 -.01 .04 .01 -.02 .09 .02 -.08 -.02 .05 -.03 -.03 .05 .08 .07 .04 .07 .09 .04
Transportation................ -.03 -.08 -.02 .01 .05 -.06 -.22 -.17 .01 -.04 -.10 -.01 .05 -.07 -.02 -.01 .05 .08 .04
Medical care.................. .50 .66 .46 .42 .45 .49 .70 .67 .74 .63 .59 .55 .39 .40 .40 .36 .38 .52 .56
Recreation.................... .07 .07 .09 .04 .15 -.03 .02 .07 .13 .05 .04 .11 .08 .13 .07 .11 .17 .01 .05
Other......................... .15 .11 .20 .34 -.28 .39 -.25 .28 -.03 .24 .25 -.02 .23 .31 .15 .31 .43 .32 .25
Gross private domestic investment. -1.39 -.37 .66 -.36 -2.44 -1.28 -1.76 -3.95 2.34 .05 .61 -.06 -.10 .54 3.16 2.04 1.86 2.85 .85
Fixed investment................ -.50 -.80 .76 .13 -.43 -1.51 -.75 -1.81 -.71 -.55 .02 -.13 .35 1.55 2.59 1.57 .69 2.07 1.33
Nonresidential................ -.52 -1.02 .33 .11 -.52 -1.76 -.83 -1.63 -1.13 -1.06 -.12 -.33 -.01 1.10 1.50 1.07 .42 1.21 1.15
Structures.................. -.07 -.57 -.15 .04 -.29 -.14 .19 -1.27 -.59 -.70 -.45 -.17 -.33 .32 -.03 .18 -.19 .16 .03
Equipment and software...... -.44 -.45 .48 .07 -.24 -1.62 -1.02 -.35 -.53 -.36 .33 -.16 .32 .78 1.53 .89 .61 1.05 1.12
Information processing
equipment and software... -.08 -.18 .45 .58 -.08 -.93 -.53 -.21 -.29 .04 .38 -.15 .59 .51 1.04 .61 .62 .55 .18
Computers and peripheral
equipment.............. .02 .09 .24 .06 .16 -.22 -.26 .19 .18 .03 .25 .08 .25 .30 .39 .25 .06 .22 .08
Software................ -.02 -.10 .07 .20 .01 -.30 -.07 -.19 -.14 -.03 .11 -.16 .12 .07 .28 .14 .24 .13 .06
Other................... -.08 -.16 .14 .32 -.25 -.42 -.20 -.21 -.33 .04 .02 -.08 .23 .14 .36 .22 .33 .20 .04
Industrial equipment...... -.14 -.08 .00 -.12 .01 -.48 -.27 -.21 .24 -.21 .02 -.05 .09 -.02 .04 -.06 .08 .03 .34
Transportation equipment.. -.18 -.17 -.04 -.36 -.22 -.03 -.27 .26 -.39 -.38 -.09 .00 -.31 .25 .14 .14 -.20 .28 .30
Other equipment........... -.04 -.02 .06 -.03 .05 -.19 .05 -.19 -.10 .18 .02 .04 -.06 .03 .31 .20 .10 .20 .30
Residential................... .02 .22 .43 .02 .10 .25 .08 -.18 .42 .51 .13 .20 .36 .44 1.09 .50 .27 .86 .18
Change in private inventories... -.88 .42 -.10 -.49 -2.01 .23 -1.02 -2.14 3.05 .60 .59 .07 -.45 -1.01 .57 .47 1.17 .78 -.48
Farm.......................... .02 -.01 .02 .34 .00 -.28 .09 -.23 .37 -.47 .24 .02 .06 -.07 .06 .19 .06 -.10 -.07
Nonfarm....................... -.90 .44 -.12 -.83 -2.01 .51 -1.11 -1.91 2.69 1.07 .36 .05 -.51 -.94 .52 .29 1.10 .88 -.41
Net exports of goods and services. -.20 -.70 -.43 -.07 -.04 .49 -.56 -.66 -1.10 -.46 -.43 -1.69 .14 -.50 .64 -.66 -.76 -1.06 -.62
Exports......................... -.60 -.24 .18 -.31 -.59 -1.45 -2.04 -1.11 .43 .99 .29 -.42 -.15 -.15 1.02 1.55 .70 .70 .51
Goods......................... -.48 -.29 .14 -.45 -.43 -1.43 -1.60 -.63 -.13 .87 .19 -.72 .25 -.06 .64 1.00 .60 .41 .53
Services...................... -.12 .05 .04 .14 -.16 -.02 -.44 -.48 .56 .13 .10 .30 -.40 -.10 .39 .56 .10 .30 -.02
Imports......................... .40 -.46 -.61 .24 .56 1.94 1.48 .45 -1.53 -1.45 -.72 -1.27 .29 -.34 -.39 -2.22 -1.46 -1.77 -1.13
Goods......................... .39 -.42 -.54 .19 .43 2.23 1.02 .21 -1.04 -1.59 -.65 -.91 .22 -.58 .00 -1.96 -1.43 -1.52 -.92
Services...................... .01 -.04 -.07 .04 .12 -.28 .47 .25 -.49 .14 -.06 -.36 .06 .24 -.39 -.26 -.03 -.25 -.21
Government consumption expenditures
and gross investment............. .60 .79 .52 .22 .92 1.35 -.28 1.48 .85 .81 .40 .75 .05 1.35 .03 .31 .48 .41 .26
Federal......................... .23 .46 .43 -.07 .46 .52 .00 .51 .49 .78 .19 .58 .04 1.40 -.23 .33 .48 .18 .31
National defense.............. .15 .30 .38 .06 .25 .16 .09 .46 .23 .45 .14 .54 -.11 1.49 -.36 .50 .47 .09 .42
Consumption expenditures.... .13 .25 .33 .11 .26 .06 .03 .45 .22 .29 .04 .63 -.16 1.39 -.40 .42 .29 .16 .36
Gross investment............ .02 .06 .05 -.05 -.01 .10 .06 .02 .00 .16 .11 -.09 .05 .10 .03 .09 .19 -.08 .06
Nondefense.................... .08 .16 .06 -.13 .20 .36 -.09 .05 .27 .33 .05 .04 .15 -.09 .13 -.18 .00 .10 -.11
Consumption expenditures..... .08 .14 .05 -.06 .15 .26 .01 .04 .19 .23 .12 .07 .14 -.23 .23 -.18 -.01 -.01 -.03
