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The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 04-22
Kenneth A. Petrick: (202) 606-9738 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FIRST QUARTER 2004 (PRELIMINARY)
CORPORATE PROFITS: FIRST QUARTER 2004 (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 4.4 percent in the first quarter of 2004,
according to preliminary estimates released by the Bureau of Economic Analysis. In the fourth 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 4.2
percent (see "Revisions" on page 3).
The major contributors to the increase in real GDP in the first quarter were personal consumption
expenditures (PCE), equipment and software, private inventory investment, federal government
spending, and exports. Imports, which are a subtraction in the calculation of GDP, increased.
The slight acceleration in real GDP growth in the first quarter primarily reflected a deceleration in
imports, and accelerations in federal government spending and in PCE that were partly offset by
decelerations in exports and in equipment and software.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.3 percent in the first quarter, 0.1 percentage point more than the advance estimate; this index
increased 1.3 percent in the fourth quarter. Excluding food and energy prices, the price index for gross
domestic purchases increased 2.3 percent in the first quarter, compared with an increase of 1.5 percent in
the fourth. About 0.3 percentage point of the first-quarter increase in the index was accounted for by the
pay raise for federal civilian and military personnel, which is treated as an increase in the price index of
employee services purchased by the federal government.
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 added 0.04 percentage point to the first-quarter change in real GDP after
adding 0.29 percentage point to the fourth-quarter change. Motor vehicle output subtracted 0.11
percentage point from the first-quarter change in real GDP after adding 0.13 percentage point to the
fourth-quarter change.
Real personal consumption expenditures increased 3.9 percent in the first quarter, compared with
an increase of 3.2 percent in the fourth. Real nonresidential fixed investment increased 5.8 percent,
compared with an increase of 10.9 percent. Nonresidential structures decreased 7.0 percent, compared
with a decrease of 1.4 percent. Equipment and software increased 9.8 percent, compared with an
increase of 14.9 percent. Real residential fixed investment increased 3.8 percent, compared with an
increase of 7.9 percent.
Real exports of goods and services increased 4.9 percent in the first quarter, compared with an
increase of 20.5 percent in the fourth. Real imports of goods and services increased 5.9 percent,
compared with an increase of 16.4 percent.
Real federal government consumption expenditures and gross investment increased 9.2 percent in
the first quarter, compared with an increase of 0.7 percent in the fourth. National defense increased 13.2
percent, compared with an increase of 3.0 percent. Nondefense increased 1.5 percent, in contrast to a
decrease of 3.7 percent. Real state and local government consumption expenditures and gross
investment decreased 0.7 percent, compared with a decrease of 0.5 percent.
The real change in private inventories added 0.75 percentage point to the first-quarter change in
real GDP, after adding 0.71 percentage point to the fourth-quarter change. Private businesses increased
inventories $28.2 billion in the first quarter, following an increase of $9.0 billion in the fourth quarter
and a decrease of $9.1 billion in the third.
Real final sales of domestic product -- GDP less change in private inventories -- increased 3.7
percent in the first quarter, compared with an increase of 3.4 percent in the fourth.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.6 percent in the first quarter, compared with an increase of 4.3 percent in the
fourth.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 3.6 percent in the first quarter, compared with an increase of 5.5 percent in
the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which
decreased $22.0 billion in the first quarter after increasing $36.4 billion in the fourth; in the first quarter,
receipts decreased $14.6 billion, and payments increased $7.4 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
7.2 percent, or $197.6 billion, in the first quarter to a level of $11,459.6 billion. In the fourth quarter,
current-dollar GDP increased 5.7 percent, or $155.0 billion.
Revisions
The preliminary estimate of the first-quarter increase in real GDP is 0.2 percentage point, or $7.4
billion, higher than the advance estimate issued last month. The upward revision to the percentage
change in real GDP primarily reflected upward revisions to private inventory investment, to state and
local government spending, and to exports that were partly offset by an upward revision to imports and a
downward revision to equipment and software.
Advance Preliminary
(Percent change from preceding quarter)
Real GDP............................... 4.2 4.4
Current-dollar GDP..................... 6.8 7.2
Gross domestic purchases price index... 3.2 3.3
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $14.4 billion in the first quarter. In the fourth quarter, profits
increased $81.4 billion. Current-production cash flow (net cash flow with inventory valuation and
capital consumption adjustments) -- the internal funds available to corporations for investment --
increased $12.4 billion in the first quarter, compared with an increase of $70.6 billion in the fourth.
Taxes on corporate income increased $1.1 billion in the first quarter, compared with an increase
of $13.1 billion in the fourth. Profits after tax with inventory valuation and capital consumption
adjustments increased $13.3 billion in the first quarter, after increasing $68.2 billion in the fourth.
Dividends increased $8.0 billion, compared with an increase of $7.5 billion; current-production
undistributed profits increased $5.2 billion, compared with an increase of $60.9 billion.
Domestic profits increased $36.3 billion in the first quarter, compared with an increase of $33.9
billion in the fourth. Domestic profits of financial corporations increased $30.3 billion in the first
quarter, compared with an increase of $5.2 billion in the fourth. Domestic profits of nonfinancial
corporations increased $6.1 billion in the first quarter, compared with an increase of $28.7 billion in the
fourth. In the first quarter, real gross value added increased, and profits per unit of real gross value
added was unchanged; an increase in the prices corporations received was offset by increases in both
unit labor and nonlabor costs.
The foreign component of profits (rest-of-the-world profits) decreased $21.9 billion in the first
quarter, in contrast to an increase of $47.5 billion in the fourth. 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 first-
quarter decrease was accounted for by a decrease in receipts and an increase 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 increased, and domestic profits of nonfinancial
corporations decreased. Decreases in profits of nonfinancial corporations were widespread among major
industry groups with the largest occurring in wholesale trade and in durable goods manufacturing; only
nondurable goods manufacturing and utilities increased.
Profits before tax decreased $33.0 billion in the first quarter, in contrast to an increase of $92.2
billion in the fourth. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment increased $64.4 billion in the first quarter (from $269.2 billion to $333.6 billion), compared
with an increase of $9.1 billion in the fourth. The inventory valuation adjustment decreased $16.9
billion (from -$21.7 billion to -$38.6 billion), compared with a decrease of $19.9 billion.
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
Most of BEA's estimates and analyses are published in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
BOX
Annual Revision of the National Income and Product Accounts
The annual revision of the national income and product accounts, covering the first quarter of
2001 through the first quarter of 2004, will be released along with the "advance" estimate of GDP for
the second quarter of 2004 on July 30. An article describing the revision will appear in the August
2004 issue of the Survey of Current Business.
Revised Estimates of Wages and Salaries
As announced last month, this release includes revised estimates of wages and salaries for the
fourth quarter of 2003. These revisions incorporate newly available wage and salary tabulations of
employees covered by state unemployment insurance for the fourth quarter from the Bureau of Labor
Statistics. The accelerated schedule reflects the more timely availability of the BLS tabulations.
