News Release
Gross Domestic Product: Fourth Quarter 2005 "advance" estimates
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Virginia H. Mannering: (202) 606-5304 BEA 06-02
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2005 (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 1.1 percent in the fourth quarter of 2005,
according to advance estimates released by the Bureau of Economic Analysis. In the third quarter, real
GDP increased 4.1 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 28,
2006.
The major contributors to the increase in real GDP in the fourth quarter primarily reflected positive
contributions from private inventory investment, personal consumption expenditures (PCE), equipment
and software, exports, and residential fixed investment that were partly offset by a negative contribution
from federal government spending. Imports, which are a subtraction in the calculation of GDP,
increased.
The deceleration in real GDP growth in the fourth quarter primarily reflected a deceleration in
PCE, an acceleration in imports, a downturn in federal government spending, and decelerations in
equipment and software and in residential fixed investment that were partly offset by an upturn in
private inventory investment.
Final sales of computers contributed 0.33 percentage point to the fourth-quarter growth in real
GDP after contributing 0.16 percentage point to the third-quarter growth. Motor vehicle output
subtracted 0.58 percentage point from the fourth-quarter growth in real GDP after contributing 0.56
percentage point to the third-quarter growth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.3 percent in the fourth quarter, compared with an increase of 4.2 percent in the third.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.9 percent in
the fourth quarter, compared with an increase of 2.5 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/bea/rels.htm.
Real personal consumption expenditures increased 1.1 percent in the fourth quarter, compared with an
increase of 4.1 percent in the third. Durable goods purchases decreased 17.5 percent, in contrast to an
increase of 9.3 percent. Nondurable goods purchases increased 5.1 percent, compared with an increase
of 3.5 percent. Services expenditures increased 3.2 percent, compared with an increase of 3.3 percent.
Real nonresidential fixed investment increased 2.8 percent in the fourth quarter, compared with an
increase of 8.5 percent in the third. Nonresidential structures increased 0.7 percent, compared with an
increase of 2.2 percent. Equipment and software increased 3.5 percent, compared with an increase of
10.6 percent. Real residential fixed investment increased 3.5 percent, compared with an increase of 7.3
percent.
Real exports of goods and services increased 2.4 percent in the fourth quarter, compared with an
increase of 2.5 percent in the third. Real imports of goods and services increased 9.1 percent, compared
with an increase of 2.4 percent.
Real federal government consumption expenditures and gross investment decreased 7.0 percent in the
fourth quarter, in contrast to an increase of 7.4 percent in the third. National defense decreased 13.1
percent, in contrast to an increase of 10.0 percent. Nondefense increased 6.9 percent, compared with an
increase of 2.4 percent. Real state and local government consumption expenditures and gross
investment increased 0.4 percent, compared with an increase of 0.2 percent.
The real change in private inventories added 1.45 percentage points to the fourth-quarter change in real
GDP after subtracting 0.43 percentage point from the third-quarter change. Private businesses increased
inventories $25.7 billion in the fourth quarter, following decreases of $13.3 billion in the third quarter
and $1.7 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- decreased 0.3 percent in
the fourth quarter, in contrast to an increase of 4.6 percent in the third.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -
- increased 2.2 percent in the fourth quarter, compared with an increase of 4.0 percent in the third.
Disposition of personal income
Current-dollar personal income increased $231.6 billion (9.4 percent) in the fourth quarter, compared
with an increase of $45.3 billion (1.8 percent) in the third. The acceleration in personal income partly
reflected a rebound from the third-quarter impacts of Hurricanes Katrina and Rita. Rental income and
proprietors' income were reduced by the uninsured property damage caused by the hurricanes, and
current transfer receipts were increased by insurance settlements related to the hurricanes. For more
information, see the FAQs on "Disasters" on BEA's Web site.
Personal current taxes increased $18.4 billion in the fourth quarter, compared with an increase of $9.9
billion in the third.
