News Release
Gross Domestic Product: Fourth Quarter 2004 "advance" estimates
The tables from this news release are available in XLS format and the entire release is available in PDF format.
Also available: a brief summary of highlights.
Note:In the fourth quarter of 2004, the Microsoft Corporation paid a special dividend to its shareholders. The dividend payment affects the fourth-quarter estimate of personal income released on January 28, and also affected the estimates of corporate profits, national income, and government current receipts released on March 30. More information is available.
Effects of the Third-Quarter Hurricanes on Income Measures
Virginia H. Mannering: (202) 606-5304 BEA 05-03
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2004 (ADVANCE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.1 percent in the fourth quarter of 2004,
according to advance estimates released by the Bureau of Economic Analysis. In the third quarter, real
GDP increased 4.0 percent.
The Bureau emphasized that the fourth-quarter "advance" estimates are based on source data that
are incomplete or subject to further revision by the source agency (see the box on page 3). The fourth-
quarter "preliminary" estimates, based on more comprehensive data, will be released on February 25,
2005.
The major contributors to the increase in real GDP in the fourth quarter were personal
consumption expenditures (PCE), equipment and software, private inventory investment, and
government spending. The contributions of these components were partly offset by a negative
contribution from exports. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the fourth quarter primarily reflected a downturn in
exports of goods, an acceleration in imports of goods, and a deceleration in PCE for durable goods that
were partly offset by an upturn in private inventory investment.
Final sales of computers contributed 0.48 percentage point to the fourth-quarter change in real
GDP after contributing 0.18 percentage point to the third-quarter change. Motor vehicle output
contributed 0.87 percentage point to the fourth-quarter change in real GDP after contributing 0.34
percentage point to the third-quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.7 percent in the fourth quarter, compared with an increase of 1.9 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.9 percent in
the fourth quarter, compared with an increase of 1.7 percent in the third.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.
Real personal consumption expenditures increased 4.6 percent in the fourth quarter, compared
with an increase of 5.1 percent in the third. Durable goods purchases increased 6.7 percent, compared
with an increase of 17.2 percent. Nondurable goods increased 5.8 percent, compared with an increase of
4.7 percent. Services expenditures increased 3.7 percent, compared with an increase of 3.0 percent.
Real nonresidential fixed investment increased 10.3 percent in the fourth quarter, compared with
an increase of 13.0 percent in the third. Nonresidential structures decreased 4.1 percent, compared with
a decrease of 1.1 percent. Equipment and software increased 14.9 percent, compared with an increase of
17.5 percent. Real residential fixed investment increased 0.3 percent, compared with an increase of 1.6
percent.
Real exports of goods and services decreased 3.9 percent in the fourth quarter, in contrast to an
increase of 6.0 percent in the third. Real imports of goods and services increased 9.1 percent, compared
with an increase of 4.6 percent.
Real federal government consumption expenditures and gross investment increased 1.6 percent in
the fourth quarter, compared with an increase of 4.8 percent in the third. National defense was
unchanged, compared with an increase of 10.1 percent. Nondefense increased 5.1 percent, in contrast to
a decrease of 5.3 percent. Real state and local government consumption expenditures and gross
investment increased 0.6 percent, in contrast to a decrease of 1.7 percent.
The real change in private inventories added 0.42 percentage point to the fourth-quarter change in
real GDP after subtracting 0.97 percentage point from the third-quarter change. Private businesses
increased inventories $45.8 billion in the fourth quarter, following increases of $34.5 billion in the third
quarter and $61.1 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.7
percent in the fourth quarter, compared with an increase of 5.0 percent in the third.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.7 percent in the fourth quarter, compared with an increase of 3.9 percent in the
third.
Disposition of personal income
Current-dollar personal income increased $250.3 billion (10.8 percent) in the fourth quarter,
compared with an increase of $81.6 billion (3.4 percent) in the third. Fourth-quarter personal income
was boosted $99.4 billion (annual rate) by a special dividend payment made by the Microsoft
Corporation. For further information, see the technical note and the FAQs on the Microsoft special
dividend on BEA's Web site: <www.bea.gov>.
Personal current taxes increased $20.8 billion in the fourth quarter, compared with an increase of
$13.1 billion in the third.
Disposable personal income increased $229.3 billion in the fourth quarter, compared with an
increase of $68.6 billion in the third. Real disposable personal income increased 8.4 percent, compared
with an increase of 2.0 percent.
Personal outlays increased $154.7 billion (7.4 percent) in the fourth quarter, compared with an
increase of $139.4 billion (6.8 percent) in the third. Personal saving -- disposable personal income less
personal outlays -- was $117.2 billion in the fourth quarter, compared with $42.6 billion in the third.
The personal saving rate -- saving as a percentage of disposable personal income -- increased from 0.5
percent in the third quarter to 1.3 percent in the fourth.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.3 percent, or $152.1 billion, in the fourth quarter to a level of $11,967.0 billion. In the third quarter,
current-dollar GDP increased 5.5 percent, or $157.4 billion.
2004 GDP
Real GDP increased 4.4 percent in 2004 (that is, from the 2003 annual level to the 2004 annual
level), compared with an increase of 3.0 percent in 2003.
The major contributors to the increase in real GDP in 2004 were personal consumption
expenditures (PCE), equipment and software, exports, residential fixed investment, and federal
government spending. Imports, which are a subtraction in the calculation of GDP, increased in 2004.
The acceleration in real GDP in 2004 primarily reflected an acceleration in exports, an upturn in
private inventory investment, and accelerations in equipment and software and in PCE that were partly
offset by an acceleration in imports.
The price index for gross domestic purchases increased 2.4 percent in 2004, compared with an
increase of 2.0 percent in 2003.
Current-dollar GDP increased 6.6 percent, or $724.0 billion, in 2004. Current-dollar GDP
increased 4.9 percent, or $517.0 billion, in 2003.
During 2004 (that is, measured from the fourth quarter of 2003 to the fourth quarter of 2004), real
GDP increased 3.7 percent. Real GDP increased 4.4 percent during 2003. The price index for gross
domestic purchases increased 2.9 percent during 2004, compared with an increase of 1.8 percent during
2003.
BOX
Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, "Business Situation."
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
You can also subscribe to e-mail notifications of BEA's various news releases and announcements at
<www.bea.gov/newsreleases/rels.htm>.
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
Most of BEA's estimates and analyses are published in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- February 25, 2005, at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter 2004 (Preliminary)
Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on
source data that are incomplete or subject to further revision by the source
agency, are released near the end of the first month after the end of
the quarter; as more detailed and more comprehensive data become available,
"preliminary" and "final" estimates are released near the end of the second and third months, respectively. The
"latest" estimates reflect the results of both annual and comprehensive revisions.
Annual revisions are usually carried out each summer and cover the quarters of the most recent calendar
year and of the 2 preceding years. Comprehensive (or benchmark) revisions are carried out at about 5-year
intervals and incorporate definitional and classificational changes that update the accounts to portray more
accurately the evolving U.S. economy and statistical changes that update the accounts to reflect the introduction of
new and improved methodologies and the incorporation of newly available and revised source data.
The table below shows comparisons of the revisions between quarterly percent changes of GDP for the
different vintages of the estimates. These comparisons can be used to assess the likely size of future revisions. For
example, two-thirds of the revisions between the quarterly change in the advance estimate of real GDP and that in
the final estimate were within a range of -0.6 to +0.9 percentage point.