* * *
Next release -- June 25, 2004, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2004 (Final)
Corporate Profits: First Quarter 2004 (Revised)
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003r II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03r I 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). .5 2.2 3.1 6.4 -.5 2.1 -.2 -.6 -1.3 2.0 4.7 1.9 3.4 1.3 2.0 3.1 8.2 4.1 4.4
Personal consumption expenditures... 2.5 3.4 3.1 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 3.2 3.9
Durable goods..................... 4.1 6.5 7.4 -9.5 6.0 .7 1.7 9.8 .7 27.3 1.6 .5 5.0 .3 .5 17.7 28.0 .7 -4.2
Nondurable goods.................. 1.9 3.0 3.8 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 5.4 6.6
Services.......................... 2.4 3.0 2.0 3.9 4.3 3.9 .3 2.4 1.6 2.8 3.8 4.1 2.2 1.5 1.5 1.7 2.8 2.8 4.2
Gross private domestic investment... -8.4 -1.2 4.2 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 14.9 10.1
Fixed investment.................. -3.2 -3.7 4.4 9.5 -.6 .7 -2.7 -9.2 -5.2 -10.8 -2.5 .6 .6 2.1 1.1 6.1 15.8 9.9 5.1
Nonresidential.................. -4.5 -7.2 3.0 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 10.9 5.8
Structures.................... -2.5 -18.4 -4.6 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 -1.4 -7.0
Equipment and software........ -5.2 -2.8 5.5 13.7 -.2 .8 -4.0 -16.4 -12.2 -4.1 -.2 1.2 3.7 1.7 .5 8.0 17.6 14.9 9.8
Residential..................... .4 4.9 7.5 -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 7.9 3.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -5.2 -2.4 2.0 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 20.5 4.9
Goods........................... -6.1 -4.0 1.9 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 21.3 6.3
Services........................ -3.1 1.4 2.3 8.5 -6.6 4.4 -2.0 -.6 -14.7 -15.0 22.8 1.6 4.5 9.4 -10.1 .2 12.7 18.9 1.8
Imports........................... -2.6 3.3 4.0 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 16.4 5.9
Goods........................... -3.2 3.7 4.8 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 18.3 6.6
Services........................ .4 1.4 -.1 10.7 14.1 -1.9 -3.1 12.5 -18.2 -6.9 19.2 -3.6 .7 12.2 -7.5 -10.9 13.4 7.5 2.6
Government consumption expenditures
and gross investment............... 2.8 3.8 3.3 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 -.1 2.9
Federal........................... 3.7 7.9 8.7 17.2 -8.2 -1.0 8.9 6.7 .0 9.9 8.4 10.5 3.9 18.2 -.2 23.5 1.2 .7 9.2
National defense................ 3.9 8.9 10.6 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 3.0 13.2
Nondefense...................... 3.5 6.2 5.3 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 -3.7 1.5
State and local................... 2.2 1.8 .5 .1 1.3 2.5 4.3 5.3 -6.1 6.1 2.7 .7 1.7 1.5 -.5 -.8 2.1 -.5 -.7
Addenda:
Final sales of domestic product... 1.4 1.8 3.2 3.3 1.3 2.6 1.4 .7 -.7 3.2 2.6 1.3 1.8 1.7 2.7 3.3 8.3 3.4 3.7
Gross domestic purchases.......... .7 2.8 3.3 7.2 .4 2.1 -.7 -.4 -.8 2.4 5.2 3.1 3.4 2.7 1.1 4.3 7.0 4.3 4.6
Final sales to domestic
purchasers....................... 1.6 2.4 3.4 4.2 2.1 2.6 .9 .9 -.3 3.6 3.2 2.5 1.8 3.1 1.8 4.5 7.2 3.6 3.9
Gross national product (GNP)...... .5 2.1 3.3 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 5.5 3.6
Disposable personal income........ 1.8 3.8 2.7 2.7 5.2 .6 -.3 -1.4 12.2 -4.4 10.6 4.1 -.9 .6 2.4 4.9 6.8 1.2 4.9
Current-dollar measures:
GDP............................. 2.9 3.8 4.8 8.3 1.6 3.8 2.9 2.6 .3 3.9 5.4 3.9 4.4 3.1 4.3 4.2 10.0 5.7 7.2
Final sales of domestic product. 3.9 3.3 4.9 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 5.0 6.4
Gross domestic purchases........ 2.7 4.2 5.3 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 5.7 8.1
Final sales to domestic
purchasers..................... 3.6 3.8 5.4 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 5.0 7.3
GNP............................. 2.8 3.6 5.0 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 7.1 6.3
Disposable personal income...... 3.8 5.2 4.6 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 8.7 2.2 8.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2003.
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... .5 2.2 3.1 6.4 -.5 2.1 -.2 -.6 -1.3 2.0 4.7 1.9 3.4 1.3 2.0 3.1 8.2 4.1 4.4
Percentage points at annual rates:
Personal consumption expenditures. 1.68 2.38 2.22 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 2.29 2.71
Durable goods................... .36 .55 .61 -.89 .50 .06 .15 .80 .06 2.14 .14 .04 .43 .02 .04 1.38 2.23 .06 -.36
Motor vehicles and parts...... .19 .18 .17 -1.12 .28 .01 .04 .67 -.13 1.58 -.44 -.25 .29 -.33 -.16 .54 1.36 -.35 -.71
Furniture and household
equipment.................... .18 .30 .29 .19 .19 .07 .18 .16 .23 .40 .45 .23 .12 .24 .04 .54 .65 .30 .30
Other......................... -.01 .08 .16 .04 .03 -.02 -.07 -.02 -.04 .16 .13 .05 .02 .11 .17 .30 .21 .11 .06
Nondurable goods................ .37 .60 .76 1.11 .44 .72 .06 -.22 .57 .91 1.19 .07 .04 .90 1.13 .25 1.48 1.07 1.32
Food.......................... .12 .22 .37 .39 .09 .14 .22 -.03 .02 .14 .56 .19 .03 .22 .63 .23 .71 .32 .77
Clothing and shoes............ .06 .15 .14 .21 .19 .04 -.08 .01 .15 .19 .33 .01 -.01 .21 .09 .21 .27 .04 .39
Gasoline, fuel oil, and other
energy goods................. .03 .04 .00 -.06 -.05 .25 .12 -.37 .09 .32 .10 -.20 -.09 .21 .08 -.40 .07 .39 -.03
Other......................... .15 .20 .26 .56 .21 .29 -.19 .17 .31 .27 .22 .07 .11 .25 .33 .20 .43 .33 .19
Services........................ .96 1.23 .85 1.55 1.67 1.51 .07 .94 .64 1.15 1.58 1.70 .92 .65 .63 .71 1.19 1.16 1.76
Housing....................... .28 .29 .24 .31 .27 .28 .33 .26 .21 .25 .35 .33 .28 .25 .26 .20 .25 .17 .24
Household operation........... .00 .04 .02 .51 .16 .41 -.27 -.31 -.05 -.17 .18 .36 -.14 .04 .04 -.13 .14 .05 .17
Electricity and gas......... -.02 .04 .00 .33 .07 .40 -.15 -.49 -.04 -.13 .20 .27 -.05 .09 .01 -.21 .06 .02 .12
Other household operation... .02 .00 .02 .18 .08 .01 -.12 .17 -.01 -.04 -.02 .09 -.09 -.05 .03 .08 .08 .03 .05
Transportation................ -.02 -.05 -.07 .08 -.01 .01 .03 -.01 -.15 -.14 .10 -.05 -.12 -.09 .01 -.11 -.06 -.08 -.01
Medical care.................. .45 .63 .59 .47 .41 .42 .35 .47 .62 .61 .75 .61 .51 .69 .59 .53 .60 .58 .53
Recreation.................... .06 .11 .06 .14 .10 .04 .09 -.02 .06 .15 .19 .07 .05 .09 .00 .10 .08 .12 .17
Other......................... .18 .20 .00 .05 .75 .34 -.45 .56 -.06 .45 .00 .38 .34 -.33 -.28 .13 .19 .33 .66
Gross private domestic investment. -1.47 -.18 .64 4.65 -1.84 -.36 -1.96 -2.92 -1.39 -2.98 1.60 .69 1.66 -.09 -.57 .73 2.17 2.19 1.55
Fixed investment................ -.54 -.60 .67 1.60 -.10 .13 -.45 -1.60 -.88 -1.83 -.41 .08 .08 .31 .16 .90 2.30 1.48 .80
Nonresidential................ -.56 -.82 .30 1.76 .28 .11 -.56 -1.76 -1.02 -1.71 -.81 -.33 -.12 -.01 -.06 .68 1.25 1.08 .59
Structures.................. -.08 -.59 -.12 .53 .29 .04 -.20 -.19 .07 -1.36 -.77 -.41 -.40 -.14 -.10 .09 -.04 -.03 -.17
Equipment and software...... -.47 -.23 .42 1.23 -.02 .07 -.37 -1.57 -1.09 -.35 -.03 .09 .28 .13 .04 .59 1.30 1.11 .76
Information processing
equipment and software... -.10 .02 .54 .96 .33 .58 -.20 -.84 -.58 -.15 .09 .37 .53 -.06 .64 .64 1.05 .70 .70
Computers and peripheral
equipment.............. .02 .11 .24 .45 .12 .06 .16 -.22 -.26 .19 .22 .06 .28 .09 .21 .33 .39 .26 .08
Software................ -.04 -.04 .14 .18 .02 .20 -.07 -.24 -.16 -.21 -.05 .09 .21 -.06 .18 .15 .24 .23 .28
Other................... -.08 -.05 .16 .33 .19 .32 -.28 -.39 -.16 -.14 -.08 .21 .05 -.10 .26 .15 .41 .20 .34
Industrial equipment...... -.14 -.09 -.05 .14 .09 -.12 .04 -.53 -.30 -.22 .26 -.21 .00 -.04 -.10 -.02 .02 -.03 .09
Transportation equipment.. -.18 -.14 -.11 .04 -.31 -.36 -.27 .00 -.25 .24 -.34 -.24 -.26 .20 -.37 -.09 -.05 .25 -.16