Disposable personal income increased $213.2 billion (9.8 percent) in the fourth quarter, compared with
an increase of $35.4 billion (1.6 percent) in the third. Real disposable personal income increased 7.0
percent, in contrast to a decrease of 2.0 percent.
Personal outlays increased $87.7 billion (3.9 percent) in the fourth quarter, compared with an increase of
$172.7 billion (7.9 percent) in the third. Personal saving -- disposable personal income less personal
outlays -- was a negative $33.3 billion in the fourth quarter, compared with a negative $158.9 billion in
the third. The personal saving rate -- saving as a percentage of disposable personal income -- increased
from a negative 1.8 percent in the third quarter to a negative 0.4 percent in the fourth. Saving from
current income may be near zero or negative when outlays are financed by borrowing (including
borrowing financed through credit cards or home equity loans), by selling investments or other assets, or
by using savings from the previous periods. For more information, see the FAQs on "Personal Saving"
on BEA's Web site.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 4.2
percent, or $129.6 billion, in the fourth quarter to a level of $12,735.3 billion. In the third quarter,
current-dollar GDP increased 7.6 percent, or $227.7 billion.
2005 GDP
Real GDP increased 3.5 percent in 2005 (that is, from the 2004 annual level to the 2005 annual level),
compared with an increase of 4.2 percent in 2004.
The major contributors to the increase in real GDP in 2005 were personal consumption expenditures
(PCE), equipment and software, exports, and residential fixed investment. Imports, which are a
subtraction in the calculation of GDP, increased in 2005.
The deceleration in real GDP in 2005 primarily reflected a downturn in private inventory investment
and decelerations in PCE and in federal government spending that were partly offset by a deceleration in
imports.
The price index for gross domestic purchases increased 3.2 percent in 2005, compared with an increase
of 2.9 percent in 2004.
Current-dollar GDP increased 6.4 percent, or $745.1 billion, in 2005. Current-dollar GDP increased 7.0
percent, or $763.1 billion, in 2004.
During 2005 (that is, measured from the fourth quarter of 2004 to the fourth quarter of 2005), real GDP
increased 3.1 percent. Real GDP increased 3.8 percent during 2004. The price index for gross domestic
purchases increased 3.4 percent during 2005, the same increase as during 2004.
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 national, international, regional, and industry estimates; the Survey of Current Business; and
BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202)606-5306 Gross domestic product
(202)606-5303 Personal income and outlays
* * *
Next release -- February 28, 2006, at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter 2005 (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, which cover the quarters of the 3 most recent calendar years, are usually carried out each
summer and incorporate more comprehensive data including annual surveys. Comprehensive (or benchmark) revisions
are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in
concepts and methods that update the accounts to portray more accurately the evolving U.S. economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and
real GDP for the different vintages of the estimates. From the advance estimate to the preliminary estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance
estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest
estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to
sign) from the advance estimate to the latest estimate is 0.4 percentage point, which is larger than the average
revisions from the advance estimate to the preliminary or to the final estimates. The larger average revisions to the
latest estimate reflect the fact that comprehensive revisions include major improvements such as the introduction of