Gross investment............. .00 .02 .01 -.07 .05 .10 -.10 .01 .07 .10 -.07 -.03 .00 .13 -.10 .01 .01 .11 -.08
State and local................. .37 .33 .09 .29 .46 .83 -.28 .97 .36 .03 .21 .17 .02 -.05 .26 -.02 .00 .23 -.05
Consumption expenditures.... .24 .21 .07 .21 .24 .24 .39 .38 .10 .16 .11 .14 .02 .04 .01 .08 .02 .00 .10
Gross investment............ .13 .12 .02 .08 .22 .59 -.67 .59 .26 -.13 .09 .02 .00 -.09 .25 -.10 -.02 .23 -.15
Addenda:
Goods........................... -.59 .41 1.41 .10 -1.57 -.41 -1.89 .88 1.38 .31 1.54 -1.05 1.39 1.32 5.45 1.90 2.65 .82 2.35
Services........................ 1.30 1.69 1.35 1.95 1.04 .98 .93 1.58 1.94 2.39 1.29 1.71 .54 2.11 .67 1.77 1.76 1.30 1.30
Structures...................... .04 -.24 .29 .03 .03 .66 -.44 -.87 .09 -.32 -.23 .08 .00 .67 1.29 .52 .07 1.19 .06
Motor vehicle output............ -.17 .39 .19 -.47 -.69 1.03 -.20 .69 .25 .35 .62 .22 -.46 .11 .84 .11 .30 -.58 .33
Final sales of computers........ .14 .08 .31 .19 .42 -.13 -.21 .19 -.02 .10 .31 .23 .25 .28 .64 .26 .00 .00 .06
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
2003 III 03 IV 03 I 04 II 04 III 04 2003 III 03 IV 03 I 04 II 04 III 04 2003 II 04 III 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 11,004.0 11,116.7 11,270.9 11,472.6 11,657.5 11,803.5 10,381.3 10,472.8 10,580.7 10,697.5 10,784.7 10,883.4 306.5 87.2 98.7
Personal consumption expenditures. 7,760.9 7,822.5 7,914.9 8,060.2 8,153.8 8,269.7 7,355.6 7,401.7 7,466.8 7,543.0 7,572.4 7,658.9 232.2 29.4 86.5
Durable goods................... 950.7 972.7 971.1 976.3 975.5 1,006.1 1,030.6 1,059.6 1,069.7 1,075.5 1,074.7 1,117.3 71.0 -.8 42.6
Motor vehicles and parts...... 440.1 452.5 444.1 438.4 432.5 457.0 452.1 465.6 463.5 456.7 449.6 477.5 23.4 -7.1 27.9
Furniture and household
equipment.................... 328.0 333.3 338.0 345.0 348.6 352.8 393.5 405.0 414.6 425.6 433.3 444.1 32.8 7.7 10.8
Other......................... 182.6 186.9 189.0 193.0 194.4 196.2 186.5 190.5 194.0 196.9 196.8 200.0 15.6 -.1 3.2
Nondurable goods................ 2,200.1 2,219.2 2,250.1 2,316.6 2,354.6 2,382.9 2,112.4 2,125.3 2,152.0 2,187.3 2,188.0 2,209.3 75.0 .7 21.3
Food.......................... 1,064.5 1,074.6 1,091.8 1,120.3 1,137.5 1,152.5 995.1 1,002.2 1,008.6 1,028.4 1,034.3 1,041.3 36.7 5.9 7.0
Clothing and shoes............ 307.2 311.0 314.4 325.0 322.9 324.3 330.2 334.9 338.2 351.2 346.5 350.6 13.5 -4.7 4.1
Gasoline, fuel oil, and other
energy goods................. 208.2 207.6 210.7 229.7 243.2 247.8 197.3 194.6 203.3 202.1 195.0 198.3 1.3 -7.1 3.3
Other......................... 620.1 626.0 633.1 641.5 651.0 658.3 589.6 593.6 602.1 606.6 613.4 620.1 23.3 6.8 6.7
Services........................ 4,610.1 4,630.6 4,693.6 4,767.3 4,823.8 4,880.7 4,220.3 4,227.9 4,256.7 4,291.7 4,320.0 4,348.4 91.7 28.3 28.4
Housing....................... 1,188.4 1,193.4 1,202.8 1,215.4 1,232.7 1,247.3 1,076.1 1,078.1 1,080.3 1,086.0 1,091.5 1,097.9 14.1 5.5 6.4
Household operation........... 431.3 431.8 438.1 445.6 447.6 450.5 400.2 398.7 406.0 409.3 408.4 407.0 6.1 -.9 -1.4
Electricity and gas......... 167.3 166.7 171.2 175.7 174.3 174.9 147.2 144.7 150.6 151.9 148.8 146.4 2.5 -3.1 -2.4
Other household operation... 264.0 265.0 266.8 270.0 273.3 275.6 253.0 254.2 255.2 257.1 259.7 260.9 3.6 2.6 1.2
Transportation................ 294.0 295.1 296.5 297.8 300.5 302.5 277.7 277.1 276.7 278.1 280.1 281.2 -2.2 2.0 1.1
Medical care.................. 1,301.1 1,312.1 1,334.0 1,356.8 1,379.1 1,404.6 1,184.3 1,189.3 1,198.3 1,207.9 1,221.0 1,235.5 45.0 13.1 14.5
Recreation.................... 317.2 319.0 323.4 330.8 333.0 336.6 290.3 291.2 294.1 298.3 298.5 299.8 8.8 .2 1.3
Other......................... 1,078.1 1,079.1 1,098.8 1,120.9 1,130.9 1,139.2 990.7 992.5 1,000.3 1,011.2 1,019.4 1,025.8 19.6 8.2 6.4
Gross private domestic investment. 1,665.8 1,696.6 1,758.8 1,819.7 1,920.7 1,962.2 1,628.8 1,659.4 1,714.1 1,764.5 1,842.9 1,866.3 68.1 78.4 23.4