Other equipment........... -.05 -.02 .04 .09 -.13 -.03 .06 -.21 .04 -.21 -.04 .17 .00 .04 -.13 .05 .28 .20 .14
Residential................... .02 .23 .36 -.16 -.38 .02 .12 .16 .14 -.12 .40 .41 .20 .32 .22 .22 1.05 .40 .20
Change in private inventories... -.93 .41 -.03 3.05 -1.74 -.49 -1.51 -1.32 -.51 -1.15 2.01 .61 1.58 -.40 -.74 -.17 -.13 .71 .75
Farm.......................... .02 -.03 .02 .88 -.36 .34 .03 -.34 .14 -.26 .39 -.64 .34 -.02 .15 -.09 -.03 .10 -.08
Nonfarm....................... -.94 .44 -.05 2.18 -1.38 -.83 -1.54 -.99 -.65 -.89 1.62 1.25 1.25 -.38 -.88 -.08 -.10 .61 .84
Net exports of goods and services. -.19 -.70 -.35 -.98 -.87 -.07 .46 -.25 -.42 -.50 -.65 -1.32 -.15 -1.47 .81 -1.34 .80 -.32 -.35
Exports......................... -.58 -.24 .20 1.30 1.14 -.31 -.50 -1.54 -1.99 -1.02 .40 .80 .41 -.37 -.19 -.11 .92 1.81 .47
Goods......................... -.48 -.29 .13 1.03 1.36 -.45 -.44 -1.52 -1.50 -.54 -.19 .75 .28 -.64 .13 -.11 .56 1.29 .42
Services...................... -.10 .04 .07 .26 -.22 .14 -.06 -.02 -.48 -.47 .59 .05 .13 .27 -.31 .01 .36 .52 .05
Imports......................... .39 -.45 -.55 -2.27 -2.01 .24 .96 1.29 1.57 .52 -1.05 -2.12 -.56 -1.10 1.00 -1.24 -.12 -2.14 -.82
Goods......................... .39 -.42 -.55 -2.03 -1.70 .19 .88 1.57 1.10 .35 -.66 -2.20 -.55 -.83 .81 -1.51 .18 -1.96 -.76
Services...................... -.01 -.03 .00 -.24 -.32 .04 .08 -.28 .47 .16 -.39 .09 -.02 -.27 .19 .27 -.30 -.17 -.06
Government consumption expenditures
and gross investment............. .48 .69 .62 .96 -.37 .22 .99 1.00 -.74 1.28 .85 .72 .46 1.29 -.07 1.36 .34 -.01 .54
Federal......................... .22 .48 .56 .96 -.51 -.07 .50 .38 .00 .57 .52 .64 .26 1.11 -.01 1.46 .09 .05 .62
National defense.............. .15 .35 .44 .61 -.29 .06 .27 .10 .09 .53 .33 .38 .19 .85 -.25 1.58 -.06 .13 .58
Consumption expenditures.... .13 .29 .40 .60 -.30 .11 .29 .00 .03 .50 .32 .22 .09 .93 -.19 1.39 -.20 .19 .27
Gross investment............ .02 .06 .04 .01 .01 -.05 -.01 .10 .06 .02 .01 .15 .10 -.07 -.06 .19 .13 -.05 .32
Nondefense.................... .07 .14 .12 .35 -.22 -.13 .23 .28 -.09 .04 .20 .27 .07 .26 .24 -.12 .15 -.09 .04
Consumption expenditures..... .07 .12 .11 .28 -.13 -.06 .19 .19 -.02 .06 .14 .15 .13 .26 .25 -.26 .23 -.13 .04
Gross investment............. .00 .02 .01 .07 -.09 -.07 .04 .09 -.07 -.02 .06 .11 -.06 .00 -.01 .14 -.08 .04 .00
State and local................. .26 .21 .06 .01 .15 .29 .49 .62 -.74 .71 .33 .08 .20 .18 -.06 -.10 .25 -.06 -.08
Consumption expenditures.... .20 .13 .06 .16 .10 .21 .29 .22 .13 .21 .01 .17 .11 .19 .06 -.05 -.02 .04 .02
Gross investment............ .06 .08 -.01 -.15 .05 .08 .20 .40 -.88 .50 .31 -.09 .09 -.01 -.12 -.05 .27 -.10 -.10
Addenda:
Goods........................... -.71 .71 1.40 3.64 -1.19 .10 -1.17 -2.08 -1.40 1.38 2.54 -.37 2.12 -.92 1.37 .75 5.67 2.30 2.47
Services........................ 1.26 1.77 1.50 2.63 .80 1.95 .85 1.05 .77 1.61 2.25 2.38 1.37 2.02 .62 2.08 1.27 1.61 2.07
Structures...................... -.04 -.29 .23 .15 -.07 .03 .09 .38 -.65 -1.00 -.08 -.10 -.13 .19 -.02 .26 1.27 .23 -.09
Motor vehicle output............ -.17 .38 .09 -.62 -.73 -.47 -.53 .58 .05 .92 .39 .20 .37 -.18 -.23 .07 .82 .13 -.11
Final sales of computers........ .14 .10 .31 .47 .10 .19 .45 -.20 -.19 .22 .06 .06 .35 .26 .26 .25 .65 .29 .04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
2003 I 03 II 03 III 03 IV 03 I 04r 2003 I 03 II 03 III 03 IV 03 I 04r 2003 IV 03 I 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 10,987.9 10,735.8 10,846.7 11,107.0 11,262.0 11,459.6 10,398.0 10,210.4 10,288.3 10,493.1 10,600.1 10,716.0 315.0 107.0 115.9
Personal consumption expenditures. 7,757.4 7,600.7 7,673.6 7,836.3 7,919.1 8,053.1 7,365.2 7,244.1 7,304.0 7,426.6 7,486.2 7,557.3 224.8 59.6 71.1
Durable goods................... 941.6 898.2 926.2 975.1 967.0 955.9 1,027.5 965.0 1,005.1 1,069.1 1,070.8 1,059.4 70.3 1.7 -11.4
Motor vehicles and parts...... 424.0 402.1 414.5 447.2 432.2 412.3 441.9 414.5 429.5 466.9 456.7 435.4 18.6 -10.2 -21.3
Furniture and household
equipment.................... 334.2 321.8 329.9 339.9 345.1 351.3 400.3 374.7 391.7 412.4 422.5 432.7 35.6 10.1 10.2
Other......................... 183.4 174.3 181.8 188.0 189.7 192.3 187.3 177.6 185.9 191.4 194.5 196.1 17.1 3.1 1.6
Nondurable goods................ 2,209.7 2,175.7 2,170.8 2,230.0 2,262.2 2,328.7 2,121.0 2,090.5 2,096.9 2,134.3 2,162.4 2,197.4 77.4 28.1 35.0
Food.......................... 1,064.1 1,037.4 1,049.7 1,074.9 1,094.2 1,122.9 994.7 979.6 985.4 1,002.8 1,010.9 1,030.8 36.5 8.1 19.9
Clothing and shoes............ 311.2 304.8 307.5 315.1 317.3 326.7 334.4 325.7 331.9 339.5 340.6 352.3 15.3 1.1 11.7
Gasoline, fuel oil, and other
energy goods................. 210.3 222.4 196.9 209.2 212.7 232.4 198.9 203.1 192.9 194.7 204.8 204.0 -.4 10.1 -.8
Other......................... 624.1 611.1 616.7 630.8 637.9 646.7 593.6 582.2 587.4 598.3 606.8 611.7 26.3 8.5 4.9
Services........................ 4,606.2 4,526.8 4,576.6 4,631.2 4,689.9 4,768.5 4,225.7 4,190.7 4,208.4 4,237.2 4,266.4 4,310.9 83.9 29.2 44.5
Housing....................... 1,198.5 1,181.5 1,191.4 1,204.9 1,216.4 1,229.2 1,085.6 1,078.0 1,082.8 1,088.7 1,092.8 1,098.8 23.7 4.1 6.0
Household operation........... 425.9 422.6 424.2 428.5 428.3 436.6 396.2 396.6 393.4 396.8 398.0 402.3 1.7 1.2 4.3
Electricity and gas......... 164.2 163.1 163.9 165.8 164.0 170.0 145.1 148.0 143.1 144.5 144.9 147.8 -.1 .4 2.9
Other household operation... 261.7 259.5 260.3 262.7 264.3 266.6 251.2 248.5 250.5 252.4 253.2 254.6 2.0 .8 1.4
Transportation................ 293.6 292.3 292.8 295.3 294.1 293.0 278.2 281.6 278.8 277.2 275.1 274.8 -6.6 -2.1 -.3
Medical care.................. 1,302.4 1,263.1 1,289.2 1,315.1 1,342.3 1,368.7 1,190.0 1,169.3 1,182.4 1,196.9 1,211.4 1,224.8 57.9 14.5 13.4
Recreation.................... 319.2 312.6 317.2 321.3 325.7 333.3 291.1 287.5 290.1 291.9 294.8 299.1 6.3 2.9 4.3
Other......................... 1,066.5 1,054.7 1,061.9 1,066.2 1,083.1 1,107.7 983.3 976.6 979.7 984.3 992.7 1,009.6 .1 8.4 16.9
Gross private domestic investment. 1,670.6 1,605.3 1,624.3 1,689.1 1,763.5 1,818.6 1,638.0 1,581.6 1,599.9 1,656.1 1,714.6 1,756.4 66.0 58.5 41.8
Fixed investment................ 1,673.0 1,606.2 1,630.1 1,699.5 1,756.0 1,790.2 1,635.2 1,577.7 1,601.4 1,661.0 1,700.6 1,722.0 69.4 39.6 21.4
Nonresidential................ 1,110.6 1,071.8 1,086.9 1,124.4 1,159.2 1,178.6 1,125.5 1,087.3 1,105.8 1,139.5 1,169.4 1,186.0 32.9 29.9 16.6
Structures.................. 259.2 256.1 259.2 259.8 261.9 260.5 237.5 236.5 238.8 237.7 236.9 232.6 -11.5 -.8 -4.3
Equipment and software...... 851.3 815.8 827.7 864.6 897.3 918.1 893.5 855.0 871.6 907.7 939.7 961.9 46.8 32.0 22.2
Information processing
equipment and software... 463.8 436.2 451.2 477.0 490.7 507.4 522.7 487.2 506.4 537.7 559.5 581.9 63.4 21.8 22.4
Computers and peripheral
equipment.............. 97.2 86.8 93.5 101.8 106.8 107.2 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 181.1 173.4 177.6 185.1 188.4 195.9 182.4 174.4 178.6 185.0 191.5 199.4 14.9 6.5 7.9
Other................... 185.4 175.9 180.1 190.2 195.5 204.2 194.8 184.3 188.6 200.2 206.0 216.2 17.7 5.8 10.2
Industrial equipment...... 133.6 133.4 133.2 134.1 133.5 137.3 131.1 131.4 131.0 131.4 130.6 133.0 -5.0 -.8 2.4
Transportation equipment.. 121.3 119.8 115.3 117.8 132.2 129.0 116.6 117.4 115.1 113.7 120.1 116.0 -11.6 6.4 -4.1
Other equipment........... 132.7 126.3 128.1 135.7 140.9 144.3 128.5 122.6 123.9 131.1 136.3 140.0 4.2 5.2 3.7
Residential................... 562.4 534.4 543.2 575.1 596.9 611.6 505.3 486.4 491.7 516.7 526.6 531.5 35.0 9.9 4.9
Change in private inventories... -2.4 -.9 -5.8 -10.5 7.5 28.4 -.7 1.6 -4.5 -9.1 9.0 28.2 -6.4 18.1 19.2
Farm.......................... -2.3 .2 -2.7 -4.3 -2.3 -4.5 -1.1 1.2 -2.0 -2.8 -.7 -2.8 2.2 2.1 -2.1