chain indexes and the capitalization of software. The quarterly estimates correctly indicate the direction of change of
real GDP 98 percent of the time, correctly indicate whether it is accelerating or decelerating 74 percent of the time,
and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the
time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average Average without Standard deviation of
compared regard to sign average without regard
to sign
Current-dollar GDP
Advance to preliminary.......... 0.1 0.5 0.4
Advance to final................ .2 .7 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .4 1.2 .9
Real GDP
Advance to preliminary.......... 0.1 0.5 0.4
Advance to final................ .1 .6 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .4 1.3 1.0
NOTE.--These comparisons are based on the period from 1983 through 2002.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.7 4.2 3.5 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 1.1
Personal consumption expenditures... 2.9 3.9 3.6 1.4 2.4 2.3 1.4 2.5 3.6 5.8 3.1 4.7 1.9 4.4 4.3 3.5 3.4 4.1 1.1
Durable goods..................... 6.6 6.0 4.4 -4.2 3.6 11.5 -5.2 3.6 15.1 19.8 -.3 4.4 .4 10.8 5.5 2.6 7.9 9.3 -17.5
Nondurable goods.................. 3.2 4.7 4.4 3.3 1.3 .3 3.6 3.2 1.9 8.3 3.1 6.6 2.6 3.9 5.5 5.3 3.6 3.5 5.1
Services.......................... 2.0 3.0 2.9 1.8 2.6 1.3 1.8 1.9 2.3 2.0 3.8 3.8 1.8 3.4 3.6 2.8 2.3 3.3 3.2
Gross private domestic investment... 3.9 11.9 5.8 13.6 1.9 5.8 -1.0 -.4 2.7 17.5 12.0 10.1 20.9 4.6 6.8 8.6 -3.7 5.3 12.2
Fixed investment.................. 3.6 9.7 8.0 -6.3 -1.4 -.7 -1.4 .8 8.8 14.8 6.9 6.9 15.1 8.4 7.2 7.0 9.5 8.0 3.0
Nonresidential.................. 1.3 9.4 8.5 -12.8 -6.1 -2.0 -5.0 -1.1 8.4 11.2 4.4 7.9 13.5 11.8 10.4 5.7 8.8 8.5 2.8
Structures.................... -4.2 2.2 1.9 -19.0 -19.0 -15.5 -5.3 -8.4 13.3 -.1 1.3 -3.5 8.8 1.4 4.7 -2.0 2.7 2.2 .7
Equipment and software........ 3.2 11.9 10.8 -10.4 -.9 3.3 -4.9 1.6 6.7 15.4 5.5 12.0 15.2 15.5 12.4 8.3 10.9 10.6 3.5
Residential..................... 8.4 10.3 7.2 10.4 9.5 2.0 6.4 4.7 9.6 21.9 11.5 5.2 17.8 2.6 1.6 9.5 10.8 7.3 3.5
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 1.8 8.4 6.7 5.2 10.6 2.9 -3.1 -2.9 -2.1 11.5 19.1 5.0 6.9 5.5 7.1 7.5 10.7 2.5 2.4
Goods........................... 1.8 8.9 7.1 -1.6 14.2 2.2 -9.1 1.5 .0 9.1 17.2 7.5 7.9 8.2 3.7 5.3 16.0 3.2 3.8
Services........................ 1.7 7.4 6.0 22.9 2.7 4.6 11.7 -11.9 -6.6 17.2 23.7 -.4 4.8 -.6 15.5 12.5 -.4 1.0 -.9
Imports........................... 4.6 10.7 6.2 11.7 12.5 5.7 9.0 -2.5 3.3 4.1 16.5 12.0 14.5 4.7 11.3 7.4 -.3 2.4 9.1
Goods........................... 4.9 11.0 6.7 9.2 16.0 6.5 8.1 -2.6 6.3 .9 17.7 12.4 14.7 4.7 13.0 8.2 -1.1 3.5 10.0
Services........................ 3.0 9.6 3.5 24.7 -3.0 1.7 14.0 -2.2 -10.2 21.4 10.7 10.0 13.7 4.6 3.1 3.7 4.4 -3.2 4.2
Government consumption expenditures
and gross investment............... 2.8 2.2 1.7 4.3 4.8 2.3 4.8 -.3 7.2 .5 .5 3.3 2.3 1.8 .9 1.9 2.5 2.9 -2.4
Federal........................... 6.9 5.2 2.0 5.9 12.5 3.0 10.2 .3 22.1 -2.0 3.1 10.7 3.2 3.6 -.6 2.4 2.4 7.4 -7.0
National defense................ 8.8 7.0 2.3 3.7 11.5 4.1 14.8 -3.6 37.4 -6.5 7.9 13.8 .8 9.0 -3.3 3.0 3.7 10.0 -13.1
Nondefense...................... 3.4 1.8 1.6 10.2 14.1 1.2 2.1 8.0 -2.4 7.2 -5.8 4.9 8.1 -6.4 5.2 1.1 -.2 2.4 6.9
State and local................... .6 .4 1.5 3.5 1.0 1.9 2.0 -.6 -.3 2.0 -.9 -.7 1.8 .8 1.8 1.6 2.6 .2 .4
Addenda:
Final sales of domestic product... 2.7 3.9 3.8 -.2 1.7 1.4 .1 1.9 4.6 6.9 2.8 3.8 2.6 4.6 3.3 3.5 5.6 4.6 -.3
Gross domestic purchases.......... 3.0 4.7 3.6 3.6 2.7 2.8 1.7 1.5 4.2 6.5 3.9 5.2 4.7 3.9 4.1 4.0 2.1 4.0 2.2
Final sales to domestic
purchasers....................... 3.0 4.4 3.9 .7 2.2 1.8 1.6 1.7 5.0 6.1 3.2 4.8 3.8 4.5 4.1 3.7 4.2 4.5 .8
Gross national product (GNP)...... 3.0 4.0 ..... .8 1.8 2.9 1.0 1.5 4.5 7.2 4.5 3.8 2.2 4.0 2.9 3.9 3.2 4.4 .....
