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News Release: Gross Domestic Product

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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, TUESDAY, FEBRUARY 28, 2006


Virginia H. Mannering:  (202)   606-5304                                                 BEA 06-05
Recorded message:       (202)   606-5306



         GROSS DOMESTIC PRODUCT:  FOURTH QUARTER 2005 (PRELIMINARY)
  
                                         

     Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 1.6 percent in the fourth quarter of 2005, 
according to preliminary estimates released by the Bureau of Economic Analysis.  In the third quarter, 
real GDP increased 4.1 percent. 

     The GDP estimates released today are based on more complete source data than were available for
the advance estimates issued last month.  In the advance estimates, the increase in real GDP was 1.1 
percent (see "Revisions" on page 3).

     The increase in real GDP in the fourth quarter primarily reflected positive contributions from
private inventory investment, personal consumption expenditures (PCE), exports, equipment and 
software, and residential fixed investment that were partly offset by a negative contribution from federal  
government spending.  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, a downturn in federal government spending, and decelerations in 
equipment and software and in residential fixed investment that were partly offset by an upturn in 
inventory investment.

     Final sales of computers contributed 0.34 percentage point to the fourth-quarter growth in real
GDP after contributing 0.16 percentage point to the third-quarter growth.  Motor vehicle output 
subtracted 0.63 percentage point from the fourth-quarter growth in real GDP after contributing 0.56 
percentage point to the third-quarter growth.  




FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent 
changes are calculated from unrounded data and annualized.  "Real" estimates are in chained (2000)
dollars.  Prices indexes are chain-type measures.

                  This new release is available on BEA's Web site at www.bea.gov/bea/rels.htm.


     The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.6 in the fourth quarter, 0.3 percentage point more than the advance estimate; this index 
increased 4.2 percent in the third quarter.  Excluding food and energy prices, the price index for gross 
domestic purchases increased 3.0 percent in the fourth quarter, compared with an increase of 2.5 percent 
in the third.

     Real personal consumption expenditures increased 1.2 percent in the fourth quarter, compared
with an increase of 4.1 percent in the third.  Real nonresidential fixed investment increased 5.4 percent 
in the fourth quarter, compared with an increase of 8.5 percent in the third.  Nonresidential structures 
increased 3.3 percent, compared with an increase of 2.2 percent.  Equipment and software increased 6.2 
percent, compared with an increase of 10.6 percent.  Real residential fixed investment increased 2.6 
percent, compared with an increase of 7.3 percent.

     Real exports of goods and services increased 5.7 percent in the fourth quarter, compared with an
increase of 2.5 percent in the third.  Real imports of goods and services increased 12.8 percent, 
compared with an increase of 2.4 percent.

     Real federal government consumption expenditures and gross investment decreased 2.6 percent in
the fourth quarter, in contrast to an increase of 7.4 percent in the third.  National defense decreased 9.0 
percent, in contrast to an increase of 10.0 percent.  Nondefense increased 11.9 percent, compared with 
an increase of 2.4 percent.  Real state and local government consumption expenditures and gross 
investment increased 0.4 percent, compared with an increase of 0.2 percent.

     The real change in private inventories added 1.62 percentage points to the fourth-quarter change in
real GDP, after subtracting 0.43 percentage point from the third-quarter change.  Private businesses 
increased inventories $30.4 billion in the fourth quarter, following decreases of $13.3 billion in the third 
quarter and $1.7 billion in the second.

     Real final sales of domestic product -- GDP less change in private inventories -- was unchanged
in the fourth quarter, in contrast to an increase of 4.6 percent in the third.


Gross domestic purchases

     Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.9 percent in the fourth quarter, compared with an increase of 4.0 percent in the 
third. 


Current-dollar GDP

     Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.0 percent, or $154.7 billion, in the fourth quarter to a level of $12,760.4 billion.  In the third quarter, 
current-dollar GDP increased 7.6 percent, or $227.7 billion.


Revisions

     The preliminary estimate of the fourth-quarter increase in real GDP is 0.5 percentage point, or
$14.1 billion, higher than the advance estimate issued last month.  The upward revision to the 
percentage change in real GDP primarily reflected upward revisions to exports, to federal government 
spending, to equipment and software, and to change in private inventories that were partly offset by an 
upward revision to imports.  

                                                Advance         Preliminary
                                          (Percent change from preceding quarter)

Real GDP..............................            1.1               1.6
Current-dollar GDP....................            4.2               5.0
Gross domestic purchases price index..            3.3               3.6


2005 GDP

     Real GDP increased 3.5 percent in 2005 (that is, from the 2004 annual level to the 2005 annual
level), the same as in the advance estimate.  In 2004, real GDP increased 4.2 percent.

     During 2005 (that is, measured from the fourth quarter of 2004 to the fourth quarter of 2005), real
GDP increased 3.2 percent, 0.1 percentage point more than in the advance estimate.  Real GDP 
increased 3.8 percent during 2004.  The price index for gross domestic purchases increased 3.5 percent 
during 2005, 0.1 percentage point more than in the advance estimate.  During 2004, this index increased  
3.4 percent.


                                           *          *          *


     BEA's national, international, regional, and industry estimates; the Survey of Current Business; and 
BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting the 
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

     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

                  
                                           *          *          *


                    Next release - March 30, 2006, at 8:30 A.M. EST for:
                    Gross Domestic Product:  Fourth Quarter 2005 (Final)
                    Corporate Profits:  Fourth Quarter 2005
	



                                    Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   2004   2005r  I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05r IV 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.7    4.2    3.5    2.7    2.2    2.4     .2    1.7    3.7    7.2    3.6    4.3    3.5    4.0    3.3    3.8    3.3    4.1    1.6

Personal consumption expenditures...    2.9    3.9    3.6    1.4    2.4    2.3    1.4    2.5    3.6    5.8    3.1    4.7    1.9    4.4    4.3    3.5    3.4    4.1    1.2
  Durable goods.....................    6.6    6.0    4.5   -4.2    3.6   11.5   -5.2    3.6   15.1   19.8    -.3    4.4     .4   10.8    5.5    2.6    7.9    9.3  -16.6
  Nondurable goods..................    3.2    4.7    4.4    3.3    1.3     .3    3.6    3.2    1.9    8.3    3.1    6.6    2.6    3.9    5.5    5.3    3.6    3.5    5.1
  Services..........................    2.0    3.0    2.9    1.8    2.6    1.3    1.8    1.9    2.3    2.0    3.8    3.8    1.8    3.4    3.6    2.8    2.3    3.3    3.0

Gross private domestic investment...    3.9   11.9    6.0   13.6    1.9    5.8   -1.0    -.4    2.7   17.5   12.0   10.1   20.9    4.6    6.8    8.6   -3.7    5.3   14.8
  Fixed investment..................    3.6    9.7    8.1   -6.3   -1.4    -.7   -1.4     .8    8.8   14.8    6.9    6.9   15.1    8.4    7.2    7.0    9.5    8.0    4.4
    Nonresidential..................    1.3    9.4    8.7  -12.8   -6.1   -2.0   -5.0   -1.1    8.4   11.2    4.4    7.9   13.5   11.8   10.4    5.7    8.8    8.5    5.4
      Structures....................   -4.2    2.2    2.0  -19.0  -19.0  -15.5   -5.3   -8.4   13.3    -.1    1.3   -3.5    8.8    1.4    4.7   -2.0    2.7    2.2    3.3
      Equipment and software........    3.2   11.9   11.0  -10.4    -.9    3.3   -4.9    1.6    6.7   15.4    5.5   12.0   15.2   15.5   12.4    8.3   10.9   10.6    6.2
    Residential.....................    8.4   10.3    7.1   10.4    9.5    2.0    6.4    4.7    9.6   21.9   11.5    5.2   17.8    2.6    1.6    9.5   10.8    7.3    2.6
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    1.8    8.4    7.0    5.2   10.6    2.9   -3.1   -2.9   -2.1   11.5   19.1    5.0    6.9    5.5    7.1    7.5   10.7    2.5    5.7
    Goods...........................    1.8    8.9    7.3   -1.6   14.2    2.2   -9.1    1.5     .0    9.1   17.2    7.5    7.9    8.2    3.7    5.3   16.0    3.2    7.7
    Services........................    1.7    7.4    6.2   22.9    2.7    4.6   11.7  -11.9   -6.6   17.2   23.7    -.4    4.8    -.6   15.5   12.5    -.4    1.0    1.2
  Imports...........................    4.6   10.7    6.4   11.7   12.5    5.7    9.0   -2.5    3.3    4.1   16.5   12.0   14.5    4.7   11.3    7.4    -.3    2.4   12.8
    Goods...........................    4.9   11.0    6.9    9.2   16.0    6.5    8.1   -2.6    6.3     .9   17.7   12.4   14.7    4.7   13.0    8.2   -1.1    3.5   14.0
    Services........................    3.0    9.6    3.7   24.7   -3.0    1.7   14.0   -2.2  -10.2   21.4   10.7   10.0   13.7    4.6    3.1    3.7    4.4   -3.2    6.3