Thus, based on past history, the fourth-quarter change in real GDP now
estimated at 3.1 percent at an annual rate, is not likely to be revised below
2.5 percent or above 4.0 percent in the next two releases.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average without Range
compared regard to sign Two-thirds Nine-tenths
of revisions of revisions
Current-dollar GDP
Advance to preliminary..... 0.6 -0.5 to 0.8 -0.9 to 1.4
Advance to final........... .7 - .6 to 1.0 -1.0 to 1.6
Preliminary to final....... .3 - .3 to .4 - .6 to .7
Advance to latest.......... 1.3 -1.0 to 1.8 -1.9 to 3.4
Preliminary to latest...... 1.2 - .9 to 1.7 -1.9 to 2.6
Final to latest............ 1.3 -1.0 to 1.9 -2.2 to 2.6
Real GDP
Advance to preliminary..... 0.5 -0.5 to 0.7 -0.9 to 1.2
Advance to final........... .6 - .6 to .9 -1.0 to 1.3
Preliminary to final....... .3 - .3 to .4 - .5 to .6
Advance to latest.......... 1.5 -1.1 to 2.1 -2.5 to 3.3
Preliminary to latest...... 1.4 -1.1 to 1.9 -2.0 to 2.9
Final to latest........... 1.5 -1.2 to 2.1 -2.6 to 3.1
NOTE.--These comparisons are based on the period from 1978 through 2003 for the first three comparisons in each group and on the period from
1978 through 2001 for the last three comparisons in each group.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 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 04 II 04 III 04 IV 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.9 3.0 4.4 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 4.0 3.1
Personal consumption expenditures... 3.1 3.3 3.8 1.7 1.0 1.8 7.0 1.8 2.8 2.9 2.5 2.7 3.9 5.0 3.6 4.1 1.6 5.1 4.6
Durable goods..................... 6.5 7.4 6.9 6.7 -.3 3.1 37.4 -8.5 4.4 14.0 -2.4 -.1 20.6 16.5 3.9 2.2 -.3 17.2 6.7
Nondurable goods.................. 2.6 3.7 4.5 .5 -.1 2.4 4.9 3.8 .8 -.6 5.3 5.0 1.6 6.9 5.1 6.7 .1 4.7 5.8
Services.......................... 2.6 2.2 2.8 1.1 1.8 1.2 2.3 3.3 3.5 2.4 2.2 2.1 1.8 1.9 2.8 3.3 2.7 3.0 3.7
Gross private domestic investment... -2.4 4.4 12.9 -13.6 -7.6 -10.5 -22.7 16.8 .3 4.1 -.5 -.8 3.5 22.4 13.9 12.3 19.0 2.4 9.2
Fixed investment.................. -4.9 5.1 10.0 -2.6 -8.7 -4.5 -10.6 -4.3 -3.5 .2 -.8 2.4 10.9 18.0 10.5 4.5 13.9 8.8 6.7
Nonresidential.................. -8.9 3.3 10.3 -4.2 -13.6 -6.8 -13.3 -9.7 -9.6 -1.1 -3.2 -.1 11.8 15.7 11.0 4.2 12.5 13.0 10.3
Structures.................... -17.8 -5.6 1.0 -8.3 -4.0 6.0 -33.2 -18.5 -22.6 -16.0 -6.6 -13.0 14.5 -1.3 7.9 -7.6 6.9 -1.1 -4.1
Equipment and software........ -5.5 6.4 13.4 -2.8 -16.9 -11.4 -4.2 -6.3 -4.5 4.6 -2.0 4.5 11.0 21.7 12.0 8.0 14.2 17.5 14.9
Residential..................... 4.8 8.8 9.5 2.2 5.6 1.8 -3.7 9.3 11.3 2.8 4.2 7.5 9.1 22.4 9.6 5.0 16.5 1.6 .3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.3 1.9 8.1 -5.3 -12.7 -18.2 -10.8 4.7 11.0 3.1 -4.2 -1.5 -1.6 11.3 17.5 7.3 7.3 6.0 -3.9
Goods........................... -4.1 2.2 8.2 -5.4 -17.1 -20.0 -8.8 -1.9 14.0 2.9 -10.2 4.0 -.8 10.1 16.1 9.1 6.0 9.5 -6.9
Services........................ 1.8 1.4 7.8 -5.0 -.7 -13.7 -15.3 21.7 4.5 3.5 10.5 -12.7 -3.4 14.1 20.6 3.4 10.2 -1.8 3.4
Imports........................... 3.4 4.4 9.8 -3.7 -12.6 -10.3 -3.4 12.5 11.4 5.4 9.6 -2.0 2.5 2.8 17.1 10.6 12.6 4.6 9.1
Goods........................... 3.7 4.7 10.6 -3.4 -16.9 -8.6 -2.0 10.1 15.3 5.9 8.2 -1.8 5.1 .0 18.4 12.7 13.0 5.0 12.2
Services........................ 1.9 3.1 5.7 -5.0 12.8 -18.3 -10.4 24.7 -5.8 2.8 16.6 -2.6 -9.4 17.9 11.1 1.2 10.6 2.8 -6.0
Government consumption expenditures
and gross investment............... 4.4 2.8 2.0 5.3 7.9 -1.5 8.5 4.7 4.4 2.1 4.0 .2 7.2 .1 1.6 2.5 2.2 .7 .9
Federal........................... 7.5 6.6 4.7 8.1 9.1 .0 8.8 8.2 12.8 2.9 9.1 .3 22.1 -3.3 4.8 7.1 2.7 4.8 1.6
National defense................ 7.7 9.0 7.4 7.0 4.3 2.4 12.5 5.8 11.5 3.4 13.5 -2.7 38.4 -7.7 11.6 10.6 1.9 10.1 .0
Nondefense...................... 7.1 2.4 -.5 10.1 18.0 -3.9 2.3 12.6 15.0 1.9 1.6 6.2 -3.9 5.8 -7.5 .2 4.4 -5.3 5.1
State and local................... 2.8 .7 .4 4.0 7.2 -2.3 8.4 2.9 .3 1.7 1.4 .1 -.4 2.2 -.1 .0 1.9 -1.7 .6
Addenda:
Final sales of domestic product... 1.4 3.1 4.0 1.6 1.0 -.4 3.8 .3 1.8 2.0 .7 2.4 5.2 6.8 3.7 3.3 2.5 5.0 2.7
Gross domestic purchases.......... 2.5 3.3 4.8 -.4 .7 -.8 2.2 4.4 2.8 2.9 2.4 1.7 4.4 6.4 4.7 5.0 4.2 3.9 4.7
Final sales to domestic
purchasers....................... 2.1 3.4 4.4 1.5 .5 .2 4.3 1.4 2.2 2.4 2.3 2.2 5.4 5.9 4.2 3.9 3.5 4.9 4.3
Gross national product (GNP)...... 1.7 3.3 ..... -1.1 1.5 -2.5 3.9 1.4 2.1 3.0 1.4 1.7 4.4 7.6 5.5 3.9 1.9 4.0 .....
Disposable personal income........ 3.1 2.3 3.4 1.3 -1.7 11.5 -5.6 10.8 2.7 -1.7 .2 1.8 4.3 8.2 1.4 2.4 2.8 2.0 8.4
Current-dollar measures:
GDP............................. 3.5 4.9 6.6 2.8 4.4 .2 3.6 4.5 4.2 3.9 2.7 4.9 5.3 8.8 5.7 7.4 6.6 5.5 5.3
Final sales of domestic product. 3.1 5.1 6.2 4.9 4.2 1.2 5.5 1.7 3.3 3.7 2.7 5.3 6.3 8.4 5.4 6.1 5.8 6.5 4.8
Gross domestic purchases........ 4.0 5.4 7.3 2.2 3.0 .2 3.1 5.3 5.6 4.4 4.3 5.7 4.8 8.1 5.9 8.6 7.9 5.9 7.5
Final sales to domestic
purchasers..................... 3.6 5.5 6.9 4.3 2.8 1.2 4.9 2.6 4.7 4.2 4.3 6.0 5.8 7.7 5.7 7.4 7.1 6.9 7.1
GNP............................. 3.4 5.2 ..... 2.1 4.6 -.8 6.0 2.4 3.9 4.3 3.4 4.6 5.6 9.0 7.0 6.8 5.2 5.6 .....
