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News Release: Gross Domestic Product

The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Also available: a brief summary of highlights.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, JANUARY 30, 2004


Virginia H. Mannering: (202) 606-5304                                                BEA  04-04
Recorded message:      (202) 606-5306




       GROSS DOMESTIC PRODUCT:  FOURTH QUARTER 2003 (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 4.0 percent in the fourth quarter of 2003,
according to advance estimates released by the Bureau of Economic Analysis.  In the third quarter, real
GDP increased 8.2 percent.

    The Bureau emphasized that the fourth-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 fourth-
quarter "preliminary" estimates, based on more comprehensive data, will be released on February 27,
2004.

    The major contributors to the increase in real GDP in the fourth quarter were personal consumption
expenditures (PCE), exports, equipment and software, inventory investment, and residential fixed
investment.  Imports, which are a subtraction in the calculation of GDP, increased.

    The deceleration in real GDP growth in the fourth quarter primarily reflected a deceleration in
PCE, an acceleration in imports, and decelerations in equipment and software and in residential fixed
investment that were partly offset by an acceleration in exports and an upturn in inventory investment.

    Final sales of computers contributed 0.25 percentage point to the fourth-quarter change in real
GDP after contributing 0.65 percentage point to the third-quarter change.

    The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.0 percent in the fourth quarter, compared with an increase of 1.8 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.1 percent in
the fourth quarter, compared with an increase of 1.3 percent in the third.


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 <www.bea.gov/newsreleases/rels.htm>.


    Real personal consumption expenditures increased 2.6 percent in the fourth quarter, compared with
an increase of 6.9 percent in the third.  Durable goods purchases increased 0.9 percent, compared with an
increase of 28.0 percent.  PCE purchases of motor vehicles decreased in the fourth quarter after
increasing in the third.  The fourth-quarter downturn was partly offset by an upturn in motor vehicle
inventory investment.  PCE nondurable goods increased 4.4 percent, compared with an increase of 7.3
percent.  Services expenditures increased 2.1 percent, compared with an increase of 2.8 percent.

    Real nonresidential fixed investment increased 6.9 percent in the fourth quarter, compared with an
increase of 12.8 percent in the third.  Nonresidential structures decreased 3.0 percent, compared with a
decrease of 1.8 percent.  Equipment and software increased 10.0 percent, compared with an increase of
17.6 percent.  Real residential fixed investment increased 10.6 percent, compared with an increase of
21.9 percent.

    Real exports of goods and services increased 19.1 percent in the fourth quarter, compared with an
increase of 9.9 percent in the third.  Real imports of goods and services increased 11.3 percent,
compared with an increase of 0.8 percent.

    Real federal government consumption expenditures and gross investment increased 0.7 percent in
the fourth quarter, compared with an increase of 1.2 percent in the third.  National defense increased 1.8
percent, in contrast to a decrease of 1.3 percent.  Nondefense decreased 1.6 percent, in contrast to an
increase of 6.5 percent.  Real state and local government consumption expenditures and gross
investment increased 0.9 percent, compared with an increase of 2.1 percent.

    The real change in private inventories added 0.61 percentage point to the fourth-quarter change in
real GDP, after subtracting 0.13 percentage point from the third-quarter change.  Private businesses
increased inventories $6.1 billion in the fourth quarter, following decreases of $9.1 billion in the third
quarter and $4.5 billion in the second.

    Real final sales of domestic product -- GDP less change in private inventories -- increased 3.4
percent in the fourth quarter, compared with an increase of 8.3 percent in the third.


Gross domestic purchases

    Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.7 percent in the fourth quarter, compared with an increase of 7.0 percent in the
third.


Disposition of personal income

    Current-dollar personal income increased $70.1 billion (3.1 percent) in the fourth quarter,
compared with an increase of $96.6 billion (4.3 percent) in the third.  Personal current taxes increased
$68.3 billion, in contrast to a decrease of $64.2 billion.  The upturn in taxes primarily reflected the drop-
off in advance payments of the child tax credit sent to taxpayers in the third quarter as part of the Jobs
and Growth Tax Relief Reconciliation Act of 2003.

    Disposable personal income increased $1.7 billion in the fourth quarter, compared with an increase
of $160.8 billion in the third.  Real disposable personal income decreased 0.5 percent, in contrast to an
increase of 6.3 percent.

    Personal outlays increased $62.7 billion (3.1 percent) in the fourth quarter, compared with an
increase of $161.8 billion (8.4 percent) in the third.  Personal saving -- disposable personal income less
personal outlays -- was $127.2 billion in the fourth quarter, compared with $188.1 billion in the third.
The personal saving rate -- saving as a percentage of disposable personal income --decreased from 2.3
percent in the third quarter to 1.5 percent in the fourth.


Current-dollar GDP

    Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 5.1
percent, or $139.3 billion, in the fourth quarter to a level of $11,246.3 billion.  In the third quarter,
current-dollar GDP increased 10.0 percent, or $260.3 billion.


2003 GDP

    Real GDP increased 3.1 percent in 2003 (that is, from the 2002 annual level to the 2003 annual
level), compared with an increase of 2.2 percent in 2002.

    The major contributors to the increase in real GDP in 2003 were personal consumption
expenditures (PCE), federal government spending, equipment and software, and residential fixed
investment.  Imports, which are a subtraction in the calculation of GDP, increased in 2003.

    The acceleration in real GDP in 2003 primarily reflected an upturn in equipment and software, a
smaller decrease in nonresidential structures, and an upturn in exports that were partly offset by a
downturn in private inventory investment.

    The price index for gross domestic purchases increased 1.9 percent in 2003, compared with an
increase of 1.4 percent in 2002.

    Current-dollar GDP increased 4.8 percent, or $503.1 billion, in 2003.  Current-dollar GDP
increased 3.8 percent, or $380.0 billion, in 2002.

    During 2003 (that is, measured from the fourth quarter of 2002 to the fourth quarter of 2003), real
GDP increased 4.3 percent.  Real GDP increased 2.8 percent during 2002.  The price index for gross
domestic purchases increased 1.6 percent during 2003, compared with an increase of 1.7 percent during
2002.


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.


                        *          *          *


                Next release -- February 27, 2004, at 8:30 A.M. EST for:
                Gross Domestic Product:  Fourth Quarter 2003 (Preliminary)



                    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 fourth-quarter change in real GDP now
estimated at 4.0 percent at an annual rate, is not likely to be revised below
3.4 percent or above 4.9 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 1.7       -1.9 to 3.4
Preliminary to latest......      1.2                  - .9 to 1.6       -1.8 to 2.6
Final to latest............      1.2                  -1.0 to 1.7       -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..........      1.4                  -1.1 to 2.0       -2.2 to 3.3
Preliminary to latest......      1.3                  -1.0 to 1.9       -2.0 to 2.9
Final to latest...........       1.4                  -1.2 to 2.0       -2.6 to 3.1

NOTE.--These comparisons are based on the period from 1978 through 2002 for the first three comparisons in each group and on the period from
1978 through 2000 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   I 00  II 00 III 00  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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).     .5    2.2    3.1    1.0    6.4    -.5    2.1    -.2    -.6   -1.3    2.0    4.7    1.9    3.4    1.3    2.0    3.1    8.2    4.0

Personal consumption expenditures...    2.5    3.4    3.1    6.5    2.5    3.9    3.4     .5    2.3    1.9    6.2    4.1    2.6    2.0    2.2    2.5    3.3    6.9    2.6
  Durable goods.....................    4.1    6.5    7.4   24.4   -9.5    6.0     .7    1.7    9.8     .7   27.3    1.6     .5    5.0     .3     .5   17.7   28.0     .9
  Nondurable goods..................    1.9    3.0    3.7     .3    5.7    2.3    3.7     .4   -1.1    2.9    4.7    6.1     .4     .2    4.6    5.7    1.2    7.3    4.4
  Services..........................    2.4    3.0    2.0    6.0    3.9    4.3    3.9     .3    2.4    1.6    2.8    3.8    4.1    2.2    1.5    1.5    1.7    2.8    2.1