Government consumption expenditures
 and gross investment...............    2.8    2.2    1.8    4.3    4.8    2.3    4.8    -.3    7.2     .5     .5    3.3    2.3    1.8     .9    1.9    2.5    2.9    -.7
  Federal...........................    6.9    5.2    2.3    5.9   12.5    3.0   10.2     .3   22.1   -2.0    3.1   10.7    3.2    3.6    -.6    2.4    2.4    7.4   -2.6
    National defense................    8.8    7.0    2.6    3.7   11.5    4.1   14.8   -3.6   37.4   -6.5    7.9   13.8     .8    9.0   -3.3    3.0    3.7   10.0   -9.0
    Nondefense......................    3.4    1.8    1.9   10.2   14.1    1.2    2.1    8.0   -2.4    7.2   -5.8    4.9    8.1   -6.4    5.2    1.1    -.2    2.4   11.9
  State and local...................     .6     .4    1.5    3.5    1.0    1.9    2.0    -.6    -.3    2.0    -.9    -.7    1.8     .8    1.8    1.6    2.6     .2     .4

Addenda:
  Final sales of domestic product...    2.7    3.9    3.9    -.2    1.7    1.4     .1    1.9    4.6    6.9    2.8    3.8    2.6    4.6    3.3    3.5    5.6    4.6     .0
  Gross domestic purchases..........    3.0    4.7    3.6    3.6    2.7    2.8    1.7    1.5    4.2    6.5    3.9    5.2    4.7    3.9    4.1    4.0    2.1    4.0    2.9
  Final sales to domestic
   purchasers.......................    3.0    4.4    3.9     .7    2.2    1.8    1.6    1.7    5.0    6.1    3.2    4.8    3.8    4.5    4.1    3.7    4.2    4.5    1.3
  Gross national product (GNP)......    3.0    4.0  .....     .8    1.8    2.9    1.0    1.5    4.5    7.2    4.5    3.8    2.2    4.0    2.9    3.9    3.2    4.4  .....
  Disposable personal income........    2.4    3.4    1.5   11.6    1.9   -1.6     .2    2.5    4.5    7.2    1.0    3.6    1.2    2.8    9.1   -3.4     .2   -1.4    7.1

  Current-dollar measures:
    GDP.............................    4.8    7.0    6.4    4.3    3.7    3.9    2.4    4.8    4.8    9.3    5.5    8.1    7.5    5.3    6.1    7.0    6.0    7.6    5.0
    Final sales of domestic product.    4.8    6.6    6.8    1.4    3.2    3.0    2.4    5.1    5.7    8.8    4.8    7.5    6.6    6.1    6.2    6.7    8.3    8.1    3.4
    Gross domestic purchases........    5.3    7.7    6.9    4.9    5.2    4.4    3.9    5.7    4.6    8.6    5.6    9.7    9.0    5.9    7.4    7.0    5.5    8.4    6.5
    Final sales to domestic
     purchasers.....................    5.3    7.4    7.3    2.2    4.8    3.6    3.8    5.9    5.4    8.2    4.9    9.2    8.1    6.6    7.4    6.7    7.6    8.9    5.0
    GNP.............................    5.1    6.8  .....    2.3    3.3    4.4    3.2    4.6    5.7    9.2    6.4    7.7    6.1    5.4    5.7    7.0    5.9    7.8  .....
    Disposable personal income......    4.3    6.1    4.3   12.6    4.7     .2    1.9    5.6    5.2    9.4    2.3    7.6    5.1    4.3   12.5   -1.3    3.5    2.3    9.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.  Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2005.
  See "Explanatory Note" at the end of the tables.

                                                Table 2.--Contributions to Percent Change in Real Gross Domestic Product
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   2004   2005r  I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........    2.7    4.2    3.5    2.7    2.2    2.4     .2    1.7    3.7    7.2    3.6    4.3    3.5    4.0    3.3    3.8    3.3    4.1    1.6

Percentage points at annual rates:

  Personal consumption expenditures.   2.05   2.71   2.49   1.01   1.64   1.57    .97   1.70   2.55   4.13   2.15   3.27   1.33   3.05   3.01   2.44   2.35   2.85    .81

    Durable goods...................    .57    .51    .37   -.39    .31    .98   -.47    .31   1.23   1.64   -.03    .38    .03    .88    .45    .22    .64    .76  -1.47
      Motor vehicles and parts......    .19    .06   -.03  -1.07    .02    .89   -.75    .22    .53    .77   -.43   -.02   -.19    .44    .11   -.31    .27    .45  -1.93
      Furniture and household
       equipment....................    .26    .34    .28    .50    .23    .06    .21    .03    .48    .63    .30    .31    .24    .34    .21    .32    .17    .37    .33
      Other.........................    .11    .10    .13    .18    .07    .02    .07    .06    .22    .23    .10    .08   -.02    .10    .14    .20    .20   -.06    .13

    Nondurable goods................    .63    .94    .90    .65    .26    .06    .70    .63    .37   1.65    .61   1.31    .53    .78   1.09   1.07    .74    .73   1.04
      Food..........................    .25    .48    .49    .21    .18    .00    .20    .38    .05    .69    .20    .88    .27    .32    .63    .50    .42    .61    .51
      Clothing and shoes............    .14    .17    .17    .23    .04   -.05    .31   -.04    .27    .33    .04    .37   -.09    .17    .25    .15    .20    .08    .28
      Gasoline, fuel oil, and other
       energy goods.................    .01    .03    .04   -.06    .06    .04   -.04   -.01   -.04    .12    .07   -.04    .03    .02    .07    .21   -.11   -.11    .04
      Other.........................    .22    .26    .21    .27   -.01    .07    .23    .29    .09    .51    .31    .11    .33    .28    .14    .20    .23    .15    .20

    Services........................    .85   1.27   1.22    .75   1.07    .54    .74    .76    .94    .84   1.57   1.58    .77   1.39   1.47   1.15    .97   1.36   1.24
      Housing.......................    .07    .30    .24    .06   -.03   -.11   -.07    .08    .13    .24    .31    .39    .27    .29    .29    .23    .22    .20    .19
      Household operation...........    .05    .07    .11    .07    .29   -.11    .19    .01   -.06   -.02    .25    .07   -.07    .04    .34    .07   -.02    .17    .07
        Electricity and gas.........    .02    .03    .06    .11    .25   -.07    .23   -.05   -.13   -.07    .22    .02   -.11   -.05    .37    .02   -.08    .10    .09
        Other household operation...    .03    .05    .04   -.05    .04   -.04   -.04    .07    .07    .05    .03    .05    .05    .10   -.03    .05    .06    .08   -.02
      Transportation................    .00    .03    .04    .01   -.04   -.07   -.01    .07   -.05    .02    .02    .13   -.01    .00   -.01    .06    .06    .05    .10
      Medical care..................    .49    .49    .57    .59    .67    .59    .59    .45    .42    .31    .59    .37    .56    .64    .54    .53    .50    .66    .61
      Recreation....................    .10    .11    .06    .09    .07    .04    .16    .04    .15    .07    .21    .17    .00    .10    .02    .14    .02    .02    .04
      Other.........................    .14    .26    .21   -.08    .12    .20   -.12    .10    .35    .22    .19    .44    .02    .33    .29    .11    .18    .26    .23

  Gross private domestic investment.    .58   1.82    .98   1.92    .30    .87   -.14   -.03    .42   2.53   1.78   1.52   3.10    .75   1.11   1.42   -.63    .87   2.35

    Fixed investment................    .54   1.47   1.30  -1.04   -.23   -.12   -.21    .13   1.26   2.15   1.03   1.04   2.22   1.31   1.13   1.12   1.51   1.31    .73
      Nonresidential................    .13    .92    .88  -1.50   -.66   -.21   -.52   -.10    .79   1.08    .43    .76   1.29   1.15   1.04    .58    .90    .88    .57
        Structures..................   -.11    .06    .05   -.60   -.58   -.44   -.14   -.22    .32    .00    .03   -.09    .22    .04    .12   -.05    .07    .06    .09
        Equipment and software......    .24    .86    .83   -.90   -.09    .23   -.38    .12    .47   1.09    .40    .85   1.07   1.12    .92    .64    .83    .82    .48
          Information processing
           equipment and software...    .19    .49    .49   -.28    .06    .23   -.38    .21    .20    .79    .52    .61    .38    .31    .34    .72    .53    .42    .39
            Computers and peripheral
             equipment..............    .09    .19    .24    .15   -.06    .16   -.04    .07    .10    .21    .17    .20    .18    .16    .27    .31    .23    .11    .28
            Software................    .06    .11    .17   -.04    .15    .12   -.17    .04    .04    .29    .15    .08    .05    .10    .09    .22    .29    .14    .17
            Other...................    .05    .19    .08   -.38   -.03   -.05   -.17    .10    .05    .29    .20    .33    .16    .05   -.02    .18    .01    .17   -.05
          Industrial equipment......    .00    .04    .09    .01   -.12    .08    .01    .15   -.12   -.04   -.14    .19   -.05    .30    .06    .23   -.27    .20    .17
          Transportation equipment..   -.03    .15    .17   -.53   -.16   -.07   -.02   -.25    .36    .01   -.16   -.04    .56    .23    .39   -.16    .33    .18   -.19
          Other equipment...........    .08    .18    .09   -.10    .14    .00    .02    .01    .04    .33    .18    .09    .18    .28    .13   -.14    .23    .02    .10
      Residential...................    .41    .55    .41    .46    .43    .09    .30    .23    .47   1.07    .59    .28    .93    .15    .09    .54    .62    .43    .16

