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The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format. The tables in this release are available in an XLS spreadsheet. The entire release will be available in PDF format shortly.-->
Also available: a brief summary of highlights.
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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 03-52
Kenneth A. Petrick: (202) 606-9738 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: THIRD QUARTER 2003 (FINAL)
CORPORATE PROFITS: THIRD QUARTER 2003 (REVISED)
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 8.2 percent in the third quarter of 2003,
according to revised estimates released by the Bureau of Economic Analysis. In the second quarter, real
GDP increased 3.1 percent.
The GDP estimates released today are based on more complete source data than were available for
the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was
also 8.2 percent (see "Revisions" on page 3).
The major contributors to the increase in real GDP in the third quarter were personal consumption
expenditures (PCE), equipment and software, residential fixed investment, and exports. Imports, which
are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP growth in the third quarter primarily reflected an acceleration in
PCE, a deceleration in imports, an upturn in exports, and accelerations in residential fixed investment
and in equipment and software that were partly offset by a downturn in federal national defense
spending.
BOX
This release presents revised estimates for the third quarter of 2003 that reflect the comprehensive
revision of the national income and product accounts that was released on December 10, 2003. Regular
news release table 13 (Gross Value Added of Nonfinancial Corporate Business) and appendix table A
are not yet available; they will be posted later on BEA's Web site.
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>.
Final sales of computers contributed 0.65 percentage point to the third-quarter change in real GDP
after contributing 0.25 percentage point to the second-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.8 percent in the third quarter, the same as the preliminary estimate; this index increased 0.4
percent in the second quarter.
Real personal consumption expenditures increased 6.9 percent in the third quarter, compared with
an increase of 3.3 percent in the second. Real nonresidential fixed investment increased 12.8 percent,
compared with an increase of 7.0 percent. Nonresidential structures decreased 1.8 percent, in contrast to
an increase of 3.9 percent. Equipment and software increased 17.6 percent, compared with an increase
of 8.0 percent. Real residential fixed investment increased 21.9 percent, compared with an increase of
4.5 percent.
Real exports of goods and services increased 9.9 percent in the third quarter, in contrast to a
decrease of 1.1 percent in the second. Real imports of goods and services increased 0.8 percent,
compared with an increase of 9.1 percent.
Real federal government consumption expenditures and gross investment increased 1.2 percent in
the third quarter, compared with an increase of 23.5 percent in the second. National defense decreased
1.3 percent, in contrast to an increase of 41.9 percent. Nondefense increased 6.5 percent, in contrast to a
decrease of 5.0 percent. Real state and local government consumption expenditures and gross
investment increased 2.1 percent, in contrast to a decrease of 0.8 percent.
The real change in private inventories subtracted 0.13 percentage point from the third-quarter
change in real GDP, after subtracting 0.17 percentage point from the second-quarter change. Private
businesses reduced inventories $9.1 billion in the third quarter, following a decrease of $4.5 billion in
the second quarter and an increase of $1.6 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 8.3
percent in the third quarter, compared with an increase of 3.3 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 7.0 percent in the third quarter, compared with an increase of 4.3 percent in the
second.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 8.3 percent in the third quarter, compared with an increase of 3.3 percent
in the second. GNP includes, and GDP excludes, net receipts of income from the rest of the world,
which increased $3.6 billion in the third quarter after increasing $4.8 billion in the second; in the third
quarter, receipts increased $10.5 billion, and payments increased $6.9 billion.
Current-dollar GDP
Current-dollar GDP the market value of the nation's output of goods and services -- increased
10.0 percent, or $260.3 billion, in the third quarter to a level of $11,107.0 billion. In the second quarter,
current-dollar GDP increased 4.2 percent, or $110.9 billion.
Revisions
The final estimate of the third-quarter increase in real GDP is the same as the preliminary
estimate, primarily reflecting an upward revision to personal consumption expenditures that was offset
by a downward revision to private inventory investment.
Advance Preliminary Final
(Percent change from preceding quarter)
Real GDP................................. 7.2 8.2 8.2
Current-dollar GDP....................... 9.0 10.0 10.0
Gross domestic purchases price index..... 1.9 1.8 1.8
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $101.4 billion in the third quarter, according to revised estimates.
In the second quarter, profits increased $95.7 billion. The revised estimate of the third-quarter increase
in corporate profits from current production is $4.1 billion lower than the preliminary estimate issued
last month. Current-production cash flow (net cash flow with inventory valuation and capital
consumption adjustments) -- the internal funds available to corporations for investment -- increased
$77.2 billion in the third quarter, compared with an increase of $86.1 billion in the second.
Taxes on corporate income increased $19.2 billion in the third quarter, in contrast to a decrease of
$2.5 billion in the second. The patterns of taxes on corporate income for the second and third quarters
reflect the timing of provisions of the Jobs and Growth Tax Relief Reconciliation Act of 2003. Profits
after tax with inventory valuation and capital consumption adjustments increased $82.4 billion in the
third quarter, after increasing $98.1 billion in the second. Dividends increased $6.8 billion, compared
with an increase of $7.2 billion; undistributed profits increased $47.6 billion, in contrast to a decrease of
$21.2 billion.
Domestic profits of financial corporations increased $19.6 billion in the third quarter, compared
with an increase of $11.2 billion in the second. Domestic profits of nonfinancial corporations increased
$72.6 billion, compared with an increase of $84.7 billion in the second. In the third quarter, domestic
profits of nonfinancial and financial corporations were revised down $11.2 billion and $0.7 billion,
respectively.
The foreign component of profits (rest-of-the-world profits) increased $9.2 billion in the third
quarter, $7.8 billion more than the preliminary estimates; the foreign component of profits decreased
$0.2 billion in the second quarter. This measure is calculated as (1) receipts by U.S. residents of
earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign
corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends
paid by U.S. corporations to unaffiliated foreign residents. The third-quarter increase was accounted for
by a larger increase in receipts than in payments.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects the depreciation-accounting practices used for federal income tax returns. According to this
measure, domestic profits of financial corporations and domestic profits of nonfinancial corporations
increased. The increase in the profits of nonfinancial corporations was widespread among major
industry groups with the largest increases occurring in manufacturing and information.