Nonfarm....................... -.1 -1.2 -3.0 -6.2 9.8 32.9 .5 .3 -2.4 -5.9 10.0 32.3 -8.8 15.9 22.3
Net exports of goods and services. -495.0 -487.6 -505.5 -490.6 -496.2 -528.5 -509.1 -490.0 -526.0 -505.2 -515.2 -525.2 -38.5 -10.0 -10.0
Exports......................... 1,048.9 1,021.0 1,020.2 1,048.5 1,105.8 1,134.4 1,034.7 1,012.4 1,009.6 1,033.7 1,083.1 1,096.1 20.5 49.4 13.0
Goods......................... 725.5 707.6 707.7 722.1 764.5 788.3 720.5 706.5 703.5 718.2 753.7 765.3 13.3 35.5 11.6
Services...................... 323.4 313.3 312.5 326.4 341.3 346.2 314.0 305.7 305.9 315.2 329.1 330.6 7.2 13.9 1.5
Imports......................... 1,543.8 1,508.5 1,525.7 1,539.0 1,602.0 1,662.9 1,543.8 1,502.5 1,535.7 1,538.9 1,598.3 1,621.3 59.1 59.4 23.0
Goods......................... 1,283.3 1,254.2 1,272.4 1,275.6 1,331.2 1,384.5 1,308.6 1,266.2 1,307.4 1,302.4 1,358.2 1,379.9 60.2 55.8 21.7
Services...................... 260.5 254.3 253.3 263.5 270.8 278.4 236.3 236.5 229.8 237.2 241.5 243.1 -.1 4.3 1.6
Government consumption expenditures
and gross investment............. 2,054.8 2,017.4 2,054.2 2,072.1 2,075.6 2,116.4 1,898.4 1,869.0 1,902.8 1,911.1 1,910.7 1,924.4 61.5 -.4 13.7
Federal......................... 757.2 723.0 764.7 769.6 771.5 802.4 704.3 675.5 712.0 714.3 715.5 731.3 56.3 1.2 15.8
National defense.............. 497.3 463.3 507.3 507.2 511.5 536.1 463.0 433.2 472.8 471.2 474.7 489.7 44.2 3.5 15.0
Consumption expenditures.... 437.3 408.6 447.5 443.7 449.5 465.0 401.9 377.3 411.8 406.9 411.7 418.5 39.7 4.8 6.8
Gross investment............ 60.0 54.7 59.8 63.5 62.0 71.1 61.0 55.7 60.8 64.5 63.0 72.0 4.4 -1.5 9.0
Nondefense.................... 259.9 259.7 257.4 262.4 260.0 266.3 241.4 242.4 239.3 243.1 240.8 241.7 12.2 -2.3 .9
Consumption expenditures.... 225.6 227.3 221.4 228.5 225.2 231.5 207.1 209.9 203.4 209.3 206.0 206.9 10.8 -3.3 .9
Gross investment............ 34.3 32.4 36.0 33.8 34.8 34.8 34.3 32.4 36.0 33.8 34.9 34.9 1.4 1.1 .0
State and local................. 1,297.6 1,294.5 1,289.6 1,302.5 1,304.0 1,314.0 1,194.6 1,193.8 1,191.4 1,197.4 1,195.9 1,193.8 5.5 -1.5 -2.1
Consumption expenditures.... 1,045.6 1,045.8 1,040.9 1,046.3 1,049.5 1,061.4 956.9 957.8 956.6 956.0 957.1 957.6 6.4 1.1 .5
Gross investment............ 252.0 248.7 248.7 256.2 254.5 252.6 237.8 236.0 234.7 241.5 238.8 236.1 -.8 -2.7 -2.7
Residual.......................... ..... ..... ..... ..... ..... ..... -18.6 -4.5 -11.5 -27.4 -31.1 -34.8 ..... ..... .....
Addenda:
Final sales of domestic product. 10,990.3 10,736.7 10,852.4 11,117.4 11,254.5 11,431.2 10,395.0 10,206.4 10,289.5 10,497.7 10,586.4 10,682.6 318.1 88.7 96.2
Gross domestic purchases........ 11,482.8 11,223.4 11,352.2 11,597.5 11,758.2 11,988.1 10,903.6 10,697.6 10,809.9 10,995.4 11,111.5 11,237.2 352.1 116.1 125.7
Final sales to domestic
purchasers..................... 11,485.2 11,224.3 11,357.9 11,608.0 11,750.7 11,959.7 10,900.6 10,693.5 10,811.1 11,000.1 11,097.8 11,203.7 355.2 97.7 105.9
Gross domestic product.......... 10,987.9 10,735.8 10,846.7 11,107.0 11,262.0 11,459.6 10,398.0 10,210.4 10,288.3 10,493.1 10,600.1 10,716.0 315.0 107.0 115.9
Plus: Income receipts from
the rest of the world.......... 317.3 296.8 299.5 312.1 360.7 348.0 301.6 283.4 285.6 296.1 341.4 326.8 11.6 45.3 -14.6
Less: Income payments to
the rest of the world.......... 273.6 269.0 266.2 274.3 284.8 294.8 260.1 256.4 253.8 260.7 269.6 277.0 -8.2 8.9 7.4
Equals: Gross national product.. 11,031.6 10,763.7 10,880.0 11,144.8 11,337.9 11,512.8 10,439.5 10,237.6 10,320.2 10,528.6 10,671.7 10,765.7 334.5 143.1 94.0
Net domestic product............ 9,677.0 9,430.1 9,543.3 9,797.9 9,936.7 10,121.5 9,087.5 8,903.4 8,983.4 9,181.7 9,281.3 9,384.7 289.0 99.6 103.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.4 1.5 1.7 2.0 1.9 1.8 3.2 3.2 1.6 1.6 1.1 1.5 1.5 1.7 2.3 1.1 1.6 1.5 2.6
Personal consumption expenditures... 2.0 1.4 1.8 2.0 1.9 1.8 3.2 2.5 .5 .4 .7 2.9 2.0 1.7 2.8 .5 1.8 1.0 3.0
Durable goods..................... -1.9 -2.9 -3.7 -.5 -2.5 -1.0 -1.3 -3.1 -2.8 -2.2 -3.5 -2.9 -3.0 -3.0 -4.4 -3.9 -4.0 -3.9 -.3
Nondurable goods.................. 1.5 .5 2.1 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 .5 5.3
Services.......................... 3.2 2.7 2.9 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 2.3 2.5
Gross private domestic investment... 1.1 .0 .9 1.2 1.9 .8 .3 1.3 2.3 .0 -.7 -.7 -1.0 1.6 1.3 .0 2.0 3.6 2.5
Fixed investment.................. 1.1 .1 1.1 1.2 1.9 .9 .1 1.6 2.4 .0 -.8 -.7 -.7 1.7 1.9 .0 2.1 3.7 2.8
Nonresidential.................. -.2 -.9 -.2 .3 1.4 .0 -1.8 .2 .6 -1.2 -1.3 -1.5 -1.5 .4 -.3 -1.2 1.6 1.8 1.0
Structures.................... 5.5 1.4 2.1 3.6 4.5 5.0 6.5 6.9 6.3 1.2 -.9 .5 .3 1.1 3.8 1.1 2.7 4.7 5.3
Equipment and software........ -2.2 -1.7 -.9 -.8 .4 -1.7 -4.7 -2.1 -1.6 -2.1 -1.4 -2.1 -2.1 .2 -1.6 -1.8 1.2 1.0 -.2
Residential..................... 4.6 2.4 3.9 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 7.5 6.2
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 -.4 2.1 2.1 .9 .4 .1 -1.2 -2.1 -3.6 -1.2 2.9 3.3 .6 3.6 .8 1.6 2.6 5.6
Goods........................... -.7 -.7 2.0 1.6 .3 .4 -.1 -1.6 -2.6 -3.8 -1.4 2.1 3.3 .6 3.5 1.7 -.2 3.6 6.4
Services........................ .4 .3 2.2 3.5 2.5 .6 .6 -.3 -1.0 -3.0 -.9 4.6 3.2 .6 3.8 -1.3 5.7 .4 4.0
Imports........................... -2.5 -1.0 3.6 .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 .9 9.6
Goods........................... -3.0 -1.7 2.9 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 .3 9.8
Services........................ .2 2.5 7.4 -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 3.8 8.9
Government consumption expenditures
and gross investment............... 2.6 2.6 2.9 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 .7 5.1
Federal........................... 2.1 2.7 2.5 -1.1 5.0 1.6 2.0 1.6 2.4 1.7 5.9 2.3 1.2 -.5 7.7 1.4 1.3 .3 7.2
National defense................ 2.2 2.5 2.6 -.2 3.6 .9 3.6 1.6 2.4 .8 5.2 2.3 1.8 -.6 8.0 1.2 1.3 .4 6.5
Nondefense...................... 1.9 3.2 2.3 -2.6 7.5 2.7 -.7 1.8 2.3 3.6 7.3 2.1 .2 -.4 7.2 1.6 1.3 .1 8.5
State and local................... 2.9 2.5 3.1 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 1.0 3.8
Addenda:
Final sales of domestic product... 2.4 1.5 1.7 2.0 1.9 1.8 3.1 3.2 1.6 1.6 1.1 1.4 1.5 1.8 2.4 1.1 1.6 1.5 2.6
Gross domestic purchases.......... 2.0 1.4 1.9 1.8 2.3 1.8 2.6 2.3 1.0 .5 1.0 2.4 1.6 1.7 3.4 .4 1.8 1.3 3.3
Final sales to domestic
purchasers....................... 2.0 1.4 1.9 1.8 2.3 1.8 2.6 2.3 1.0 .5 .9 2.4 1.6 1.7 3.5 .4 1.8 1.4 3.3
Gross national product (GNP)...... 2.4 1.5 1.7 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 1.5 2.6
Implicit price deflators:
GDP............................. 2.4 1.5 1.7 1.7 2.1 1.6 3.1 3.2 1.6 1.9 .7 1.9 1.0 1.8 2.3 1.1 1.6 1.5 2.6
Gross domestic purchases........ 2.0 1.4 1.9 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 1.3 3.3
GNP............................. 2.4 1.5 1.7 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 1.5 2.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2001 2002 2003 I 03 II 03 III 03 IV 03 I 04r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.506 102.710 105.918 104.008 104.801 106.887 107.977 109.158
Personal consumption expenditures.......... 102.452 105.951 109.286 107.489 108.378 110.197 111.081 112.137
Durable goods............................ 104.144 110.868 119.017 111.779 116.420 123.834 124.037 122.711
Nondurable goods......................... 101.852 104.949 108.926 107.358 107.685 109.607 111.053 112.847
Services................................. 102.382 105.420 107.555 106.664 107.115 107.849 108.591 109.724
Gross private domestic investment.......... 91.650 90.580 94.386 91.135 92.186 95.424 98.800 101.207
Fixed investment......................... 96.826 93.258 97.392 93.968 95.378 98.932 101.290 102.563