Fixed investment................ 1,667.0 1,700.2 1,755.2 1,783.5 1,861.7 1,914.7 1,627.3 1,660.6 1,702.7 1,721.4 1,778.3 1,815.0 78.4 56.9 36.7
Nonresidential................ 1,094.7 1,113.3 1,146.3 1,158.8 1,198.5 1,235.2 1,110.8 1,131.1 1,161.0 1,173.0 1,207.9 1,241.7 35.2 34.9 33.8
Structures.................. 261.6 262.3 268.2 266.0 275.5 283.0 237.4 237.9 242.4 237.7 241.7 242.5 -14.2 4.0 .8
Equipment and software...... 833.1 851.1 878.1 892.8 923.1 952.2 879.2 899.7 925.6 943.7 975.5 1,009.9 52.7 31.8 34.4
Information processing
equipment and software... 431.2 442.8 454.7 468.5 480.9 482.8 492.4 507.1 526.6 547.0 565.4 571.5 52.8 18.4 6.1
Computers and peripheral
equipment.............. 95.3 99.7 104.5 104.4 108.8 108.1 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 165.8 169.1 170.5 176.8 180.0 181.7 171.2 174.6 178.5 185.6 189.5 191.4 7.6 3.9 1.9
Other................... 170.0 174.0 179.7 187.4 192.2 193.0 179.4 183.9 190.4 200.2 206.2 207.5 15.1 6.0 1.3
Industrial equipment...... 139.8 140.8 139.5 143.1 145.0 155.9 137.6 138.4 136.8 139.0 139.7 149.2 .2 .7 9.5
Transportation equipment.. 126.6 128.8 140.0 134.5 143.2 150.2 121.6 124.3 127.8 122.7 130.0 138.0 -4.0 7.3 8.0
Other equipment........... 135.5 138.7 144.0 146.6 153.9 163.2 131.2 134.0 139.3 142.1 147.5 155.9 6.7 5.4 8.4
Residential................... 572.3 586.9 609.0 624.6 663.2 679.5 511.2 523.8 535.9 542.5 563.6 567.9 41.2 21.1 4.3
Change in private inventories... -1.2 -3.7 3.5 36.2 59.0 47.5 -.8 -3.5 8.6 40.0 61.1 48.1 -12.5 21.1 -13.0
Farm.......................... .3 -.9 -.9 1.0 -2.4 -2.6 .3 -.7 3.5 5.1 3.0 1.1 1.9 -2.1 -1.9
Nonfarm....................... -1.5 -2.8 4.5 35.2 61.4 50.1 -1.1 -2.7 4.6 34.5 58.8 47.8 -14.6 24.3 -11.0
Net exports of goods and services. -498.1 -488.8 -502.8 -546.8 -591.3 -627.8 -518.5 -508.7 -528.3 -550.1 -580.3 -598.0 -46.4 -30.2 -17.7
Exports......................... 1,046.2 1,047.7 1,099.2 1,134.3 1,167.6 1,188.2 1,031.8 1,033.8 1,076.2 1,095.4 1,114.8 1,128.8 19.5 19.4 14.0
Goods......................... 726.4 725.9 761.3 790.3 812.2 830.9 721.7 723.1 750.6 767.2 778.4 793.2 15.3 11.2 14.8
Services...................... 319.8 321.7 337.9 344.1 355.4 357.3 309.9 310.5 325.4 328.1 336.2 335.5 4.2 8.1 -.7
Imports......................... 1,544.3 1,536.4 1,602.0 1,681.2 1,758.9 1,816.0 1,550.3 1,542.5 1,604.5 1,645.5 1,695.1 1,726.8 65.9 49.6 31.7
Goods......................... 1,282.0 1,270.3 1,326.4 1,399.2 1,470.1 1,517.2 1,307.3 1,297.3 1,353.2 1,394.1 1,437.4 1,463.6 58.8 43.3 26.2
Services...................... 262.3 266.1 275.6 282.0 288.8 298.8 243.3 245.2 251.7 252.4 258.9 264.4 7.4 6.5 5.5
Government consumption expenditures
and gross investment............. 2,075.5 2,086.4 2,100.0 2,139.5 2,174.3 2,199.4 1,909.4 1,916.0 1,923.7 1,935.8 1,946.5 1,953.1 51.5 10.7 6.6
Federal......................... 752.2 756.7 767.5 793.3 804.4 816.6 689.6 693.1 701.2 713.3 718.1 726.1 43.0 4.8 8.0
National defense.............. 496.4 498.1 513.6 534.1 541.2 555.8 451.8 453.1 465.7 477.6 479.9 490.6 37.2 2.3 10.7
Consumption expenditures.... 436.1 437.1 450.2 465.2 473.6 486.5 390.3 391.1 401.4 408.5 412.5 421.7 32.1 4.0 9.2
Gross investment............ 60.4 61.0 63.4 69.0 67.6 69.4 61.6 62.1 64.6 69.9 67.7 69.4 5.0 -2.2 1.7
Nondefense.................... 255.7 258.7 253.9 259.1 263.2 260.8 237.6 239.9 235.2 235.4 237.9 235.1 5.6 2.5 -2.8
Consumption expenditures.... 222.5 225.9 221.1 225.9 226.6 226.5 204.0 206.7 202.0 201.8 201.5 200.8 5.0 -.3 -.7
Gross investment............ 33.2 32.8 32.8 33.2 36.5 34.3 33.5 33.1 33.2 33.6 36.8 34.4 .6 3.2 -2.4
State and local................. 1,323.3 1,329.7 1,332.6 1,346.3 1,369.9 1,382.8 1,219.8 1,222.9 1,222.5 1,222.4 1,228.3 1,226.9 8.4 5.9 -1.4
Consumption expenditures.... 1,058.5 1,061.0 1,066.3 1,079.8 1,091.8 1,103.5 969.0 968.8 970.9 971.5 971.5 974.0 6.8 .0 2.5
Gross investment............ 264.9 268.7 266.2 266.4 278.0 279.3 250.9 254.3 251.6 251.0 257.1 253.1 1.7 6.1 -4.0
Residual.......................... ..... ..... ..... ..... ..... ..... -14.9 -23.5 -26.7 -31.3 -35.6 -42.2 ..... ..... .....