    Change in private inventories...    .05    .35   -.31   2.95    .53    .98    .08   -.16   -.84    .38    .75    .48    .87   -.56   -.03    .29  -2.14   -.43   1.62
      Farm..........................    .03    .03   -.07    .24   -.39    .31    .03    .17   -.21   -.07    .19   -.20    .45   -.01   -.28   -.11   -.09   -.02    .02
      Nonfarm.......................    .02    .32   -.24   2.71    .92    .67    .04   -.33   -.63    .45    .57    .68    .42   -.55    .25    .40  -2.05   -.42   1.60

  Net exports of goods and services.   -.46   -.73   -.29   -.97   -.62   -.49  -1.52    .08   -.66    .48   -.47  -1.16  -1.37   -.17   -.98   -.40   1.11   -.12  -1.40

    Exports.........................    .17    .80    .70    .47    .96    .27   -.31   -.29   -.20   1.04   1.69    .49    .67    .53    .70    .74   1.07    .26    .58
      Goods.........................    .12    .59    .51   -.11    .88    .14   -.64    .09    .00    .58   1.05    .50    .53    .55    .25    .37   1.08    .23    .54
      Services......................    .05    .22    .19    .59    .08    .13    .33   -.38   -.20    .46    .64   -.01    .14   -.02    .44    .37   -.01    .03    .04

    Imports.........................   -.63  -1.53   -.99  -1.44  -1.58   -.76  -1.21    .37   -.46   -.56  -2.16  -1.65  -2.03   -.70  -1.68  -1.14    .04   -.38  -1.98
      Goods.........................   -.56  -1.30   -.90   -.95  -1.65   -.72   -.90    .32   -.71   -.10  -1.91  -1.41  -1.71   -.59  -1.60  -1.05    .15   -.46  -1.82
      Services......................   -.07   -.23   -.09   -.48    .07   -.04   -.31    .05    .26   -.46   -.25   -.23   -.32   -.11   -.08   -.10   -.11    .09   -.16

  Government consumption expenditures
   and gross investment.............    .53    .41    .34    .79    .88    .43    .89   -.05   1.37    .11    .10    .62    .43    .35    .17    .35    .47    .54   -.13

    Federal.........................    .45    .36    .16    .36    .76    .20    .64    .03   1.40   -.14    .21    .71    .22    .25   -.04    .17    .17    .52   -.18
      National defense..............    .37    .32    .12    .14    .45    .17    .59   -.15   1.46   -.31    .35    .60    .04    .41   -.16    .14    .17    .46   -.44
        Consumption expenditures....    .33    .26    .11    .13    .29    .07    .67   -.19   1.35   -.34    .32    .46    .01    .39   -.26    .34    .04    .37   -.49
        Gross investment............    .04    .06    .01    .01    .16    .10   -.08    .04    .11    .03    .03    .14    .02    .02    .10   -.20    .13    .09    .05
      Nondefense....................    .08    .04    .04    .22    .31    .03    .05    .18   -.06    .17   -.14    .11    .19   -.16    .12    .03   -.01    .06    .26
       Consumption expenditures.....    .08    .04    .02    .14    .21    .11    .07    .18   -.19    .29   -.10    .11    .04   -.04    .08    .02   -.09    .08    .14
       Gross investment.............    .00    .00    .02    .07    .10   -.08   -.02    .00    .14   -.12   -.04    .00    .15   -.12    .04    .01    .08   -.02    .13

    State and local.................    .08    .05    .18    .43    .12    .23    .25   -.08   -.04    .25   -.11   -.09    .21    .10    .21    .19    .31    .03    .05
        Consumption expenditures....    .06    .04    .11    .30    .24    .17    .15   -.02   -.01   -.01    .02    .00    .07    .14    .16    .08    .08    .17    .09
        Gross investment............    .02    .01    .06    .12   -.12    .06    .10   -.07   -.03    .26   -.13   -.08    .14   -.04    .05    .11    .23   -.14   -.04

Addenda:
    Goods...........................   1.10   2.06   1.48   1.30    .49   1.69  -1.74   1.38    .75   5.19    .96   2.29   1.53   2.10   1.26   1.41   1.58   1.70    .49
    Services........................   1.30   1.59   1.55   1.43   1.95    .98   1.65    .41   2.15    .78   2.20   1.90    .71   1.75   1.82   1.86    .88   2.09    .85
    Structures......................    .31    .57    .49    .01   -.26   -.29    .29   -.08    .76   1.28    .41    .06   1.26    .13    .23    .53    .85    .35    .29
    Motor vehicle output............    .14    .16    .12    .53    .20    .40    .01    .00   -.09    .72   -.13    .49   -.26    .11    .29    .15   -.01    .56   -.63
    Final sales of computers........    .15    .15    .28   -.06    .01    .20    .11    .05    .10    .45    .09    .08    .08    .10    .36    .37    .32    .16    .34
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised
  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
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       2005r   IV 04     I 05    II 05   III 05    IV 05r    2005r   IV 04     I 05    II 05   III 05    IV 05r    2005r  III 05    IV 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product....... 12,485.7 11,995.2 12,198.8 12,378.0 12,605.7 12,760.4 11,134.6 10,897.1 10,999.3 11,089.2 11,202.3 11,247.6    378.9    113.1     45.3

Personal consumption expenditures.  8,746.2  8,416.1  8,535.8  8,677.0  8,844.0  8,927.9  7,858.2  7,698.8  7,764.9  7,829.5  7,907.9  7,930.6    269.6     78.4     22.7

  Durable goods...................  1,026.5  1,008.6  1,017.3  1,035.5  1,050.9  1,002.2  1,138.4  1,115.1  1,122.3  1,143.9  1,169.7  1,117.8     48.5     25.8    -51.9
    Motor vehicles and parts......    446.8    452.8    449.6    458.5    468.7    410.4    452.8    464.6    455.0    463.3    477.3    415.4     -4.2     14.0    -61.9
    Furniture and household
     equipment....................    373.2    360.6    366.9    370.0    374.9    381.0    485.0    456.8    469.2    475.9    490.5    504.3     42.1     14.6     13.8
    Other.........................    206.5    195.2    200.8    207.0    207.2    210.8    211.4    200.2    206.5    212.9    211.0    215.1     15.6     -1.9      4.1

  Nondurable goods................  2,564.6  2,437.1  2,476.6  2,533.7  2,604.9  2,643.1  2,298.0  2,236.5  2,265.6  2,285.9  2,305.8  2,334.8     97.6     19.9     29.0
    Food..........................  1,218.7  1,166.4  1,184.2  1,207.1  1,229.9  1,253.6  1,081.2  1,047.4  1,060.9  1,072.2  1,088.7  1,103.0     52.1     16.5     14.3
    Clothing and shoes............    345.5    335.2    340.5    344.9    343.9    352.6    376.6    363.0    367.9    374.4    377.2    387.0     21.6      2.8      9.8
    Gasoline, fuel oil, and other
     energy goods.................    310.7    267.9    275.2    296.4    338.3    333.0    204.9    203.0    207.7    205.2    203.0    203.8      3.5     -2.2       .8
    Other.........................    689.7    667.6    676.8    685.3    692.8    703.9    639.6    625.5    631.2    637.7    641.9    647.8     22.9      4.2      5.9

  Services........................  5,155.1  4,970.4  5,041.8  5,107.8  5,188.3  5,282.6  4,437.5  4,362.1  4,392.0  4,417.6  4,453.5  4,487.0    126.6     35.9     33.5
    Housing.......................  1,281.7  1,244.7  1,260.6  1,275.3  1,288.2  1,302.6  1,103.8  1,089.5  1,095.6  1,101.4  1,106.6  1,111.7     25.4      5.2      5.1
    Household operation...........    482.4    457.9    465.3    471.4    484.4    508.4    416.8    412.4    414.3    413.8    418.5    420.5     11.2      4.7      2.0
      Electricity and gas.........    202.3    185.9    189.5    192.4    202.1    225.0    155.4    154.7    155.2    153.2    155.5    157.6      6.2      2.3      2.1
      Other household operation...    280.1    272.1    275.8    279.0    282.3    283.4    261.1    257.3    258.8    260.5    262.7    262.2      4.8      2.2      -.5
    Transportation................    321.1    309.2    312.3    318.5    324.1    329.6    287.2    283.0    284.6    286.3    287.6    290.4      3.8      1.3      2.8
    Medical care..................  1,509.4  1,441.6  1,470.5  1,492.6  1,522.0  1,552.5  1,291.8  1,255.4  1,269.1  1,282.3  1,299.6  1,316.1     58.3     17.3     16.5
    Recreation....................    355.3    344.3    350.3    353.1    356.6    361.3    308.7    304.1    307.7    308.3    308.9    309.9      6.3       .6      1.0
    Other.........................  1,205.2  1,172.6  1,182.8  1,196.8  1,213.0  1,228.2  1,028.0  1,016.6  1,019.5  1,024.3  1,031.1  1,037.2     21.3      6.8      6.1