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 -- January 30, 2004, at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter 2003 (Advance)
Release dates in 2004
Gross domestic product
2003: IV and 2002 annual 2004:I 2004:II 2004:III
Advance...... January 30 April 29 July 30 October 29
Preliminary.. February 27 May 27 August 27 November 30
Final........ March 25 June 25 September 29 December 22
Corporate Profits
Preliminary.. .... May 27 August 27 November 30
Final........ March 25 June 25 September 29 December 22
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 IV 99 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.7 .5 2.2 7.3 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
Personal consumption expenditures... 4.7 2.5 3.4 5.0 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
Durable goods..................... 7.3 4.1 6.5 2.8 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
Nondurable goods.................. 3.8 1.9 3.0 9.3 .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
Services.......................... 4.5 2.4 3.0 3.5 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
Gross private domestic investment... 5.7 -8.4 -1.2 15.7 -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
Fixed investment.................. 6.5 -3.2 -3.7 2.1 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
Nonresidential.................. 8.7 -4.5 -7.2 1.0 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
Structures.................... 6.8 -2.5 -18.4 4.2 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
Equipment and software........ 9.4 -5.2 -2.8 .0 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
Residential..................... .8 .4 4.9 5.0 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
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 8.7 -5.2 -2.4 10.9 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
Goods........................... 11.2 -6.1 -4.0 14.0 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
Services........................ 2.9 -3.1 1.4 3.8 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
Imports........................... 13.1 -2.6 3.3 8.2 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
Goods........................... 13.5 -3.2 3.7 8.9 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
Services........................ 11.1 .4 1.4 4.7 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
Government consumption expenditures
and gross investment............... 2.1 2.8 3.8 6.6 -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
Federal........................... .9 3.7 7.9 9.5 -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
National defense................ -.5 3.9 8.9 10.1 -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
Nondefense...................... 3.5 3.5 6.2 8.4 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
State and local................... 2.7 2.2 1.8 5.1 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
Addenda:
Final sales of domestic product... 3.8 1.4 1.8 5.0 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
Gross domestic purchases.......... 4.4 .7 2.8 7.1 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
Final sales to domestic
purchasers....................... 4.5 1.6 2.4 4.8 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
Gross national product (GNP)...... 3.7 .5 2.1 7.7 .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........ 4.8 1.8 3.8 5.9 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
Current-dollar measures:
GDP............................. 5.9 2.9 3.8 9.1 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
Final sales of domestic product. 6.1 3.9 3.3 6.9 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
Gross domestic purchases........ 7.0 2.7 4.2 9.4 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
Final sales to domestic
purchasers..................... 7.2 3.6 3.8 7.3 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
GNP............................. 6.0 2.8 3.6 9.5 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...... 7.5 3.8 5.2 8.5 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 IV 99 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.7 .5 2.2 7.3 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
Percentage points at annual rates:
Personal consumption expenditures. 3.17 1.68 2.38 3.47 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
Durable goods................... .63 .36 .55 .25 1.96 -.89 .50 .06 .15 .80 .06 2.14 .14 .04 .43 .02 .04 1.38 2.23
Motor vehicles and parts...... .15 .19 .18 -.45 1.31 -1.12 .28 .01 .04 .67 -.13 1.58 -.44 -.25 .29 -.33 -.16 .54 1.36
Furniture and household
equipment.................... .35 .18 .30 .46 .45 .19 .19 .07 .18 .16 .23 .40 .45 .23 .12 .24 .04 .54 .65
Other......................... .13 -.01 .08 .24 .19 .04 .03 -.02 -.07 -.02 -.04 .16 .13 .05 .02 .11 .17 .30 .21
Nondurable goods................ .74 .37 .60 1.80 .06 1.11 .44 .72 .06 -.22 .57 .91 1.19 .07 .04 .90 1.13 .25 1.48
Food.......................... .33 .12 .22 .77 .16 .39 .09 .14 .22 -.03 .02 .14 .56 .19 .03 .22 .63 .23 .71
Clothing and shoes............ .16 .06 .15 .01 .27 .21 .19 .04 -.08 .01 .15 .19 .33 .01 -.01 .21 .09 .21 .27
Gasoline, fuel oil, and other
energy goods................. -.01 .03 .04 .23 -.13 -.06 -.05 .25 .12 -.37 .09 .32 .10 -.20 -.09 .21 .08 -.40 .07
Other......................... .26 .15 .20 .79 -.23 .56 .21 .29 -.19 .17 .31 .27 .22 .07 .11 .25 .33 .20 .43
Services........................ 1.80 .96 1.23 1.43 2.36 1.55 1.67 1.51 .07 .94 .64 1.15 1.58 1.70 .92 .65 .63 .71 1.19
Housing....................... .29 .28 .29 .26 .32 .31 .27 .28 .33 .26 .21 .25 .35 .33 .28 .25 .26 .20 .25
Household operation........... .19 .00 .04 -.25 .12 .51 .16 .41 -.27 -.31 -.05 -.17 .18 .36 -.14 .04 .04 -.13 .14
Electricity and gas......... .05 -.02 .04 -.31 -.05 .33 .07 .40 -.15 -.49 -.04 -.13 .20 .27 -.05 .09 .01 -.21 .06
Other household operation... .14 .02 .00 .06 .18 .18 .08 .01 -.12 .17 -.01 -.04 -.02 .09 -.09 -.05 .03 .08 .08
Transportation................ .08 -.02 -.05 .07 .12 .08 -.01 .01 .03 -.01 -.15 -.14 .10 -.05 -.12 -.09 .01 -.11 -.06
Medical care.................. .40 .45 .63 .40 .37 .47 .41 .42 .35 .47 .62 .61 .75 .61 .51 .69 .59 .53 .60
Recreation.................... .11 .06 .11 .09 .06 .14 .10 .04 .09 -.02 .06 .15 .19 .07 .05 .09 .00 .10 .08