Addenda:
Final sales of domestic product. 11,005.3 11,120.4 11,267.4 11,436.4 11,598.5 11,756.0 10,379.9 10,473.9 10,569.6 10,655.8 10,722.3 10,833.9 316.7 66.5 111.6
Gross domestic purchases........ 11,502.2 11,605.5 11,773.7 12,019.4 12,248.8 12,431.3 10,895.7 10,978.3 11,104.3 11,241.9 11,358.1 11,474.0 351.1 116.2 115.9
Final sales to domestic
purchasers..................... 11,503.4 11,609.2 11,770.1 11,983.2 12,189.8 12,383.8 10,894.2 10,979.4 11,093.2 11,200.1 11,295.5 11,424.4 361.2 95.4 128.9
Gross domestic product.......... 11,004.0 11,116.7 11,270.9 11,472.6 11,657.5 11,803.5 10,381.3 10,472.8 10,580.7 10,697.5 10,784.7 10,883.4 306.5 87.2 98.7
Plus: Income receipts from
the rest of the world.......... 329.0 329.8 371.8 373.8 388.0 ..... 311.9 312.1 350.7 349.6 359.8 ..... 20.2 10.2 .....
Less: Income payments to
the rest of the world.......... 273.9 278.2 284.6 300.3 351.9 ..... 259.2 263.2 268.0 280.3 325.8 ..... -5.7 45.5 .....
Equals: Gross national product.. 11,059.2 11,168.3 11,358.1 11,546.1 11,693.6 ..... 10,433.9 10,521.7 10,663.3 10,766.7 10,818.7 ..... 332.2 52.0 .....
Net domestic product............ 9,650.1 9,756.2 9,896.7 10,117.6 10,282.3 10,292.4 9,045.8 9,132.0 9,228.4 9,344.1 9,424.1 9,515.0 267.9 80.0 90.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.4 1.7 1.8 1.8 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2 1.3
Personal consumption expenditures... 2.1 1.4 1.9 1.8 3.3 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.1 1.1
Durable goods..................... -1.9 -2.7 -3.4 -1.0 -1.4 -3.1 -2.8 -1.6 -3.8 -2.5 -2.1 -2.8 -3.7 -3.8 -4.4 -4.3 .0 -.1 -3.1
Nondurable goods.................. 1.5 .6 2.0 1.4 1.4 3.5 -.9 -4.0 .0 5.4 1.3 1.2 5.1 -2.2 3.5 .5 5.3 6.6 .9
Services.......................... 3.3 2.7 3.0 2.6 5.3 3.4 2.0 3.3 2.3 2.8 3.2 2.4 3.8 3.1 2.0 2.7 3.0 2.1 2.1
Gross private domestic investment... 1.0 .2 1.1 .8 .0 1.5 2.1 .2 -1.0 -.1 -.5 2.6 1.4 -.1 1.2 2.7 2.1 4.4 3.1
Fixed investment.................. 1.0 .2 1.2 .9 -.3 1.8 2.2 .1 -1.1 -.1 -.4 2.7 1.9 -.3 1.2 2.8 2.0 4.3 3.1
Nonresidential.................. -.3 -.8 -.4 .0 -2.3 .6 .3 -1.0 -1.3 -1.1 -1.3 .6 -.5 -1.3 .3 1.2 .3 1.7 1.0
Structures.................... 5.4 2.4 2.1 5.0 6.0 6.5 6.6 2.1 .0 2.1 1.6 3.0 3.9 .0 1.3 1.4 4.8 7.6 9.8
Equipment and software........ -2.3 -1.9 -1.2 -1.7 -5.1 -1.5 -2.0 -2.2 -1.7 -2.2 -2.2 -.1 -1.9 -1.7 .0 1.2 -1.1 .1 -1.4
Residential..................... 4.6 2.5 4.4 3.4 5.5 5.0 6.9 2.8 -.8 2.1 1.6 7.1 6.8 1.7 3.1 5.8 5.4 9.1 6.9
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 -.4 2.1 .4 .1 -1.3 -2.0 -3.5 -1.2 3.0 3.0 .4 4.1 1.0 .8 3.2 5.7 4.6 2.0
Goods........................... -.7 -.7 2.0 .4 -.1 -1.6 -2.6 -3.8 -1.4 2.2 3.3 .5 3.5 1.6 -.6 4.2 6.4 5.3 1.6
Services........................ .4 .4 2.4 .6 .6 -.7 -.6 -2.8 -.6 4.8 2.4 .3 5.4 -.6 4.0 .9 4.0 3.2 3.1
Imports........................... -2.5 -1.2 3.4 .7 -3.0 -5.9 -5.3 -10.0 -1.9 10.5 3.4 .5 11.3 -4.3 2.6 .9 9.6 6.4 5.5
Goods........................... -3.0 -1.8 2.9 .8 -3.8 -6.6 -6.5 -11.3 -2.0 10.8 2.6 .4 12.0 -6.7 2.4 .4 9.9 7.8 5.6
Services........................ .1 1.7 5.9 .3 1.5 -2.2 1.2 -3.3 -1.2 8.8 7.7 .9 7.9 8.4 3.6 3.5 8.3 -.5 5.4
Government consumption expenditures
and gross investment............... 2.5 2.7 3.2 2.7 3.1 1.8 1.6 1.1 4.2 3.1 2.7 3.3 7.4 -.5 2.2 1.0 5.1 4.3 3.3
Federal........................... 1.9 3.3 3.6 1.6 1.9 1.1 2.2 1.8 7.4 1.4 1.8 5.1 8.5 .3 1.1 1.0 6.6 3.0 1.6
National defense................ 2.0 3.4 4.2 .9 3.5 .7 2.5 .8 7.1 1.6 2.9 7.7 8.6 -.3 1.1 1.3 5.7 3.5 1.8
Nondefense...................... 1.7 3.1 2.6 2.7 -1.0 1.8 1.6 3.4 8.0 1.1 -.2 .5 8.2 1.4 1.0 .3 8.3 1.9 1.2
State and local................... 2.9 2.4 3.0 3.2 3.8 2.1 1.3 .8 2.5 4.0 3.2 2.4 6.8 -1.0 2.9 1.0 4.2 5.2 4.3
Addenda:
Final sales of domestic product... 2.4 1.7 1.8 1.8 3.3 3.2 1.6 1.7 1.3 1.5 1.7 2.0 2.8 1.1 1.4 1.6 2.7 3.2 1.3
Gross domestic purchases.......... 2.0 1.5 2.0 1.8 2.7 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5 1.8
Final sales to domestic
purchasers....................... 2.0 1.5 2.0 1.8 2.7 2.3 1.0 .6 1.1 2.5 1.8 1.9 3.8 .3 1.7 1.4 3.4 3.5 1.8
Gross national product (GNP)...... 2.4 1.6 1.8 1.8 3.3 3.1 1.6 1.7 1.3 1.5 1.7 2.0 2.7 1.1 1.5 1.6 2.8 3.2 .....
Implicit price deflators:
GDP............................. 2.4 1.7 1.8 1.6 3.3 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2 1.3
Gross domestic purchases........ 2.0 1.5 2.0 1.6 2.7 2.2 1.1 .9 .8 2.8 1.4 1.9 3.9 .4 1.6 1.2 3.4 3.5 1.9