Gross private domestic investment.  2,103.1  2,004.5  2,058.5  2,054.4  2,099.5  2,200.0  1,918.4  1,863.9  1,902.9  1,885.0  1,909.4  1,976.3    108.6     24.4     66.9

  Fixed investment................  2,086.5  1,952.6  1,998.7  2,058.5  2,119.2  2,169.5  1,897.6  1,811.3  1,842.2  1,884.7  1,921.5  1,942.2    142.5     36.8     20.7
    Nonresidential................  1,330.6  1,252.9  1,280.1  1,313.5  1,348.9  1,380.0  1,289.7  1,235.1  1,252.2  1,279.0  1,305.2  1,322.5    103.0     26.2     17.3
      Structures..................    335.3    309.8    315.9    325.6    340.2    359.6    253.5    252.3    251.0    252.7    254.1    256.2      5.1      1.4      2.1
      Equipment and software......    995.3    943.1    964.3    987.9  1,008.7  1,020.3  1,051.5    994.2  1,014.2  1,040.9  1,067.5  1,083.5    103.9     26.6     16.0
        Information processing
         equipment and software...    489.5    456.3    474.6    486.6    494.5    502.4    591.3    539.7    565.1    584.6    600.2    615.4     68.9     15.6     15.2
          Computers and peripheral
           equipment..............    105.7     97.5    102.7    105.6    105.0    109.5    .....    .....    .....    .....    .....    .....    .....    .....    .....
          Software................    198.4    181.1    188.3    197.3    201.3    206.5    210.5    192.8    199.8    209.1    213.7    219.3     21.7      4.6      5.6
          Other...................    185.5    177.8    183.6    183.6    188.2    186.3    198.8    190.3    196.3    196.5    202.1    200.3      9.9      5.6     -1.8
        Industrial equipment......    161.3    152.6    161.3    154.9    161.3    167.6    149.1    144.5    150.9    143.2    148.8    153.7      9.7      5.6      4.9
        Transportation equipment..    171.5    168.4    163.8    172.8    177.9    171.6    157.0    153.3    148.8    158.1    163.3    157.9     18.3      5.2     -5.4
        Other equipment...........    173.0    165.8    164.6    173.7    175.0    178.7    159.9    158.0    153.9    160.6    161.1    164.0      9.9       .5      2.9
    Residential...................    755.8    699.7    718.5    745.0    770.3    789.5    601.8    571.0    584.1    599.3    610.0    613.9     40.0     10.7      3.9

  Change in private inventories...     16.6     51.9     59.9     -4.2    -19.7     30.5     18.4     50.1     58.2     -1.7    -13.3     30.4    -33.6    -11.6     43.7
    Farm..........................     -8.4     -3.0     -6.5     -8.5     -9.5     -8.9     -3.7      -.2     -2.3     -4.2     -4.5     -3.7     -6.0      -.3       .8
    Nonfarm.......................     25.0     54.8     66.4      4.3    -10.2     39.3     23.1     50.8     61.8      3.4     -8.1     35.3    -26.8    -11.5     43.4

Net exports of goods and services.   -726.9   -685.4   -697.5   -691.0   -730.4   -788.8   -633.3   -634.1   -645.4   -614.2   -617.5   -656.2    -32.0     -3.3    -38.7

  Exports.........................  1,301.6  1,217.1  1,253.2  1,297.1  1,314.6  1,341.5  1,195.7  1,144.5  1,165.3  1,195.4  1,202.7  1,219.4     77.8      7.3     16.7
    Goods.........................    905.5    845.0    865.4    904.7    914.8    937.0    840.9    800.3    810.7    841.3    847.9    863.8     57.3      6.6     15.9
    Services......................    396.1    372.1    387.7    392.5    399.9    404.5    354.7    344.0    354.3    353.9    354.8    355.8     20.6       .9      1.0

  Imports.........................  2,028.6  1,902.5  1,950.6  1,988.1  2,045.1  2,130.4  1,829.0  1,778.6  1,810.7  1,809.6  1,820.2  1,875.7    109.8     10.6     55.5
    Goods.........................  1,701.3  1,588.4  1,627.6  1,661.8  1,718.6  1,797.0  1,553.5  1,507.3  1,537.3  1,532.9  1,546.1  1,597.6    100.8     13.2     51.5
    Services......................    327.3    314.1    323.0    326.3    326.4    333.3    276.9    272.3    274.8    277.7    275.5    279.7      9.8     -2.2      4.2

Government consumption expenditures
 and gross investment.............  2,363.4  2,260.0  2,302.0  2,337.6  2,392.7  2,421.4  1,987.2  1,962.8  1,971.9  1,984.1  1,998.1  1,994.7     34.9     14.0     -3.4

  Federal.........................    877.8    840.8    860.2    869.8    892.2    888.8    740.5    727.6    731.8    736.1    749.5    744.6     16.8     13.4     -4.9
    National defense..............    587.2    562.0    575.3    582.5    601.7    589.2    493.6    483.7    487.3    491.7    503.6    491.8     12.3     11.9    -11.8
      Consumption expenditures....    515.9    490.1    508.9    512.3    528.6    514.0    424.1    413.4    421.9    422.9    432.2    419.4     10.8      9.3    -12.8
      Gross investment............     71.2     71.9     66.4     70.2     73.1     75.2     70.0     71.2     65.3     69.2     72.0     73.6      1.5      2.8      1.6
    Nondefense....................    290.6    278.8    285.0    287.3    290.5    299.6    246.7    243.6    244.3    244.2    245.6    252.6      4.5      1.4      7.0
      Consumption expenditures....    253.7    245.1    250.7    250.5    254.3    259.1    210.6    209.9    210.4    208.2    210.1    213.6      2.0      1.9      3.5
      Gross investment............     37.0     33.8     34.3     36.8     36.3     40.5     36.3     33.6     33.8     36.3     35.6     39.6      2.9      -.7      4.0

  State and local.................  1,485.6  1,419.1  1,441.7  1,467.7  1,500.4  1,532.6  1,246.5  1,235.0  1,239.8  1,247.8  1,248.5  1,249.8     18.1       .7      1.3
      Consumption expenditures....  1,193.2  1,143.1  1,159.0  1,175.7  1,205.7  1,232.6    991.1    984.8    986.8    988.8    993.3    995.5     11.6      4.5      2.2
      Gross investment............    292.4    276.1    282.7    292.0    294.7    300.0    255.6    250.3    253.2    259.4    255.4    254.4      6.7     -4.0     -1.0

Residual..........................    .....    .....    .....    .....    .....    .....    -63.6    -37.5    -48.0    -60.1    -69.6    -77.3    .....    .....    .....

Addenda:
  Final sales of domestic product. 12,469.1 11,943.3 12,138.9 12,382.1 12,625.4 12,730.0 11,114.6 10,846.0 10,940.3 11,089.2 11,214.4 11,214.5    412.2    125.2       .1
  Gross domestic purchases........ 13,212.7 12,680.6 12,896.3 13,069.0 13,336.1 13,549.2 11,759.2 11,522.0 11,635.4 11,694.8 11,811.2 11,895.3    410.5    116.4     84.1
  Final sales to domestic
   purchasers..................... 13,196.0 12,628.7 12,836.4 13,073.1 13,355.8 13,518.8 11,739.0 11,470.7 11,576.2 11,694.6 11,823.0 11,862.1    443.7    128.4     39.1

  Gross domestic product.......... 12,485.7 11,995.2 12,198.8 12,378.0 12,605.7 12,760.4 11,134.6 10,897.1 10,999.3 11,089.2 11,202.3 11,247.6    378.9    113.1     45.3
  Plus: Income receipts from
   the rest of the world..........    .....    462.4    462.3    489.4    520.8    .....    .....    423.2    420.4    441.7    465.5    .....    .....     23.8    .....
  Less: Income payments to
   the rest of the world..........    .....    425.6    422.9    453.9    476.6    .....    .....    388.5    383.3    408.2    424.4    .....    .....     16.2    .....
  Equals: Gross national product..    ..... 12,032.0 12,238.2 12,413.5 12,650.0    .....    ..... 10,931.8 11,036.3 11,122.5 11,243.2    .....    .....    120.7    .....