Disposable personal income........ 2.4 3.4 1.4 11.6 1.9 -1.6 .2 2.5 4.5 7.2 1.0 3.6 1.2 2.8 9.1 -3.4 .2 -2.0 7.0
Current-dollar measures:
GDP............................. 4.8 7.0 6.4 4.3 3.7 3.9 2.4 4.8 4.8 9.3 5.5 8.1 7.5 5.3 6.1 7.0 6.0 7.6 4.2
Final sales of domestic product. 4.8 6.6 6.7 1.4 3.2 3.0 2.4 5.1 5.7 8.8 4.8 7.5 6.6 6.1 6.2 6.7 8.3 8.1 2.7
Gross domestic purchases........ 5.3 7.7 6.9 4.9 5.2 4.4 3.9 5.7 4.6 8.6 5.6 9.7 9.0 5.9 7.4 7.0 5.5 8.4 5.6
Final sales to domestic
purchasers..................... 5.3 7.4 7.2 2.2 4.8 3.6 3.8 5.9 5.4 8.2 4.9 9.2 8.1 6.6 7.4 6.7 7.6 8.9 4.2
GNP............................. 5.1 6.8 ..... 2.3 3.3 4.4 3.2 4.6 5.7 9.2 6.4 7.7 6.1 5.4 5.7 7.0 5.9 7.8 .....
Disposable personal income...... 4.3 6.1 4.2 12.6 4.7 .2 1.9 5.6 5.2 9.4 2.3 7.6 5.1 4.3 12.5 -1.3 3.5 1.6 9.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 2.7 4.2 3.5 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 1.1
Percentage points at annual rates:
Personal consumption expenditures. 2.05 2.71 2.49 1.01 1.64 1.57 .97 1.70 2.55 4.13 2.15 3.27 1.33 3.05 3.01 2.44 2.35 2.85 .79
Durable goods................... .57 .51 .37 -.39 .31 .98 -.47 .31 1.23 1.64 -.03 .38 .03 .88 .45 .22 .64 .76 -1.56
Motor vehicles and parts...... .19 .06 -.04 -1.07 .02 .89 -.75 .22 .53 .77 -.43 -.02 -.19 .44 .11 -.31 .27 .45 -2.06
Furniture and household
equipment.................... .26 .34 .28 .50 .23 .06 .21 .03 .48 .63 .30 .31 .24 .34 .21 .32 .17 .37 .35
Other......................... .11 .10 .13 .18 .07 .02 .07 .06 .22 .23 .10 .08 -.02 .10 .14 .20 .20 -.06 .14
Nondurable goods................ .63 .94 .90 .65 .26 .06 .70 .63 .37 1.65 .61 1.31 .53 .78 1.09 1.07 .74 .73 1.04
Food.......................... .25 .48 .49 .21 .18 .00 .20 .38 .05 .69 .20 .88 .27 .32 .63 .50 .42 .61 .51
Clothing and shoes............ .14 .17 .17 .23 .04 -.05 .31 -.04 .27 .33 .04 .37 -.09 .17 .25 .15 .20 .08 .28
Gasoline, fuel oil, and other
energy goods................. .01 .03 .04 -.06 .06 .04 -.04 -.01 -.04 .12 .07 -.04 .03 .02 .07 .21 -.11 -.11 .07
Other......................... .22 .26 .20 .27 -.01 .07 .23 .29 .09 .51 .31 .11 .33 .28 .14 .20 .23 .15 .17
Services........................ .85 1.27 1.22 .75 1.07 .54 .74 .76 .94 .84 1.57 1.58 .77 1.39 1.47 1.15 .97 1.36 1.32
Housing....................... .07 .30 .24 .06 -.03 -.11 -.07 .08 .13 .24 .31 .39 .27 .29 .29 .23 .22 .20 .18