GNP............................. 2.4 1.6 1.8 1.6 3.2 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2001 2002 2003 III 03 IV 03 I 04 II 04 III 04
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.751 102.626 105.749 106.681 107.780 108.969 109.858 110.863
Personal consumption expenditures.......... 102.537 105.698 109.143 109.828 110.794 111.925 112.360 113.644
Durable goods............................ 104.327 111.150 119.378 122.733 123.902 124.572 124.482 129.416
Nondurable goods......................... 102.027 104.630 108.481 109.145 110.517 112.331 112.367 113.457
Services................................. 102.403 105.085 107.418 107.613 108.346 109.237 109.955 110.680
Gross private domestic investment.......... 92.103 89.928 93.852 95.616 98.771 101.672 106.191 107.539
Fixed investment......................... 97.047 92.253 96.924 98.904 101.412 102.529 105.913 108.103
Nonresidential......................... 95.817 87.302 90.157 91.802 94.235 95.204 98.041 100.781
Structures........................... 97.737 80.346 75.810 75.955 77.406 75.886 77.171 77.443
Equipment and software............... 95.136 89.947 95.679 97.917 100.735 102.699 106.157 109.908
Residential............................ 100.357 105.178 114.392 117.201 119.916 121.400 126.122 127.084
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 94.565 92.343 94.116 94.300 98.170 99.924 101.690 102.969
Imports of goods and services.............. 97.291 100.585 105.048 104.522 108.725 111.504 114.862 117.013
Government consumption expenditures and
gross investment.......................... 103.412 107.918 110.906 111.290 111.738 112.443 113.062 113.449
Federal.................................. 103.908 111.725 119.140 119.751 121.154 123.249 124.068 125.461
State and local.......................... 103.162 105.999 106.739 107.006 106.968 106.965 107.482 107.359
Addenda:
Final sales of domestic product.......... 101.644 103.102 106.346 107.309 108.290 109.173 109.854 110.998
Gross domestic purchases................. 100.918 103.414 106.858 107.668 108.904 110.253 111.393 112.529
Final sales to domestic purchasers....... 101.781 103.876 107.438 108.279 109.401 110.455 111.396 112.667
Gross national product................... 100.788 102.494 105.865 106.755 108.192 109.241 109.769 .....
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2001 2002 2003 III 03 IV 03 I 04 II 04 III 04
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.402 104.097 106.003 106.158 106.586 107.314 108.169 108.510
Personal consumption expenditures.......... 102.094 103.548 105.511 105.689 106.005 106.860 107.683 107.980
Durable goods............................ 98.114 95.475 92.244 91.757 90.747 90.741 90.725 90.005
Nondurable goods......................... 101.531 102.097 104.154 104.423 104.564 105.914 107.616 107.866
Services................................. 103.257 106.083 109.237 109.529 110.266 111.085 111.667 112.245
Gross private domestic investment.......... 101.013 101.221 102.304 102.276 102.968 103.514 104.644 105.436
Fixed investment......................... 101.023 101.232 102.435 102.401 103.101 103.618 104.709 105.505
Nonresidential......................... 99.683 98.909 98.546 98.431 98.729 98.793 99.220 99.474
Structures........................... 105.403 107.908 110.176 110.255 110.633 111.926 113.984 116.681
Equipment and software............... 97.708 95.868 94.754 94.588 94.862 94.611 94.626 94.282
Residential............................ 104.633 107.246 111.951 112.097 113.675 115.179 117.710 119.690
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.624 99.275 101.395 101.355 102.146 103.565 104.746 105.276
Imports of goods and services.............. 97.497 96.326 99.615 99.606 99.837 102.163 103.760 105.164
Government consumption expenditures and
gross investment.......................... 102.544 105.313 108.702 108.898 109.167 110.522 111.703 112.609
Federal.................................. 101.907 105.288 109.081 109.181 109.447 111.203 112.020 112.455
State and local.......................... 102.868 105.317 108.485 108.736 109.007 110.131 111.524 112.707
Addenda:
Final sales of domestic product.......... 102.406 104.100 106.025 106.179 106.608 107.332 108.178 108.518
Gross domestic purchases................. 101.994 103.489 105.571 105.721 106.086 106.980 107.913 108.395
Final sales to domestic purchasers....... 101.998 103.491 105.592 105.741 106.107 106.997 107.923 108.404
Gross national product................... 102.399 104.087 105.997 106.156 106.579 107.308 108.164 .....