Nonresidential......................... 95.517 88.683 91.349 88.248 89.751 92.485 94.913 96.263
Structures........................... 97.465 79.492 75.828 75.523 76.244 75.906 75.638 74.274
Equipment and software............... 94.825 92.144 97.234 93.047 94.851 98.779 102.260 104.684
Residential............................ 100.351 105.228 113.073 108.828 110.021 115.616 117.827 118.933
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 94.773 92.512 94.385 92.353 92.097 94.290 98.800 99.984
Imports of goods and services.............. 97.377 100.609 104.612 101.810 104.059 104.277 108.302 109.863
Government consumption expenditures and
gross investment.......................... 102.750 106.697 110.271 108.563 110.527 111.008 110.986 111.781
Federal.................................. 103.746 111.958 121.690 116.713 123.025 123.406 123.616 126.356
State and local.......................... 102.248 104.047 104.533 104.463 104.248 104.779 104.642 104.458
Addenda:
Final sales of domestic product.......... 101.441 103.242 106.501 104.569 105.420 107.553 108.462 109.447
Gross domestic purchases................. 100.672 103.482 106.935 104.915 106.016 107.836 108.974 110.207
Final sales to domestic purchasers....... 101.575 103.998 107.502 105.459 106.619 108.483 109.446 110.491
Gross national product................... 100.462 102.527 105.921 103.873 104.711 106.825 108.277 109.231
-----------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2001 2002 2003 I 03 II 03 III 03 IV 03 I 04r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.376 103.949 105.686 105.163 105.440 105.870 106.270 106.958
Personal consumption expenditures.......... 102.039 103.429 105.325 104.927 105.065 105.522 105.787 106.564
Durable goods............................ 98.086 95.208 91.682 93.074 92.147 91.207 90.298 90.232
Nondurable goods......................... 101.530 102.075 104.179 104.079 103.529 104.488 104.618 105.980
Services................................. 103.168 105.946 109.007 108.028 108.758 109.306 109.935 110.622
Gross private domestic investment.......... 101.070 101.119 102.064 101.586 101.589 102.093 102.988 103.634
Fixed investment......................... 101.087 101.155 102.296 101.808 101.796 102.319 103.260 103.964
Nonresidential......................... 99.770 98.859 98.669 98.579 98.293 98.678 99.124 99.373
Structures........................... 105.518 106.974 109.168 108.268 108.559 109.288 110.556 112.003
Equipment and software............... 97.786 96.121 95.275 95.404 94.961 95.251 95.483 95.434
Residential............................ 104.628 107.105 111.263 109.881 110.485 111.321 113.363 115.087
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.628 99.273 101.354 100.842 101.044 101.434 102.094 103.501
Imports of goods and services.............. 97.537 96.519 100.031 100.435 99.381 100.042 100.265 102.599
Government consumption expenditures and
gross investment.......................... 102.587 105.207 108.246 107.951 107.966 108.433 108.635 109.985
Federal.................................. 102.065 104.858 107.507 107.032 107.399 107.755 107.842 109.727
State and local.......................... 102.853 105.382 108.627 108.435 108.246 108.778 109.049 110.075
Addenda:
Final sales of domestic product.......... 102.381 103.955 105.723 105.198 105.474 105.906 106.313 107.010
Gross domestic purchases................. 101.974 103.374 105.327 104.934 105.031 105.496 105.847 106.702
Final sales to domestic purchasers....... 101.978 103.379 105.362 104.968 105.062 105.531 105.888 106.752
Gross national product................... 102.372 103.936 105.684 105.156 105.438 105.872 106.268 106.958
Implicit price deflators:
Gross domestic product................. 102.373 103.945 105.673 105.146 105.427 105.851 106.244 106.939
Final sales of domestic product........ 102.381 103.955 105.726 105.196 105.471 105.904 106.311 107.008
Gross domestic purchases............... 101.971 103.370 105.312 104.915 105.017 105.476 105.820 106.682
Final sales to domestic purchasers..... 101.978 103.379 105.363 104.964 105.058 105.526 105.883 106.748
Gross national product................. 102.368 103.932 105.671 105.138 105.425 105.853 106.243 106.940
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.1 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .5 2.2 3.1
Personal consumption expenditures...... 4.1 2.8 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 3.4 3.1
Durable goods........................ 6.0 2.2 -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.1 6.5 7.4
Nondurable goods..................... 3.3 2.8 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 1.9 3.0 3.8
Services............................. 4.0 3.0 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 3.0 2.0
Gross private domestic investment...... 2.4 4.0 -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -8.4 -1.2 4.2
Fixed investment..................... 3.3 3.0 -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.2 -3.7 4.4
Nonresidential..................... 5.2 5.6 .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.5 -7.2 3.0
Structures....................... .6 2.0 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.5 -18.4 -4.6
Equipment and software........... 7.5 7.3 .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -5.2 -2.8 5.5
Residential........................ -1.0 -3.0 -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.9 7.5
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 16.0 11.5 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.2 -2.4 2.0
Goods.............................. 18.8 11.9 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.9
Services........................... 9.0 10.3 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.1 1.4 2.3
Imports.............................. 3.9 4.4 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.6 3.3 4.0
Goods.............................. 4.0 4.3 3.0 -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.8
Services........................... 3.4 4.9 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 .4 1.4 -.1
Government consumption expenditures
and gross investment.................. 1.3 2.6 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 2.8 3.8 3.3
Federal.............................. -1.6 1.5 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.7 7.9 8.7
National defense................... -.5 -.5 .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 8.9 10.6
Nondefense......................... -5.1 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.5 6.2 5.3
State and local...................... 3.7 3.4 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 2.2 1.8 .5
Addenda:
Final sales of domestic product...... 4.3 3.4 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.4 1.8 3.2
Gross domestic purchases............. 3.2 3.0 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .7 2.8 3.3
Final sales to domestic purchasers... 3.4 2.8 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.6 2.4 3.4
Gross national product............... 4.2 3.5 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .5 2.1 3.3
Real disposable personal income...... 4.3 2.8 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.8 3.8 2.7
Price indexes:
Gross domestic purchases........... 3.4 3.8 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.4 1.9
Gross domestic purchases excluding
food and energy................... 3.7 3.6 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.7 1.4
GDP................................ 3.4 3.8 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.5 1.7
GDP excluding food and energy...... 3.4 3.6 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 1.8 1.4
Personal consumption expenditures.. 4.0 4.4 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.0 1.4 1.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2003.