Household operation........... .05 .07 .11 .07 .29 -.11 .19 .01 -.06 -.02 .25 .07 -.07 .04 .34 .07 -.02 .17 .08
Electricity and gas......... .02 .03 .06 .11 .25 -.07 .23 -.05 -.13 -.07 .22 .02 -.11 -.05 .37 .02 -.08 .10 .02
Other household operation... .03 .05 .05 -.05 .04 -.04 -.04 .07 .07 .05 .03 .05 .05 .10 -.03 .05 .06 .08 .06
Transportation................ .00 .03 .04 .01 -.04 -.07 -.01 .07 -.05 .02 .02 .13 -.01 .00 -.01 .06 .06 .05 .11
Medical care.................. .49 .49 .56 .59 .67 .59 .59 .45 .42 .31 .59 .37 .56 .64 .54 .53 .50 .66 .61
Recreation.................... .10 .11 .06 .09 .07 .04 .16 .04 .15 .07 .21 .17 .00 .10 .02 .14 .02 .02 .08
Other......................... .14 .26 .21 -.08 .12 .20 -.12 .10 .35 .22 .19 .44 .02 .33 .29 .11 .18 .26 .26
Gross private domestic investment. .58 1.82 .96 1.92 .30 .87 -.14 -.03 .42 2.53 1.78 1.52 3.10 .75 1.11 1.42 -.63 .87 1.95
Fixed investment................ .54 1.47 1.28 -1.04 -.23 -.12 -.21 .13 1.26 2.15 1.03 1.04 2.22 1.31 1.13 1.12 1.51 1.31 .51
Nonresidential................ .13 .92 .87 -1.50 -.66 -.21 -.52 -.10 .79 1.08 .43 .76 1.29 1.15 1.04 .58 .90 .88 .30
Structures.................. -.11 .06 .05 -.60 -.58 -.44 -.14 -.22 .32 .00 .03 -.09 .22 .04 .12 -.05 .07 .06 .02
Equipment and software...... .24 .86 .82 -.90 -.09 .23 -.38 .12 .47 1.09 .40 .85 1.07 1.12 .92 .64 .83 .82 .28
Information processing
equipment and software... .19 .49 .48 -.28 .06 .23 -.38 .21 .20 .79 .52 .61 .38 .31 .34 .72 .53 .42 .34
Computers and peripheral
equipment.............. .09 .19 .24 .15 -.06 .16 -.04 .07 .10 .21 .17 .20 .18 .16 .27 .31 .23 .11 .26
Software................ .06 .11 .17 -.04 .15 .12 -.17 .04 .04 .29 .15 .08 .05 .10 .09 .22 .29 .14 .13
Other................... .05 .19 .08 -.38 -.03 -.05 -.17 .10 .05 .29 .20 .33 .16 .05 -.02 .18 .01 .17 -.05
Industrial equipment...... .00 .04 .08 .01 -.12 .08 .01 .15 -.12 -.04 -.14 .19 -.05 .30 .06 .23 -.27 .20 .13
Transportation equipment.. -.03 .15 .16 -.53 -.16 -.07 -.02 -.25 .36 .01 -.16 -.04 .56 .23 .39 -.16 .33 .18 -.27
Other equipment........... .08 .18 .09 -.10 .14 .00 .02 .01 .04 .33 .18 .09 .18 .28 .13 -.14 .23 .02 .07
Residential................... .41 .55 .42 .46 .43 .09 .30 .23 .47 1.07 .59 .28 .93 .15 .09 .54 .62 .43 .21
Change in private inventories... .05 .35 -.32 2.95 .53 .98 .08 -.16 -.84 .38 .75 .48 .87 -.56 -.03 .29 -2.14 -.43 1.45
Farm.......................... .03 .03 -.07 .24 -.39 .31 .03 .17 -.21 -.07 .19 -.20 .45 -.01 -.28 -.11 -.09 -.02 .02