Disposable personal income...... 4.6 4.2 5.7 4.6 .8 12.1 -5.0 11.8 5.7 .2 1.5 5.1 5.0 9.9 2.6 5.8 6.0 3.2 11.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 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 04 II 04 III 04 IV 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 1.9 3.0 4.4 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 4.0 3.1
Percentage points at annual rates:
Personal consumption expenditures. 2.14 2.29 2.67 1.07 .67 1.20 4.71 1.32 1.98 2.02 1.74 1.84 2.72 3.58 2.50 2.90 1.10 3.57 3.22
Durable goods................... .56 .63 .58 .55 -.03 .26 2.81 -.79 .37 1.16 -.21 -.01 1.64 1.38 .33 .19 -.02 1.37 .56
Motor vehicles and parts...... .22 .22 .13 .36 -.17 .16 2.24 -1.34 .13 1.09 -.50 -.22 .86 .53 -.07 -.23 -.24 .98 .18
Furniture and household
equipment.................... .26 .27 .34 .23 .16 .15 .39 .41 .20 .04 .20 .07 .51 .62 .28 .32 .22 .33 .25
Other......................... .08 .15 .11 -.03 -.03 -.06 .18 .14 .04 .03 .08 .14 .27 .23 .12 .10 .00 .06 .13
Nondurable goods................ .51 .73 .91 .09 -.03 .47 .95 .76 .15 -.12 1.03 .97 .31 1.38 1.01 1.33 .03 .94 1.16
Food.......................... .18 .37 .47 .24 .05 .09 .18 .26 .29 -.02 .31 .62 .26 .57 .25 .77 .22 .42 .67
Clothing and shoes............ .12 .12 .18 -.06 .05 .04 .27 .25 -.01 -.12 .30 -.02 .23 .27 .11 .43 -.15 .16 .26
Gasoline, fuel oil, and other
energy goods................. .02 .01 .00 .05 -.33 .11 .24 .00 -.14 -.01 .21 .01 -.29 .10 .33 -.04 -.29 .05 .00
Other......................... .17 .23 .26 -.14 .21 .23 .27 .24 .01 .03 .21 .37 .12 .43 .32 .17 .25 .30 .23
Services........................ 1.08 .93 1.18 .43 .73 .47 .95 1.36 1.46 .98 .93 .87 .77 .83 1.15 1.39 1.10 1.26 1.50
Housing....................... .29 .15 .19 .31 .28 .21 .26 .42 .33 .19 .13 .12 .11 .16 .09 .23 .21 .25 .21
Household operation........... .03 .06 .10 -.25 -.35 .03 -.15 .09 .24 .01 .16 .01 -.11 .08 .29 .13 -.03 .05 .24
Electricity and gas......... .04 .03 .04 -.24 -.44 .00 -.07 .11 .19 .04 .19 -.04 -.19 .01 .25 .05 -.13 -.01 .20
Other household operation... -.01 .04 .07 -.02 .09 .02 -.08 -.02 .05 -.03 -.03 .05 .08 .07 .04 .07 .09 .06 .05
Transportation................ -.08 -.02 .03 .05 -.06 -.22 -.17 .01 -.04 -.10 -.01 .05 -.07 -.02 -.01 .05 .08 .04 .08
Medical care.................. .66 .46 .44 .45 .49 .70 .67 .74 .63 .59 .55 .39 .40 .40 .36 .38 .52 .59 .48
Recreation.................... .07 .09 .09 .15 -.03 .02 .07 .13 .05 .04 .11 .08 .13 .07 .11 .17 .01 .08 .00
Other......................... .11 .20 .33 -.28 .39 -.25 .28 -.03 .24 .25 -.02 .23 .31 .15 .31 .43 .32 .24 .50
Gross private domestic investment. -.37 .66 1.96 -2.44 -1.28 -1.76 -3.95 2.34 .05 .61 -.06 -.10 .54 3.16 2.04 1.86 2.85 .40 1.48
Fixed investment................ -.80 .76 1.52 -.43 -1.51 -.75 -1.81 -.71 -.55 .02 -.13 .35 1.55 2.59 1.57 .69 2.07 1.37 1.06
Nonresidential................ -1.02 .33 1.02 -.52 -1.76 -.83 -1.63 -1.13 -1.06 -.12 -.33 -.01 1.10 1.50 1.07 .42 1.21 1.27 1.05
Structures.................. -.57 -.15 .02 -.29 -.14 .19 -1.27 -.59 -.70 -.45 -.17 -.33 .32 -.03 .18 -.19 .16 -.03 -.10
Equipment and software...... -.45 .48 1.00 -.24 -1.62 -1.02 -.35 -.53 -.36 .33 -.16 .32 .78 1.53 .89 .61 1.05 1.30 1.15
Information processing
equipment and software... -.18 .45 .62 -.08 -.93 -.53 -.21 -.29 .04 .38 -.15 .59 .51 1.04 .61 .62 .55 .30 .68
Computers and peripheral
equipment.............. .09 .24 .22 .16 -.22 -.26 .19 .18 .03 .25 .08 .25 .30 .39 .25 .06 .22 .18 .39
Software................ -.10 .07 .18 .01 -.30 -.07 -.19 -.14 -.03 .11 -.16 .12 .07 .28 .14 .24 .13 .10 .29
Other................... -.16 .14 .22 -.25 -.42 -.20 -.21 -.33 .04 .02 -.08 .23 .14 .36 .22 .33 .20 .02 .00
Industrial equipment...... -.08 .00 .06 .01 -.48 -.27 -.21 .24 -.21 .02 -.05 .09 -.02 .04 -.06 .08 .03 .31 .08
Transportation equipment.. -.17 -.04 .13 -.22 -.03 -.27 .26 -.39 -.38 -.09 .00 -.31 .25 .14 .14 -.20 .28 .41 .24
Other equipment........... -.02 .06 .19 .05 -.19 .05 -.19 -.10 .18 .02 .04 -.06 .03 .31 .20 .10 .20 .28 .16
Residential................... .22 .43 .50 .10 .25 .08 -.18 .42 .51 .13 .20 .36 .44 1.09 .50 .27 .86 .09 .01
Change in private inventories... .42 -.10 .44 -2.01 .23 -1.02 -2.14 3.05 .60 .59 .07 -.45 -1.01 .57 .47 1.17 .78 -.97 .42
Farm.......................... -.01 .02 .04 .00 -.28 .09 -.23 .37 -.47 .24 .02 .06 -.07 .06 .19 .06 -.10 .07 -.03
Nonfarm....................... .44 -.12 .40 -2.01 .51 -1.11 -1.91 2.69 1.07 .36 .05 -.51 -.94 .52 .29 1.10 .88 -1.04 .44
Net exports of goods and services. -.70 -.43 -.61 -.04 .49 -.56 -.66 -1.10 -.46 -.43 -1.69 .14 -.50 .64 -.66 -.76 -1.06 -.10 -1.73
Exports......................... -.24 .18 .77 -.59 -1.45 -2.04 -1.11 .43 .99 .29 -.42 -.15 -.15 1.02 1.55 .70 .70 .59 -.40
Goods......................... -.29 .14 .54 -.43 -1.43 -1.60 -.63 -.13 .87 .19 -.72 .25 -.06 .64 1.00 .60 .41 .64 -.50
Services...................... .05 .04 .23 -.16 -.02 -.44 -.48 .56 .13 .10 .30 -.40 -.10 .39 .56 .10 .30 -.06 .10
Imports......................... -.46 -.61 -1.38 .56 1.94 1.48 .45 -1.53 -1.45 -.72 -1.27 .29 -.34 -.39 -2.22 -1.46 -1.77 -.69 -1.34
Goods......................... -.42 -.54 -1.25 .43 2.23 1.02 .21 -1.04 -1.59 -.65 -.91 .22 -.58 .00 -1.96 -1.43 -1.52 -.62 -1.49
Services...................... -.04 -.07 -.14 .12 -.28 .47 .25 -.49 .14 -.06 -.36 .06 .24 -.39 -.26 -.03 -.25 -.07 .15
Government consumption expenditures
and gross investment............. .79 .52 .37 .92 1.35 -.28 1.48 .85 .81 .40 .75 .05 1.35 .03 .31 .48 .41 .13 .18
Federal......................... .46 .43 .32 .46 .52 .00 .51 .49 .78 .19 .58 .04 1.40 -.23 .33 .48 .18 .33 .11
National defense.............. .30 .38 .33 .25 .16 .09 .46 .23 .45 .14 .54 -.11 1.49 -.36 .50 .47 .09 .45 .00
Consumption expenditures.... .25 .33 .26 .26 .06 .03 .45 .22 .29 .04 .63 -.16 1.39 -.40 .42 .29 .16 .38 -.15
Gross investment............ .06 .05 .08 -.01 .10 .06 .02 .00 .16 .11 -.09 .05 .10 .03 .09 .19 -.08 .07 .15
Nondefense.................... .16 .06 -.01 .20 .36 -.09 .05 .27 .33 .05 .04 .15 -.09 .13 -.18 .00 .10 -.12 .11
Consumption expenditures..... .14 .05 -.03 .15 .26 .01 .04 .19 .23 .12 .07 .14 -.23 .23 -.18 -.01 -.01 -.05 .09