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03r I 04r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.8 3.5 2.2 1.9 .2 .0 .0 1.2 1.8 3.0 2.8 2.1 2.4 3.6 4.3 5.0
Personal consumption expenditures...... 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 4.0 4.3
Durable goods........................ 5.9 5.2 4.7 -.4 4.5 3.2 9.4 9.3 7.0 8.1 1.8 1.5 5.6 11.0 11.1 9.8
Nondurable goods..................... 4.1 4.3 3.0 3.0 1.3 1.5 1.7 3.1 3.5 2.8 2.8 2.7 2.9 4.7 4.9 5.1
Services............................. 4.5 4.4 4.5 3.1 2.7 2.0 1.8 2.6 3.1 3.2 2.9 2.3 1.7 1.9 2.2 2.9
Gross private domestic investment...... 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 7.4 11.1
Fixed investment..................... 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 8.1 9.1
Nonresidential..................... 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 7.4 9.1
Structures....................... 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 -.9 -1.7
Equipment and software........... 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 10.0 12.5
Residential........................ 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 9.5 9.3
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 10.2 10.1 6.5 3.7 -2.8 -9.8 -11.5 -9.5 -4.2 1.6 3.3 1.7 -.7 .6 6.4 8.3
Goods.............................. 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 7.2 8.3
Services........................... 4.5 1.6 1.8 .9 -1.3 -3.5 -8.3 -3.0 -2.5 2.6 9.3 1.1 .7 2.6 4.8 8.1
Imports.............................. 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 4.5 7.9
Goods.............................. 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 5.4 9.0
Services........................... 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 .1 2.8
Government consumption expenditures
and gross investment.................. 3.5 1.7 .4 2.6 2.7 2.1 3.6 3.3 2.9 4.6 4.5 3.3 4.1 3.9 2.1 3.0
Federal.............................. 4.6 .3 -2.2 3.8 1.4 3.6 6.3 6.2 7.1 8.2 10.1 7.9 10.9 10.2 5.9 8.3
National defense................... 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 8.0 13.0
Nondefense......................... 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 1.9 -.3
State and local...................... 2.9 2.4 1.7 2.0 3.3 1.4 2.3 1.9 .8 2.8 1.6 .8 .5 .5 .0 .0
Addenda:
Final sales of domestic product...... 4.2 3.5 2.9 2.2 1.5 1.0 1.1 1.4 1.6 2.2 1.8 1.9 2.4 4.0 4.4 4.7
Gross domestic purchases............. 5.5 4.2 3.0 2.2 .3 .0 .1 1.6 2.5 3.5 3.6 2.6 2.8 3.8 4.2 5.0
Final sales to domestic purchasers... 4.9 4.2 3.6 2.4 1.6 1.0 1.3 1.8 2.2 2.8 2.7 2.3 2.8 4.1 4.2 4.8
Gross national product............... 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 4.6 5.2
Real disposable personal income...... 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 3.7 3.8 4.4
Price indexes:
Gross domestic purchases........... 2.5 2.5 2.4 2.1 2.3 1.9 1.6 1.2 1.2 1.4 1.7 2.3 1.8 1.8 1.7 1.7
Gross domestic purchases excluding
food and energy................... 1.8 1.9 1.8 1.7 1.8 1.9 2.1 1.8 1.7 1.6 1.4 1.6 1.4 1.3 1.4 1.5
GDP................................ 2.1 2.3 2.2 2.2 2.5 2.4 2.4 1.9 1.4 1.4 1.4 1.7 1.6 1.7 1.6 1.7
GDP excluding food and energy...... 2.0 2.1 2.0 1.8 2.0 2.1 2.3 2.1 1.9 1.8 1.5 1.6 1.4 1.3 1.3 1.4
Personal consumption expenditures.. 2.5 2.4 2.3 2.2 2.3 2.0 1.6 1.0 1.1 1.5 1.8 2.4 1.8 1.7 1.5 1.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2003.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003r I 03 II 03 III 03 IV 03r I 04r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,100.8 10,480.8 10,987.9 10,735.8 10,846.7 11,107.0 11,262.0 11,459.6
Plus: Income receipts from the rest of the
world..................................... 319.0 299.1 317.3 296.8 299.5 312.1 360.7 348.0
Less: Income payments to the rest of the
world..................................... 283.8 277.6 273.6 269.0 266.2 274.3 284.8 294.8
Equals: Gross national product............. 10,135.9 10,502.3 11,031.6 10,763.7 10,880.0 11,144.8 11,337.9 11,512.8
Less: Consumption of fixed capital......... 1,266.9 1,288.6 1,310.9 1,305.7 1,303.4 1,309.1 1,325.3 1,338.1
Less: Statistical discrepancy.............. -112.2 -77.2 12.9 23.2 -8.3 38.2 -1.3 -8.4
Equals: National income.................... 8,981.2 9,290.8 9,707.8 9,434.8 9,584.9 9,797.5 10,013.8 10,183.1
Compensation of employees................ 5,940.4 6,019.1 6,203.0 6,115.8 6,164.8 6,229.4 6,302.0 6,409.7
Wage and salary accruals............... 4,942.9 4,974.6 5,100.2 5,034.6 5,070.8 5,118.8 5,176.6 5,248.6
Supplements to wages and salaries...... 997.6 1,044.5 1,102.8 1,081.2 1,093.9 1,110.6 1,125.4 1,161.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 770.6 797.7 846.9 813.5 838.8 860.9 874.3 894.0
Rental income of persons with capital
consumption adjustment.................. 163.1 173.0 164.2 163.2 153.4 157.0 183.0 187.7
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 770.4 904.2 1,069.9 927.1 1,022.8 1,124.2 1,205.6 1,220.0
Net interest and miscellaneous payments.. 568.4 582.4 583.2 589.3 581.7 579.9 581.8 588.3
Taxes on production and imports less
subsidies............................... 674.5 721.8 740.4 729.4 725.2 745.2 761.8 777.0
Business current transfer payments....... 92.5 89.8 95.2 90.1 92.5 97.1 101.2 102.9
Current surplus of government
enterprises............................. 1.2 2.8 5.0 6.3 5.8 3.7 4.1 3.4
Addendum:
Gross domestic income.................... 10,213.0 10,558.0 10,974.9 10,712.7 10,855.0 11,068.8 11,263.3 11,468.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2003.