Implicit price deflators:
Gross domestic product................. 102.399 104.092 105.998 106.148 106.523 107.246 108.093 108.454
Final sales of domestic product........ 102.407 104.100 106.025 106.173 106.601 107.325 108.172 108.511
Gross domestic purchases............... 101.992 103.484 105.566 105.713 106.028 106.916 107.842 108.344
Final sales to domestic purchasers..... 101.998 103.491 105.592 105.735 106.102 106.992 107.917 108.398
Gross national product................. 102.396 104.082 105.992 106.146 106.516 107.240 108.087 .....
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.1 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.9 3.0
Personal consumption expenditures...... 4.1 2.8 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 3.1 3.3
Durable goods........................ 6.0 2.2 -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 6.5 7.4
Nondurable goods..................... 3.3 2.8 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.6 3.7
Services............................. 4.0 3.0 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 2.6 2.2
Gross private domestic investment...... 2.4 4.0 -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.4 4.4
Fixed investment..................... 3.3 3.0 -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -4.9 5.1
Nonresidential..................... 5.2 5.6 .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -8.9 3.3
Structures....................... .6 2.0 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.8 -5.6
Equipment and software........... 7.5 7.3 .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -5.5 6.4
Residential........................ -1.0 -3.0 -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.8
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 16.0 11.5 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 1.9
Goods.............................. 18.8 11.9 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.1 2.2
Services........................... 9.0 10.3 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.8 1.4
Imports.............................. 3.9 4.4 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 4.4
Goods.............................. 4.0 4.3 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 4.7
Services........................... 3.4 4.9 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 1.9 3.1
Government consumption expenditures
and gross investment.................. 1.3 2.6 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.8
Federal.............................. -1.6 1.5 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.5 6.6
National defense................... -.5 -.5 .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.7 9.0
Nondefense......................... -5.1 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 7.1 2.4
State and local...................... 3.7 3.4 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 2.8 .7
Addenda:
Final sales of domestic product...... 4.3 3.4 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.4 3.1
Gross domestic purchases............. 3.2 3.0 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.5 3.3
Final sales to domestic purchasers... 3.4 2.8 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 2.1 3.4
Gross national product............... 4.2 3.5 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.7 3.3
Real disposable personal income...... 4.3 2.8 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 2.3
Price indexes:
Gross domestic purchases........... 3.4 3.8 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.5 2.0
Gross domestic purchases excluding
food and energy................... 3.7 3.6 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.8 1.6
GDP................................ 3.4 3.8 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 1.8
GDP excluding food and energy...... 3.4 3.6 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.0 1.6
Personal consumption expenditures.. 4.0 4.4 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 1.9
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 2.2 1.9 .6 .4 .2 1.2 1.5 2.5 2.3 1.9 2.3 3.5 4.4 5.0 4.8 3.9
Personal consumption expenditures...... 4.1 2.9 2.5 2.0 2.8 2.9 3.3 3.6 2.5 2.7 3.0 3.5 3.8 4.2 3.6 3.5
Durable goods........................ 4.7 .8 3.2 2.5 10.8 6.6 7.8 10.6 1.5 3.8 7.6 8.2 9.9 10.5 5.4 5.4
Nondurable goods..................... 3.0 3.0 1.6 1.6 1.9 2.7 3.0 2.2 2.3 2.6 2.8 4.7 4.6 5.1 4.7 4.0
Services............................. 4.5 3.3 2.8 2.0 1.6 2.2 2.6 2.9 2.9 2.6 2.1 2.0 2.2 2.5 2.7 2.9
Gross private domestic investment...... 1.4 -.5 -8.5 -8.6 -13.8 -7.1 -5.1 -1.5 5.0 .7 1.5 5.7 9.4 12.8 16.8 12.5
Fixed investment..................... 5.1 1.6 -2.9 -3.8 -6.7 -7.1 -5.8 -4.6 -2.1 -.4 3.1 7.4 10.3 10.9 11.6 9.3