Gross investment............. .02 .01 .01 .05 .10 -.10 .01 .07 .10 -.07 -.03 .00 .13 -.10 .01 .01 .11 -.07 .02
State and local................. .33 .09 .05 .46 .83 -.28 .97 .36 .03 .21 .17 .02 -.05 .26 -.02 .00 .23 -.20 .07
Consumption expenditures.... .21 .07 .05 .24 .24 .39 .38 .10 .16 .11 .14 .02 .04 .01 .08 .02 .00 .12 .12
Gross investment............ .12 .02 .00 .22 .59 -.67 .59 .26 -.13 .09 .02 .00 -.09 .25 -.10 -.02 .23 -.32 -.05
Addenda:
Goods........................... .41 1.41 2.35 -1.57 -.41 -1.89 .88 1.38 .31 1.54 -1.05 1.39 1.32 5.45 1.90 2.65 .82 2.67 1.54
Services........................ 1.69 1.35 1.55 1.04 .98 .93 1.58 1.94 2.39 1.29 1.71 .54 2.11 .67 1.77 1.76 1.30 1.59 1.81
Structures...................... -.24 .29 .49 .03 .66 -.44 -.87 .09 -.32 -.23 .08 .00 .67 1.29 .52 .07 1.19 -.25 -.21
Motor vehicle output............ .39 .19 .20 -.69 1.03 -.20 .69 .25 .35 .62 .22 -.46 .11 .84 .11 .30 -.58 .34 .87
Final sales of computers........ .08 .31 .20 .42 -.13 -.21 .19 -.02 .10 .31 .23 .25 .28 .64 .26 .00 .00 .18 .48
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
2004 IV 03 I 04 II 04 III 04 IV 04 2004 IV 03 I 04 II 04 III 04 IV 04 2004 III 04 IV 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 11,728.0 11,270.9 11,472.6 11,657.5 11,814.9 11,967.0 10,837.2 10,580.7 10,697.5 10,784.7 10,891.0 10,975.7 455.9 106.3 84.7
Personal consumption expenditures. 8,231.1 7,914.9 8,060.2 8,153.8 8,282.5 8,428.1 7,634.7 7,466.8 7,543.0 7,572.4 7,667.8 7,755.4 279.1 95.4 87.6
Durable goods................... 995.7 971.1 976.3 975.5 1,007.0 1,023.9 1,101.3 1,069.7 1,075.5 1,074.7 1,118.3 1,136.6 70.7 43.6 18.3
Motor vehicles and parts...... 449.3 444.1 438.4 432.5 458.4 468.0 467.4 463.5 456.7 449.6 478.9 484.5 15.3 29.3 5.6
Furniture and household
equipment.................... 351.5 338.0 345.0 348.6 353.8 358.8 439.7 414.6 425.6 433.3 445.4 454.6 46.2 12.1 9.2
Other......................... 194.8 189.0 193.0 194.4 194.7 197.2 198.7 194.0 196.9 196.8 198.5 202.4 12.2 1.7 3.9
Nondurable goods................ 2,376.5 2,250.1 2,316.6 2,354.6 2,387.2 2,447.6 2,208.3 2,152.0 2,187.3 2,188.0 2,213.2 2,244.7 95.9 25.2 31.5
Food.......................... 1,149.7 1,091.8 1,120.3 1,137.5 1,157.0 1,184.1 1,042.8 1,008.6 1,028.4 1,034.3 1,045.4 1,063.0 47.7 11.1 17.6
Clothing and shoes............ 326.5 314.4 325.0 322.9 325.2 332.8 352.3 338.2 351.2 346.5 351.6 359.9 22.1 5.1 8.3
Gasoline, fuel oil, and other
energy goods................. 244.8 210.7 229.7 243.2 245.4 261.0 197.5 203.3 202.1 195.0 196.3 196.4 .2 1.3 .1
Other......................... 655.5 633.1 641.5 651.0 659.6 669.7 617.3 602.1 606.6 613.4 621.4 627.7 27.7 8.0 6.3
Services........................ 4,859.0 4,693.6 4,767.3 4,823.8 4,888.2 4,956.5 4,339.0 4,256.7 4,291.7 4,320.0 4,352.4 4,391.8 118.7 32.4 39.4
Housing....................... 1,238.8 1,202.8 1,215.4 1,232.7 1,247.3 1,259.7 1,094.7 1,080.3 1,086.0 1,091.5 1,097.9 1,103.4 18.6 6.4 5.5
Household operation........... 452.1 438.1 445.6 447.6 453.5 461.5 410.9 406.0 409.3 408.4 409.7 416.1 10.7 1.3 6.4
Electricity and gas......... 177.8 171.2 175.7 174.3 177.4 183.8 150.6 150.6 151.9 148.8 148.5 153.3 3.4 -.3 4.8
Other household operation... 274.3 266.8 270.0 273.3 276.1 277.7 260.2 255.2 257.1 259.7 261.4 262.7 7.2 1.7 1.3
Transportation................ 301.7 296.5 297.8 300.5 302.6 305.9 280.7 276.7 278.1 280.1 281.3 283.4 3.0 1.2 2.1
Medical care.................. 1,391.3 1,334.0 1,356.8 1,379.1 1,404.4 1,425.0 1,228.4 1,198.3 1,207.9 1,221.0 1,236.1 1,248.5 44.1 15.1 12.4
Recreation.................... 335.3 323.4 330.8 333.0 337.4 340.0 299.5 294.1 298.3 298.5 300.6 300.5 9.2 2.1 -.1
Other......................... 1,139.8 1,098.8 1,120.9 1,130.9 1,143.1 1,164.3 1,023.8 1,000.3 1,011.2 1,019.4 1,025.7 1,038.8 33.1 6.3 13.1
Gross private domestic investment. 1,922.4 1,758.8 1,819.7 1,920.7 1,947.0 2,002.2 1,839.1 1,714.1 1,764.5 1,842.9 1,853.9 1,895.1 210.3 11.0 41.2
Fixed investment................ 1,879.3 1,755.2 1,783.5 1,861.7 1,915.4 1,956.6 1,790.4 1,702.7 1,721.4 1,778.3 1,816.1 1,845.7 163.1 37.8 29.6
Nonresidential................ 1,217.6 1,146.3 1,158.8 1,198.5 1,238.5 1,274.7 1,225.6 1,161.0 1,173.0 1,207.9 1,245.3 1,276.3 114.8 37.4 31.0
Structures.................. 277.0 268.2 266.0 275.5 281.2 285.2 239.7 242.4 237.7 241.7 241.0 238.5 2.3 -.7 -2.5
Equipment and software...... 940.7 878.1 892.8 923.1 957.3 989.6 996.6 925.6 943.7 975.5 1,015.6 1,051.5 117.4 40.1 35.9
Information processing
equipment and software... 484.3 454.7 468.5 480.9 486.3 501.3 571.9 526.6 547.0 565.4 575.6 599.4 79.5 10.2 23.8
Computers and peripheral
equipment.............. 110.8 104.5 104.4 108.8 111.1 119.1 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 182.4 170.5 176.8 180.0 182.9 190.0 192.4 178.5 185.6 189.5 192.7 201.6 21.2 3.2 8.9
Other................... 191.0 179.7 187.4 192.2 192.2 192.3 205.0 190.4 200.2 206.2 206.8 206.9 25.6 .6 .1
Industrial equipment...... 150.5 139.5 143.1 145.0 155.2 158.7 144.5 136.8 139.0 139.7 148.5 150.6 6.9 8.8 2.1
Transportation equipment.. 148.0 140.0 134.5 143.2 153.0 161.4 135.3 127.8 122.7 130.0 141.0 147.5 13.7 11.0 6.5
Other equipment........... 157.8 144.0 146.6 153.9 162.7 168.1 151.1 139.3 142.1 147.5 155.2 159.6 19.9 7.7 4.4
Residential................... 661.7 609.0 624.6 663.2 677.0 681.9 559.6 535.9 542.5 563.6 565.9 566.3 48.4 2.3 .4
Change in private inventories... 43.1 3.5 36.2 59.0 31.6 45.5 45.3 8.6 40.0 61.1 34.5 45.8 46.1 -26.6 11.3
Farm.......................... -.7 -.9 1.0 -2.4 -.2 -1.0 3.6 3.5 5.1 3.0 3.8 2.7 3.3 .8 -1.1
Nonfarm....................... 43.7 4.5 35.2 61.4 31.8 46.5 41.7 4.6 34.5 58.8 30.4 43.3 42.8 -28.4 12.9
Net exports of goods and services. -609.3 -502.8 -546.8 -591.3 -611.8 -687.5 -586.4 -528.3 -550.1 -580.3 -583.2 -631.9 -67.9 -2.9 -48.7
Exports......................... 1,170.2 1,099.2 1,134.3 1,167.6 1,189.5 1,189.6 1,115.3 1,076.2 1,095.4 1,114.8 1,131.1 1,120.0 83.5 16.3 -11.1
Goods......................... 815.6 761.3 790.3 812.2 833.4 826.5 781.0 750.6 767.2 778.4 796.3 782.3 59.3 17.9 -14.0
Services...................... 354.7 337.9 344.1 355.4 356.1 363.1 334.1 325.4 328.1 336.2 334.6 337.4 24.2 -1.6 2.8