Nonfarm....................... .02 .32 -.25 2.71 .92 .67 .04 -.33 -.63 .45 .57 .68 .42 -.55 .25 .40 -2.05 -.42 1.43
Net exports of goods and services. -.46 -.73 -.28 -.97 -.62 -.49 -1.52 .08 -.66 .48 -.47 -1.16 -1.37 -.17 -.98 -.40 1.11 -.12 -1.18
Exports......................... .17 .80 .68 .47 .96 .27 -.31 -.29 -.20 1.04 1.69 .49 .67 .53 .70 .74 1.07 .26 .25
Goods......................... .12 .59 .49 -.11 .88 .14 -.64 .09 .00 .58 1.05 .50 .53 .55 .25 .37 1.08 .23 .27
Services...................... .05 .22 .18 .59 .08 .13 .33 -.38 -.20 .46 .64 -.01 .14 -.02 .44 .37 -.01 .03 -.03
Imports......................... -.63 -1.53 -.96 -1.44 -1.58 -.76 -1.21 .37 -.46 -.56 -2.16 -1.65 -2.03 -.70 -1.68 -1.14 .04 -.38 -1.42
Goods......................... -.56 -1.30 -.86 -.95 -1.65 -.72 -.90 .32 -.71 -.10 -1.91 -1.41 -1.71 -.59 -1.60 -1.05 .15 -.46 -1.32
Services...................... -.07 -.23 -.09 -.48 .07 -.04 -.31 .05 .26 -.46 -.25 -.23 -.32 -.11 -.08 -.10 -.11 .09 -.11
Government consumption expenditures
and gross investment............. .53 .41 .32 .79 .88 .43 .89 -.05 1.37 .11 .10 .62 .43 .35 .17 .35 .47 .54 -.45
Federal......................... .45 .36 .14 .36 .76 .20 .64 .03 1.40 -.14 .21 .71 .22 .25 -.04 .17 .17 .52 -.50
National defense.............. .37 .32 .11 .14 .45 .17 .59 -.15 1.46 -.31 .35 .60 .04 .41 -.16 .14 .17 .46 -.66
Consumption expenditures.... .33 .26 .10 .13 .29 .07 .67 -.19 1.35 -.34 .32 .46 .01 .39 -.26 .34 .04 .37 -.67
Gross investment............ .04 .06 .01 .01 .16 .10 -.08 .04 .11 .03 .03 .14 .02 .02 .10 -.20 .13 .09 .01
Nondefense.................... .08 .04 .04 .22 .31 .03 .05 .18 -.06 .17 -.14 .11 .19 -.16 .12 .03 -.01 .06 .15
Consumption expenditures..... .08 .04 .01 .14 .21 .11 .07 .18 -.19 .29 -.10 .11 .04 -.04 .08 .02 -.09 .08 .05
Gross investment............. .00 .00 .02 .07 .10 -.08 -.02 .00 .14 -.12 -.04 .00 .15 -.12 .04 .01 .08 -.02 .10
State and local................. .08 .05 .18 .43 .12 .23 .25 -.08 -.04 .25 -.11 -.09 .21 .10 .21 .19 .31 .03 .05
Consumption expenditures.... .06 .04 .11 .30 .24 .17 .15 -.02 -.01 -.01 .02 .00 .07 .14 .16 .08 .08 .17 .09
Gross investment............ .02 .01 .06 .12 -.12 .06 .10 -.07 -.03 .26 -.13 -.08 .14 -.04 .05 .11 .23 -.14 -.04
Addenda:
Goods........................... 1.10 2.06 1.46 1.30 .49 1.69 -1.74 1.38 .75 5.19 .96 2.29 1.53 2.10 1.26 1.41 1.58 1.70 .19