  Net domestic product............ 10,911.9 10,553.2 10,750.4 10,920.7 10,741.9 11,234.5  9,639.9  9,514.2  9,608.3  9,689.7  9,456.1  9,805.7    274.4   -233.6    349.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised
  Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series.  For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
  See "Explanatory Note" at the end of the tables.

                              Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   2004   2005r  I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.0    2.6    2.8    1.7    1.5    1.6    2.2    3.1    1.1    1.8    1.9    3.6    3.9    1.5    2.7    3.1    2.6    3.3    3.3

Personal consumption expenditures...    1.9    2.6    2.8     .9    2.8    1.8    1.7    3.0     .6    2.0    1.3    3.9    3.8    1.5    3.1    2.3    3.3    3.7    2.7
  Durable goods.....................   -3.5   -1.9    -.5   -3.2   -1.9   -1.8   -2.7   -4.3   -4.3   -4.4   -4.1     .1    -.1   -2.4     .6     .9    -.5   -3.0    -.8
  Nondurable goods..................    2.0    3.3    3.7     .2    5.4     .9    1.2    5.6   -2.4    3.1     .6    6.0    6.6     .1    4.5    1.3    5.7    7.9     .8
  Services..........................    3.0    3.2    3.1    2.2    2.6    3.0    2.8    3.4    3.2    2.8    2.8    3.6    3.3    2.9    3.0    3.0    2.9    3.1    4.3

Gross private domestic investment...    1.6    3.1    3.1    -.2     .5     .2    2.9    2.9    -.5    1.7    3.7    3.4    4.6    3.2    2.3    2.6    2.7    3.7    5.0
  Fixed investment..................    1.7    3.2    3.1    -.3     .5     .2    3.0    3.1    -.5    1.7    3.9    3.5    4.6    3.0    2.2    2.6    2.7    4.0    5.2
    Nonresidential..................     .3    1.3    2.1    -.1    -.2    -.4    1.1     .1   -1.0    1.2    1.9    1.2    1.8     .9    1.1    3.1    1.9    2.5    3.9
      Structures....................    3.5    5.5   10.1    3.8    5.2    4.3    5.1    4.0     .3    2.9    4.6    7.1    6.8    6.6    5.6   10.3    9.9   16.5   20.9
      Equipment and software........    -.9    -.1    -.4   -1.5   -2.1   -2.0    -.3   -1.2   -1.4     .6    1.0    -.8     .2    -.9    -.4     .9    -.7   -1.8   -1.4
    Residential.....................    4.8    6.7    4.7    -.8    2.2    1.5    7.0    9.3     .3    2.7    7.6    8.0    9.7    6.9    4.2    1.6    4.3    6.5    7.6
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    2.1    3.6    3.7   -1.1    2.8    3.0     .6    4.1    1.0     .9    2.9    5.9    4.8    1.7    4.3    4.6    3.7    2.9    2.6
    Goods...........................    2.0    3.7    3.1   -1.4    2.2    3.3     .5    3.6    1.6    -.7    4.1    6.5    5.3    1.0    3.8    4.5    2.9    1.3    2.2
    Services........................    2.5    3.1    4.9    -.3    4.3    2.1     .7    5.2    -.3    4.6     .1    4.4    3.7    3.2    5.6    4.7    5.4    6.7    3.5
  Imports...........................    3.4    5.0    6.1   -1.7   10.3    3.5     .6   11.2   -4.4    2.6    1.1    9.6    6.6    5.7    6.8    2.9    8.2    9.4    4.4
    Goods...........................    2.9    5.0    6.4   -2.0   10.8    2.6     .4   11.9   -6.7    2.5     .5   10.1    7.9    5.4    6.9    1.9    9.9   10.6    4.8
    Services........................    5.8    4.9    4.6    -.3    7.6    8.1    1.4    8.0    7.5    3.2    4.2    7.5     .3    7.4    6.5    7.9    -.2    3.4    2.3

Government consumption expenditures
 and gross investment...............    3.7    3.7    4.8    5.2    2.9    2.6    3.6    8.9     .0    2.5    1.4    6.2    5.0    3.2    4.1    5.7    3.7    6.7    5.6
  Federal...........................    3.9    4.2    3.7   10.1     .5    1.0    4.6    9.9    1.3    1.2    1.2    9.7    4.9    2.2    2.6    7.0    2.1    3.0    1.1
    National defense................    4.4    4.0    3.6    9.1    1.3    2.4    6.9    9.3    1.1    1.3    1.5    7.8    5.6    2.8    2.7    6.6    1.4    3.5    1.1
    Nondefense......................    3.0    4.6    3.8   12.0    -.8   -1.4     .5   11.0    1.6    1.0     .7   13.7    3.6    1.2    2.5    7.9    3.6    2.1    1.0
  State and local...................    3.7    3.4    5.5    2.7    4.2    3.4    3.0    8.4    -.7    3.2    1.6    4.2    5.0    3.7    4.9    4.9    4.7    9.0    8.4

Addenda:
  Final sales of domestic product...    2.0    2.6    2.8    1.7    1.5    1.6    2.3    3.1    1.1    1.8    1.9    3.6    3.8    1.4    2.7    3.1    2.6    3.3    3.4
  Gross domestic purchases..........    2.2    2.9    3.2    1.5    2.5    1.7    2.2    4.1     .4    2.0    1.7    4.2    4.1    2.0    3.2    2.9    3.3    4.2    3.6
  Final sales to domestic
   purchasers.......................    2.2    2.9    3.2    1.5    2.5    1.7    2.2    4.1     .4    2.0    1.7    4.2    4.1    2.0    3.2    2.9    3.3    4.3    3.6
  Gross national product (GNP)......    2.0    2.6  .....    1.7    1.5    1.6    2.2    3.1    1.1    1.8    1.9    3.6    3.8    1.5    2.7    3.1    2.6    3.3  .....

  Implicit price deflators:
    GDP.............................    2.0    2.6    2.8    1.5    1.4    1.5    2.2    3.1    1.1    1.9    1.8    3.7    3.9    1.3    2.7    3.0    2.6    3.3    3.3
    Gross domestic purchases........    2.2    2.9    3.2    1.3    2.4    1.6    2.2    4.1     .4    2.1    1.6    4.3    4.1    1.9    3.2    2.9    3.3    4.2    3.6
    GNP.............................    2.0    2.6  .....    1.4    1.5    1.5    2.3    3.1    1.1    1.9    1.8    3.7    3.8    1.3    2.7    3.0    2.6    3.3  .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised
  See "Explanatory Note" at the end of the tables.

                                      Table 5.--Real Gross Domestic Product, Quantity Indexes
                                                     [Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Seasonally adjusted
                                                                                ---------------------------------------------------
                                                  2003       2004       2005r     IV 04       I 05      II 05     III 05      IV 05r
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    105.130    109.562    113.422    111.003    112.044    112.959    114.112    114.573

Personal consumption expenditures..........    108.416    112.601    116.602    114.236    115.217    116.176    117.338    117.676
  Durable goods............................    119.134    126.245    131.867    129.166    129.999    132.499    135.492    129.477
  Nondurable goods.........................    107.938    113.000    118.016    114.857    116.351    117.392    118.413    119.907
  Services.................................    106.493    109.725    112.947    111.027    111.789    112.440    113.353    114.206

Gross private domestic investment..........     93.195    104.286    110.540    107.398    109.645    108.615    110.023    113.877
  Fixed investment.........................     95.297    104.534    113.024    107.880    109.722    112.252    114.443    115.677
    Nonresidential.........................     88.063     96.314    104.679    100.246    101.633    103.806    105.935    107.343
      Structures...........................     77.621     79.314     80.935     80.554     80.145     80.680     81.123     81.791
      Equipment and software...............     92.154    103.126    114.434    108.201    110.376    113.274    116.170    117.917
    Residential............................    113.989    125.714    134.660    127.772    130.695    134.100    136.484    137.360
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............     94.064    101.970    109.069    104.398    106.295    109.037    109.710    111.234

Imports of goods and services..............    105.205    116.495    123.939    120.518    122.698    122.620    123.340    127.098

Government consumption expenditures and
 gross investment..........................    111.009    113.398    115.428    114.008    114.537    115.248    116.063    115.863
  Federal..................................    118.839    125.038    127.945    125.704    126.446    127.188    129.491    128.656
  State and local..........................    107.042    107.487    109.070    108.069    108.489    109.183    109.246    109.362

Addenda:
  Final sales of domestic product..........    105.564    109.650    113.874    111.122    112.088    113.613    114.896    114.897
  Gross domestic purchases.................    106.285    111.301    115.326    113.000    114.112    114.695    115.836    116.661
  Final sales to domestic purchasers.......    106.708    111.394    115.770    113.124    114.164    115.332    116.598    116.984
  Gross national product...................    105.370    109.637      .....    110.916    111.977    112.851    114.076      .....
-----------------------------------------------------------------------------------------------------------------------------------
  r Revised
  See "Explanatory Note" at the end of the tables.