Gross private domestic investment...   -8.4   -1.2    4.1   -6.9   29.1   -9.9   -2.3  -11.1  -16.4   -8.5  -17.7   11.1    4.6   11.4    -.6   -3.5    4.7   14.8   12.4
  Fixed investment..................   -3.2   -3.7    4.3   11.5    9.5    -.6     .7   -2.7   -9.2   -5.2  -10.8   -2.5     .6     .6    2.1    1.1    6.1   15.8    8.1
    Nonresidential..................   -4.5   -7.2    2.8   14.3   14.8    2.2     .9   -4.5  -13.6   -8.4  -14.0   -7.0   -3.0   -1.1    -.1    -.6    7.0   12.8    6.9
      Structures....................   -2.5  -18.4   -4.7    7.0   18.0    9.6    1.2   -5.9   -5.6    2.2  -35.3  -23.9  -14.5  -14.6   -5.6   -4.0    3.9   -1.8   -3.0
      Equipment and software........   -5.2   -2.8    5.2   16.9   13.7    -.2     .8   -4.0  -16.4  -12.2   -4.1    -.2    1.2    3.7    1.7     .5    8.0   17.6   10.0
    Residential.....................     .4    4.9    7.6    4.1   -3.5   -8.0     .4    2.6    3.7    3.1   -2.5    8.7    8.9    4.2    6.8    4.5    4.5   21.9   10.6
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................   -5.2   -2.4    1.9    6.6   12.3   10.7   -2.7   -4.5  -13.4  -17.7   -9.8    4.4    8.7    4.3   -3.7   -2.0   -1.1    9.9   19.1
    Goods...........................   -6.1   -4.0    1.8    8.7   13.8   18.3   -5.4   -5.4  -18.1  -18.9   -7.6   -2.6   12.0    4.3   -9.1    1.9   -1.7    8.6   19.2
    Services........................   -3.1    1.4    2.3    1.4    8.5   -6.6    4.4   -2.0    -.6  -14.7  -15.0   22.8    1.6    4.5    9.4  -10.1     .2   12.7   18.9
  Imports...........................   -2.6    3.3    3.7   16.7   16.5   14.1   -1.6   -6.2   -8.6  -10.8   -3.8    8.4   17.1    4.1    8.2   -6.8    9.1     .8   11.3
    Goods...........................   -3.2    3.7    4.5   16.0   17.7   14.1   -1.6   -6.8  -12.2   -9.2   -3.2    6.3   21.9    4.8    7.4   -6.6   13.7   -1.5   12.2
    Services........................     .4    1.4    -.1   20.8   10.7   14.1   -1.9   -3.1   12.5  -18.2   -6.9   19.2   -3.6     .7   12.2   -7.5  -10.9   13.4    7.0

Government consumption expenditures
 and gross investment...............    2.8    3.8    3.4   -3.0    5.5   -2.1    1.3    5.8    5.8   -4.1    7.4    4.6    4.0    2.5    7.1    -.4    7.4    1.8     .8
  Federal...........................    3.7    7.9    8.7  -13.9   17.2   -8.2   -1.0    8.9    6.7     .0    9.9    8.4   10.5    3.9   18.2    -.2   23.5    1.2     .7
    National defense................    3.9    8.9   10.5  -21.3   17.0   -7.4    1.7    7.7    2.6    2.4   14.2    8.2    9.5    4.5   22.1   -5.6   41.9   -1.3    1.8
    Nondefense......................    3.5    6.2    5.4    1.2   17.6   -9.7   -5.7   11.2   14.4   -4.3    2.6    8.7   12.2    2.9   11.4   10.5   -5.0    6.5   -1.6
  State and local...................    2.2    1.8     .6    3.2     .1    1.3    2.5    4.3    5.3   -6.1    6.1    2.7     .7    1.7    1.5    -.5    -.8    2.1     .9

Addenda:
  Final sales of domestic product...    1.4    1.8    3.2    4.2    3.3    1.3    2.6    1.4     .7    -.7    3.2    2.6    1.3    1.8    1.7    2.7    3.3    8.3    3.4
  Gross domestic purchases..........     .7    2.8    3.3    2.5    7.2     .4    2.1    -.7    -.4    -.8    2.4    5.2    3.1    3.4    2.7    1.1    4.3    7.0    3.7
  Final sales to domestic
   purchasers.......................    1.6    2.4    3.3    5.6    4.2    2.1    2.6     .9     .9    -.3    3.6    3.2    2.5    1.8    3.1    1.8    4.5    7.2    3.1
  Gross national product (GNP)......     .5    2.1  .....     .8    6.6    -.7    3.0   -1.3    -.6   -1.9    4.6    2.6    1.3    3.8    2.0    1.5    3.3    8.3  .....
  Disposable personal income........    1.8    3.8    2.5    9.2    2.7    5.2     .6    -.3   -1.4   12.2   -4.4   10.6    4.1    -.9     .6    2.4    4.9    6.3    -.5

  Current-dollar measures:
    GDP.............................    2.9    3.8    4.8    4.7    8.3    1.6    3.8    2.9    2.6     .3    3.9    5.4    3.9    4.4    3.1    4.3    4.2   10.0    5.1
    Final sales of domestic product.    3.9    3.3    4.9    7.8    5.4    3.2    4.5    4.5    4.0     .9    4.8    3.8    2.8    3.3    3.5    5.1    4.4   10.1    4.6
    Gross domestic purchases........    2.7    4.2    5.2    6.6    8.9    2.9    3.7    1.9    1.9     .2    3.3    5.8    6.1    4.6    4.5    4.5    4.7    8.9    4.6
    Final sales to domestic
     purchasers.....................    3.6    3.8    5.3    9.7    6.1    4.5    4.4    3.5    3.3     .7    4.1    4.2    5.0    3.5    4.8    5.3    4.8    9.1    4.1
    GNP.............................    2.8    3.6  .....    4.4    8.4    1.4    4.7    1.8    2.5    -.3    6.5    3.3    3.3    4.9    3.9    3.9    4.4   10.1  .....
    Disposable personal income......    3.8    5.2    4.4   13.0    4.7    7.2    2.4    2.9    1.1   12.8   -4.1   11.4    7.2    1.1    2.3    5.3    5.4    8.1     .1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  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   I 00  II 00 III 00  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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........     .5    2.2    3.1    1.0    6.4    -.5    2.1    -.2    -.6   -1.3    2.0    4.7    1.9    3.4    1.3    2.0    3.1    8.2    4.0

Percentage points at annual rates:

  Personal consumption expenditures.   1.68   2.38   2.19   4.38   1.78   2.62   2.29    .28   1.52   1.27   4.20   2.92   1.81   1.39   1.57   1.80   2.34   4.89   1.84

    Durable goods...................    .36    .55    .61   1.96   -.89    .50    .06    .15    .80    .06   2.14    .14    .04    .43    .02    .04   1.38   2.23    .08
      Motor vehicles and parts......    .19    .18    .16   1.31  -1.12    .28    .01    .04    .67   -.13   1.58   -.44   -.25    .29   -.33   -.16    .54   1.36   -.43
      Furniture and household
       equipment....................    .18    .30    .29    .45    .19    .19    .07    .18    .16    .23    .40    .45    .23    .12    .24    .04    .54    .65    .34
      Other.........................   -.01    .08    .16    .19    .04    .03   -.02   -.07   -.02   -.04    .16    .13    .05    .02    .11    .17    .30    .21    .16

    Nondurable goods................    .37    .60    .75    .06   1.11    .44    .72    .06   -.22    .57    .91   1.19    .07    .04    .90   1.13    .25   1.48    .89
      Food..........................    .12    .22    .37    .16    .39    .09    .14    .22   -.03    .02    .14    .56    .19    .03    .22    .63    .23    .71    .31
      Clothing and shoes............    .06    .15    .13    .27    .21    .19    .04   -.08    .01    .15    .19    .33    .01   -.01    .21    .09    .21    .27    .03
      Gasoline, fuel oil, and other
       energy goods.................    .03    .04   -.02   -.13   -.06   -.05    .25    .12   -.37    .09    .32    .10   -.20   -.09    .21    .08   -.40    .07    .20
      Other.........................    .15    .20    .26   -.23    .56    .21    .29   -.19    .17    .31    .27    .22    .07    .11    .25    .33    .20    .43    .35