Imports......................... 1,779.6 1,602.0 1,681.2 1,758.9 1,801.2 1,877.1 1,701.7 1,604.5 1,645.5 1,695.1 1,714.3 1,751.9 151.4 19.2 37.6
Goods......................... 1,488.8 1,326.4 1,399.2 1,470.1 1,506.9 1,579.1 1,446.0 1,353.2 1,394.1 1,437.4 1,454.9 1,497.4 138.7 17.5 42.5
Services...................... 290.8 275.6 282.0 288.8 294.4 297.9 257.2 251.7 252.4 258.9 260.7 256.8 13.9 1.8 -3.9
Government consumption expenditures
and gross investment............. 2,183.8 2,100.0 2,139.5 2,174.3 2,197.2 2,224.3 1,946.7 1,923.7 1,935.8 1,946.5 1,949.9 1,954.5 37.3 3.4 4.6
Federal......................... 810.0 767.5 793.3 804.4 817.4 824.8 721.9 701.2 713.3 718.1 726.6 729.5 32.3 8.5 2.9
National defense.............. 548.1 513.6 534.1 541.2 557.0 559.9 485.1 465.7 477.6 479.9 491.5 491.5 33.3 11.6 .0
Consumption expenditures.... 477.8 450.2 465.2 473.6 487.1 485.2 415.4 401.4 408.5 412.5 422.1 418.3 25.1 9.6 -3.8
Gross investment............ 70.3 63.4 69.0 67.6 69.8 74.7 70.4 64.6 69.9 67.7 69.8 74.2 8.8 2.1 4.4
Nondefense.................... 261.9 253.9 259.1 263.2 260.4 264.9 236.4 235.2 235.4 237.9 234.7 237.6 -1.2 -3.2 2.9
Consumption expenditures.... 227.0 221.1 225.9 226.6 225.9 229.5 201.5 202.0 201.8 201.5 200.2 202.4 -2.5 -1.3 2.2
Gross investment............ 34.9 32.8 33.2 36.5 34.5 35.4 35.1 33.2 33.6 36.8 34.6 35.4 1.6 -2.2 .8
State and local................. 1,373.9 1,332.6 1,346.3 1,369.9 1,379.8 1,399.5 1,224.7 1,222.5 1,222.4 1,228.3 1,223.2 1,224.9 4.9 -5.1 1.7
Consumption expenditures.... 1,099.8 1,066.3 1,079.8 1,091.8 1,105.5 1,122.0 973.8 970.9 971.5 971.5 974.6 977.6 4.8 3.1 3.0
Gross investment............ 274.1 266.2 266.4 278.0 274.3 277.6 251.0 251.6 251.0 257.1 248.6 247.3 .1 -8.5 -1.3
Residual.......................... ..... ..... ..... ..... ..... ..... -42.3 -26.7 -31.3 -35.6 -44.5 -57.5 ..... ..... .....
Addenda:
Final sales of domestic product. 11,684.9 11,267.4 11,436.4 11,598.5 11,783.3 11,921.5 10,790.2 10,569.6 10,655.8 10,722.3 10,854.7 10,928.1 410.3 132.4 73.4
Gross domestic purchases........ 12,337.3 11,773.7 12,019.4 12,248.8 12,426.6 12,654.5 11,416.8 11,104.3 11,241.9 11,358.1 11,467.4 11,599.6 521.1 109.3 132.2
Final sales to domestic
purchasers..................... 12,294.3 11,770.1 11,983.2 12,189.8 12,395.1 12,609.0 11,369.6 11,093.2 11,200.1 11,295.5 11,430.9 11,551.7 475.4 135.4 120.8
Gross domestic product.......... 11,728.0 11,270.9 11,472.6 11,657.5 11,814.9 11,967.0 10,837.2 10,580.7 10,697.5 10,784.7 10,891.0 10,975.7 455.9 106.3 84.7
Plus: Income receipts from
the rest of the world.......... ..... 371.8 373.8 388.0 406.8 ..... ..... 350.7 349.6 359.8 375.5 ..... ..... 15.7 .....
Less: Income payments to
the rest of the world.......... ..... 284.6 300.3 351.9 368.6 ..... ..... 268.0 280.3 325.8 339.9 ..... ..... 14.1 .....
Equals: Gross national product.. ..... 11,358.1 11,546.1 11,693.6 11,853.0 ..... ..... 10,663.3 10,766.7 10,818.7 10,926.5 ..... ..... 107.8 .....
Net domestic product............ 10,321.1 9,896.7 10,117.6 10,282.3 10,316.9 10,567.6 9,448.2 9,228.4 9,344.1 9,424.1 9,426.4 9,598.4 402.4 2.3 172.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 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 04 II 04 III 04 IV 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.7 1.8 2.1 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2 1.4 2.0
Personal consumption expenditures... 1.4 1.9 2.2 3.3 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.1 1.3 2.5
Durable goods..................... -2.7 -3.4 -2.0 -1.4 -3.1 -2.8 -1.6 -3.8 -2.5 -2.1 -2.8 -3.7 -3.8 -4.4 -4.3 .0 -.1 -3.1 .2
Nondurable goods.................. .6 2.0 3.3 1.4 3.5 -.9 -4.0 .0 5.4 1.3 1.2 5.1 -2.2 3.5 .5 5.3 6.6 .9 4.4
Services.......................... 2.7 3.0 2.5 5.3 3.4 2.0 3.3 2.3 2.8 3.2 2.4 3.8 3.1 2.0 2.7 3.0 2.1 2.3 2.0
Gross private domestic investment... .2 1.1 2.5 .0 1.5 2.1 .2 -1.0 -.1 -.5 2.6 1.4 -.1 1.2 2.7 2.1 4.4 2.9 2.1
Fixed investment.................. .2 1.2 2.5 -.3 1.8 2.2 .1 -1.1 -.1 -.4 2.7 1.9 -.3 1.2 2.8 2.0 4.3 3.0 2.1
Nonresidential.................. -.8 -.4 .8 -2.3 .6 .3 -1.0 -1.3 -1.1 -1.3 .6 -.5 -1.3 .3 1.2 .3 1.7 .9 1.7
Structures.................... 2.4 2.1 4.9 6.0 6.5 6.6 2.1 .0 2.1 1.6 3.0 3.9 .0 1.3 1.4 4.8 7.6 9.8 10.3
Equipment and software........ -1.9 -1.2 -.4 -5.1 -1.5 -2.0 -2.2 -1.7 -2.2 -2.2 -.1 -1.9 -1.7 .0 1.2 -1.1 .1 -1.6 -.6
Residential..................... 2.5 4.4 5.6 5.5 5.0 6.9 2.8 -.8 2.1 1.6 7.1 6.8 1.7 3.1 5.8 5.4 9.1 6.8 2.7
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 2.1 3.5 .1 -1.3 -2.0 -3.5 -1.2 3.0 3.0 .4 4.1 1.0 .8 3.2 5.7 4.6 1.6 4.1
Goods........................... -.7 2.0 3.8 -.1 -1.6 -2.6 -3.8 -1.4 2.2 3.3 .5 3.5 1.6 -.6 4.2 6.4 5.3 1.2 3.9
Services........................ .4 2.4 2.9 .6 -.7 -.6 -2.8 -.6 4.8 2.4 .3 5.4 -.6 4.0 .9 4.0 3.2 2.7 4.5
Imports........................... -1.2 3.4 4.9 -3.0 -5.9 -5.3 -10.0 -1.9 10.5 3.4 .5 11.3 -4.3 2.6 .9 9.6 6.4 5.1 8.1
Goods........................... -1.8 2.9 4.9 -3.8 -6.6 -6.5 -11.3 -2.0 10.8 2.6 .4 12.0 -6.7 2.4 .4 9.9 7.8 5.2 7.5
Services........................ 1.7 5.9 4.9 1.5 -2.2 1.2 -3.3 -1.2 8.8 7.7 .9 7.9 8.4 3.6 3.5 8.3 -.5 5.0 11.5
Government consumption expenditures
and gross investment............... 2.7 3.2 3.2 3.1 1.8 1.6 1.1 4.2 3.1 2.7 3.3 7.4 -.5 2.2 1.0 5.1 4.3 3.6 4.0
Federal........................... 3.3 3.6 2.9 1.9 1.1 2.2 1.8 7.4 1.4 1.8 5.1 8.5 .3 1.1 1.0 6.6 3.0 1.7 2.0
National defense................ 3.4 4.2 2.8 3.5 .7 2.5 .8 7.1 1.6 2.9 7.7 8.6 -.3 1.1 1.3 5.7 3.5 1.9 2.1
Nondefense...................... 3.1 2.6 2.9 -1.0 1.8 1.6 3.4 8.0 1.1 -.2 .5 8.2 1.4 1.0 .3 8.3 1.9 1.3 1.9
State and local................... 2.4 3.0 3.4 3.8 2.1 1.3 .8 2.5 4.0 3.2 2.4 6.8 -1.0 2.9 1.0 4.2 5.2 4.7 5.2
Addenda:
Final sales of domestic product... 1.7 1.8 2.1 3.3 3.2 1.6 1.7 1.3 1.5 1.7 2.0 2.8 1.1 1.4 1.6 2.7 3.2 1.4 2.0
Gross domestic purchases.......... 1.5 2.0 2.4 2.7 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5 1.9 2.7
Final sales to domestic
purchasers....................... 1.5 2.0 2.4 2.7 2.3 1.0 .6 1.1 2.5 1.8 1.9 3.8 .3 1.7 1.4 3.4 3.5 1.9 2.7
Gross national product (GNP)...... 1.6 1.8 ..... 3.3 3.1 1.6 1.7 1.3 1.5 1.7 2.0 2.7 1.1 1.5 1.6 2.8 3.2 1.4 .....