                                        Table 6.--Price Indexes for Gross Domestic Product
                                                     [Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Seasonally adjusted
                                                                                ---------------------------------------------------
                                                  2003       2004       2005r     IV 04       I 05      II 05     III 05      IV 05r
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    106.310    109.102    112.165    110.111    110.950    111.655    112.567    113.488

Personal consumption expenditures
 (PCE).....................................    105.520    108.246    111.299    109.326    109.936    110.832    111.846    112.583
  Durable goods............................     92.372     90.631     90.168     90.449     90.648     90.527     89.839     89.660
  Nondurable goods.........................    104.151    107.634    111.595    108.982    109.327    110.854    112.985    113.215
  Services.................................    109.246    112.695    116.171    113.955    114.803    115.633    116.508    117.739

Gross private domestic investment..........    103.311    106.555    109.820    107.733    108.427    109.164    110.169    111.521
  Fixed investment.........................    103.432    106.697    109.957    107.831    108.522    109.254    110.318    111.732
    Nonresidential.........................     99.764    101.025    103.168    101.455    102.244    102.715    103.358    104.355
      Structures...........................    113.889    120.124    132.278    122.827    125.876    128.886    133.914    140.435
      Equipment and software...............     95.133     95.022     94.658     94.854     95.067     94.910     94.491     94.162
    Residential............................    112.379    119.935    125.604    122.574    123.062    124.359    126.335    128.659
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............    101.398    104.999    108.862    106.366    107.559    108.534    109.323    110.033

Imports of goods and services..............     99.610    104.571    110.940    107.026    107.783    109.925    112.413    113.639

Government consumption expenditures and
 gross investment..........................    109.460    113.505    118.929    115.148    116.747    117.820    119.751    121.399
  Federal..................................    109.740    114.354    118.537    115.575    117.550    118.168    119.056    119.373
  State and local..........................    109.303    113.022    119.186    114.914    116.291    117.635    120.186    122.630

Addenda:
  PCE excluding food and energy............    105.082    107.156    109.295    107.980    108.617    109.083    109.450    110.029
  Market-based PCE\1\......................    105.009    107.422    110.331    108.378    108.948    109.860    110.917    111.598
  Market-based PCE excluding food
   and energy\1\...........................    104.348    105.898    107.671    106.514    107.106    107.506    107.797    108.275
  Final sales of domestic product..........    106.330    109.124    112.185    110.124    110.963    111.667    112.589    113.521
  Gross domestic purchases.................    105.863    108.899    112.391    110.092    110.883    111.785    112.953    113.944
  Final sales to domestic purchasers.......    105.883    108.921    112.412    110.106    110.898    111.798    112.976    113.977
  Gross national product...................    106.304    109.094      .....    110.100    110.933    111.638    112.550      .....

  Implicit price deflators:
    Gross domestic product.................    106.305    109.099    112.134    110.077    110.905    111.622    112.527    113.450
    Final sales of domestic product........    106.330    109.124    112.187    110.117    110.956    111.659    112.582    113.513
    Gross domestic purchases...............    105.858    108.896    112.361    110.055    110.837    111.750    112.911    113.904
    Final sales to domestic purchasers.....    105.883    108.920    112.412    110.095    110.886    111.787    112.965    113.966
    Gross national product.................    106.299    109.091      .....    110.064    110.890    111.607    112.512      .....
-----------------------------------------------------------------------------------------------------------------------------------
  r Revised
  1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.  Percentage changes for these series are
included in the addenda to table 8 and appendix table A.
  See "Explanatory Note" at the end of the tables.

                                               Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           1990    1991    1992    1993    1994    1995    1996    1997    1998    1999    2000    2001    2002    2003    2004    2005r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     1.9     -.2     3.3     2.7     4.0     2.5     3.7     4.5     4.2     4.5     3.7      .8     1.6     2.7     4.2     3.5

Personal consumption expenditures......     2.0      .2     3.3     3.3     3.7     2.7     3.4     3.8     5.0     5.1     4.7     2.5     2.7     2.9     3.9     3.6
  Durable goods........................     -.3    -5.6     5.9     7.8     8.4     4.4     7.8     8.6    11.3    11.7     7.3     4.3     7.1     6.6     6.0     4.5
  Nondurable goods.....................     1.6     -.2     2.0     2.7     3.5     2.2     2.6     2.7     4.0     4.6     3.8     2.0     2.5     3.2     4.7     4.4
  Services.............................     2.9     1.7     3.5     2.8     2.9     2.6     2.9     3.3     4.2     4.0     4.5     2.4     1.9     2.0     3.0     2.9

Gross private domestic investment......    -3.4    -8.1     8.1     8.9    13.6     3.1     8.9    12.4     9.8     7.8     5.7    -7.9    -2.6     3.9    11.9     6.0
  Fixed investment.....................    -2.1    -6.5     5.9     8.6     9.3     6.5     9.0     9.2    10.2     8.3     6.5    -3.0    -5.2     3.6     9.7     8.1
    Nonresidential.....................      .5    -5.4     3.2     8.7     9.2    10.5     9.3    12.1    11.1     9.2     8.7    -4.2    -9.2     1.3     9.4     8.7
      Structures.......................     1.5   -11.1    -6.0     -.7     1.8     6.4     5.6     7.3     5.1     -.4     6.8    -2.3   -17.1    -4.2     2.2     2.0
      Equipment and software...........      .0    -2.6     7.3    12.5    11.9    12.0    10.6    13.8    13.3    12.7     9.4    -4.9    -6.2     3.2    11.9    11.0
    Residential........................    -8.6    -9.6    13.8     8.2     9.6    -3.2     8.0     1.9     7.6     6.0      .8      .4     4.8     8.4    10.3     7.1
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................     9.0     6.6     6.9     3.2     8.7    10.1     8.4    11.9     2.4     4.3     8.7    -5.4    -2.3     1.8     8.4     7.0
    Goods..............................     8.4     6.9     7.5     3.3     9.7    11.7     8.8    14.3     2.2     3.8    11.2    -6.1    -4.0     1.8     8.9     7.3
    Services...........................    10.5     6.0     5.5     3.2     6.3     6.3     7.2     5.9     2.9     5.6     2.9    -3.7     1.9     1.7     7.4     6.2
  Imports..............................     3.6     -.6     7.0     8.8    11.9     8.0     8.7    13.6    11.6    11.5    13.1    -2.7     3.4     4.6    10.7     6.4
    Goods..............................     3.0     -.1     9.3    10.1    13.3     9.0     9.3    14.4    11.7    12.4    13.5    -3.2     3.7     4.9    11.0     6.9
    Services...........................     6.5    -2.6    -2.6     2.9     5.7     3.3     5.5     9.4    11.4     6.9    11.1     -.3     2.1     3.0     9.6     3.7

Government consumption expenditures
 and gross investment..................     3.2     1.1      .5     -.9      .0      .5     1.0     1.9     1.9     3.9     2.1     3.4     4.4     2.8     2.2     1.8
  Federal..............................     2.0     -.2    -1.7    -4.2    -3.7    -2.7    -1.2    -1.0    -1.1     2.2      .9     3.9     7.0     6.9     5.2     2.3
    National defense...................      .0    -1.1    -5.0    -5.6    -4.9    -3.8    -1.4    -2.8    -2.1     1.9     -.5     3.9     7.4     8.8     7.0     2.6
    Nondefense.........................     8.3     2.4     6.9     -.7    -1.2     -.4     -.7     2.6      .7     2.8     3.5     3.9     6.3     3.4     1.8     1.9
  State and local......................     4.1     2.1     2.2     1.4     2.6     2.6     2.3     3.6     3.6     4.7     2.7     3.2     3.1      .6      .4     1.5

Addenda:
  Final sales of domestic product......     2.1      .1     3.0     2.6     3.4     3.0     3.7     4.0     4.2     4.5     3.8     1.6     1.2     2.7     3.9     3.9
  Gross domestic purchases.............     1.4     -.8     3.3     3.2     4.4     2.4     3.8     4.8     5.3     5.3     4.4      .9     2.2     3.0     4.7     3.6
  Final sales to domestic purchasers...     1.6     -.6     3.1     3.2     3.8     2.8     3.8     4.3     5.3     5.4     4.5     1.8     1.8     3.0     4.4     3.9
  Gross national product...............     2.0     -.3     3.3     2.7     3.9     2.6     3.7     4.4     4.0     4.6     3.7      .8     1.5     3.0     4.0   .....
  Real disposable personal income......     1.9      .5     3.4     1.0     2.7     2.8     3.0     3.5     5.8     3.0     4.8     1.9     3.1     2.4     3.4     1.5

  Price indexes:
    Gross domestic purchases...........     4.1     3.3     2.3     2.2     2.1     2.1     1.8     1.4      .6     1.6     2.5     2.0     1.6     2.2     2.9     3.2
    Gross domestic purchases excluding
     food and energy...................     3.7     3.5     2.6     2.3     2.2     2.2     1.5     1.3     1.0     1.4     1.9     1.9     1.9     1.8     2.4     2.5
    GDP................................     3.9     3.5     2.3     2.3     2.1     2.0     1.9     1.7     1.1     1.4     2.2     2.4     1.7     2.0     2.6     2.8
    GDP excluding food and energy......     3.7     3.6     2.5     2.4     2.2     2.1     1.7     1.7     1.2     1.5     2.0     2.1     2.1     1.8     2.5     2.7
    Personal consumption expenditures..     4.6     3.6     2.9     2.3     2.1     2.1     2.2     1.7      .9     1.7     2.5     2.1     1.4     1.9     2.6     2.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.  Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2005.