Nonresidential..................... 7.8 3.2 -3.9 -6.1 -9.6 -10.9 -9.9 -8.5 -6.0 -3.6 1.7 5.8 9.4 10.6 10.8 9.8
Structures....................... 8.8 4.6 -.6 -1.4 -11.1 -13.7 -18.3 -22.9 -16.1 -14.8 -6.0 -2.1 1.5 3.0 1.3 2.0
Equipment and software........... 7.5 2.7 -5.1 -7.8 -9.0 -9.8 -6.7 -2.7 -2.2 .5 4.4 8.4 12.1 13.1 13.9 12.2
Residential........................ -1.9 -2.3 -.1 2.5 1.4 3.1 4.5 4.7 6.9 6.4 5.9 10.6 12.0 11.3 13.2 8.4
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 6.5 3.4 -2.9 -9.9 -11.9 -9.6 -4.0 1.7 3.5 1.9 -1.1 .8 6.1 8.4 10.8 9.2
Goods.............................. 8.5 4.8 -3.2 -12.2 -13.0 -12.2 -5.0 1.2 .8 2.3 -1.2 .5 7.1 8.5 10.3 9.7
Services........................... 1.8 .1 -2.0 -4.0 -8.9 -3.1 -1.8 2.7 9.8 1.0 -.9 1.5 3.8 8.3 11.9 8.0
Imports.............................. 11.2 5.9 -1.4 -7.2 -7.6 -3.9 2.1 6.3 9.7 6.0 3.8 3.2 4.9 8.1 10.7 12.0
Goods.............................. 11.3 6.3 -2.6 -7.8 -7.9 -4.8 3.3 7.1 9.8 6.7 4.3 2.8 5.1 8.8 10.8 12.8
Services........................... 10.6 4.2 4.7 -3.7 -5.9 .7 -3.7 2.0 8.9 2.4 1.4 5.0 3.7 4.7 10.0 7.8
Government consumption expenditures
and gross investment.................. .4 2.5 3.0 3.2 5.0 4.8 4.0 4.9 3.8 2.7 3.3 2.8 2.2 2.8 1.6 1.9
Federal.............................. -2.2 3.6 1.7 4.0 6.4 6.4 7.3 8.1 8.2 6.1 8.3 6.6 5.5 7.3 2.7 4.8
National defense................... -3.5 4.2 1.3 3.8 6.5 6.2 8.0 8.2 8.5 6.2 12.1 9.0 8.5 12.1 3.8 8.3
Nondefense......................... .3 2.5 2.6 4.2 6.3 6.9 6.2 7.8 7.6 6.1 1.4 2.4 .0 -1.5 .6 -2.0
State and local...................... 1.7 1.9 3.7 2.8 4.2 4.0 2.2 3.3 1.6 .9 .7 .8 .4 .4 1.0 .3
Addenda:
Final sales of domestic product...... 2.9 2.2 1.6 1.2 1.5 1.2 1.4 2.0 1.2 1.7 2.6 3.8 4.5 4.7 4.1 3.4
Gross domestic purchases............. 3.0 2.3 .7 .4 .4 1.6 2.1 3.1 3.1 2.4 2.8 3.7 4.3 5.1 5.1 4.5
Final sales to domestic purchasers... 3.6 2.6 1.7 1.2 1.6 1.6 2.0 2.6 2.1 2.3 3.1 3.9 4.4 4.9 4.4 4.1
Gross national product............... 2.4 1.9 .7 .2 .4 1.0 1.2 2.6 2.0 2.0 2.6 3.7 4.8 5.3 4.7 .....
Real disposable personal income...... 4.4 2.4 1.3 2.8 1.2 3.5 4.6 1.4 2.9 .7 1.1 3.5 3.9 4.0 3.6 1.9
Price indexes:
Gross domestic purchases........... 2.4 2.1 2.3 1.9 1.6 1.3 1.3 1.5 1.8 2.5 1.9 1.9 1.8 1.7 2.5 2.5
Gross domestic purchases excluding
food and energy................... 1.8 1.7 1.8 1.9 2.1 1.9 1.8 1.8 1.6 1.8 1.6 1.5 1.4 1.5 1.9 2.0
GDP................................ 2.2 2.2 2.5 2.4 2.4 1.9 1.5 1.5 1.6 2.0 1.9 1.8 1.7 1.7 2.3 2.2
GDP excluding food and energy...... 2.0 1.8 2.0 2.1 2.3 2.2 2.0 1.9 1.7 1.9 1.6 1.5 1.4 1.4 1.9 2.0
Personal consumption expenditures.. 2.3 2.2 2.4 2.0 1.7 1.1 1.2 1.6 1.8 2.4 1.8 1.7 1.7 1.7 2.3 2.2
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003 III 03 IV 03 I 04 II 04 III 04
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,128.0 10,487.0 11,004.0 11,116.7 11,270.9 11,472.6 11,657.5 11,803.5
Plus: Income receipts from the rest of the
world..................................... 322.4 301.8 329.0 329.8 371.8 373.8 388.0 .....
Less: Income payments to the rest of the
world..................................... 278.8 274.7 273.9 278.2 284.6 300.3 351.9 .....
Equals: Gross national product............. 10,171.6 10,514.1 11,059.2 11,168.3 11,358.1 11,546.1 11,693.6 .....
Less: Consumption of fixed capital......... 1,281.5 1,303.9 1,353.9 1,360.6 1,374.2 1,355.0 1,375.2 1,511.1
Less: Statistical discrepancy.............. -89.6 -15.3 25.6 36.6 12.8 63.0 67.0 .....
Equals: National income.................... 8,979.8 9,225.4 9,679.6 9,771.1 9,971.1 10,128.1 10,251.4 .....
Compensation of employees................ 5,942.1 6,069.5 6,289.0 6,324.7 6,406.7 6,489.4 6,568.0 6,641.9
Wage and salary accruals............... 4,942.8 4,976.3 5,103.6 5,128.6 5,188.9 5,240.7 5,301.4 5,360.7
Supplements to wages and salaries...... 999.3 1,093.2 1,185.5 1,196.1 1,217.8 1,248.8 1,266.5 1,281.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 771.9 769.6 834.1 852.0 864.7 872.1 901.4 903.2
Rental income of persons with capital
consumption adjustment.................. 167.4 170.9 153.8 148.8 167.1 172.8 172.6 150.8
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 767.3 874.6 1,021.1 1,057.1 1,129.1 1,165.6 1,173.9 .....
Net interest and miscellaneous payments.. 566.3 532.9 543.0 542.8 545.3 554.5 548.5 547.0
Taxes on production and imports less
subsidies............................... 673.3 724.4 751.3 757.4 769.4 782.9 796.3 806.5
Business current transfer payments....... 92.8 80.9 77.7 78.9 80.1 82.7 83.5 78.2
Current surplus of government
enterprises............................. -1.4 2.8 9.5 9.3 8.7 8.1 7.4 6.5
Addendum:
Gross domestic income.................... 10,217.6 10,502.3 10,978.5 11,080.1 11,258.1 11,409.6 11,590.5 .....