Implicit price deflators:
GDP............................. 1.7 1.8 2.1 3.3 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2 1.4 2.0
Gross domestic purchases........ 1.5 2.0 2.4 2.7 2.2 1.1 .9 .8 2.8 1.4 1.9 3.9 .4 1.6 1.2 3.4 3.5 2.0 2.7
GNP............................. 1.6 1.8 ..... 3.2 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2 1.5 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2002 2003 2004 IV 03 I 04 II 04 III 04 IV 04
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.626 105.749 110.393 107.780 108.969 109.858 110.941 111.803
Personal consumption expenditures.......... 105.698 109.143 113.284 110.794 111.925 112.360 113.776 115.076
Durable goods............................ 111.150 119.378 127.559 123.902 124.572 124.482 129.529 131.653
Nondurable goods......................... 104.630 108.481 113.408 110.517 112.331 112.367 113.659 115.275
Services................................. 105.085 107.418 110.440 108.346 109.237 109.955 110.782 111.784
Gross private domestic investment.......... 89.928 93.852 105.972 98.771 101.672 106.191 106.823 109.199
Fixed investment......................... 92.253 96.924 106.636 101.412 102.529 105.913 108.170 109.932
Nonresidential......................... 87.302 90.157 99.477 94.235 95.204 98.041 101.075 103.588
Structures........................... 80.346 75.810 76.541 77.406 75.886 77.171 76.958 76.149
Equipment and software............... 89.947 95.679 108.454 100.735 102.699 106.157 110.524 114.436
Residential............................ 105.178 114.392 125.214 119.916 121.400 126.122 126.628 126.708
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 92.343 94.116 101.737 98.170 99.924 101.690 103.176 102.159
Imports of goods and services.............. 100.585 105.048 115.311 108.725 111.504 114.862 116.167 118.711
Government consumption expenditures and
gross investment.......................... 107.918 110.906 113.073 111.738 112.443 113.062 113.259 113.527
Federal.................................. 111.725 119.140 124.724 121.154 123.249 124.068 125.539 126.038
State and local.......................... 105.999 106.739 107.166 106.968 106.965 107.482 107.033 107.185
Addenda:
Final sales of domestic product.......... 103.102 106.346 110.551 108.290 109.173 109.854 111.211 111.963
Gross domestic purchases................. 103.414 106.858 111.968 108.904 110.253 111.393 112.465 113.761
Final sales to domestic purchasers....... 103.876 107.438 112.126 109.401 110.455 111.396 112.731 113.923
Gross national product................... 102.494 105.865 ..... 108.192 109.241 109.769 110.863 .....
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2002 2003 2004 IV 03 I 04 II 04 III 04 IV 04
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.097 106.003 108.281 106.586 107.314 108.169 108.551 109.091
Personal consumption expenditures
(PCE)..................................... 103.548 105.511 107.810 106.005 106.860 107.683 108.021 108.677
Durable goods............................ 95.475 92.244 90.380 90.747 90.741 90.725 90.008 90.047
Nondurable goods......................... 102.097 104.154 107.612 104.564 105.914 107.616 107.869 109.048
Services................................. 106.083 109.237 111.982 110.266 111.085 111.667 112.314 112.861
Gross private domestic investment.......... 101.221 102.304 104.882 102.968 103.514 104.644 105.405 105.966
Fixed investment......................... 101.232 102.435 104.958 103.101 103.618 104.709 105.482 106.024
Nonresidential......................... 98.909 98.546 99.336 98.729 98.793 99.220 99.449 99.880
Structures........................... 107.908 110.176 115.543 110.633 111.926 113.984 116.677 119.585
Equipment and software............... 95.868 94.754 94.400 94.862 94.611 94.626 94.256 94.107
Residential............................ 107.246 111.951 118.258 113.675 115.179 117.710 119.674 120.470
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.275 101.395 104.929 102.146 103.565 104.746 105.175 106.232
Imports of goods and services.............. 96.326 99.615 104.533 99.837 102.163 103.760 105.066 107.142
Government consumption expenditures and
gross investment.......................... 105.313 108.702 112.178 109.167 110.522 111.703 112.682 113.804
Federal.................................. 105.288 109.081 112.193 109.447 111.203 112.020 112.491 113.059
State and local.......................... 105.317 108.485 112.177 109.007 110.131 111.524 112.802 114.253
Addenda:
PCE excluding food and energy............ 103.707 105.072 106.635 105.527 106.081 106.523 106.753 107.181
Market-based PCE\1\...................... 103.113 105.040 107.418 105.496 106.334 107.292 107.674 108.371
Market-based PCE excluding food
and energy\1\........................... 103.186 104.388 105.903 104.790 105.261 105.798 106.060 106.495
Final sales of domestic product.......... 104.100 106.025 108.292 106.608 107.332 108.178 108.561 109.097
Gross domestic purchases................. 103.489 105.571 108.118 106.086 106.980 107.913 108.429 109.149
Final sales to domestic purchasers....... 103.491 105.592 108.129 106.107 106.997 107.923 108.440 109.157
Gross national product................... 104.087 105.997 ..... 106.579 107.308 108.164 108.549 .....
Implicit price deflators:
Gross domestic product................. 104.092 105.998 108.220 106.523 107.246 108.093 108.482 109.033
Final sales of domestic product........ 104.100 106.025 108.292 106.601 107.325 108.172 108.555 109.090
Gross domestic purchases............... 103.484 105.566 108.063 106.028 106.916 107.842 108.364 109.095
Final sales to domestic purchasers..... 103.491 105.592 108.133 106.102 106.992 107.917 108.435 109.152
Gross national product................. 104.082 105.992 ..... 106.516 107.240 108.087 108.479 .....