Other......................... .72 .18 .20 .86 1.37 .05 .75 .34 -.45 .56 -.06 .45 .00 .38 .34 -.33 -.28 .13 .19
Gross private domestic investment. .99 -1.47 -.18 2.65 -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
Fixed investment................ 1.09 -.54 -.60 .36 1.83 1.60 -.10 .13 -.45 -1.60 -.88 -1.83 -.41 .08 .08 .31 .16 .90 2.30
Nonresidential................ 1.06 -.56 -.82 .12 1.64 1.76 .28 .11 -.56 -1.76 -1.02 -1.71 -.81 -.33 -.12 -.01 -.06 .68 1.25
Structures.................. .21 -.08 -.59 .13 .21 .53 .29 .04 -.20 -.19 .07 -1.36 -.77 -.41 -.40 -.14 -.10 .09 -.04
Equipment and software...... .85 -.47 -.23 .00 1.44 1.23 -.02 .07 -.37 -1.57 -1.09 -.35 -.03 .09 .28 .13 .04 .59 1.30
Information processing
equipment and software... .75 -.10 .02 .14 1.13 .96 .33 .58 -.20 -.84 -.58 -.15 .09 .37 .53 -.06 .64 .64 1.05
Computers and peripheral
equipment.............. .20 .02 .11 -.05 .22 .45 .12 .06 .16 -.22 -.26 .19 .22 .06 .28 .09 .21 .33 .39
Software................ .20 -.04 -.04 .21 .17 .18 .02 .20 -.07 -.24 -.16 -.21 -.05 .09 .21 -.06 .18 .15 .24
Other................... .35 -.08 -.05 -.02 .74 .33 .19 .32 -.28 -.39 -.16 -.14 -.08 .21 .05 -.10 .26 .15 .41
Industrial equipment...... .12 -.14 -.09 .00 .29 .14 .09 -.12 .04 -.53 -.30 -.22 .26 -.21 .00 -.04 -.10 -.02 .02
Transportation equipment.. -.07 -.18 -.14 -.23 -.12 .04 -.31 -.36 -.27 .00 -.25 .24 -.34 -.24 -.26 .20 -.37 -.09 -.05
Other equipment........... .05 -.05 -.02 .09 .13 .09 -.13 -.03 .06 -.21 .04 -.21 -.04 .17 .00 .04 -.13 .05 .28
Residential................... .03 .02 .23 .23 .19 -.16 -.38 .02 .12 .16 .14 -.12 .40 .41 .20 .32 .22 .22 1.05
Change in private inventories... -.10 -.93 .41 2.30 -3.13 3.05 -1.74 -.49 -1.51 -1.32 -.51 -1.15 2.01 .61 1.58 -.40 -.74 -.17 -.13
Farm.......................... .02 .02 -.03 .39 -.51 .88 -.36 .34 .03 -.34 .14 -.26 .39 -.64 .34 -.02 .15 -.09 -.03
Nonfarm....................... -.12 -.94 .44 1.91 -2.62 2.18 -1.38 -.83 -1.54 -.99 -.65 -.89 1.62 1.25 1.25 -.38 -.88 -.08 -.10
Net exports of goods and services. -.86 -.19 -.70 .01 -1.53 -.98 -.87 -.07 .46 -.25 -.42 -.50 -.65 -1.32 -.15 -1.47 .81 -1.34 .80
Exports......................... .93 -.58 -.24 1.13 .70 1.30 1.14 -.31 -.50 -1.54 -1.99 -1.02 .40 .80 .41 -.37 -.19 -.11 .92
Goods......................... .84 -.48 -.29 1.01 .65 1.03 1.36 -.45 -.44 -1.52 -1.50 -.54 -.19 .75 .28 -.64 .13 -.11 .56
Services...................... .09 -.10 .04 .12 .05 .26 -.22 .14 -.06 -.02 -.48 -.47 .59 .05 .13 .27 -.31 .01 .36
Imports......................... -1.79 .39 -.45 -1.11 -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
Goods......................... -1.55 .39 -.42 -1.01 -1.79 -2.03 -1.70 .19 .88 1.57 1.10 .35 -.66 -2.20 -.55 -.83 .81 -1.51 .18
Services...................... -.25 -.01 -.03 -.11 -.44 -.24 -.32 .04 .08 -.28 .47 .16 -.39 .09 -.02 -.27 .19 .27 -.30
Government consumption expenditures
and gross investment............. .36 .48 .69 1.17 -.56 .96 -.37 .22 .99 1.00 -.74 1.28 .85 .72 .46 1.29 -.07 1.36 .34
Federal......................... .05 .22 .48 .58 -.93 .96 -.51 -.07 .50 .38 .00 .57 .52 .64 .26 1.11 -.01 1.46 .09
National defense.............. -.02 .15 .35 .39 -.92 .61 -.29 .06 .27 .10 .09 .53 .33 .38 .19 .85 -.25 1.58 -.06
Consumption expenditures.... -.03 .13 .29 .41 -.88 .60 -.30 .11 .29 .00 .03 .50 .32 .22 .09 .93 -.19 1.39 -.20
Gross investment............ .01 .02 .06 -.02 -.04 .01 .01 -.05 -.01 .10 .06 .02 .01 .15 .10 -.07 -.06 .19 .13
Nondefense.................... .07 .07 .14 .18 -.01 .35 -.22 -.13 .23 .28 -.09 .04 .20 .27 .07 .26 .24 -.12 .15
Consumption expenditures..... .10 .07 .12 .05 .21 .28 -.13 -.06 .19 .19 -.02 .06 .14 .15 .13 .26 .25 -.26 .23
Gross investment............. -.03 .00 .02 .13 -.22 .07 -.09 -.07 .04 .09 -.07 -.02 .06 .11 -.06 .00 -.01 .14 -.08
State and local................. .31 .26 .21 .59 .36 .01 .15 .29 .49 .62 -.74 .71 .33 .08 .20 .18 -.06 -.10 .25
Consumption expenditures.... .18 .20 .13 .26 .09 .16 .10 .21 .29 .22 .13 .21 .01 .17 .11 .19 .06 -.05 -.02
Gross investment............ .13 .06 .08 .33 .28 -.15 .05 .08 .20 .40 -.88 .50 .31 -.09 .09 -.01 -.12 -.05 .27
Addenda:
Goods........................... 1.46 -.71 .71 4.45 -.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
Services........................ 1.90 1.26 1.77 2.17 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
Structures...................... .30 -.04 -.29 .68 .51 .15 -.07 .03 .09 .38 -.65 -1.00 -.08 -.10 -.13 .19 -.02 .26 1.27
Motor vehicle output............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Final sales of computers........ .31 .14 .10 -.03 .52 .47 .10 .19 .45 -.20 -.19 .22 .06 .06 .35 .26 .26 .25 .65
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
2002 III 02 IV 02 I 03 II 03 III 03 2002 III 02 IV 02 I 03 II 03 III 03 2002 II 03 III 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 10,480.8 10,542.0 10,623.7 10,735.8 10,846.7 11,107.0 10,083.0 10,128.4 10,160.8 10,210.4 10,288.3 10,493.1 216.4 77.9 204.8
Personal consumption expenditures. 7,385.3 7,428.2 7,501.2 7,600.7 7,673.6 7,836.3 7,140.4 7,159.2 7,198.9 7,244.1 7,304.0 7,426.6 235.8 59.9 122.6
Durable goods................... 911.3 913.6 907.3 898.2 926.2 975.1 957.2 963.1 963.8 965.0 1,005.1 1,069.1 58.1 40.1 64.0
Motor vehicles and parts...... 418.1 421.1 410.4 402.1 414.5 447.2 423.3 427.8 419.0 414.5 429.5 466.9 17.9 15.0 37.4
Furniture and household
equipment.................... 323.7 323.3 325.3 321.8 329.9 339.9 364.7 366.2 373.5 374.7 391.7 412.4 33.3 17.0 20.7
Other......................... 169.4 169.1 171.6 174.3 181.8 188.0 170.2 170.1 173.0 177.6 185.9 191.4 7.8 8.3 5.5
Nondurable goods................ 2,086.0 2,090.5 2,119.2 2,175.7 2,170.8 2,230.0 2,043.6 2,038.8 2,061.8 2,090.5 2,096.9 2,134.3 60.3 6.4 37.4
Food.......................... 1,005.6 1,006.3 1,016.4 1,037.4 1,049.7 1,074.9 958.2 958.4 963.9 979.6 985.4 1,002.8 21.2 5.8 17.4
Clothing and shoes............ 304.4 301.9 306.4 304.8 307.5 315.1 319.1 317.6 323.4 325.7 331.9 339.5 15.6 6.2 7.6
Gasoline, fuel oil, and other
energy goods................. 180.4 183.2 193.0 222.4 196.9 209.2 199.3 195.1 201.0 203.1 192.9 194.7 4.5 -10.2 1.8
Other......................... 595.6 599.0 603.4 611.1 616.7 630.8 567.3 567.5 573.8 582.2 587.4 598.3 19.3 5.2 10.9
Services........................ 4,388.0 4,424.1 4,474.7 4,526.8 4,576.6 4,631.2 4,141.8 4,159.4 4,175.4 4,190.7 4,208.4 4,237.2 119.4 17.7 28.8