    Services........................    .96   1.23    .83   2.36   1.55   1.67   1.51    .07    .94    .64   1.15   1.58   1.70    .92    .65    .63    .71   1.19    .87
      Housing.......................    .28    .29    .24    .32    .31    .27    .28    .33    .26    .21    .25    .35    .33    .28    .25    .26    .20    .25    .14
      Household operation...........    .00    .04    .02    .12    .51    .16    .41   -.27   -.31   -.05   -.17    .18    .36   -.14    .04    .04   -.13    .14    .12
        Electricity and gas.........   -.02    .04    .00   -.05    .33    .07    .40   -.15   -.49   -.04   -.13    .20    .27   -.05    .09    .01   -.21    .06    .08
        Other household operation...    .02    .00    .02    .18    .18    .08    .01   -.12    .17   -.01   -.04   -.02    .09   -.09   -.05    .03    .08    .08    .04
      Transportation................   -.02   -.05   -.06    .12    .08   -.01    .01    .03   -.01   -.15   -.14    .10   -.05   -.12   -.09    .01   -.11   -.06   -.06
      Medical care..................    .45    .63    .59    .37    .47    .41    .42    .35    .47    .62    .61    .75    .61    .51    .69    .59    .53    .60    .53
      Recreation....................    .06    .11    .07    .06    .14    .10    .04    .09   -.02    .06    .15    .19    .07    .05    .09    .00    .10    .08    .15
      Other.........................    .18    .20   -.02   1.37    .05    .75    .34   -.45    .56   -.06    .45    .00    .38    .34   -.33   -.28    .13    .19   -.02

  Gross private domestic investment.  -1.47   -.18    .61  -1.30   4.65  -1.84   -.36  -1.96  -2.92  -1.39  -2.98   1.60    .69   1.66   -.09   -.57    .73   2.17   1.84

    Fixed investment................   -.54   -.60    .65   1.83   1.60   -.10    .13   -.45  -1.60   -.88  -1.83   -.41    .08    .08    .31    .16    .90   2.30   1.23
      Nonresidential................   -.56   -.82    .28   1.64   1.76    .28    .11   -.56  -1.76  -1.02  -1.71   -.81   -.33   -.12   -.01   -.06    .68   1.25    .69
        Structures..................   -.08   -.59   -.12    .21    .53    .29    .04   -.20   -.19    .07  -1.36   -.77   -.41   -.40   -.14   -.10    .09   -.04   -.07
        Equipment and software......   -.47   -.23    .40   1.44   1.23   -.02    .07   -.37  -1.57  -1.09   -.35   -.03    .09    .28    .13    .04    .59   1.30    .76
          Information processing
           equipment and software...   -.10    .02    .53   1.13    .96    .33    .58   -.20   -.84   -.58   -.15    .09    .37    .53   -.06    .64    .64   1.05    .62
            Computers and peripheral
             equipment..............    .02    .11    .24    .22    .45    .12    .06    .16   -.22   -.26    .19    .22    .06    .28    .09    .21    .33    .39    .24
            Software................   -.04   -.04    .14    .17    .18    .02    .20   -.07   -.24   -.16   -.21   -.05    .09    .21   -.06    .18    .15    .24    .22
            Other...................   -.08   -.05    .16    .74    .33    .19    .32   -.28   -.39   -.16   -.14   -.08    .21    .05   -.10    .26    .15    .41    .17
          Industrial equipment......   -.14   -.09   -.05    .29    .14    .09   -.12    .04   -.53   -.30   -.22    .26   -.21    .00   -.04   -.10   -.02    .02   -.08
          Transportation equipment..   -.18   -.14   -.12   -.12    .04   -.31   -.36   -.27    .00   -.25    .24   -.34   -.24   -.26    .20   -.37   -.09   -.05    .07
          Other equipment...........   -.05   -.02    .04    .13    .09   -.13   -.03    .06   -.21    .04   -.21   -.04    .17    .00    .04   -.13    .05    .28    .15
      Residential...................    .02    .23    .37    .19   -.16   -.38    .02    .12    .16    .14   -.12    .40    .41    .20    .32    .22    .22   1.05    .54

    Change in private inventories...   -.93    .41   -.04  -3.13   3.05  -1.74   -.49  -1.51  -1.32   -.51  -1.15   2.01    .61   1.58   -.40   -.74   -.17   -.13    .61
      Farm..........................    .02   -.03    .02   -.51    .88   -.36    .34    .03   -.34    .14   -.26    .39   -.64    .34   -.02    .15   -.09   -.03    .02
      Nonfarm.......................   -.94    .44   -.05  -2.62   2.18  -1.38   -.83  -1.54   -.99   -.65   -.89   1.62   1.25   1.25   -.38   -.88   -.08   -.10    .59

  Net exports of goods and services.   -.19   -.70   -.32  -1.53   -.98   -.87   -.07    .46   -.25   -.42   -.50   -.65  -1.32   -.15  -1.47    .81  -1.34    .80    .19

    Exports.........................   -.58   -.24    .19    .70   1.30   1.14   -.31   -.50  -1.54  -1.99  -1.02    .40    .80    .41   -.37   -.19   -.11    .92   1.69
      Goods.........................   -.48   -.29    .12    .65   1.03   1.36   -.45   -.44  -1.52  -1.50   -.54   -.19    .75    .28   -.64    .13   -.11    .56   1.17
      Services......................   -.10    .04    .07    .05    .26   -.22    .14   -.06   -.02   -.48   -.47    .59    .05    .13    .27   -.31    .01    .36    .52

    Imports.........................    .39   -.45   -.51  -2.23  -2.27  -2.01    .24    .96   1.29   1.57    .52  -1.05  -2.12   -.56  -1.10   1.00  -1.24   -.12  -1.50
      Goods.........................    .39   -.42   -.51  -1.79  -2.03  -1.70    .19    .88   1.57   1.10    .35   -.66  -2.20   -.55   -.83    .81  -1.51    .18  -1.34
      Services......................   -.01   -.03    .00   -.44   -.24   -.32    .04    .08   -.28    .47    .16   -.39    .09   -.02   -.27    .19    .27   -.30   -.16

  Government consumption expenditures
   and gross investment.............    .48    .69    .63   -.56    .96   -.37    .22    .99   1.00   -.74   1.28    .85    .72    .46   1.29   -.07   1.36    .34    .16

    Federal.........................    .22    .48    .56   -.93    .96   -.51   -.07    .50    .38    .00    .57    .52    .64    .26   1.11   -.01   1.46    .09    .05
      National defense..............    .15    .35    .44   -.92    .61   -.29    .06    .27    .10    .09    .53    .33    .38    .19    .85   -.25   1.58   -.06    .08
        Consumption expenditures....    .13    .29    .39   -.88    .60   -.30    .11    .29    .00    .03    .50    .32    .22    .09    .93   -.19   1.39   -.20    .11
        Gross investment............    .02    .06    .04   -.04    .01    .01   -.05   -.01    .10    .06    .02    .01    .15    .10   -.07   -.06    .19    .13   -.03
      Nondefense....................    .07    .14    .12   -.01    .35   -.22   -.13    .23    .28   -.09    .04    .20    .27    .07    .26    .24   -.12    .15   -.04
       Consumption expenditures.....    .07    .12    .11    .21    .28   -.13   -.06    .19    .19   -.02    .06    .14    .15    .13    .26    .25   -.26    .23   -.04
       Gross investment.............    .00    .02    .01   -.22    .07   -.09   -.07    .04    .09   -.07   -.02    .06    .11   -.06    .00   -.01    .14   -.08    .00

    State and local.................    .26    .21    .07    .36    .01    .15    .29    .49    .62   -.74    .71    .33    .08    .20    .18   -.06   -.10    .25    .11
        Consumption expenditures....    .20    .13    .06    .09    .16    .10    .21    .29    .22    .13    .21    .01    .17    .11    .19    .06   -.05   -.02    .04
        Gross investment............    .06    .08    .00    .28   -.15    .05    .08    .20    .40   -.88    .50    .31   -.09    .09   -.01   -.12   -.05    .27    .07