-----------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.9 3.0 4.4
Personal consumption expenditures...... 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 3.1 3.3 3.8
Durable goods........................ 2.2 -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 6.5 7.4 6.9
Nondurable goods..................... 2.8 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.6 3.7 4.5
Services............................. 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 2.6 2.2 2.8
Gross private domestic investment...... 4.0 -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.4 4.4 12.9
Fixed investment..................... 3.0 -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -4.9 5.1 10.0
Nonresidential..................... 5.6 .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -8.9 3.3 10.3
Structures....................... 2.0 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.8 -5.6 1.0
Equipment and software........... 7.3 .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -5.5 6.4 13.4
Residential........................ -3.0 -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.8 9.5
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 11.5 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.9 8.1
Goods.............................. 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 -4.1 2.2 8.2
Services........................... 10.3 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.8 1.4 7.8
Imports.............................. 4.4 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.4 9.8
Goods.............................. 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 4.7 10.6
Services........................... 4.9 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 1.9 3.1 5.7
Government consumption expenditures
and gross investment.................. 2.6 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.8 2.0
Federal.............................. 1.5 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.5 6.6 4.7
National defense................... -.5 .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.7 9.0 7.4
Nondefense......................... 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 7.1 2.4 -.5
State and local...................... 3.4 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 2.8 .7 .4
Addenda:
Final sales of domestic product...... 3.4 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.4 3.1 4.0
Gross domestic purchases............. 3.0 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.5 3.3 4.8
Final sales to domestic purchasers... 2.8 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 2.1 3.4 4.4
Gross national product............... 3.5 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.7 3.3 .....
Real disposable personal income...... 2.8 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.3 3.4
Price indexes:
Gross domestic purchases........... 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 1.5 2.0 2.4
Gross domestic purchases excluding
food and energy................... 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 1.8 1.6 1.9
GDP................................ 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 1.7 1.8 2.1
GDP excluding food and energy...... 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 2.0 1.6 1.9
Personal consumption expenditures.. 4.4 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 1.9 2.2
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 04 II 04 III 04 IV 04
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.9 .6 .4 .2 1.2 1.5 2.5 2.3 1.9 2.3 3.5 4.4 5.0 4.8 4.0 3.7
Personal consumption expenditures
(PCE)................................. 2.9 2.5 2.0 2.8 2.9 3.3 3.6 2.5 2.7 3.0 3.5 3.8 4.2 3.6 3.6 3.9
Durable goods........................ .8 3.2 2.5 10.8 6.6 7.8 10.6 1.5 3.8 7.6 8.2 9.9 10.5 5.4 5.5 6.3
Nondurable goods..................... 3.0 1.6 1.6 1.9 2.7 3.0 2.2 2.3 2.6 2.8 4.7 4.6 5.1 4.7 4.1 4.3
Services............................. 3.3 2.8 2.0 1.6 2.2 2.6 2.9 2.9 2.6 2.1 2.0 2.2 2.5 2.7 2.9 3.2
Gross private domestic investment...... -.5 -8.5 -8.6 -13.8 -7.1 -5.1 -1.5 5.0 .7 1.5 5.7 9.4 12.8 16.8 11.7 10.6
Fixed investment..................... 1.6 -2.9 -3.8 -6.7 -7.1 -5.8 -4.6 -2.1 -.4 3.1 7.4 10.3 10.9 11.6 9.4 8.4
Nonresidential..................... 3.2 -3.9 -6.1 -9.6 -10.9 -9.9 -8.5 -6.0 -3.6 1.7 5.8 9.4 10.6 10.8 10.1 9.9
Structures....................... 4.6 -.6 -1.4 -11.1 -13.7 -18.3 -22.9 -16.1 -14.8 -6.0 -2.1 1.5 3.0 1.3 1.3 -1.6
Equipment and software........... 2.7 -5.1 -7.8 -9.0 -9.8 -6.7 -2.7 -2.2 .5 4.4 8.4 12.1 13.1 13.9 12.9 13.6
Residential........................ -2.3 -.1 2.5 1.4 3.1 4.5 4.7 6.9 6.4 5.9 10.6 12.0 11.3 13.2 8.0 5.7
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 3.4 -2.9 -9.9 -11.9 -9.6 -4.0 1.7 3.5 1.9 -1.1 .8 6.1 8.4 10.8 9.4 4.1
Goods.............................. 4.8 -3.2 -12.2 -13.0 -12.2 -5.0 1.2 .8 2.3 -1.2 .5 7.1 8.5 10.3 10.1 4.2
Services........................... .1 -2.0 -4.0 -8.9 -3.1 -1.8 2.7 9.8 1.0 -.9 1.5 3.8 8.3 11.9 7.8 3.7
Imports.............................. 5.9 -1.4 -7.2 -7.6 -3.9 2.1 6.3 9.7 6.0 3.8 3.2 4.9 8.1 10.7 11.1 9.2
Goods.............................. 6.3 -2.6 -7.8 -7.9 -4.8 3.3 7.1 9.8 6.7 4.3 2.8 5.1 8.8 10.8 12.1 10.7
Services........................... 4.2 4.7 -3.7 -5.9 .7 -3.7 2.0 8.9 2.4 1.4 5.0 3.7 4.7 10.0 6.3 2.0
Government consumption expenditures
and gross investment.................. 2.5 3.0 3.2 5.0 4.8 4.0 4.9 3.8 2.7 3.3 2.8 2.2 2.8 1.6 1.8 1.6
Federal.............................. 3.6 1.7 4.0 6.4 6.4 7.3 8.1 8.2 6.1 8.3 6.6 5.5 7.3 2.7 4.8 4.0
National defense................... 4.2 1.3 3.8 6.5 6.2 8.0 8.2 8.5 6.2 12.1 9.0 8.5 12.1 3.8 8.5 5.5
Nondefense......................... 2.5 2.6 4.2 6.3 6.9 6.2 7.8 7.6 6.1 1.4 2.4 .0 -1.5 .6 -2.2 1.0
State and local...................... 1.9 3.7 2.8 4.2 4.0 2.2 3.3 1.6 .9 .7 .8 .4 .4 1.0 .0 .2
Addenda:
Final sales of domestic product...... 2.2 1.6 1.2 1.5 1.2 1.4 2.0 1.2 1.7 2.6 3.8 4.5 4.7 4.1 3.6 3.4
Gross domestic purchases............. 2.3 .7 .4 .4 1.6 2.1 3.1 3.1 2.4 2.8 3.7 4.3 5.1 5.1 4.5 4.5
Final sales to domestic purchasers... 2.6 1.7 1.2 1.6 1.6 2.0 2.6 2.1 2.3 3.1 3.9 4.4 4.9 4.4 4.1 4.1
Gross national product............... 1.9 .7 .2 .4 1.0 1.2 2.6 2.0 2.0 2.6 3.7 4.8 5.3 4.7 3.8 .....
Real disposable personal income...... 2.4 1.3 2.8 1.2 3.5 4.6 1.4 2.9 .7 1.1 3.5 3.9 4.0 3.7 2.1 3.9
Price indexes:
Gross domestic purchases........... 2.1 2.3 1.9 1.6 1.3 1.3 1.5 1.8 2.5 1.9 1.9 1.8 1.7 2.5 2.6 2.9
Gross domestic purchases excluding
food and energy................... 1.7 1.8 1.9 2.1 1.9 1.8 1.8 1.6 1.8 1.6 1.5 1.4 1.5 1.9 2.1 2.2
GDP................................ 2.2 2.5 2.4 2.4 1.9 1.5 1.5 1.6 2.0 1.9 1.8 1.7 1.7 2.3 2.3 2.4
GDP excluding food and energy...... 1.8 2.0 2.1 2.3 2.2 2.0 1.9 1.7 1.9 1.6 1.5 1.4 1.4 1.9 2.1 2.2
PCE................................ 2.2 2.4 2.0 1.7 1.1 1.2 1.6 1.8 2.4 1.8 1.7 1.7 1.7 2.3 2.2 2.5
PCE excluding food and energy...... 1.6 1.8 2.0 2.2 1.8 1.8 1.9 1.5 1.6 1.4 1.1 1.2 1.4 1.5 1.5 1.6
Market-based PCE\1\................ 2.2 2.3 1.9 1.3 .8 .9 1.2 1.7 2.3 1.8 1.8 1.6 1.7 2.4 2.3 2.7
Market-based PCE excluding food
and energy\1\..................... 1.5 1.7 1.8 1.8 1.5 1.6 1.5 1.4 1.4 1.2 1.1 1.0 1.3 1.5 1.4 1.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 IV 03 I 04 II 04 III 04 IV 04
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,487.0 11,004.0 11,728.0 11,270.9 11,472.6 11,657.5 11,814.9 11,967.0
Plus: Income receipts from the rest of the
world..................................... 301.8 329.0 ..... 371.8 373.8 388.0 406.8 .....
Less: Income payments to the rest of the
world..................................... 274.7 273.9 ..... 284.6 300.3 351.9 368.6 .....
Equals: Gross national product............. 10,514.1 11,059.2 ..... 11,358.1 11,546.1 11,693.6 11,853.0 .....