Services........................ 1.30 1.59 1.54 1.43 1.95 .98 1.65 .41 2.15 .78 2.20 1.90 .71 1.75 1.82 1.86 .88 2.09 .66
Structures...................... .31 .57 .49 .01 -.26 -.29 .29 -.08 .76 1.28 .41 .06 1.26 .13 .23 .53 .85 .35 .26
Motor vehicle output............ .14 .16 .12 .53 .20 .40 .01 .00 -.09 .72 -.13 .49 -.26 .11 .29 .15 -.01 .56 -.58
Final sales of computers........ .15 .15 .28 -.06 .01 .20 .11 .05 .10 .45 .09 .08 .08 .10 .36 .37 .32 .16 .33
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
2005 IV 04 I 05 II 05 III 05 IV 05 2005 IV 04 I 05 II 05 III 05 IV 05 2005 III 05 IV 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 12,479.4 11,995.2 12,198.8 12,378.0 12,605.7 12,735.3 11,131.1 10,897.1 10,999.3 11,089.2 11,202.3 11,233.5 375.4 113.1 31.2
Personal consumption expenditures. 8,745.9 8,416.1 8,535.8 8,677.0 8,844.0 8,926.9 7,858.1 7,698.8 7,764.9 7,829.5 7,907.9 7,930.2 269.5 78.4 22.3
Durable goods................... 1,025.7 1,008.6 1,017.3 1,035.5 1,050.9 999.0 1,137.7 1,115.1 1,122.3 1,143.9 1,169.7 1,114.7 47.8 25.8 -55.0
Motor vehicles and parts...... 445.8 452.8 449.6 458.5 468.7 406.4 451.7 464.6 455.0 463.3 477.3 411.3 -5.3 14.0 -66.0
Furniture and household
equipment.................... 373.3 360.6 366.9 370.0 374.9 381.6 485.2 456.8 469.2 475.9 490.5 505.2 42.3 14.6 14.7
Other......................... 206.5 195.2 200.8 207.0 207.2 211.1 211.5 200.2 206.5 212.9 211.0 215.6 15.7 -1.9 4.6
Nondurable goods................ 2,564.3 2,437.1 2,476.6 2,533.7 2,604.9 2,642.0 2,298.0 2,236.5 2,265.6 2,285.9 2,305.8 2,334.7 97.6 19.9 28.9
Food.......................... 1,218.8 1,166.4 1,184.2 1,207.1 1,229.9 1,254.2 1,081.2 1,047.4 1,060.9 1,072.2 1,088.7 1,103.0 52.1 16.5 14.3
Clothing and shoes............ 345.5 335.2 340.5 344.9 343.9 352.6 376.6 363.0 367.9 374.4 377.2 387.0 21.6 2.8 9.8
Gasoline, fuel oil, and other
energy goods................. 310.6 267.9 275.2 296.4 338.3 332.4 205.0 203.0 207.7 205.2 203.0 204.3 3.6 -2.2 1.3
Other......................... 689.5 667.6 676.8 685.3 692.8 702.9 639.4 625.5 631.2 637.7 641.9 646.9 22.7 4.2 5.0
Services........................ 5,155.9 4,970.4 5,041.8 5,107.8 5,188.3 5,285.9 4,438.0 4,362.1 4,392.0 4,417.6 4,453.5 4,489.1 127.1 35.9 35.6
Housing....................... 1,281.6 1,244.7 1,260.6 1,275.3 1,288.2 1,302.3 1,103.8 1,089.5 1,095.6 1,101.4 1,106.6 1,111.5 25.4 5.2 4.9