Addenda:
    Goods...........................   -.71    .71   1.39   -.92   3.64  -1.19    .10  -1.17  -2.08  -1.40   1.38   2.54   -.37   2.12   -.92   1.37    .75   5.67   2.18
    Services........................   1.26   1.77   1.48   1.40   2.63    .80   1.95    .85   1.05    .77   1.61   2.25   2.38   1.37   2.02    .62   2.08   1.27   1.35
    Structures......................   -.04   -.29    .25    .51    .15   -.07    .03    .09    .38   -.65  -1.00   -.08   -.10   -.13    .19   -.02    .26   1.27    .50
    Motor vehicle output............  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
    Final sales of computers........    .14    .10    .31    .52    .47    .10    .19    .45   -.20   -.19    .22    .06    .06    .35    .26    .26    .25    .65    .25
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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    IV 02     I 03    II 03   III 03    IV 03     2003    IV 02     I 03    II 03   III 03    IV 03     2003   III 03    IV 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product....... 10,983.9 10,623.7 10,735.8 10,846.7 11,107.0 11,246.3 10,397.2 10,160.8 10,210.4 10,288.3 10,493.1 10,597.1    314.2    204.8    104.0

Personal consumption expenditures.  7,752.3  7,501.2  7,600.7  7,673.6  7,836.3  7,898.4  7,362.2  7,198.9  7,244.1  7,304.0  7,426.6  7,474.2    221.8    122.6     47.6

  Durable goods...................    941.8    907.3    898.2    926.2    975.1    967.8  1,027.6    963.8    965.0  1,005.1  1,069.1  1,071.4     70.4     64.0      2.3
    Motor vehicles and parts......    423.6    410.4    402.1    414.5    447.2    430.4    441.3    419.0    414.5    429.5    466.9    454.3     18.0     37.4    -12.6
    Furniture and household
     equipment....................    334.5    325.3    321.8    329.9    339.9    346.4    400.7    373.5    374.7    391.7    412.4    424.0     36.0     20.7     11.6
    Other.........................    183.8    171.6    174.3    181.8    188.0    191.0    187.7    173.0    177.6    185.9    191.4    196.1     17.5      5.5      4.7

  Nondurable goods................  2,208.3  2,119.2  2,175.7  2,170.8  2,230.0  2,256.9  2,119.8  2,061.8  2,090.5  2,096.9  2,134.3  2,157.6     76.2     37.4     23.3
    Food..........................  1,064.2  1,016.4  1,037.4  1,049.7  1,074.9  1,094.7    994.6    963.9    979.6    985.4  1,002.8  1,010.7     36.4     17.4      7.9
    Clothing and shoes............    311.2    306.4    304.8    307.5    315.1    317.3    334.4    323.4    325.7    331.9    339.5    340.4     15.3      7.6       .9
    Gasoline, fuel oil, and other
     energy goods.................    208.7    193.0    222.4    196.9    209.2    206.4    197.6    201.0    203.1    192.9    194.7    199.9     -1.7      1.8      5.2
    Other.........................    624.3    603.4    611.1    616.7    630.8    638.4    593.8    573.8    582.2    587.4    598.3    607.3     26.5     10.9      9.0

  Services........................  4,602.1  4,474.7  4,526.8  4,576.6  4,631.2  4,673.8  4,223.8  4,175.4  4,190.7  4,208.4  4,237.2  4,259.0     82.0     28.8     21.8
    Housing.......................  1,198.6  1,167.7  1,181.5  1,191.4  1,204.9  1,216.4  1,085.4  1,071.7  1,078.0  1,082.8  1,088.7  1,092.3     23.5      5.9      3.6
    Household operation...........    426.3    412.9    422.6    424.2    428.5    429.9    396.7    395.6    396.6    393.4    396.8    400.0      2.2      3.4      3.2
      Electricity and gas.........    164.5    156.0    163.1    163.9    165.8    165.3    145.5    147.9    148.0    143.1    144.5    146.5       .3      1.4      2.0
      Other household operation...    261.8    256.9    259.5    260.3    262.7    264.6    251.2    247.6    248.5    250.5    252.4    253.6      2.0      1.9      1.2
    Transportation................    293.8    291.5    292.3    292.8    295.3    294.9    278.3    281.3    281.6    278.8    277.2    275.7     -6.5     -1.6     -1.5
    Medical care..................  1,302.2  1,239.8  1,263.1  1,289.2  1,315.1  1,341.4  1,189.7  1,154.8  1,169.3  1,182.4  1,196.9  1,210.2     57.6     14.5     13.3
    Recreation....................    319.3    309.7    312.6    317.2    321.3    326.4    291.3    287.5    287.5    290.1    291.9    295.5      6.5      1.8      3.6
    Other.........................  1,061.9  1,053.0  1,054.7  1,061.9  1,066.2  1,064.8    981.1    983.5    976.6    979.7    984.3    983.8     -2.1      4.6      -.5

Gross private domestic investment.  1,667.5  1,614.7  1,605.3  1,624.3  1,689.1  1,751.5  1,635.7  1,595.8  1,581.6  1,599.9  1,656.1  1,705.3     63.7     56.2     49.2

  Fixed investment................  1,670.8  1,594.6  1,606.2  1,630.1  1,699.5  1,747.5  1,633.5  1,573.5  1,577.7  1,601.4  1,661.0  1,693.9     67.7     59.6     32.9
    Nonresidential................  1,108.0  1,074.3  1,071.8  1,086.9  1,124.4  1,148.9  1,122.8  1,088.9  1,087.3  1,105.8  1,139.5  1,158.7     30.2     33.7     19.2
      Structures..................    258.9    256.3    256.1    259.2    259.8    260.5    237.2    239.0    236.5    238.8    237.7    235.9    -11.8     -1.1     -1.8
      Equipment and software......    849.1    817.9    815.8    827.7    864.6    888.4    891.0    853.9    855.0    871.6    907.7    929.6     44.3     36.1     21.9
        Information processing
         equipment and software...    463.4    424.1    436.2    451.2    477.0    488.9    522.1    468.2    487.2    506.4    537.7    557.1     62.8     31.3     19.4
          Computers and peripheral
           equipment..............     97.1     84.9     86.8     93.5    101.8    106.5    .....    .....    .....    .....    .....    .....    .....    .....    .....
          Software................    181.0    169.8    173.4    177.6    185.1    187.8    182.3    169.7    174.4    178.6    185.0    191.0     14.8      6.4      6.0
          Other...................    185.2    169.3    175.9    180.1    190.2    194.7    194.5    177.1    184.3    188.6    200.2    205.0     17.4     11.6      4.8
        Industrial equipment......    133.2    135.6    133.4    133.2    134.1    132.0    130.7    133.9    131.4    131.0    131.4    129.1     -5.4       .4     -2.3
        Transportation equipment..    120.2    128.8    119.8    115.3    117.8    127.9    115.5    127.2    117.4    115.1    113.7    115.6    -12.7     -1.4      1.9
        Other equipment...........    132.4    129.4    126.3    128.1    135.7    139.6    128.2    126.1    122.6    123.9    131.1    135.1      3.9      7.2      4.0
    Residential...................    562.8    520.3    534.4    543.2    575.1    598.6    506.1    481.0    486.4    491.7    516.7    529.8     35.8     25.0     13.1

  Change in private inventories...     -3.3     20.2      -.9     -5.8    -10.5      4.0     -1.5     21.5      1.6     -4.5     -9.1      6.1     -7.2     -4.6     15.2
    Farm..........................     -3.1     -4.8       .2     -2.7     -4.3     -5.6     -1.6     -3.5      1.2     -2.0     -2.8     -2.7      1.7      -.8       .1
    Nonfarm.......................      -.2     25.0     -1.2     -3.0     -6.2      9.6       .4     25.4       .3     -2.4     -5.9      9.7     -8.9     -3.5     15.6

Net exports of goods and services.   -491.5   -476.1   -487.6   -505.5   -490.6   -482.5   -505.5   -511.5   -490.0   -526.0   -505.2   -500.7    -34.9     20.8      4.5