Less: Consumption of fixed capital......... 1,303.9 1,353.9 1,406.9 1,374.2 1,355.0 1,375.2 1,497.9 1,399.5
Less: Statistical discrepancy.............. -15.3 25.6 ..... 12.8 63.0 56.4 90.4 .....
Equals: National income.................... 9,225.4 9,679.6 ..... 9,971.1 10,128.1 10,262.0 10,264.7 .....
Compensation of employees................ 6,069.5 6,289.0 6,616.6 6,406.7 6,489.4 6,578.5 6,657.4 6,741.1
Wage and salary accruals............... 4,976.3 5,103.6 5,342.6 5,188.9 5,240.7 5,311.4 5,375.0 5,443.2
Supplements to wages and salaries...... 1,093.2 1,185.5 1,274.1 1,217.8 1,248.8 1,267.2 1,282.3 1,297.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 902.4 864.7 872.1 901.4 902.9 933.1
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 165.6 167.1 172.8 172.6 153.8 163.1
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 874.6 1,021.1 ..... 1,129.1 1,165.6 1,173.9 1,118.0 .....
Net interest and miscellaneous payments.. 532.9 543.0 548.2 545.3 554.5 548.5 546.7 543.0
Taxes on production and imports less
subsidies............................... 724.4 751.3 800.1 769.4 782.9 796.3 803.5 817.9
Business current transfer payments....... 80.9 77.7 81.7 80.1 82.7 83.5 76.0 84.4
Current surplus of government
enterprises............................. 2.8 9.5 6.7 8.7 8.1 7.4 6.5 4.7
Addendum:
Gross domestic income.................... 10,502.3 10,978.5 ..... 11,258.1 11,409.6 11,601.1 11,724.5 .....
-----------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 IV 03 I 04 II 04 III 04 IV 04
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,878.9 9,161.8 9,659.1 9,330.0 9,445.0 9,592.7 9,674.3 9,924.6
Compensation of employees, received...... 6,069.5 6,289.0 6,616.6 6,406.7 6,487.9 6,580.0 6,657.4 6,741.1
Wage and salary disbursements.......... 4,976.3 5,103.6 5,342.6 5,188.9 5,239.2 5,312.8 5,375.0 5,443.2
Supplements to wages and salaries...... 1,093.2 1,185.5 1,274.1 1,217.8 1,248.8 1,267.2 1,282.3 1,297.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 902.4 864.7 872.1 901.4 902.9 933.1
Farm................................... 9.7 21.8 18.0 24.7 17.9 18.9 13.6 21.6
Nonfarm................................ 759.9 812.3 884.4 840.0 854.2 882.5 889.3 911.6
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 165.6 167.1 172.8 172.6 153.8 163.1
Personal income receipts on assets....... 1,334.6 1,322.7 1,386.6 1,325.8 1,337.1 1,352.3 1,367.8 1,489.3
Personal interest income............... 946.7 929.9 945.6 932.0 936.2 941.7 946.5 957.9
Personal dividend income............... 387.9 392.8 441.1 393.8 400.9 410.6 421.3 531.4
Personal current transfer receipts....... 1,282.7 1,335.4 1,406.3 1,350.7 1,379.0 1,400.4 1,415.4 1,430.2
Less: Contributions for government
social insurance........................ 748.3 773.2 818.3 785.0 803.9 814.0 823.0 832.3
Less: Personal current taxes............... 1,051.2 1,001.9 1,036.4 1,009.4 1,006.6 1,030.6 1,043.7 1,064.5
Equals: Disposable personal income......... 7,827.7 8,159.9 8,622.8 8,320.5 8,438.4 8,562.1 8,630.7 8,860.0
Less: Personal outlays..................... 7,668.5 8,049.3 8,532.8 8,209.4 8,351.6 8,448.7 8,588.1 8,742.8
Equals: Personal saving.................... 159.2 110.6 90.0 111.1 86.8 113.4 42.6 117.2
Personal saving as a percentage of
disposable personal income.............. 2.0 1.4 1.0 1.3 1.0 1.3 .5 1.3
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,559.5 7,733.8 7,997.9 7,849.6 7,897.0 7,951.5 7,990.2 8,152.9
-----------------------------------------------------------------------------------------------------------------------------------
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 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 04 II 04 III 04 IV 04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 1.9 3.0 4.4 -.5 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 4.0 3.1
Goods............................. 1.2 4.3 7.3 -4.5 -1.3 -5.5 2.6 4.1 .9 4.7 -3.2 4.3 4.1 17.7 5.8 8.2 2.5 8.3 4.7
Services.......................... 3.0 2.3 2.7 1.9 1.8 1.7 2.8 3.4 4.2 2.2 3.0 .9 3.6 1.1 3.1 3.0 2.3 2.8 3.2
Structures........................ -2.4 3.0 5.1 .4 7.0 -4.3 -8.5 .9 -3.3 -2.4 .9 .0 7.3 13.9 5.4 .7 12.7 -2.5 -2.1
Motor vehicle output.............. 11.6 4.2 5.6 -18.5 36.3 -5.7 22.0 7.3 10.3 18.4 6.0 -12.4 3.0 26.3 2.9 8.8 -15.2 10.4 28.0
GDP excluding motor vehicle
output........................... 1.5 3.0 4.3 .2 .2 -1.2 .9 3.3 2.1 2.1 .5 2.5 4.1 6.8 4.2 4.3 4.0 3.8 2.3
Final sales of computers\1\....... 8.8 41.0 22.1 48.2 -11.2 -19.4 23.7 -3.7 12.2 46.0 30.9 35.1 37.8 93.7 29.0 .1 .1 20.7 61.7
GDP excluding final sales of
computers........................ 1.8 2.8 4.2 -.9 1.4 -1.2 1.4 3.4 2.3 2.3 .5 1.7 3.8 6.8 4.0 4.5 3.3 3.9 2.7
Farm gross value added\2\......... 6.5 4.0 -9.9 -1.3 -31.0 -20.4 94.2 -39.2 69.9 26.1 -19.5 -13.9 52.3 .5 -30.6 -31.3 -21.3 36.4 76.9
Nonfarm business gross value
added\3\......................... 1.8 3.8 5.3 -1.1 1.2 -2.9 1.2 4.0 1.7 3.6 1.4 2.4 5.3 9.3 4.6 5.7 4.2 4.2 2.8
Price indexes:
GDP............................... 1.7 1.8 2.1 3.3 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2 1.4 2.0
GDP excluding food and energy..... 2.0 1.6 1.9 2.4 2.3 2.1 2.6 1.7 1.8 1.6 1.7 2.3 .8 1.1 1.5 2.3 2.7 1.8 2.0
GDP excluding final sales of
computers........................ 1.9 2.0 2.3 3.8 3.3 1.8 1.9 1.6 1.7 1.9 2.2 2.9 1.2 1.6 1.7 2.9 3.3 1.5 2.2
Gross domestic purchases.......... 1.5 2.0 2.4 2.7 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5 1.9 2.7
Gross domestic purchases excluding
food and energy.................. 1.8 1.6 1.9 2.3 2.0 1.8 2.3 1.5 1.7 1.6 1.6 2.2 1.0 1.2 1.5 2.5 2.5 1.7 1.9
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 1.7 2.2 2.6 3.3 2.6 1.3 .9 1.4 2.6 2.0 2.1 4.0 .5 1.9 1.5 3.6 3.7 2.1 2.9
Personal consumption expenditures
(PCE)............................ 1.4 1.9 2.2 3.3 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.1 1.3 2.5
Personal consumption expenditures
excluding food and energy........ 1.8 1.3 1.5 2.8 2.1 1.4 2.6 1.2 2.0 2.0 .9 1.5 1.1 .9 1.3 2.1 1.7 .9 1.6
Market-based PCE\4\............... 1.1 1.9 2.3 2.8 2.1 .8 -.5 .6 2.9 1.8 1.5 3.0 .6 2.0 .8 3.2 3.7 1.4 2.6
Market-based PCE excluding food
and energy\4\.................... 1.5 1.2 1.5 2.1 1.3 1.9 1.6 1.0 1.8 1.7 1.1 .9 1.1 1.3 .8 1.8 2.1 1.0 1.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2002-03
annual percent change in real GDP uses prices for 2002 and 2003 as weights, and the 2002-03 annual
percent change in GDP prices uses quantities for 2002 and 2003 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.