Housing....................... 1,144.6 1,152.9 1,167.7 1,181.5 1,191.4 1,204.9 1,061.9 1,065.7 1,071.7 1,078.0 1,082.8 1,088.7 28.0 4.8 5.9
Household operation........... 408.2 409.9 412.9 422.6 424.2 428.5 394.5 394.7 395.6 396.6 393.4 396.8 4.3 -3.2 3.4
Electricity and gas......... 152.3 152.8 156.0 163.1 163.9 165.8 145.2 145.7 147.9 148.0 143.1 144.5 4.0 -4.9 1.4
Other household operation... 255.9 257.1 256.9 259.5 260.3 262.7 249.2 248.9 247.6 248.5 250.5 252.4 .0 2.0 1.9
Transportation................ 292.8 291.7 291.5 292.3 292.8 295.3 284.8 283.6 281.3 281.6 278.8 277.2 -4.8 -2.8 -1.6
Medical care.................. 1,202.7 1,212.3 1,239.8 1,263.1 1,289.2 1,315.1 1,132.1 1,137.8 1,154.8 1,169.3 1,182.4 1,196.9 61.2 13.1 14.5
Recreation.................... 303.3 305.2 309.7 312.6 317.2 321.3 284.8 285.3 287.5 287.5 290.1 291.9 10.4 2.6 1.8
Other......................... 1,036.4 1,052.1 1,053.0 1,054.7 1,061.9 1,066.2 983.2 991.7 983.5 976.6 979.7 984.3 19.9 3.1 4.6
Gross private domestic investment. 1,589.2 1,608.2 1,614.7 1,605.3 1,624.3 1,689.1 1,572.0 1,598.2 1,595.8 1,581.6 1,599.9 1,656.1 -18.6 18.3 56.2
Fixed investment................ 1,583.9 1,579.7 1,594.6 1,606.2 1,630.1 1,699.5 1,565.8 1,565.4 1,573.5 1,577.7 1,601.4 1,661.0 -59.9 23.7 59.6
Nonresidential................ 1,080.2 1,073.4 1,074.3 1,071.8 1,086.9 1,124.4 1,092.6 1,089.1 1,088.9 1,087.3 1,105.8 1,139.5 -84.2 18.5 33.7
Structures.................. 266.3 259.4 256.3 256.1 259.2 259.8 249.0 242.4 239.0 236.5 238.8 237.7 -56.2 2.3 -1.1
Equipment and software...... 813.9 814.0 817.9 815.8 827.7 864.6 846.7 850.3 853.9 855.0 871.6 907.7 -24.6 16.6 36.1
Information processing
equipment and software... 421.3 429.4 424.1 436.2 451.2 477.0 459.3 470.0 468.2 487.2 506.4 537.7 1.7 19.2 31.3
Computers and peripheral
equipment.............. 83.3 85.4 84.9 86.8 93.5 101.8 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 167.9 171.6 169.8 173.4 177.6 185.1 167.5 171.2 169.7 174.4 178.6 185.0 -4.3 4.2 6.4
Other................... 170.1 172.4 169.3 175.9 180.1 190.2 177.1 179.8 177.1 184.3 188.6 200.2 -5.2 4.3 11.6
Industrial equipment...... 137.5 136.6 135.6 133.4 133.2 134.1 136.1 135.0 133.9 131.4 131.0 131.4 -8.9 -.4 .4
Transportation equipment.. 128.0 119.9 128.8 119.8 115.3 117.8 128.2 122.0 127.2 117.4 115.1 113.7 -14.4 -2.3 -1.4
Other equipment........... 127.1 128.1 129.4 126.3 128.1 135.7 124.3 125.1 126.1 122.6 123.9 131.1 -2.1 1.3 7.2
Residential................... 503.7 506.3 520.3 534.4 543.2 575.1 470.3 473.2 481.0 486.4 491.7 516.7 21.8 5.3 25.0
Change in private inventories... 5.4 28.6 20.2 -.9 -5.8 -10.5 5.7 32.8 21.5 1.6 -4.5 -9.1 41.7 -6.1 -4.6
Farm.......................... -3.4 -6.1 -4.8 .2 -2.7 -4.3 -3.3 -3.0 -3.5 1.2 -2.0 -2.8 -3.5 -3.2 -.8
Nonfarm....................... 8.7 34.7 25.0 -1.2 -3.0 -6.2 9.3 36.0 25.4 .3 -2.4 -5.9 .0 .0 .0
Net exports of goods and services. -426.3 -435.9 -476.1 -487.6 -505.5 -490.6 -470.6 -471.9 -511.5 -490.0 -526.0 -505.2 -72.5 -36.0 20.8
Exports......................... 1,006.8 1,025.3 1,017.2 1,021.0 1,020.2 1,048.5 1,014.2 1,027.3 1,017.5 1,012.4 1,009.6 1,033.7 -24.8 -2.8 24.1
Goods......................... 697.8 714.1 698.3 707.6 707.7 722.1 707.2 720.1 703.2 706.5 703.5 718.2 -29.3 -3.0 14.7
Services...................... 309.1 311.2 318.8 313.3 312.5 326.4 306.8 307.0 314.0 305.7 305.9 315.2 4.4 .2 9.3
Imports......................... 1,433.1 1,461.3 1,493.3 1,508.5 1,525.7 1,539.0 1,484.7 1,499.2 1,529.0 1,502.5 1,535.7 1,538.9 47.6 33.2 3.2
Goods......................... 1,190.3 1,217.1 1,240.8 1,254.2 1,272.4 1,275.6 1,248.4 1,265.2 1,288.1 1,266.2 1,307.4 1,302.4 44.7 41.2 -5.0
Services...................... 242.7 244.1 252.5 254.3 253.3 263.5 236.4 234.4 241.2 236.5 229.8 237.2 3.2 -6.7 7.4
Government consumption expenditures
and gross investment............. 1,932.5 1,941.5 1,983.9 2,017.4 2,054.2 2,072.1 1,836.9 1,838.9 1,870.8 1,869.0 1,902.8 1,911.1 68.0 33.8 8.3
Federal......................... 679.5 681.8 710.0 723.0 764.7 769.6 648.0 648.2 675.8 675.5 712.0 714.3 47.5 36.5 2.3
National defense.............. 438.3 439.3 461.1 463.3 507.3 507.2 418.8 418.1 439.5 433.2 472.8 471.2 34.1 39.6 -1.6
Consumption expenditures.... 382.7 380.9 404.6 408.6 447.5 443.7 362.2 358.9 382.0 377.3 411.8 406.9 28.2 34.5 -4.9
Gross investment............ 55.7 58.4 56.6 54.7 59.8 63.5 56.6 59.4 57.4 55.7 60.8 64.5 5.9 5.1 3.7
Nondefense.................... 241.2 242.5 248.9 259.7 257.4 262.4 229.2 230.1 236.4 242.4 239.3 243.1 13.4 -3.1 3.8
Consumption expenditures.... 208.1 209.5 216.1 227.3 221.4 228.5 196.3 197.2 203.6 209.9 203.4 209.3 11.3 -6.5 5.9
Gross investment............ 33.0 33.0 32.7 32.4 36.0 33.8 32.9 32.9 32.7 32.4 36.0 33.8 2.1 3.6 -2.2
State and local................. 1,253.1 1,259.7 1,273.9 1,294.5 1,289.6 1,302.5 1,189.1 1,190.9 1,195.3 1,193.8 1,191.4 1,197.4 20.6 -2.4 6.0
Consumption expenditures.... 1,004.6 1,010.1 1,024.2 1,045.8 1,040.9 1,046.3 950.5 951.8 956.4 957.8 956.6 956.0 12.8 -1.2 -.6
Gross investment............ 248.4 249.6 249.7 248.7 248.7 256.2 238.6 239.2 239.0 236.0 234.7 241.5 7.8 -1.3 6.8
Residual.......................... ..... ..... ..... ..... ..... ..... -3.3 -4.6 -2.5 -4.5 -11.5 -27.4 ..... ..... .....
Addenda:
Final sales of domestic product. 10,475.5 10,513.4 10,603.6 10,736.7 10,852.4 11,117.4 10,076.9 10,096.4 10,138.9 10,206.4 10,289.5 10,497.7 175.8 83.1 208.2
Gross domestic purchases........ 10,907.1 10,977.9 11,099.9 11,223.4 11,352.2 11,597.5 10,551.5 10,598.0 10,668.0 10,697.6 10,809.9 10,995.4 286.5 112.3 185.5
Final sales to domestic
purchasers..................... 10,901.7 10,949.4 11,079.7 11,224.3 11,357.9 11,608.0 10,545.4 10,565.9 10,646.1 10,693.5 10,811.1 11,000.1 245.7 117.6 189.0
Gross domestic product.......... 10,480.8 10,542.0 10,623.7 10,735.8 10,846.7 11,107.0 10,083.0 10,128.4 10,160.8 10,210.4 10,288.3 10,493.1 216.4 77.9 204.8
Plus: Income receipts from
the rest of the world.......... 299.1 308.3 304.8 296.8 299.5 312.1 290.0 298.4 293.7 283.4 285.6 296.1 -23.0 2.2 10.5
Less: Income payments to
the rest of the world.......... 277.6 289.9 266.9 269.0 266.2 274.3 268.3 279.4 256.1 256.4 253.8 260.7 -10.0 -2.6 6.9
Equals: Gross national product.. 10,502.3 10,560.5 10,661.6 10,763.7 10,880.0 11,144.8 10,105.0 10,147.5 10,198.5 10,237.6 10,320.2 10,528.6 203.6 82.6 208.4