-----------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003 III 03 IV 03 I 04 II 04 III 04
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,724.1 8,878.9 9,161.8 9,209.3 9,330.0 9,445.0 9,583.4 9,654.8
Compensation of employees, received...... 5,942.1 6,069.5 6,289.0 6,324.7 6,406.7 6,487.9 6,569.4 6,641.9
Wage and salary disbursements.......... 4,942.8 4,976.3 5,103.6 5,128.6 5,188.9 5,239.2 5,302.9 5,360.7
Supplements to wages and salaries...... 999.3 1,093.2 1,185.5 1,196.1 1,217.8 1,248.8 1,266.5 1,281.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 771.9 769.6 834.1 852.0 864.7 872.1 901.4 903.2
Farm................................... 19.7 9.7 21.8 24.8 24.7 17.9 18.9 10.7
Nonfarm................................ 752.2 759.9 812.3 827.2 840.0 854.2 882.5 892.5
Rental income of persons with capital
consumption adjustment.................. 167.4 170.9 153.8 148.8 167.1 172.8 172.6 150.8
Personal income receipts on assets....... 1,380.0 1,334.6 1,322.7 1,314.4 1,325.8 1,337.1 1,352.3 1,366.4
Personal interest income............... 1,011.0 946.7 929.9 922.8 932.0 936.2 941.7 945.0
Personal dividend income............... 369.0 387.9 392.8 391.6 393.8 400.9 410.6 421.3
Personal current transfer receipts....... 1,193.9 1,282.7 1,335.4 1,346.2 1,350.7 1,379.0 1,400.4 1,413.9
Less: Contributions for government
social insurance........................ 731.1 748.3 773.2 776.7 785.0 803.9 812.8 821.3
Less: Personal current taxes............... 1,237.3 1,051.2 1,001.9 941.7 1,009.4 1,006.6 1,029.0 1,047.4
Equals: Disposable personal income......... 7,486.8 7,827.7 8,159.9 8,267.6 8,320.5 8,438.4 8,554.4 8,607.4
Less: Personal outlays..................... 7,354.5 7,668.5 8,049.3 8,107.8 8,209.4 8,351.6 8,448.7 8,572.5
Equals: Personal saving.................... 132.3 159.2 110.6 159.8 111.1 86.8 105.7 35.0
Personal saving as a percentage of
disposable personal income.............. 1.8 2.0 1.4 1.9 1.3 1.0 1.2 .4
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,333.3 7,559.5 7,733.8 7,822.9 7,849.6 7,897.0 7,944.3 7,971.6
-----------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... .8 1.9 3.0 2.1 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 3.7
Goods............................. -1.7 1.2 4.3 .2 -4.5 -1.3 -5.5 2.6 4.1 .9 4.7 -3.2 4.3 4.1 17.7 5.8 8.2 2.5 7.3
Services.......................... 2.4 3.0 2.3 3.6 1.9 1.8 1.7 2.8 3.4 4.2 2.2 3.0 .9 3.6 1.1 3.1 3.0 2.3 2.3
Structures........................ .4 -2.4 3.0 .4 .4 7.0 -4.3 -8.5 .9 -3.3 -2.4 .9 .0 7.3 13.9 5.4 .7 12.7 .5
Motor vehicle output.............. -4.7 11.6 4.2 -12.6 -18.5 36.3 -5.7 22.0 7.3 10.3 18.4 6.0 -12.4 3.0 26.3 2.9 8.8 -15.2 10.0
GDP excluding motor vehicle
output........................... 1.0 1.5 3.0 2.7 .2 .2 -1.2 .9 3.3 2.1 2.1 .5 2.5 4.1 6.8 4.2 4.3 4.0 3.5
Final sales of computers\1\....... 13.8 8.8 41.0 18.6 48.2 -11.2 -19.4 23.7 -3.7 12.2 46.0 30.9 35.1 37.8 93.7 29.0 .1 .1 6.4
GDP excluding final sales of
computers........................ .6 1.8 2.8 1.9 -.9 1.4 -1.2 1.4 3.4 2.3 2.3 .5 1.7 3.8 6.8 4.0 4.5 3.3 3.7
Farm gross value added\2\......... -8.3 6.5 4.0 -18.2 -1.3 -31.0 -20.4 94.2 -39.2 69.9 26.1 -19.5 -13.9 52.3 .5 -30.6 -31.3 -21.3 11.1
Nonfarm business gross value
added\3\......................... .4 1.8 3.8 2.2 -1.1 1.2 -2.9 1.2 4.0 1.7 3.6 1.4 2.4 5.3 9.3 4.6 5.7 4.2 4.1
Price indexes:
GDP............................... 2.4 1.7 1.8 1.8 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2 1.3
GDP excluding food and energy..... 2.1 2.0 1.6 1.7 2.4 2.3 2.1 2.6 1.7 1.8 1.6 1.7 2.3 .8 1.1 1.5 2.3 2.7 1.6
GDP excluding final sales of
computers........................ 2.7 1.9 2.0 1.9 3.8 3.3 1.8 1.9 1.6 1.7 1.9 2.2 2.9 1.2 1.6 1.7 2.9 3.3 1.4
Gross domestic purchases.......... 2.0 1.5 2.0 1.8 2.7 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5 1.8
Gross domestic purchases excluding
food and energy.................. 1.9 1.8 1.6 1.4 2.3 2.0 1.8 2.3 1.5 1.7 1.6 1.6 2.2 1.0 1.2 1.5 2.5 2.5 1.5
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.3 1.7 2.2 2.0 3.3 2.6 1.3 .9 1.4 2.6 2.0 2.1 4.0 .5 1.9 1.5 3.6 3.7 2.0
Personal consumption expenditures. 2.1 1.4 1.9 1.8 3.3 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.1 1.1
Personal consumption expenditures
excluding food and energy........ 1.9 1.8 1.3 1.5 2.8 2.1 1.4 2.6 1.2 2.0 2.0 .9 1.5 1.1 .9 1.3 2.1 1.7 .7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
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 2002-03
annual percent change in real GDP uses prices for 2002 and 2003 as weights, and the 2002-03 annual
percent change in GDP prices uses quantities for 2002 and 2003 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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