Exhibit 1.—Fixed-Weighted and Benchmark-Years-Weighted Indexes of Real Gross Product in Manufacturing: Average Annual Rate of Change Over Selected Periods

NOTE.—With fixed-weighted indexes, real gross product is obtained by the double deflation method as the difference between real gross output and real intermediate inputs. For the benchmark-years-weighted quantity index, the following relationship was used to obtain the gross product index: $(I\_GPO\_)^\theta \_2\_^\; =\; I\_GO\_/(I\_II\_)^\theta \_1\_^$, where $I\_GPO\_$ is the derived benchmark-years-weighted index of gross product, $I\_GO\_$ is a benchmark-years-weighted quantity index of gross output, $I\_II\_$ is a benchmark-years-weighted quantity index of intermediate input, and $\theta \_1\_$ and $\theta \_2\_$ are the average current-dollar shares of gross output accounted for by intermediate inputs and value added. Use of this relationship provides a close approximation to a benchmark-years-weighted quantity index.