Net domestic product............ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2000 2001 2002 IV 99 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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.2 2.4 1.5 1.9 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
Personal consumption expenditures... 2.5 2.0 1.4 2.4 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
Durable goods..................... -1.6 -1.9 -2.9 -2.1 -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
Nondurable goods.................. 4.0 1.5 .5 3.5 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
Services.......................... 2.7 3.2 2.7 2.9 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
Gross private domestic investment... 1.0 1.1 .0 .6 2.0 1.2 1.9 .8 .3 1.3 2.3 .0 -.7 -.7 -1.0 1.6 1.3 .0 2.0
Fixed investment.................. 1.1 1.1 .1 .5 2.3 1.2 1.9 .9 .1 1.6 2.4 .0 -.8 -.7 -.7 1.7 1.9 .0 2.1
Nonresidential.................. -.1 -.2 -.9 -.4 .6 .3 1.4 .0 -1.8 .2 .6 -1.2 -1.3 -1.5 -1.5 .4 -.3 -1.2 1.6
Structures.................... 3.9 5.5 1.4 3.4 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
Equipment and software........ -1.3 -2.2 -1.7 -1.7 -.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
Residential..................... 4.4 4.6 2.4 3.2 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
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 1.7 -.4 -.4 1.9 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
Goods........................... 1.1 -.7 -.7 2.2 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
Services........................ 3.1 .4 .3 1.2 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
Imports........................... 4.2 -2.5 -1.0 5.4 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
Goods........................... 4.8 -3.0 -1.7 6.3 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
Services........................ 1.4 .2 2.5 1.1 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
Government consumption expenditures
and gross investment............... 4.1 2.6 2.6 3.9 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
Federal........................... 3.2 2.1 2.7 2.7 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
National defense................ 3.2 2.2 2.5 2.1 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
Nondefense...................... 3.2 1.9 3.2 3.9 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
State and local................... 4.5 2.9 2.5 4.5 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
Addenda:
Final sales of domestic product... 2.2 2.4 1.5 1.9 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
Gross domestic purchases.......... 2.5 2.0 1.4 2.3 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
Final sales to domestic
purchasers....................... 2.5 2.0 1.4 2.3 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
Gross national product (GNP)...... 2.2 2.4 1.5 1.9 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............................. 2.2 2.4 1.5 1.7 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
Gross domestic purchases........ 2.5 2.0 1.4 2.2 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
GNP............................. 2.2 2.4 1.5 1.7 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
---------------------------------------------------
2000 2001 2002 III 02 IV 02 I 03 II 03 III 03
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.000 100.506 102.710 103.172 103.502 104.008 104.801 106.887
Personal consumption expenditures.......... 100.000 102.452 105.951 106.229 106.819 107.489 108.378 110.197
Durable goods............................ 100.000 104.144 110.868 111.557 111.638 111.779 116.420 123.834
Nondurable goods......................... 100.000 101.852 104.949 104.703 105.885 107.358 107.685 109.607
Services................................. 100.000 102.382 105.420 105.869 106.276 106.664 107.115 107.849
Gross private domestic investment.......... 100.000 91.650 90.580 92.090 91.953 91.135 92.186 95.424
Private fixed investment................. 100.000 96.826 93.258 93.238 93.718 93.968 95.378 98.932
Nonresidential......................... 100.000 95.517 88.683 88.399 88.378 88.248 89.751 92.485
Structures........................... 100.000 97.465 79.492 77.412 76.304 75.523 76.244 75.906
Equipment and software............... 100.000 94.825 92.144 92.536 92.927 93.047 94.851 98.779
Residential............................ 100.000 100.351 105.228 105.884 107.629 108.828 110.021 115.616
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 100.000 94.773 92.512 93.709 92.818 92.353 92.097 94.290
Imports of goods and services.............. 100.000 97.377 100.609 101.587 103.610 101.810 104.059 104.277
Government consumption expenditures and
gross investment.......................... 100.000 102.750 106.697 106.814 108.666 108.563 110.527 111.008
Federal.................................. 100.000 103.746 111.958 111.986 116.764 116.713 123.025 123.406
State and local.......................... 100.000 102.248 104.047 104.207 104.593 104.463 104.248 104.779
Addenda:
Final sales of domestic product.......... 100.000 101.441 103.242 103.442 103.877 104.569 105.420 107.553
Gross domestic purchases................. 100.000 100.672 103.482 103.938 104.625 104.915 106.016 107.836
Final sales to domestic purchasers....... 100.000 101.575 103.998 104.201 104.992 105.459 106.619 108.483
Gross national product................... 100.000 100.462 102.527 102.959 103.476 103.873 104.711 106.825
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2000 2001 2002 III 02 IV 02 I 03 II 03 III 03
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.000 102.376 103.949 104.123 104.571 105.163 105.440 105.870
Personal consumption expenditures.......... 100.000 102.039 103.429 103.761 104.203 104.927 105.065 105.522
Durable goods............................ 100.000 98.086 95.208 94.855 94.136 93.074 92.147 91.207
Nondurable goods......................... 100.000 101.530 102.075 102.538 102.789 104.079 103.529 104.488
Services................................. 100.000 103.168 105.946 106.371 107.174 108.028 108.758 109.306
Gross private domestic investment.......... 100.000 101.070 101.119 100.852 101.259 101.586 101.589 102.093
Private fixed investment................. 100.000 101.087 101.155 100.908 101.341 101.808 101.796 102.319