                                            Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           I 02   II 02  III 02   IV 02    I 03   II 03  III 03   IV 03    I 04   II 04  III 04   IV 04    I 05   II 05  III 05r  IV 05r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     1.0     1.3     2.2     1.9     1.6     2.0     3.2     4.0     4.7     4.6     3.8     3.8     3.6     3.6     3.6     3.2

Personal consumption expenditures
 (PCE).................................     2.8     3.1     3.2     1.9     2.1     2.4     3.3     3.8     4.3     3.9     3.5     3.8     3.5     3.9     3.8     3.0
  Durable goods........................     7.8     8.9    11.0     1.2     3.2     6.0     7.9     9.2     9.4     5.8     3.7     5.2     4.7     6.7     6.3      .2
  Nondurable goods.....................     2.6     3.0     2.4     2.1     2.1     2.2     4.2     4.1     4.9     5.1     4.0     4.6     4.3     4.6     4.5     4.4
  Services.............................     1.8     2.0     2.0     1.9     1.9     1.8     2.0     2.5     3.0     2.9     3.2     3.1     2.9     3.0     3.0     2.9

Gross private domestic investment......    -7.7    -5.4    -1.4     4.9     1.5     1.7     4.4     7.7    10.5    15.1    11.8    10.4    10.1     4.0     4.1     6.0
  Fixed investment.....................    -7.6    -5.8    -4.9    -2.5     -.7     1.8     5.6     7.7     9.3    10.9     9.3     9.4     9.4     8.0     7.9     7.2
    Nonresidential.....................   -11.7    -9.8    -8.7    -6.5    -3.5      .0     3.2     5.6     7.9     9.2     9.4    10.9    10.3     9.2     8.3     7.1
      Structures.......................   -13.9   -17.4   -22.0   -14.9   -12.2    -4.5     -.5     1.2     2.6     1.5     1.9     2.7     3.1     1.7     1.9     1.5
      Equipment and software...........   -10.9    -6.8    -3.2    -3.4     -.3     1.6     4.4     7.2     9.8    11.9    12.0    13.8    12.8    11.7    10.5     9.0
    Residential........................     3.4     4.3     4.4     7.0     5.6     5.6    10.5    11.8    11.9    13.9     9.1     6.6     7.7     6.1     7.2     7.5
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................    -9.5    -4.0     1.6     3.8     1.7    -1.3      .7     6.0     8.1    10.5     9.0     6.1     6.7     7.7     6.9     6.5
    Goods..............................   -12.2    -4.9     1.1     1.1     1.9    -1.5      .2     6.7     8.3    10.4    10.1     6.8     6.2     8.2     6.9     7.9
    Services...........................    -2.8    -2.0     2.8    10.2     1.4    -1.0     1.9     4.5     7.8    10.9     6.4     4.6     7.9     6.5     6.9     3.4
  Imports..............................    -4.1     2.1     6.4     9.7     6.0     3.8     3.4     5.1     8.8    11.7    11.8    10.6     9.4     5.7     5.1     5.5
    Goods..............................    -5.0     3.2     7.2     9.9     6.8     4.5     3.1     5.3     9.2    11.2    12.3    11.1    10.1     6.1     5.8     6.0
    Services...........................      .7    -3.0     2.4     8.8     2.4      .5     5.0     4.2     7.3    13.8     9.7     7.7     6.2     3.9     2.0     2.7

Government consumption expenditures
 and gross investment..................     4.7     4.0     4.9     4.0     2.9     3.5     3.0     1.9     2.9     1.7     2.0     2.1     1.7     1.8     2.0     1.6
  Federal..............................     5.9     6.7     7.5     7.8     6.4     8.6     7.2     5.5     8.1     3.6     5.1     4.2     2.1     1.9     2.9     2.3
    National defense...................     5.6     7.4     7.9     8.4     6.5    12.2     9.2     7.5    12.1     3.7     7.8     4.9     2.3     3.0     3.3     1.7
    Nondefense.........................     6.3     5.5     6.8     6.8     6.2     2.1     3.6     1.6      .8     3.5      .0     2.8     1.8     -.2     2.1     3.7
  State and local......................     4.1     2.6     3.6     2.1     1.1      .7      .8      .0      .0      .5      .2      .9     1.5     1.7     1.5     1.2

Addenda:
  Final sales of domestic product......     1.0     1.2     1.7      .8     1.3     2.0     3.3     4.0     4.5     4.0     3.4     3.6     3.5     4.2     4.3     3.4
  Gross domestic purchases.............     1.4     1.9     2.8     2.7     2.2     2.5     3.4     4.0     4.9     5.1     4.4     4.5     4.2     3.5     3.5     3.2
  Final sales to domestic purchasers...     1.4     1.9     2.3     1.6     1.9     2.5     3.6     4.0     4.7     4.5     4.1     4.3     4.1     4.1     4.1     3.4
  Gross national product...............      .9     1.0     2.3     1.6     1.8     2.4     3.5     4.4     5.0     4.4     3.6     3.2     3.2     3.5     3.6   .....
  Real disposable personal income......     3.7     4.6     1.4     2.9      .7     1.4     3.6     3.8     4.1     3.2     2.1     4.1     2.3     2.1     1.0      .5

  Price indexes:
    Gross domestic purchases...........     1.3     1.4     1.6     1.9     2.6     2.1     2.1     2.0     2.1     3.0     3.0     3.4     3.1     2.9     3.4     3.5
    Gross domestic purchases excluding
     food and energy...................     2.0     1.9     1.9     1.7     1.9     1.7     1.7     1.7     1.9     2.5     2.6     2.7     2.6     2.4     2.5     2.6
    GDP................................     2.0     1.6     1.6     1.7     2.1     2.0     2.1     2.0     2.1     2.8     2.7     2.9     2.8     2.5     2.9     3.1
    GDP excluding food and energy......     2.3     2.1     2.0     1.9     2.0     1.8     1.8     1.7     1.9     2.5     2.6     2.8     2.7     2.5     2.7     2.8
    PCE................................     1.2     1.2     1.5     1.8     2.3     1.8     1.8     1.7     1.9     2.7     2.6     3.1     2.7     2.5     3.1     3.0
    PCE excluding food and energy......     1.8     1.8     1.9     1.6     1.5     1.3     1.2     1.3     1.7     2.0     2.0     2.2     2.2     2.0     1.9     1.9
    Market-based PCE\1\................      .7      .9     1.1     1.7     2.3     1.7     1.8     1.6     1.7     2.5     2.3     2.8     2.4     2.4     3.1     3.0
    Market-based PCE excluding food
     and energy\1\.....................     1.5     1.5     1.5     1.4     1.3     1.2     1.1     1.0     1.3     1.5     1.5     1.7     1.8     1.6     1.6     1.7
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.  Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2005.
  1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.

                     Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2003       2004       2005r     IV 04       I 05      II 05     III 05r     IV 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.....................   10,971.2   11,734.3   12,485.7   11,995.2   12,198.8   12,378.0   12,605.7   12,760.4

Plus: Income receipts from the rest of the
 world.....................................      343.7      415.4      .....      462.4      462.3      489.4      520.8      .....
Less: Income payments to the rest of the
 world.....................................      275.6      361.7      .....      425.6      422.9      453.9      476.6      .....

Equals: Gross national product.............   11,039.3   11,788.0      .....   12,032.0   12,238.2   12,413.5   12,650.0      .....

Less: Consumption of fixed capital.........    1,331.3    1,435.3    1,573.8    1,442.0    1,448.4    1,457.2    1,863.8    1,526.0
Less: Statistical discrepancy..............       47.1       76.8      .....       30.6       39.4       78.3       44.3      .....