  Exports.........................  1,048.1  1,017.2  1,021.0  1,020.2  1,048.5  1,102.6  1,033.9  1,017.5  1,012.4  1,009.6  1,033.7  1,079.9     19.7     24.1     46.2
    Goods.........................    724.7    698.3    707.6    707.7    722.1    761.5    719.7    703.2    706.5    703.5    718.2    750.5     12.5     14.7     32.3
    Services......................    323.3    318.8    313.3    312.5    326.4    341.0    314.0    314.0    305.7    305.9    315.2    329.1      7.2      9.3     13.9

  Imports.........................  1,539.6  1,493.3  1,508.5  1,525.7  1,539.0  1,585.0  1,539.4  1,529.0  1,502.5  1,535.7  1,538.9  1,580.6     54.7      3.2     41.7
    Goods.........................  1,279.1  1,240.8  1,254.2  1,272.4  1,275.6  1,314.4  1,304.1  1,288.1  1,266.2  1,307.4  1,302.4  1,340.4     55.7     -5.0     38.0
    Services......................    260.4    252.5    254.3    253.3    263.5    270.7    236.2    241.2    236.5    229.8    237.2    241.2      -.2      7.4      4.0

Government consumption expenditures
 and gross investment.............  2,055.7  1,983.9  2,017.4  2,054.2  2,072.1  2,078.8  1,899.5  1,870.8  1,869.0  1,902.8  1,911.1  1,915.0     62.6      8.3      3.9

  Federal.........................    757.2    710.0    723.0    764.7    769.6    771.5    704.3    675.8    675.5    712.0    714.3    715.4     56.3      2.3      1.1
    National defense..............    497.0    461.1    463.3    507.3    507.2    510.1    462.6    439.5    433.2    472.8    471.2    473.4     43.8     -1.6      2.2
      Consumption expenditures....    436.8    404.6    408.6    447.5    443.7    447.4    401.4    382.0    377.3    411.8    406.9    409.7     39.2     -4.9      2.8
      Gross investment............     60.2     56.6     54.7     59.8     63.5     62.7     61.2     57.4     55.7     60.8     64.5     63.8      4.6      3.7      -.7
    Nondefense....................    260.2    248.9    259.7    257.4    262.4    261.4    241.7    236.4    242.4    239.3    243.1    242.1     12.5      3.8     -1.0
      Consumption expenditures....    226.3    216.1    227.3    221.4    228.5    227.8    207.7    203.6    209.9    203.4    209.3    208.4     11.4      5.9      -.9
      Gross investment............     33.9     32.7     32.4     36.0     33.8     33.6     34.0     32.7     32.4     36.0     33.8     33.7      1.1     -2.2      -.1

  State and local.................  1,298.5  1,273.9  1,294.5  1,289.6  1,302.5  1,307.4  1,195.7  1,195.3  1,193.8  1,191.4  1,197.4  1,200.2      6.6      6.0      2.8
      Consumption expenditures....  1,045.3  1,024.2  1,045.8  1,040.9  1,046.3  1,048.4    956.9    956.4    957.8    956.6    956.0    957.1      6.4      -.6      1.1
      Gross investment............    253.1    249.7    248.7    248.7    256.2    259.0    238.9    239.0    236.0    234.7    241.5    243.2       .3      6.8      1.7

Residual..........................    .....    .....    .....    .....    .....    .....    -18.7     -2.5     -4.5    -11.5    -27.4    -32.2    .....    .....    .....

Addenda:
  Final sales of domestic product. 10,987.2 10,603.6 10,736.7 10,852.4 11,117.4 11,242.3 10,394.9 10,138.9 10,206.4 10,289.5 10,497.7 10,585.9    318.0    208.2     88.2
  Gross domestic purchases........ 11,475.5 11,099.9 11,223.4 11,352.2 11,597.5 11,728.7 10,899.4 10,668.0 10,697.6 10,809.9 10,995.4 11,094.9    347.9    185.5     99.5
  Final sales to domestic
   purchasers..................... 11,478.7 11,079.7 11,224.3 11,357.9 11,608.0 11,724.8 10,897.1 10,646.1 10,693.5 10,811.1 11,000.1 11,083.7    351.7    189.0     83.6

  Gross domestic product.......... 10,983.9 10,623.7 10,735.8 10,846.7 11,107.0 11,246.3 10,397.2 10,160.8 10,210.4 10,288.3 10,493.1 10,597.1    314.2    204.8    104.0
  Plus: Income receipts from
   the rest of the world..........    .....    304.8    296.8    299.5    312.1    .....    .....    293.7    283.4    285.6    296.1    .....    .....     10.5    .....
  Less: Income payments to
   the rest of the world..........    .....    266.9    269.0    266.2    274.3    .....    .....    256.1    256.4    253.8    260.7    .....    .....      6.9    .....
  Equals: Gross national product..    ..... 10,661.6 10,763.7 10,880.0 11,144.8    .....    ..... 10,198.5 10,237.6 10,320.2 10,528.6    .....    .....    208.4    .....

  Net domestic product............  9,676.2  9,323.3  9,430.1  9,543.3  9,797.9  9,933.4  9,087.6  8,858.4  8,903.4  8,983.4  9,181.7  9,281.7    289.1    198.3    100.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2001   2002   2003   I 00  II 00 III 00  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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.4    1.5    1.6    3.4    2.0    1.9    1.8    3.2    3.2    1.6    1.6    1.1    1.5    1.5    1.7    2.3    1.1    1.6    1.1

Personal consumption expenditures...    2.0    1.4    1.8    3.5    2.0    1.9    1.8    3.2    2.5     .5     .4     .7    2.9    2.0    1.7    2.8     .5    1.8     .6
  Durable goods.....................   -1.9   -2.9   -3.7   -1.8    -.5   -2.5   -1.0   -1.3   -3.1   -2.8   -2.2   -3.5   -2.9   -3.0   -3.0   -4.4   -3.9   -4.0   -3.8
  Nondurable goods..................    1.5     .5    2.1    5.2    3.7    3.4    1.4    1.3    3.7    -.9   -4.3    -.1    5.7    1.4    1.0    5.1   -2.1    3.8     .4
  Services..........................    3.2    2.7    2.8    3.9    1.7    2.1    2.6    5.1    3.2    1.8    3.3    2.0    2.8    3.4    3.1    3.2    2.7    2.0    1.6

Gross private domestic investment...    1.1     .0     .9    2.0    1.2    1.9     .8     .3    1.3    2.3     .0    -.7    -.7   -1.0    1.6    1.3     .0    2.0    3.2
  Fixed investment..................    1.1     .1    1.1    2.3    1.2    1.9     .9     .1    1.6    2.4     .0    -.8    -.7    -.7    1.7    1.9     .0    2.1    3.4
    Nonresidential..................    -.2    -.9    -.2     .6     .3    1.4     .0   -1.8     .2     .6   -1.2   -1.3   -1.5   -1.5     .4    -.3   -1.2    1.6    1.9
      Structures....................    5.5    1.4    2.0    4.8    3.6    4.5    5.0    6.5    6.9    6.3    1.2    -.9     .5     .3    1.1    3.8    1.1    2.7    4.1
      Equipment and software........   -2.2   -1.7    -.9    -.8    -.8     .4   -1.7   -4.7   -2.1   -1.6   -2.1   -1.4   -2.1   -2.1     .2   -1.6   -1.8    1.2    1.3
    Residential.....................    4.6    2.4    3.8    7.1    3.9    3.2    3.4    5.3    5.1    7.0    2.9     .3    1.1     .9    4.5    6.4    2.2    3.1    6.2
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    -.4    -.4    2.1    2.7    2.1     .9     .4     .1   -1.2   -2.1   -3.6   -1.2    2.9    3.3     .6    3.6     .8    1.6    2.7
    Goods...........................    -.7    -.7    2.0    1.3    1.6     .3     .4    -.1   -1.6   -2.6   -3.8   -1.4    2.1    3.3     .6    3.5    1.7    -.2    3.8
    Services........................     .4     .3    2.2    6.2    3.5    2.5     .6     .6    -.3   -1.0   -3.0    -.9    4.6    3.2     .6    3.8   -1.3    5.7     .2
  Imports...........................   -2.5   -1.0    3.7    5.9     .7    4.2     .7   -2.8   -6.0   -5.3   -9.8   -1.6   10.5    3.7     .8   11.7   -4.1    2.7    1.1
    Goods...........................   -3.0   -1.7    2.9    6.8    1.2    4.5     .8   -3.7   -6.6   -6.6  -11.1   -2.1   10.7    2.7     .5   11.8   -6.8    2.6     .5
    Services........................     .2    2.5    7.4    1.3   -2.0    2.5     .3    2.1   -3.0    1.4   -2.9     .7    9.3    8.6    2.0   11.3   10.4    3.3    4.0