Nonresidential......................... 100.000 99.770 98.859 98.554 98.658 98.579 98.293 98.678
Structures........................... 100.000 105.518 106.974 106.975 107.274 108.268 108.559 109.288
Equipment and software............... 100.000 97.786 96.121 95.730 95.781 95.404 94.961 95.251
Residential............................ 100.000 104.628 107.105 106.998 108.184 109.881 110.485 111.321
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 100.000 99.628 99.273 99.812 99.964 100.842 101.044 101.434
Imports of goods and services.............. 100.000 97.537 96.519 97.503 97.694 100.435 99.381 100.042
Government consumption expenditures and
gross investment.......................... 100.000 102.587 105.207 105.590 106.055 107.951 107.966 108.433
Federal.................................. 100.000 102.065 104.858 105.199 105.066 107.032 107.399 107.755
State and local.......................... 100.000 102.853 105.382 105.785 106.580 108.435 108.246 108.778
Addenda:
Final sales of domestic product.......... 100.000 102.381 103.955 104.132 104.585 105.198 105.474 105.906
Gross domestic purchases................. 100.000 101.974 103.374 103.625 104.065 104.934 105.031 105.496
Final sales to domestic purchasers....... 100.000 101.978 103.379 103.633 104.077 104.968 105.062 105.531
Gross national product................... 100.000 102.372 103.936 104.108 104.556 105.156 105.438 105.872
Implicit price deflators:
Gross domestic product................. 100.000 102.373 103.945 104.084 104.556 105.146 105.427 105.851
Final sales of domestic product........ 100.000 102.381 103.955 104.130 104.583 105.196 105.471 105.904
Gross domestic purchases............... 100.000 101.971 103.370 103.585 104.048 104.915 105.017 105.476
Final sales to domestic purchasers..... 100.000 101.978 103.379 103.629 104.072 104.964 105.058 105.526
Gross national product................. 100.000 102.368 103.932 104.069 104.541 105.138 105.425 105.853
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.4 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
Personal consumption expenditures...... 3.3 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
Durable goods........................ 1.7 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
Nondurable goods..................... 2.4 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
Services............................. 4.3 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
Gross private domestic investment...... 3.1 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
Fixed investment..................... .6 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
Nonresidential..................... -.1 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
Structures....................... -2.9 .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
Equipment and software........... 1.4 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
Residential........................ 2.0 -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
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 10.8 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
Goods.............................. 11.1 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
Services........................... 10.1 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
Imports.............................. 5.9 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
Goods.............................. 4.6 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
Services........................... 11.7 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
Government consumption expenditures
and gross investment.................. 2.5 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
Federal.............................. 3.6 -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
National defense................... 4.7 -.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
Nondefense......................... .3 -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
State and local...................... 1.5 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
Addenda:
Final sales of domestic product...... 3.0 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
Gross domestic purchases............. 3.1 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
Final sales to domestic purchasers... 2.7 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
Gross national product............... 3.3 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...... 1.7 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
Price indexes:
Gross domestic purchases........... 3.1 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
Gross domestic purchases excluding
food and energy................... 3.1 3.5 3.7 4.0 3.3 2.5 2.3 2.1 2.1 1.7 1.3 1.0 1.4 1.9 1.9 1.7
GDP................................ 2.7 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
GDP excluding food and energy...... 2.8 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
Personal consumption expenditures.. 3.5 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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
IV 99 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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.7 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
Personal consumption expenditures...... 4.9 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
Durable goods........................ 7.3 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
Nondurable goods..................... 4.9 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
Services............................. 4.4 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
Gross private domestic investment...... 9.3 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
Fixed investment..................... 6.6 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
Nonresidential..................... 7.7 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
Structures....................... -.9 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
Equipment and software........... 10.8 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
Residential........................ 3.6 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