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003r I 03 II 03 III 03 IV 03r I 04r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,713.1 8,910.3 9,208.0 9,048.7 9,145.9 9,256.3 9,381.0 9,518.3
Compensation of employees, received...... 5,940.4 6,019.1 6,203.0 6,114.4 6,166.2 6,229.4 6,302.0 6,408.2
Wage and salary disbursements.......... 4,942.9 4,974.6 5,100.2 5,033.2 5,072.2 5,118.8 5,176.6 5,247.1
Supplements to wages and salaries...... 997.6 1,044.5 1,102.8 1,081.2 1,093.9 1,110.6 1,125.4 1,161.1
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 770.6 797.7 846.9 813.5 838.8 860.9 874.3 894.0
Farm................................... 25.0 14.3 19.5 13.0 20.0 21.5 23.3 18.9
Nonfarm................................ 745.6 783.4 827.4 800.5 818.8 839.4 850.9 875.2
Rental income of persons with capital
consumption adjustment.................. 163.1 173.0 164.2 163.2 153.4 157.0 183.0 187.7
Personal income receipts on assets....... 1,374.9 1,378.5 1,393.3 1,388.6 1,390.2 1,389.2 1,405.2 1,413.9
Personal interest income............... 1,003.7 982.4 964.6 970.6 964.9 957.0 965.7 966.4
Personal dividend income............... 371.2 396.2 428.7 418.0 425.3 432.2 439.5 447.6
Personal current transfer receipts....... 1,192.6 1,292.2 1,377.5 1,337.6 1,369.7 1,398.7 1,403.8 1,422.9
Less: Contributions for government
social insurance........................ 728.5 750.3 776.8 768.7 772.3 779.0 787.2 808.5
Less: Personal current taxes............... 1,243.7 1,053.1 991.4 1,009.4 1,000.2 938.5 1,017.7 991.2
Equals: Disposable personal income......... 7,469.4 7,857.2 8,216.5 8,039.2 8,145.8 8,317.8 8,363.3 8,527.1
Less: Personal outlays..................... 7,342.2 7,674.0 8,043.0 7,888.3 7,956.7 8,118.5 8,208.6 8,341.1
Equals: Personal saving.................... 127.2 183.2 173.5 151.0 189.0 199.3 154.7 186.0
Personal saving as a percentage of
disposable personal income.............. 1.7 2.3 2.1 1.9 2.3 2.4 1.9 2.2
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,320.2 7,596.7 7,801.1 7,662.0 7,753.5 7,882.9 7,906.1 8,002.2
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2003.
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
--------------------------------------- ------------------------------- -------
2001 2002 2003 I 03 II 03 III 03 IV 03 I 04 2002 2003 II 03 III 03 IV 03 I 04 I 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 770.4 904.2 1,069.9 927.1 1,022.8 1,124.2 1,205.6 1,220.0 17.4 18.3 10.3 9.9 7.2 1.2 31.6
Less: Taxes on corporate income...... 201.1 195.0 224.9 213.9 211.4 230.6 243.7 244.8 -3.0 15.3 -1.2 9.0 5.7 .5 14.4
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 569.3 709.1 845.0 713.2 811.3 893.7 961.9 975.2 24.6 19.2 13.8 10.1 7.6 1.4 36.7
Net dividends...................... 373.2 398.3 431.0 420.3 427.5 434.3 441.8 449.8 6.7 8.2 1.7 1.6 1.7 1.8 7.0
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 196.0 310.8 414.1 292.9 383.8 459.3 520.2 525.4 58.6 33.2 31.0 19.7 13.2 1.0 79.4
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 937.3 1,058.2 1,164.1 1,043.3 1,129.4 1,206.6 1,277.2 1,289.6 12.9 10.0 8.3 6.8 5.9 1.0 23.6
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 196.0 310.8 414.1 292.9 383.8 459.3 520.2 525.4 58.6 33.2 31.0 19.7 13.2 1.0 79.4
Consumption of fixed capital..... 741.3 747.3 750.1 750.4 745.6 747.2 757.1 764.3 .8 .4 -.6 .2 1.3 1.0 1.9
Less: Inventory valuation
adjustment........................ 9.1 -2.2 -12.6 -28.1 1.2 -1.8 -21.7 -38.6 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 928.2 1,060.4 1,176.7 1,071.4 1,128.2 1,208.4 1,298.9 1,328.3 14.2 11.0 5.3 7.1 7.5 2.3 24.0
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 696.8 745.0 856.4 809.0 792.5 865.9 958.1 925.1 6.9 15.0 -2.0 9.3 10.6 -3.4 14.4
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 495.6 549.9 631.5 595.0 581.0 635.4 714.5 680.3 11.0 14.8 -2.4 9.4 12.4 -4.8 14.3
Inventory valuation adjustment..... 9.1 -2.2 -12.6 -28.1 1.2 -1.8 -21.7 -38.6 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 64.5 161.5 226.2 146.3 229.2 260.1 269.2 333.6 150.3 40.1 56.7 13.5 3.5 23.9 128.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------
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
--------------------------------------- ----------------------------------------------
2001 2002 2003 I 03 II 03 III 03 IV 03 I 04 2002 2003 II 03 III 03 IV 03 I 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 770.4 904.2 1,069.9 927.1 1,022.8 1,124.2 1,205.6 1,220.0 133.8 165.7 95.7 101.4 81.4 14.4
Domestic industries.......................... 608.9 750.8 904.9 778.4 874.3 966.5 1,000.4 1,036.7 141.9 154.1 95.9 92.2 33.9 36.3
Financial.................................. 213.3 259.1 287.9 268.4 279.6 299.2 304.4 334.7 45.8 28.8 11.2 19.6 5.2 30.3
Nonfinancial............................... 395.6 491.7 617.0 510.0 594.7 667.3 696.0 702.1 96.1 125.3 84.7 72.6 28.7 6.1
Rest of the world............................ 161.5 153.4 165.0 148.7 148.5 157.7 205.2 183.3 -8.1 11.6 -.2 9.2 47.5 -21.9
Receipts from the rest of the world........ 178.6 202.4 239.4 215.4 220.8 236.2 285.3 274.4 23.8 37.0 5.4 15.4 49.1 -10.9
Less: Payments to the rest of the world.... 17.1 49.1 74.4 66.6 72.3 78.4 80.1 91.1 32.0 25.3 5.7 6.1 1.7 11.0
Corporate profits with inventory
valuation adjustment.................... 705.9 742.7 843.8 780.9 793.6 864.2 936.4 886.5 36.8 101.1 12.7 70.6 72.2 -49.9
Domestic industries.......................... 544.4 589.4 678.7 632.1 645.1 706.4 731.2 703.2 45.0 89.3 13.0 61.3 24.8 -28.0
Financial.................................. 225.6 255.1 268.8 261.8 260.6 274.6 278.0 299.3 29.5 13.7 -1.2 14.0 3.4 21.3
Federal Reserve banks.................... 28.3 22.9 19.6 21.2 20.5 18.9 17.8 18.6 -5.4 -3.3 -.7 -1.6 -1.1 .8
Other financial.......................... 197.3 232.2 249.2 240.7 240.1 255.7 260.3 280.7 34.9 17.0 -.6 15.6 4.6 20.4
Nonfinancial............................... 318.8 334.3 410.0 370.3 384.5 431.8 453.2 403.9 15.5 75.7 14.2 47.3 21.4 -49.3
Utilities................................ 24.1 22.0 24.4 28.1 21.1 21.5 26.7 ..... -2.1 2.4 -7.0 .4 5.2 .....
Manufacturing............................ 54.0 73.3 96.6 87.1 80.3 97.7 121.1 ..... 19.3 23.3 -6.8 17.4 23.4 .....
Durable goods.......................... -24.9 8.8 20.2 17.1 13.9 19.4 30.3 ..... 33.7 11.4 -3.2 5.5 10.9 .....
Fabricated metal products............ 9.7 9.7 12.3 8.9 12.1 12.6 15.5 ..... .0 2.6 3.2 .5 2.9 .....
Machinery............................ 3.2 1.5 -2.6 -2.8 -2.7 -2.4 -2.5 ..... -1.7 -4.1 .1 .3 -.1 .....
Computer and electronic products..... -49.4 -18.4 -2.6 -5.6 -1.8 -1.5 -1.7 ..... 31.0 15.8 3.8 .3 -.2 .....
Electrical equipment, appliances,
and components...................... 2.0 1.7 -1.7 .7 -.9 -1.5 -5.1 ..... -.3 -3.4 -1.6 -.6 -3.6 .....
Motor vehicles, bodies and trailers,
and parts........................... -7.2 -1.0 1.1 7.3 -1.9 -3.5 2.4 ..... 6.2 2.1 -9.2 -1.6 5.9 .....
Other durable goods.................. 16.7 15.3 13.8 8.6 9.1 15.7 21.7 ..... -1.4 -1.5 .5 6.6 6.0 .....
Nondurable goods....................... 78.9 64.6 76.4 70.0 66.4 78.4 90.8 ..... -14.3 11.8 -3.6 12.0 12.4 .....
Food and beverage and tobacco
products............................ 27.5 32.8 32.8 32.4 30.6 31.8 36.6 ..... 5.3 .0 -1.8 1.2 4.8 .....
Petroleum and coal products.......... 29.9 6.4 22.3 20.2 20.6 19.5 28.9 ..... -23.5 15.9 .4 -1.1 9.4 .....
Chemical products.................... 13.8 17.5 18.7 18.9 15.8 23.7 16.6 ..... 3.7 1.2 -3.1 7.9 -7.1 .....
Other nondurable goods............... 7.7 7.9 2.5 -1.5 -.5 3.4 8.8 ..... .2 -5.4 1.0 3.9 5.4 .....