Government consumption expenditures
 and gross investment...............    2.6    2.6    2.9    6.6    1.7    4.5    2.7    2.7    2.2    2.0    1.4    3.6    3.3    2.2    1.8    7.3     .1    1.7     .5
  Federal...........................    2.1    2.7    2.5    7.2   -1.1    5.0    1.6    2.0    1.6    2.4    1.7    5.9    2.3    1.2    -.5    7.7    1.4    1.3     .3
    National defense................    2.2    2.5    2.6    8.2    -.2    3.6     .9    3.6    1.6    2.4     .8    5.2    2.3    1.8    -.6    8.0    1.2    1.3     .4
    Nondefense......................    1.9    3.2    2.3    5.4   -2.6    7.5    2.7    -.7    1.8    2.3    3.6    7.3    2.1     .2    -.4    7.2    1.6    1.3     .1
  State and local...................    2.9    2.5    3.1    6.3    3.2    4.2    3.2    3.0    2.5    1.8    1.3    2.4    3.8    2.7    3.0    7.1    -.7    2.0     .6

Addenda:
  Final sales of domestic product...    2.4    1.5    1.7    3.4    2.0    1.9    1.8    3.1    3.2    1.6    1.6    1.1    1.4    1.5    1.8    2.4    1.1    1.6    1.1
  Gross domestic purchases..........    2.0    1.4    1.9    3.8    1.8    2.3    1.8    2.6    2.3    1.0     .5    1.0    2.4    1.6    1.7    3.4     .4    1.8    1.0
  Final sales to domestic
   purchasers.......................    2.0    1.4    1.9    3.8    1.8    2.3    1.8    2.6    2.3    1.0     .5     .9    2.4    1.6    1.7    3.5     .4    1.8    1.0
  Gross national product (GNP)......    2.4    1.5  .....    3.3    2.0    1.9    1.8    3.2    3.1    1.6    1.6    1.1    1.5    1.5    1.7    2.3    1.1    1.7  .....

  Implicit price deflators:
    GDP.............................    2.4    1.5    1.6    3.6    1.7    2.1    1.6    3.1    3.2    1.6    1.9     .7    1.9    1.0    1.8    2.3    1.1    1.6    1.0
    Gross domestic purchases........    2.0    1.4    1.9    4.1    1.6    2.5    1.6    2.6    2.3    1.0     .8     .6    2.9    1.2    1.8    3.4     .4    1.8     .9
    GNP.............................    2.4    1.5  .....    3.6    1.7    2.1    1.6    3.1    3.2    1.6    1.9     .7    2.0    1.0    1.8    2.3    1.1    1.6  .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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      IV 02       I 03      II 03     III 03      IV 03
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    100.506    102.710    105.911    103.502    104.008    104.801    106.887    107.947

Personal consumption expenditures..........    102.452    105.951    109.242    106.819    107.489    108.378    110.197    110.904
  Durable goods............................    104.144    110.868    119.033    111.638    111.779    116.420    123.834    124.100
  Nondurable goods.........................    101.852    104.949    108.864    105.885    107.358    107.685    109.607    110.806
  Services.................................    102.382    105.420    107.508    106.276    106.664    107.115    107.849    108.404

Gross private domestic investment..........     91.650     90.580     94.251     91.953     91.135     92.186     95.424     98.260
  Fixed investment.........................     96.826     93.258     97.291     93.718     93.968     95.378     98.932    100.886
    Nonresidential.........................     95.517     88.683     91.131     88.378     88.248     89.751     92.485     94.042
      Structures...........................     97.465     79.492     75.753     76.304     75.523     76.244     75.906     75.338
      Equipment and software...............     94.825     92.144     96.961     92.927     93.047     94.851     98.779    101.166
    Residential............................    100.351    105.228    113.255    107.629    108.828    110.021    115.616    118.553
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............     94.773     92.512     94.312     92.818     92.353     92.097     94.290     98.508

Imports of goods and services..............     97.377    100.609    104.312    103.610    101.810    104.059    104.277    107.103

Government consumption expenditures and
 gross investment..........................    102.750    106.697    110.333    108.666    108.563    110.527    111.008    111.235
  Federal..................................    103.746    111.958    121.688    116.764    116.713    123.025    123.406    123.608
  State and local..........................    102.248    104.047    104.627    104.593    104.463    104.248    104.779    105.019

Addenda:
  Final sales of domestic product..........    101.441    103.242    106.500    103.877    104.569    105.420    107.553    108.457
  Gross domestic purchases.................    100.672    103.482    106.895    104.625    104.915    106.016    107.836    108.811
  Final sales to domestic purchasers.......    101.575    103.998    107.467    104.992    105.459    106.619    108.483    109.307
  Gross national product...................    100.462    102.527      .....    103.476    103.873    104.711    106.825      .....
-----------------------------------------------------------------------------------------------------------------------------------
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      IV 02       I 03      II 03     III 03      IV 03
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    102.376    103.949    105.658    104.571    105.163    105.440    105.870    106.159

Personal consumption expenditures..........    102.039    103.429    105.298    104.203    104.927    105.065    105.522    105.680
  Durable goods............................     98.086     95.208     91.690     94.136     93.074     92.147     91.207     90.330
  Nondurable goods.........................    101.530    102.075    104.175    102.789    104.079    103.529    104.488    104.603
  Services.................................    103.168    105.946    108.960    107.174    108.028    108.758    109.306    109.746

Gross private domestic investment..........    101.070    101.119    102.041    101.259    101.586    101.589    102.093    102.895
  Fixed investment.........................    101.087    101.155    102.273    101.341    101.808    101.796    102.319    103.168
    Nonresidential.........................     99.770     98.859     98.676     98.658     98.579     98.293     98.678     99.154
      Structures...........................    105.518    106.974    109.128    107.274    108.268    108.559    109.288    110.395
      Equipment and software...............     97.786     96.121     95.294     95.781     95.404     94.961     95.251     95.561
    Residential............................    104.628    107.105    111.171    108.184    109.881    110.485    111.321    112.996
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............     99.628     99.273    101.355     99.964    100.842    101.044    101.434    102.100

Imports of goods and services..............     97.537     96.519    100.043     97.694    100.435     99.381    100.042    100.314

Government consumption expenditures and
 gross investment..........................    102.587    105.207    108.228    106.055    107.951    107.966    108.433    108.563
  Federal..................................    102.065    104.858    107.508    105.066    107.032    107.399    107.755    107.843
  State and local..........................    102.853    105.382    108.598    106.580    108.435    108.246    108.778    108.933

Addenda:
  Final sales of domestic product..........    102.381    103.955    105.695    104.585    105.198    105.474    105.906    106.202
  Gross domestic purchases.................    101.974    103.374    105.302    104.065    104.934    105.031    105.496    105.747
  Final sales to domestic purchasers.......    101.978    103.379    105.337    104.077    104.968    105.062    105.531    105.789
  Gross national product...................    102.372    103.936      .....    104.556    105.156    105.438    105.872      .....