Equals: National income....................    9,660.9   10,275.9      .....   10,559.3   10,750.4   10,878.0   10,741.9      .....
  Compensation of employees................    6,321.1    6,687.6    7,126.2    6,895.8    7,001.7    7,060.2    7,177.6    7,265.5
    Wage and salary accruals...............    5,111.1    5,389.4    5,723.4    5,562.9    5,629.9    5,672.3    5,762.3    5,829.2
    Supplements to wages and salaries......    1,210.0    1,298.1    1,402.8    1,332.9    1,371.8    1,387.9    1,415.3    1,436.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      810.2      889.6      938.7      900.9      917.9      936.6      932.4      967.7
  Rental income of persons with capital
   consumption adjustment..................      131.7      134.2       73.3      128.7      118.0      104.4      -11.1       82.1
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................    1,031.8    1,161.5      .....    1,219.5    1,288.2    1,347.5    1,293.1      .....
  Net interest and miscellaneous payments..      528.5      505.5      497.1      492.7      498.3      488.7      497.6      503.9
  Taxes on production and imports less
   subsidies...............................      754.8      809.4      847.9      824.4      833.2      848.0      853.4      856.8
  Business current transfer payments.......       81.6       91.1       79.4      102.6       99.0       99.6       21.8       97.3
  Current surplus of government
   enterprises.............................        1.3       -3.0      -11.2       -5.2       -6.1       -7.0      -22.8       -9.0

Addendum:
  Gross domestic income....................   10,924.2   11,657.5      .....   11,964.6   12,159.4   12,299.7   12,561.4      .....
-----------------------------------------------------------------------------------------------------------------------------------
  r Revised.  Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2005.

                                          Table 10.--Personal Income and Its Disposition
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2003       2004       2005r     IV 04       I 05      II 05     III 05r     IV 05r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................    9,169.1    9,713.3   10,249.3   10,024.8   10,073.4   10,185.7   10,250.4   10,487.7

  Compensation of employees, received......    6,321.1    6,687.6    7,126.2    6,895.8    7,001.7    7,060.2    7,177.6    7,265.5
    Wage and salary disbursements..........    5,111.1    5,389.4    5,723.4    5,562.9    5,629.9    5,672.3    5,762.3    5,829.2
    Supplements to wages and salaries......    1,210.0    1,298.1    1,402.8    1,332.9    1,371.8    1,387.9    1,415.3    1,436.3
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      810.2      889.6      938.7      900.9      917.9      936.6      932.4      967.7
    Farm...................................       27.7       35.8       20.8       24.6       24.7       19.6       18.0       21.0
    Nonfarm................................      782.4      853.8      917.8      876.3      893.2      917.1      914.3      946.6
  Rental income of persons with capital
   consumption adjustment..................      131.7      134.2       73.3      128.7      118.0      104.4      -11.1       82.1
  Personal income receipts on assets.......    1,338.7    1,396.5    1,456.7    1,493.6    1,407.9    1,439.8    1,468.9    1,510.3
    Personal interest income...............      917.6      905.9      945.0      907.4      915.4      936.0      951.2      977.5
    Personal dividend income...............      421.1      490.6      511.7      586.2      492.5      503.8      517.6      532.9
  Personal current transfer receipts.......    1,344.0    1,427.5    1,525.5    1,449.2    1,488.8    1,509.6    1,558.1    1,545.6

  Less: Contributions for government
   social insurance........................      776.6      822.2      871.2      843.5      861.0      864.9      875.4      883.5

Less: Personal current taxes...............      999.9    1,049.1    1,209.8    1,094.3    1,171.4    1,206.0    1,220.4    1,241.3

Equals: Disposable personal income.........    8,169.2    8,664.2    9,039.5    8,930.4    8,902.0    8,979.7    9,030.0    9,246.4

Less: Personal outlays.....................    7,996.3    8,512.5    9,073.4    8,725.0    8,854.6    9,001.2    9,173.9    9,263.8

Equals: Personal saving....................      172.8      151.8      -33.9      205.4       47.4      -21.5     -143.9      -17.4

  Personal saving as a percentage of
   disposable personal income..............        2.1        1.8        -.4        2.3         .5        -.2       -1.6        -.2

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............    7,741.8    8,004.3    8,121.8    8,169.2    8,098.1    8,102.6    8,074.2    8,213.6
-----------------------------------------------------------------------------------------------------------------------------------
  r Revised.  Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2005.
  1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
  2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.

                      Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2003   2004   2005r  I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05  II 05 III 05  IV 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
 related aggregates:
  GDP...............................    2.7    4.2    3.5    2.7    2.2    2.4     .2    1.7    3.7    7.2    3.6    4.3    3.5    4.0    3.3    3.8    3.3    4.1    1.6

  Goods.............................    3.4    6.5    4.6    3.9    1.5    5.2   -5.2    4.3    2.3   16.8    2.9    7.2    4.7    6.6    3.9    4.4    5.0    5.3    1.5
  Services..........................    2.2    2.7    2.7    2.5    3.4    1.7    2.9     .7    3.7    1.3    3.8    3.3    1.2    3.0    3.2    3.2    1.5    3.6    1.5
  Structures........................    3.2    5.7    4.8    -.1   -2.7   -3.0    3.1    -.9    8.2   13.6    4.1     .6   13.1    1.2    2.2    5.2    8.4    3.3    2.7

  Motor vehicle output..............    3.8    4.6    3.4   15.5    5.7   11.6     .5     .3   -2.5   22.6   -3.6   14.4   -7.3    3.0    8.8    4.3    -.3   17.6  -17.1
  GDP excuding motor vehicle
   output...........................    2.7    4.2    3.5    2.3    2.1    2.0     .2    1.8    3.9    6.7    3.8    3.9    3.9    4.0    3.1    3.8    3.4    3.7    2.3

  Final sales of computers\1\.......   20.2   20.4   39.7   -7.6     .7   29.3   15.3    7.1   14.4   78.0   11.9   10.2   10.3   13.3   56.5   54.9   45.4   20.3   47.6
  GDP excluding final sales of
   computers........................    2.6    4.1    3.3    2.8    2.2    2.2     .1    1.7    3.6    6.8    3.5    4.2    3.4    3.9    3.0    3.5    3.0    4.0    1.3

  Farm gross value added\2\.........    8.4     .0   -8.0  -64.0  133.6   63.9   34.2  -22.3   27.0  -34.1  -13.1   89.8  -31.5  -11.3  -17.1    7.3  -31.1   20.9   36.9

  Nonfarm business gross value
   added\3\.........................    3.3    4.8    4.2    3.5    1.4    3.1     .1    2.0    4.7   10.4    2.8    4.2    4.6    4.6    3.9    4.3    4.4    4.7    1.5

Price indexes:
  GDP...............................    2.0    2.6    2.8    1.7    1.5    1.6    2.2    3.1    1.1    1.8    1.9    3.6    3.9    1.5    2.7    3.1    2.6    3.3    3.3
  GDP excluding food and energy.....    1.8    2.5    2.7    2.1    1.8    1.6    2.0    2.6     .9    1.6    1.7    3.3    3.4    2.0    2.6    2.9    2.4    2.8    3.3
  GDP excluding final sales of
   computers........................    2.2    2.7    3.0    1.9    1.7    1.7    2.4    3.2    1.2    2.0    1.9    3.7    3.9    1.6    2.9    3.3    2.8    3.5    3.5

  Gross domestic purchases..........    2.2    2.9    3.2    1.5    2.5    1.7    2.2    4.1     .4    2.0    1.7    4.2    4.1    2.0    3.2    2.9    3.3    4.2    3.6
  Gross domestic purchases excluding
   food and energy..................    1.8    2.4    2.5    1.8    1.7    1.6    1.8    2.5    1.0    1.7    1.8    3.4    3.2    2.0    2.4    3.0    2.1    2.5    3.0
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers..............    2.4    3.0    3.4    1.7    2.6    1.9    2.4    4.3     .5    2.2    1.8    4.3    4.3    2.2    3.4    3.1    3.5    4.5    3.8

  Personal consumption expenditures
   (PCE)............................    1.9    2.6    2.8     .9    2.8    1.8    1.7    3.0     .6    2.0    1.3    3.9    3.8    1.5    3.1    2.3    3.3    3.7    2.7
  Personal consumption expenditures
   excluding food and energy........    1.3    2.0    2.0    1.3    1.8    1.9    1.2    1.1    1.0    1.5    1.4    2.7    2.5    1.5    2.3    2.4    1.7    1.4    2.1
  Market-based PCE\4\...............    1.9    2.3    2.7     .6    2.8    1.7    1.7    3.1     .5    1.9     .9    3.4    3.7    1.1    2.8    2.1    3.4    3.9    2.5
  Market-based PCE excluding food
   and energy\4\....................    1.2    1.5    1.7     .9    1.6    1.7    1.2     .8    1.0    1.4     .9    1.9    2.0    1.1    1.8    2.2    1.5    1.1    1.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised
  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.
  4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
  See "Explanatory Note" at the end of the tables.



     Explanatory Note: NIPA Measures of Quantities and Prices


     Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period.  Changes in current-dollar GDP can be decomposed into quantity and
price components.  Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100. 

     Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years.  (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.)  For example, the 2003-04
annual percent change in real GDP uses prices for 2003 and 2004 as weights, and the 2003-04 annual
percent change in GDP prices uses quantities for 2003 and 2004 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.