Wholesale trade.......................... 51.6 49.1 45.4 39.8 42.6 51.0 48.2 ..... -2.5 -3.7 2.8 8.4 -2.8 .....
Retail trade............................. 71.1 76.7 80.1 72.9 85.0 84.3 78.2 ..... 5.6 3.4 12.1 -.7 -6.1 .....
Transportation and warehousing........... -.1 -2.3 11.9 5.6 12.9 14.7 14.5 ..... -2.2 14.2 7.3 1.8 -.2 .....
Information.............................. -27.2 -20.2 -5.4 -11.4 -8.0 2.3 -4.7 ..... 7.0 14.8 3.4 10.3 -7.0 .....
Other nonfinancial....................... 145.3 135.5 157.0 148.1 150.7 160.2 169.1 ..... -9.8 21.5 2.6 9.5 8.9 .....
Rest of the world............................ 161.5 153.4 165.0 148.7 148.5 157.7 205.2 183.3 -8.1 11.6 -.2 9.2 47.5 -21.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003r I 03 II 03 III 03 IV 03r I 04r
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 5,299.3 5,410.6 5,650.3 5,479.2 5,581.7 5,720.2 5,820.2 5,912.0
Consumption of fixed capital............... 610.5 618.2 623.3 622.9 619.4 621.3 629.4 635.3
Net value added............................ 4,688.9 4,792.4 5,027.1 4,856.3 4,962.3 5,098.9 5,190.8 5,276.7
Compensation of employees................ 3,597.0 3,570.1 3,667.4 3,612.6 3,640.5 3,683.1 3,733.5 3,799.7
Wage and salary accruals............... 3,016.7 2,971.8 3,035.3 2,992.7 3,013.7 3,047.0 3,087.8 3,131.4
Supplements to wages and salaries...... 580.4 598.3 632.1 619.9 626.8 636.1 645.7 668.4
Taxes on production and imports less
subsidies............................... 440.3 464.5 480.8 474.1 469.0 486.0 494.2 502.9
Net operating surplus.................... 651.5 757.7 878.8 769.6 852.8 929.7 963.1 974.1
Net interest and miscellaneous
payments.............................. 205.8 206.9 203.7 204.5 201.4 202.9 206.2 209.0
Business current transfer payments..... 50.0 59.1 58.1 55.1 56.7 59.6 60.9 63.0
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 395.6 491.7 617.0 510.0 594.7 667.3 696.0 702.1
Taxes on corporate income............ 108.7 101.6 129.4 119.8 117.7 133.6 146.6 139.9
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 286.9 390.2 487.6 390.2 477.0 533.7 549.4 562.1
Net dividends...................... 248.2 257.2 271.8 265.8 274.8 270.8 275.7 273.9
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 38.7 133.0 215.8 124.4 202.2 262.9 273.7 288.2
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 309.6 336.5 422.6 398.4 383.4 433.6 474.9 442.5
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 200.9 234.9 293.1 278.6 265.7 299.9 328.3 302.6
Inventory valuation adjustment........... 9.1 -2.2 -12.6 -28.1 1.2 -1.8 -21.7 -38.6
Capital consumption adjustment........... 76.8 157.5 207.1 139.7 210.1 235.5 242.8 298.2
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,235.4 5,339.0 5,564.9 5,412.1 5,505.2 5,629.6 5,712.8 5,775.7
Consumption of fixed capital\2\............ 609.0 624.1 636.8 634.5 630.9 639.4 642.5 642.1
Net value added\3\......................... 4,626.4 4,714.9 4,928.1 4,777.6 4,874.2 4,990.2 5,070.3 5,133.5
----------------------------------------------------------------------------------------
Dollars
----------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
gross value added of nonfinancial
corporate business:
Price per unit of real gross value added
of nonfinancial corporate business\4\... 1.012 1.013 1.015 1.012 1.014 1.016 1.019 1.024
Compensation of employees (unit labor
cost)................................... .687 .669 .659 .668 .661 .654 .654 .658
Unit nonlabor cost....................... .250 .253 .246 .251 .245 .243 .243 .244
Consumption of fixed capital........... .117 .116 .112 .115 .113 .110 .110 .110
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .094 .098 .097 .098 .095 .097 .097 .098
Net interest and miscellaneous payments .039 .039 .037 .038 .037 .036 .036 .036
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .076 .092 .111 .094 .108 .119 .122 .122
Taxes on corporate income.............. .021 .019 .023 .022 .021 .024 .026 .024
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .055 .073 .088 .072 .087 .095 .096 .097
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2003.
1. Effective December 10, 2003, the price index used to estimate
gross value added of nonfinancial corporate business has been
revised to reflect the 2000 reference year. Effective with the
estimates scheduled for release in July 2004, the current-dollar
value added will be deflated by a revised chain-type price index
calculated using gross value added price indexes for each
nonfinancial industry.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... .5 2.2 3.1 6.4 -.5 2.1 -.2 -.6 -1.3 2.0 4.7 1.9 3.4 1.3 2.0 3.1 8.2 4.1 4.4
Goods............................. -2.0 2.1 4.3 10.5 -3.3 .2 -3.4 -6.0 -4.1 4.1 7.7 -1.1 6.5 -2.8 4.3 2.2 18.3 7.1 7.6
Services.......................... 2.3 3.1 2.6 4.8 1.5 3.6 1.6 1.9 1.4 2.9 3.9 4.2 2.4 3.5 1.0 3.6 2.1 2.8 3.6
Structures........................ -.4 -3.0 2.4 1.6 -.7 .4 1.0 4.0 -6.4 -9.6 -1.0 -1.1 -1.4 2.1 -.3 2.8 13.9 2.4 -1.0
Motor vehicle output.............. -4.8 11.4 2.7 -14.7 -18.1 -12.6 -14.6 19.1 1.5 30.2 11.3 5.5 10.8 -4.9 -6.4 2.1 26.6 3.7 -3.2
GDP excluding motor vehicle
output........................... .7 1.9 3.1 7.4 .3 2.7 .3 -1.3 -1.4 1.1 4.5 1.8 3.1 1.5 2.3 3.1 7.6 4.2 4.7
Final sales of computers\1\....... 13.6 11.1 41.0 49.6 9.2 18.6 52.2 -17.1 -17.9 27.2 5.0 6.6 50.9 34.8 34.6 32.8 93.4 32.3 3.7
GDP excluding final sales of
computers........................ .4 2.1 2.8 6.0 -.6 1.9 -.7 -.4 -1.1 1.8 4.7 1.8 3.0 1.0 1.7 2.8 7.6 3.9 4.5
Farm gross value added\2\......... -4.2 1.9 3.2 5.2 4.8 -18.2 -2.0 -15.8 -16.6 100.1 -64.2 94.9 50.5 -1.5 -39.5 59.0 -3.2 -16.6 -7.9
Nonfarm business gross value
added\3\......................... .1 2.3 3.7 7.5 -.8 2.2 -.8 -1.0 -2.5 1.6 6.7 .8 4.0 1.6 2.4 3.8 10.4 4.2 5.4
Price indexes:
GDP............................... 2.4 1.5 1.7 2.0 1.9 1.8 3.2 3.2 1.6 1.6 1.1 1.5 1.5 1.7 2.3 1.1 1.6 1.5 2.6
GDP excluding food and energy..... 2.1 1.8 1.4 1.6 1.7 1.7 2.3 2.3 2.1 2.6 1.4 1.6 1.5 1.6 1.7 .7 1.3 1.4 2.2
GDP excluding final sales of
computers........................ 2.7 1.8 1.8 2.2 2.1 1.9 3.7 3.4 1.8 1.8 1.4 1.6 1.7 1.9 2.5 1.2 1.8 1.6 2.7
Gross domestic purchases.......... 2.0 1.4 1.9 1.8 2.3 1.8 2.6 2.3 1.0 .5 1.0 2.4 1.6 1.7 3.4 .4 1.8 1.3 3.3
Gross domestic purchases excluding
food and energy.................. 1.9 1.7 1.4 1.3 1.6 1.4 2.3 2.0 1.9 2.3 1.2 1.5 1.5 1.5 1.8 .9 1.3 1.5 2.3
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.3 1.6 2.1 2.1 2.5 2.0 3.2 2.6 1.3 .8 1.2 2.6 1.8 2.0 3.6 .5 2.0 1.5 3.4
Personal consumption expenditures. 2.0 1.4 1.8 2.0 1.9 1.8 3.2 2.5 .5 .4 .7 2.9 2.0 1.7 2.8 .5 1.8 1.0 3.0
Personal consumption expenditures
excluding food and energy........ 1.9 1.7 1.2 1.3 .9 1.5 2.8 1.9 1.3 2.5 1.0 1.9 2.0 1.5 .9 .8 1.0 1.2 1.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2001-02
annual percent change in real GDP uses prices for 2001 and 2002 as weights, and the 2001-02 annual
percent change in GDP prices uses quantities for 2001 and 2002 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.
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