  Implicit price deflators:
    Gross domestic product.................    102.373    103.945    105.643    104.556    105.146    105.427    105.851    106.126
    Final sales of domestic product........    102.381    103.955    105.698    104.583    105.196    105.471    105.904    106.200
    Gross domestic purchases...............    101.971    103.370    105.285    104.048    104.915    105.017    105.476    105.713
    Final sales to domestic purchasers.....    101.978    103.379    105.338    104.072    104.964    105.058    105.526    105.784
    Gross national product.................    102.368    103.932      .....    104.541    105.138    105.425    105.853      .....
-----------------------------------------------------------------------------------------------------------------------------------
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      .5     2.2     3.1

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     3.4     3.1
  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     4.1     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     1.9     3.0     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     3.0     2.0

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    -8.4    -1.2     4.1
  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    -3.2    -3.7     4.3
    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    -4.5    -7.2     2.8
      Structures.......................      .6     2.0     1.5   -11.1    -6.0     -.7     1.8     6.4     5.6     7.3     5.1     -.4     6.8    -2.5   -18.4    -4.7
      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    -5.2    -2.8     5.2
    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     4.9     7.6
  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    -5.2    -2.4     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    -4.0     1.8
    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    -3.1     1.4     2.3
  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    -2.6     3.3     3.7
    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     4.5
    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      .4     1.4     -.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     2.8     3.8     3.4
  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     3.7     7.9     8.7
    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     8.9    10.5
    Nondefense.........................    -5.1     8.3     8.3     2.4     6.9     -.7    -1.2     -.4     -.7     2.6      .7     2.8     3.5     3.5     6.2     5.4
  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     2.2     1.8      .6

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     1.4     1.8     3.2
  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      .7     2.8     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     1.6     2.4     3.3
  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      .5     2.1   .....
  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     1.8     3.8     2.5

  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     1.4     1.9
    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     1.7     1.4
    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     1.5     1.6
    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     1.8     1.4
    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     2.0     1.4     1.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

                                            Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           I 00   II 00  III 00   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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     4.1     4.8     3.5     2.2     1.9      .2      .0      .0     1.2     1.8     3.0     2.8     2.1     2.4     3.6     4.3

Personal consumption expenditures......     5.5     4.6     4.5     4.1     2.6     2.5     2.0     2.7     3.6     3.7     3.7     2.7     2.3     2.5     3.7     3.8
  Durable goods........................    13.7     5.9     5.2     4.7     -.4     4.5     3.2     9.4     9.3     7.0     8.1     1.8     1.5     5.6    11.0    11.2
  Nondurable goods.....................     3.7     4.1     4.3     3.0     3.0     1.3     1.5     1.7     3.1     3.5     2.8     2.8     2.7     2.9     4.7     4.6
  Services.............................     4.7     4.5     4.4     4.5     3.1     2.7     2.0     1.8     2.6     3.1     3.2     2.9     2.3     1.7     1.9     2.0

Gross private domestic investment......     4.4    11.2     5.8     1.4      .3   -10.1    -9.7   -13.5    -8.6    -3.3     1.6     6.5     2.8     2.8     3.6     6.9
  Fixed investment.....................     7.8     7.7     5.5     5.1     1.6    -3.0    -4.2    -7.0    -7.0    -4.6    -3.1      .2     1.1     2.4     6.1     7.6
    Nonresidential.....................     9.4     9.9     7.9     7.8     3.1    -4.0    -6.5   -10.2   -10.8    -8.2    -6.4    -2.8    -1.2     1.3     4.6     6.4
      Structures.......................     2.7     6.3     9.6     8.8     5.3     -.4    -2.1   -12.4   -17.0   -19.0   -22.6   -14.9    -9.8    -5.3    -1.9    -1.3
      Equipment and software...........    11.7    11.1     7.3     7.5     2.4    -5.2    -8.2    -9.4    -8.5    -4.0      .1     1.6     1.8     3.4     6.7     8.9
    Residential........................     3.7     1.9     -.7    -1.9    -2.2     -.4     2.4     1.7     3.2     4.4     4.7     7.1     6.1     5.0     9.2    10.1
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................     8.2    10.2    10.1     6.5     3.7    -2.8    -9.8   -11.5    -9.5    -4.2     1.6     3.3     1.7     -.7      .6     6.1
    Goods..............................    10.2    12.6    13.7     8.5     4.8    -3.5   -12.2   -12.7   -12.1    -4.9     1.2      .8     2.0    -1.3     -.3     6.7
    Services...........................     3.6     4.5     1.6     1.8      .9    -1.3    -3.5    -8.3    -3.0    -2.5     2.6     9.3     1.1      .7     2.6     4.8
  Imports..............................    13.6    14.0    13.8    11.2     5.2     -.9    -6.8    -7.4    -4.0     2.2     6.2     9.4     5.3     3.5     2.6     3.4
    Goods..............................    14.3    14.6    14.1    11.3     5.3    -2.1    -7.5    -7.9    -4.8     3.3     7.1     9.9     6.4     4.6     2.9     4.1
    Services...........................    10.1    11.1    12.4    10.6     4.7     5.1    -3.3    -4.5      .5    -3.3     1.9     6.7      .2    -1.8     1.2      .0

Government consumption expenditures
 and gross investment..................     2.7     3.5     1.7      .4     2.6     2.7     2.1     3.6     3.3     2.9     4.6     4.5     3.3     4.1     3.9     2.4
  Federal..............................      .9     4.6      .3    -2.2     3.8     1.4     3.6     6.3     6.2     7.1     8.2    10.1     7.9    10.9    10.2     5.9
    National defense...................     -.4     3.6    -1.6    -3.5     4.4     1.0     3.6     6.6     6.8     8.5     9.1    10.9     7.2    14.4    12.7     7.7
    Nondefense.........................     3.4     6.3     3.9      .3     2.7     2.0     3.5     5.7     5.1     4.6     6.5     8.7     9.2     4.7     5.6     2.4
  State and local......................     3.6     2.9     2.4     1.7     2.0     3.3     1.4     2.3     1.9      .8     2.8     1.6      .8      .5      .5      .4

Addenda:
  Final sales of domestic product......     4.6     4.2     3.5     2.9     2.2     1.5     1.0     1.1     1.4     1.6     2.2     1.8     1.9     2.4     4.0     4.4
  Gross domestic purchases.............     4.9     5.5     4.2     3.0     2.2      .3      .0      .1     1.6     2.5     3.5     3.6     2.6     2.8     3.8     4.0
  Final sales to domestic purchasers...     5.4     4.9     4.2     3.6     2.4     1.6     1.0     1.3     1.8     2.2     2.8     2.7     2.3     2.8     4.1     4.1
  Gross national product...............     4.1     4.8     3.5     2.4     1.8      .1     -.2      .2     1.1     1.6     3.1     2.4     2.2     2.7     3.8   .....
  Real disposable personal income......     4.4     4.9     5.7     4.4     2.0     1.0     2.6     1.3     4.0     5.4     2.2     3.5     1.6     1.7     3.5     3.2

  Price indexes:
    Gross domestic purchases...........     2.6     2.5     2.5     2.4     2.1     2.3     1.9     1.6     1.2     1.2     1.4     1.7     2.3     1.8     1.8     1.6
    Gross domestic purchases excluding
     food and energy...................     1.9     1.8     1.9     1.8     1.7     1.8     1.9     2.1     1.8     1.7     1.6     1.4     1.6     1.4     1.3     1.3
    GDP................................     2.1     2.1     2.3     2.2     2.2     2.5     2.4     2.4     1.9     1.4     1.4     1.4     1.7     1.6     1.7     1.5
    GDP excluding food and energy......     2.1     2.0     2.1     2.0     1.8     2.0     2.1     2.3     2.1     1.9     1.8     1.5     1.6     1.4     1.3     1.2
    Personal consumption expenditures..     2.7     2.5     2.4     2.3     2.2     2.3     2.0     1.6     1.0     1.1     1.5     1.8     2.4     1.8     1.7     1.4
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

                     Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2001       2002       2003      IV 02       I 03      II 03     III 03      IV 03
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.....................   10,100.8   10,480.8   10,983.9   10,623.7   10,735.8   10,846.7   11,107.0   11,246.3

Plus: Income receipts from the rest of the
 world.....................................      319.0      299.1      .....      304.8      296.8      299.5      312.1      .....
Less: Income payments to the rest of the
 world.....................................      283.8      277.6      .....      266.9      269.0      266.2      274.3      .....

Equals: Gross national product.............   10,135.9   10,502.3      .....   10,661.6   10,763.7   10,880.0   11,144.8      .....

Less: Consumption of fixed capital.........    1,266.9    1,288.6    1,307.8    1,300.4    1,305.7    1,303.4    1,309.1    1,312.9
Less: Statistical discrepancy..............     -112.2      -77.2      .....      -15.7       23.2       -8.3       54.0      .....