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 5.6 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
Goods.............................. 5.7 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
Services........................... 5.3 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
Imports.............................. 12.1 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
Goods.............................. 13.3 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
Services........................... 6.6 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
Government consumption expenditures
and gross investment.................. 4.2 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
Federal.............................. 4.2 .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
National defense................... 4.3 -.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
Nondefense......................... 4.1 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
State and local...................... 4.2 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
Addenda:
Final sales of domestic product...... 4.2 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
Gross domestic purchases............. 5.5 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
Final sales to domestic purchasers... 5.1 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
Gross national product............... 4.9 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...... 2.8 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
Price indexes:
Gross domestic purchases........... 2.0 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
Gross domestic purchases excluding
food and energy................... 1.5 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
GDP................................ 1.6 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
GDP excluding food and energy...... 1.7 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
Personal consumption expenditures.. 2.1 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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2000 2001 2002 III 02 IV 02 I 03 II 03 III 03
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 9,817.0 10,100.8 10,480.8 10,542.0 10,623.7 10,735.8 10,846.7 11,107.0
Plus: Income receipts from the rest of the
world..................................... 382.7 319.0 299.1 308.3 304.8 296.8 299.5 312.1
Less: Income payments to the rest of the
world..................................... 343.7 283.8 277.6 289.9 266.9 269.0 266.2 274.3
Equals: Gross national product............. 9,855.9 10,135.9 10,502.3 10,560.5 10,661.6 10,763.7 10,880.0 11,144.8
Less: Consumption of fixed capital......... 1,187.8 1,266.9 1,288.6 1,295.8 1,300.4 1,305.7 1,303.4 1,309.1
Less: Statistical discrepancy.............. -127.2 -112.2 -77.2 -50.3 -15.7 23.2 -8.3 54.0
Equals: National income.................... 8,795.2 8,981.2 9,290.8 9,314.9 9,376.9 9,434.8 9,584.9 9,781.7
Compensation of employees................ 5,782.7 5,940.4 6,019.1 6,031.1 6,058.0 6,115.8 6,164.8 6,213.6
Wage and salary accruals............... 4,829.2 4,942.9 4,974.6 4,980.9 4,999.1 5,034.6 5,070.8 5,104.1
Supplements to wages and salaries...... 953.4 997.6 1,044.5 1,050.2 1,058.8 1,081.2 1,093.9 1,109.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 728.4 770.6 797.7 803.2 812.2 813.5 838.8 860.9
Rental income of persons with capital
consumption adjustment.................. 150.3 163.1 173.0 172.7 159.0 163.2 153.4 157.0
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 817.9 770.4 904.2 899.8 934.9 927.1 1,022.8 1,124.2
Net interest and miscellaneous payments.. 559.0 568.4 582.4 585.7 589.7 589.3 581.7 579.9
Taxes on production and imports less
subsidies............................... 664.6 674.5 721.8 729.1 732.8 729.4 725.2 745.2
Business current transfer payments....... 87.1 92.5 89.8 87.8 86.2 90.1 92.5 97.1
Current surplus of government
enterprises............................. 5.3 1.2 2.8 5.4 4.1 6.3 5.8 3.7
Addendum:
Gross domestic income.................... 9,944.1 10,213.0 10,558.0 10,592.3 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
---------------------------------------------------
2000 2001 2002 III 02 IV 02 I 03 II 03 III 03
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,429.7 8,713.1 8,910.3 8,944.0 8,981.3 9,048.7 9,145.9 9,242.5
Compensation of employees, received...... 5,782.7 5,940.4 6,019.1 6,031.1 6,058.0 6,114.4 6,166.2 6,213.6
Wage and salary disbursements.......... 4,829.2 4,942.9 4,974.6 4,980.9 4,999.1 5,033.2 5,072.2 5,104.1
Supplements to wages and salaries...... 953.4 997.6 1,044.5 1,050.2 1,058.8 1,081.2 1,093.9 1,109.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 728.4 770.6 797.7 803.2 812.2 813.5 838.8 860.9
Farm................................... 22.7 25.0 14.3 13.5 16.3 13.0 20.0 21.5
Nonfarm................................ 705.7 745.6 783.4 789.7 795.9 800.5 818.8 839.4
Rental income of persons with capital
consumption adjustment.................. 150.3 163.1 173.0 172.7 159.0 163.2 153.4 157.0
Personal income receipts on assets....... 1,387.0 1,374.9 1,378.5 1,387.5 1,392.0 1,388.6 1,390.2 1,389.2
Personal interest income............... 1,011.0 1,003.7 982.4 985.3 981.2 970.6 964.9 957.0
Personal dividend income............... 376.1 371.2 396.2 402.2 410.8 418.0 425.3 432.2
Personal current transfer receipts....... 1,084.0 1,192.6 1,292.2 1,301.6 1,315.6 1,337.6 1,369.7 1,398.7
Less: Contributions for government
social insurance........................ 702.7 728.5 750.3 752.1 755.5 768.7 772.3 776.9
Less: Personal current taxes............... 1,235.7 1,243.7 1,053.1 1,053.0 1,045.6 1,009.4 1,000.2 936.0
Equals: Disposable personal income......... 7,194.0 7,469.4 7,857.2 7,891.0 7,935.6 8,039.2 8,145.8 8,306.6
Less: Personal outlays..................... 7,025.6 7,342.2 7,674.0 7,722.0 7,789.2 7,888.3 7,956.7 8,118.5
Equals: Personal saving.................... 168.5 127.2 183.2 169.0 146.4 151.0 189.0 188.1
Personal saving as a percentage of
disposable personal income.............. 2.3 1.7 2.3 2.1 1.8 1.9 2.3 2.3
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,194.0 7,320.2 7,596.7 7,605.2 7,615.8 7,662.0 7,753.5 7,872.3
-----------------------------------------------------------------------------------------------------------------------------------
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.