Equals: National income....................    8,981.2    9,290.8      .....    9,376.9    9,434.8    9,584.9    9,781.7      .....
  Compensation of employees................    5,940.4    6,019.1    6,185.6    6,058.0    6,115.8    6,164.8    6,213.6    6,248.1
    Wage and salary accruals...............    4,942.9    4,974.6    5,084.5    4,999.1    5,034.6    5,070.8    5,104.1    5,128.6
    Supplements to wages and salaries......      997.6    1,044.5    1,101.0    1,058.8    1,081.2    1,093.9    1,109.6    1,119.5
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      770.6      797.7      846.5      812.2      813.5      838.8      860.9      872.7
  Rental income of persons with capital
   consumption adjustment..................      163.1      173.0      163.9      159.0      163.2      153.4      157.0      182.0
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................      770.4      904.2      .....      934.9      927.1    1,022.8    1,124.2      .....
  Net interest and miscellaneous payments..      568.4      582.4      582.3      589.7      589.3      581.7      579.9      578.1
  Taxes on production and imports less
   subsidies...............................      674.5      721.8      738.8      732.8      729.4      725.2      745.2      755.6
  Business current transfer payments.......       92.5       89.8       95.1       86.2       90.1       92.5       97.1      100.8
  Current surplus of government
   enterprises.............................        1.2        2.8        4.9        4.1        6.3        5.8        3.7        4.1

Addendum:
  Gross domestic income....................   10,213.0   10,558.0      .....   10,639.4   10,712.7   10,855.0   11,053.0      .....
-----------------------------------------------------------------------------------------------------------------------------------

                                          Table 10.--Personal Income and Its Disposition
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2001       2002       2003      IV 02       I 03      II 03     III 03      IV 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................    8,713.1    8,910.3    9,187.4    8,981.3    9,048.7    9,145.9    9,242.5    9,312.6

  Compensation of employees, received......    5,940.4    6,019.1    6,185.6    6,058.0    6,114.4    6,166.2    6,213.6    6,248.1
    Wage and salary disbursements..........    4,942.9    4,974.6    5,084.5    4,999.1    5,033.2    5,072.2    5,104.1    5,128.6
    Supplements to wages and salaries......      997.6    1,044.5    1,101.0    1,058.8    1,081.2    1,093.9    1,109.6    1,119.5
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      770.6      797.7      846.5      812.2      813.5      838.8      860.9      872.7
    Farm...................................       25.0       14.3       19.2       16.3       13.0       20.0       21.5       22.5
    Nonfarm................................      745.6      783.4      827.2      795.9      800.5      818.8      839.4      850.2
  Rental income of persons with capital
   consumption adjustment..................      163.1      173.0      163.9      159.0      163.2      153.4      157.0      182.0
  Personal income receipts on assets.......    1,374.9    1,378.5    1,389.3    1,392.0    1,388.6    1,390.2    1,389.2    1,389.1
    Personal interest income...............    1,003.7      982.4      960.6      981.2      970.6      964.9      957.0      949.7
    Personal dividend income...............      371.2      396.2      428.7      410.8      418.0      425.3      432.2      439.5
  Personal current transfer receipts.......    1,192.6    1,292.2    1,376.7    1,315.6    1,337.6    1,369.7    1,398.7    1,400.8

  Less: Contributions for government
   social insurance........................      728.5      750.3      774.5      755.5      768.7      772.3      776.9      780.2

Less: Personal current taxes...............    1,243.7    1,053.1      987.5    1,045.6    1,009.4    1,000.2      936.0    1,004.3

Equals: Disposable personal income.........    7,469.4    7,857.2    8,200.0    7,935.6    8,039.2    8,145.8    8,306.6    8,308.3

Less: Personal outlays.....................    7,342.2    7,674.0    8,036.2    7,789.2    7,888.3    7,956.7    8,118.5    8,181.2

Equals: Personal saving....................      127.2      183.2      163.8      146.4      151.0      189.0      188.1      127.2

  Personal saving as a percentage of
   disposable personal income..............        1.7        2.3        2.0        1.8        1.9        2.3        2.3        1.5

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............    7,320.2    7,596.7    7,787.4    7,615.8    7,662.0    7,753.5    7,872.3    7,862.1
-----------------------------------------------------------------------------------------------------------------------------------
  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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                                                                Seasonally adjusted at annual rates                                                
                                                            -------------------------------------------------------------------------------------------------------------
                                       2001   2002   2003   I 00  II 00 III 00  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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
 related aggregates:
  GDP...............................     .5    2.2    3.1    1.0    6.4    -.5    2.1    -.2    -.6   -1.3    2.0    4.7    1.9    3.4    1.3    2.0    3.1    8.2    4.0

  Goods.............................   -2.0    2.1    4.3   -2.4   10.5   -3.3     .2   -3.4   -6.0   -4.1    4.1    7.7   -1.1    6.5   -2.8    4.3    2.2   18.3    6.7
  Services..........................    2.3    3.1    2.6    2.5    4.8    1.5    3.6    1.6    1.9    1.4    2.9    3.9    4.2    2.4    3.5    1.0    3.6    2.1    2.3
  Structures........................    -.4   -3.0    2.6    5.9    1.6    -.7     .4    1.0    4.0   -6.4   -9.6   -1.0   -1.1   -1.4    2.1    -.3    2.8   13.9    5.3

  Motor vehicle output..............  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  GDP excluding motor vehicle
   output...........................  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

  Final sales of computers\1\.......   13.6   11.1   40.6   62.4   49.6    9.2   18.6   52.2  -17.1  -17.9   27.2    5.0    6.6   50.9   34.8   34.6   32.8   93.4   27.5
  GDP excluding final sales of
   computers........................     .4    2.1    2.8     .5    6.0    -.6    1.9    -.7    -.4   -1.1    1.8    4.7    1.8    3.0    1.0    1.7    2.8    7.6    3.8

  Farm gross value added\2\.........   -4.2    1.9    1.5   65.1    5.2    4.8  -18.2   -2.0  -15.8  -16.6  100.1  -64.2   94.9   50.5   -1.5  -39.5   59.0   -3.2  -35.8

  Nonfarm business gross value
   added\3\.........................     .1    2.3    3.7    -.1    7.5    -.8    2.2    -.8   -1.0   -2.5    1.6    6.7     .8    4.0    1.6    2.4    3.8   10.4    4.2

Price indexes:
  GDP...............................    2.4    1.5    1.6    3.4    2.0    1.9    1.8    3.2    3.2    1.6    1.6    1.1    1.5    1.5    1.7    2.3    1.1    1.6    1.1
  GDP excluding food and energy.....    2.1    1.8    1.4    3.0    1.6    1.7    1.7    2.3    2.3    2.1    2.6    1.4    1.6    1.5    1.6    1.7     .7    1.3    1.0
  GDP excluding final sales of
   computers........................    2.7    1.8    1.8    3.6    2.2    2.1    1.9    3.7    3.4    1.8    1.8    1.4    1.6    1.7    1.9    2.5    1.2    1.8    1.2

  Gross domestic purchases..........    2.0    1.4    1.9    3.8    1.8    2.3    1.8    2.6    2.3    1.0     .5    1.0    2.4    1.6    1.7    3.4     .4    1.8    1.0
  Gross domestic purchases excluding
   food and energy..................    1.9    1.7    1.4    2.9    1.3    1.6    1.4    2.3    2.0    1.9    2.3    1.2    1.5    1.5    1.5    1.8     .9    1.3    1.1
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers..............    2.3    1.6    2.1    4.0    2.1    2.5    2.0    3.2    2.6    1.3     .8    1.2    2.6    1.8    2.0    3.6     .5    2.0    1.1

  Personal consumption expenditures.    2.0    1.4    1.8    3.5    2.0    1.9    1.8    3.2    2.5     .5     .4     .7    2.9    2.0    1.7    2.8     .5    1.8     .6
  Personal consumption expenditures
   excluding food and energy........    1.9    1.7    1.2    2.4    1.3     .9    1.5    2.8    1.9    1.3    2.5    1.0    1.9    2.0    1.5     .9     .8    1.0     .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 2001-02
annual percent change in real GDP uses prices for 2001 and 2002 as weights, and the 2001-02 annual
percent change in GDP prices uses quantities for 2001 and 2002 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.