Table 11.--Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
2000 2001 2002 III 02 IV 02 I 03 II 03 III 03 2001 2002 IV 02 I 03 II 03 III 03 III 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 817.9 770.4 904.2 899.8 934.9 927.1 1,022.8 1,124.2 -5.8 17.4 3.9 -.8 10.3 9.9 24.9
Less: Taxes on corporate income...... 265.2 201.1 195.0 198.6 202.9 213.9 211.4 230.6 -24.1 -3.0 2.2 5.5 -1.2 9.0 16.1
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 552.7 569.3 709.1 701.2 732.0 713.2 811.3 893.7 3.0 24.6 4.4 -2.6 13.8 10.1 27.4
Net dividends...................... 377.9 373.2 398.3 404.3 413.1 420.3 427.5 434.3 -1.3 6.7 2.2 1.8 1.7 1.6 7.4
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 174.8 196.0 310.8 296.9 318.9 292.9 383.8 459.3 12.2 58.6 7.4 -8.2 31.0 19.7 54.7
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 864.8 937.3 1,058.2 1,049.0 1,070.8 1,043.3 1,129.4 1,206.6 8.4 12.9 2.1 -2.6 8.3 6.8 15.0
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 174.8 196.0 310.8 296.9 318.9 292.9 383.8 459.3 12.2 58.6 7.4 -8.2 31.0 19.7 54.7
Consumption of fixed capital..... 690.0 741.3 747.3 752.1 751.9 750.4 745.6 747.2 7.4 .8 .0 -.2 -.6 .2 -.6
Less: Inventory valuation
adjustment........................ -14.1 9.1 -2.2 -11.1 -10.8 -28.1 1.2 -1.8 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 878.9 928.2 1,060.4 1,060.2 1,081.7 1,071.4 1,128.2 1,208.4 5.6 14.2 2.0 -1.0 5.3 7.1 14.0
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 773.4 696.8 745.0 756.3 795.0 809.0 792.5 865.9 -9.9 6.9 5.1 1.8 -2.0 9.3 14.5
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 508.2 495.6 549.9 557.7 592.1 595.0 581.0 635.4 -2.5 11.0 6.2 .5 -2.4 9.4 13.9
Inventory valuation adjustment..... -14.1 9.1 -2.2 -11.1 -10.8 -28.1 1.2 -1.8 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 58.6 64.5 161.5 154.7 150.7 146.3 229.2 260.1 10.1 150.3 -2.6 -2.9 56.7 13.5 68.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 12.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
2000 2001 2002 III 02 IV 02 I 03 II 03 III 03 2001 2002 IV 02 I 03 II 03 III 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 817.9 770.4 904.2 899.8 934.9 927.1 1,022.8 1,124.2 -47.5 133.8 35.1 -7.8 95.7 101.4
Domestic industries.......................... 672.2 608.9 750.8 748.7 767.9 778.4 874.3 966.5 -63.3 141.9 19.2 10.5 95.9 92.2
Financial.................................. 184.7 213.3 259.1 252.5 248.6 268.4 279.6 299.2 28.6 45.8 -3.9 19.8 11.2 19.6
Nonfinancial............................... 487.5 395.6 491.7 496.1 519.3 510.0 594.7 667.3 -91.9 96.1 23.2 -9.3 84.7 72.6
Rest of the world............................ 145.7 161.5 153.4 151.1 166.9 148.7 148.5 157.7 15.8 -8.1 15.8 -18.2 -.2 9.2
Receipts from the rest of the world........ 202.5 178.6 202.4 213.0 214.0 215.4 220.8 236.2 -23.9 23.8 1.0 1.4 5.4 15.4
Less: Payments to the rest of the world.... 56.8 17.1 49.1 61.8 47.0 66.6 72.3 78.4 -39.7 32.0 -14.8 19.6 5.7 6.1
Corporate profits with inventory
valuation adjustment.................... 759.3 705.9 742.7 745.1 784.2 780.9 793.6 864.2 -53.4 36.8 39.1 -3.3 12.7 70.6
Domestic industries.......................... 613.6 544.4 589.4 594.0 617.2 632.1 645.1 706.4 -69.2 45.0 23.2 14.9 13.0 61.3
Financial.................................. 200.2 225.6 255.1 249.0 243.4 261.8 260.6 274.6 25.4 29.5 -5.6 18.4 -1.2 14.0
Federal Reserve banks.................... 30.8 28.3 22.9 22.6 21.2 21.2 20.5 18.9 -2.5 -5.4 -1.4 .0 -.7 -1.6
Other financial.......................... 169.4 197.3 232.2 226.4 222.1 240.7 240.1 255.7 27.9 34.9 -4.3 18.6 -.6 15.6
Nonfinancial............................... 413.4 318.8 334.3 345.0 373.9 370.3 384.5 431.8 -94.6 15.5 28.9 -3.6 14.2 47.3
Utilities................................ 24.4 24.1 22.0 21.5 22.8 28.1 21.1 21.5 -.3 -2.1 1.3 5.3 -7.0 .4
Manufacturing............................ 144.3 54.0 73.3 87.2 95.1 87.1 80.3 97.7 -90.3 19.3 7.9 -8.0 -6.8 17.4
Durable goods.......................... 60.0 -24.9 8.8 20.4 25.2 17.1 13.9 19.4 -84.9 33.7 4.8 -8.1 -3.2 5.5
Fabricated metal products............ 15.5 9.7 9.7 8.4 12.1 8.9 12.1 12.6 -5.8 .0 3.7 -3.2 3.2 .5
Machinery............................ 8.2 3.2 1.5 2.6 -1.3 -2.8 -2.7 -2.4 -5.0 -1.7 -3.9 -1.5 .1 .3
Computer and electronic products..... 4.0 -49.4 -18.4 -8.7 -1.2 -5.6 -1.8 -1.5 -53.4 31.0 7.5 -4.4 3.8 .3
Electrical equipment, appliances,
and components...................... 5.6 2.0 1.7 1.6 .7 .7 -.9 -1.5 -3.6 -.3 -.9 .0 -1.6 -.6
Motor vehicles, bodies and trailers,
and parts........................... -1.0 -7.2 -1.0 1.1 -1.7 7.3 -1.9 -3.5 -6.2 6.2 -2.8 9.0 -9.2 -1.6
Other durable goods.................. 27.7 16.7 15.3 15.3 16.6 8.6 9.1 15.7 -11.0 -1.4 1.3 -8.0 .5 6.6
Nondurable goods....................... 84.3 78.9 64.6 66.8 69.9 70.0 66.4 78.4 -5.4 -14.3 3.1 .1 -3.6 12.0
Food and beverage and tobacco
products............................ 25.4 27.5 32.8 34.4 32.4 32.4 30.6 31.8 2.1 5.3 -2.0 .0 -1.8 1.2
Petroleum and coal products.......... 26.9 29.9 6.4 7.7 8.7 20.2 20.6 19.5 3.0 -23.5 1.0 11.5 .4 -1.1
Chemical products.................... 14.2 13.8 17.5 17.7 19.4 18.9 15.8 23.7 -.4 3.7 1.7 -.5 -3.1 7.9
Other nondurable goods............... 17.8 7.7 7.9 7.0 9.4 -1.5 -.5 3.4 -10.1 .2 2.4 -10.9 1.0 3.9
Wholesale trade.......................... 59.7 51.6 49.1 45.7 47.9 39.8 42.6 51.0 -8.1 -2.5 2.2 -8.1 2.8 8.4
Retail trade............................. 59.6 71.1 76.7 77.5 73.9 72.9 85.0 84.3 11.5 5.6 -3.6 -1.0 12.1 -.7
Transportation and warehousing........... 14.9 -.1 -2.3 -3.5 2.4 5.6 12.9 14.7 -15.0 -2.2 5.9 3.2 7.3 1.8
Information.............................. -17.6 -27.2 -20.2 -20.1 -12.6 -11.4 -8.0 2.3 -9.6 7.0 7.5 1.2 3.4 10.3
Other nonfinancial....................... 128.2 145.3 135.5 136.7 144.4 148.1 150.7 160.2 17.1 -9.8 7.7 3.7 2.6 9.5
Rest of the world............................ 145.7 161.5 153.4 151.1 166.9 148.7 148.5 157.7 15.8 -8.1 15.8 -18.2 -.2 9.2
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Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
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.
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