Household operation........... 482.4 457.9 465.3 471.4 484.4 508.4 416.8 412.4 414.3 413.8 418.5 420.5 11.2 4.7 2.0
Electricity and gas......... 201.6 185.9 189.5 192.4 202.1 222.4 154.9 154.7 155.2 153.2 155.5 155.9 5.7 2.3 .4
Other household operation... 280.8 272.1 275.8 279.0 282.3 285.9 261.6 257.3 258.8 260.5 262.7 264.5 5.3 2.2 1.8
Transportation................ 321.1 309.2 312.3 318.5 324.1 329.6 287.2 283.0 284.6 286.3 287.6 290.5 3.8 1.3 2.9
Medical care.................. 1,509.8 1,441.6 1,470.5 1,492.6 1,522.0 1,554.0 1,291.8 1,255.4 1,269.1 1,282.3 1,299.6 1,316.1 58.3 17.3 16.5
Recreation.................... 355.7 344.3 350.3 353.1 356.6 362.8 309.0 304.1 307.7 308.3 308.9 311.0 6.6 .6 2.1
Other......................... 1,205.4 1,172.6 1,182.8 1,196.8 1,213.0 1,228.8 1,028.3 1,016.6 1,019.5 1,024.3 1,031.1 1,038.2 21.6 6.8 7.1
Gross private domestic investment. 2,099.5 2,004.5 2,058.5 2,054.4 2,099.5 2,185.7 1,915.6 1,863.9 1,902.9 1,885.0 1,909.4 1,965.1 105.8 24.4 55.7
Fixed investment................ 2,084.3 1,952.6 1,998.7 2,058.5 2,119.2 2,160.9 1,896.1 1,811.3 1,842.2 1,884.7 1,921.5 1,935.9 141.0 36.8 14.4
Nonresidential................ 1,328.3 1,252.9 1,280.1 1,313.5 1,348.9 1,370.6 1,287.6 1,235.1 1,252.2 1,279.0 1,305.2 1,314.2 100.9 26.2 9.0
Structures.................. 334.5 309.8 315.9 325.6 340.2 356.3 253.1 252.3 251.0 252.7 254.1 254.5 4.7 1.4 .4
Equipment and software...... 993.8 943.1 964.3 987.9 1,008.7 1,014.3 1,049.8 994.2 1,014.2 1,040.9 1,067.5 1,076.8 102.2 26.6 9.3
Information processing
equipment and software... 489.2 456.3 474.6 486.6 494.5 501.3 590.8 539.7 565.1 584.6 600.2 613.4 68.4 15.6 13.2
Computers and peripheral
equipment.............. 105.6 97.5 102.7 105.6 105.0 109.3 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 198.1 181.1 188.3 197.3 201.3 205.5 210.2 192.8 199.8 209.1 213.7 218.2 21.4 4.6 4.5
Other................... 185.5 177.8 183.6 183.6 188.2 186.6 198.8 190.3 196.3 196.5 202.1 200.5 9.9 5.6 -1.6
Industrial equipment...... 161.0 152.6 161.3 154.9 161.3 166.4 148.9 144.5 150.9 143.2 148.8 152.6 9.5 5.6 3.8
Transportation equipment.. 170.9 168.4 163.8 172.8 177.9 169.0 156.5 153.3 148.8 158.1 163.3 155.6 17.8 5.2 -7.7
Other equipment........... 172.7 165.8 164.6 173.7 175.0 177.6 159.7 158.0 153.9 160.6 161.1 163.1 9.7 .5 2.0
Residential................... 756.0 699.7 718.5 745.0 770.3 790.3 602.1 571.0 584.1 599.3 610.0 615.2 40.3 10.7 5.2
Change in private inventories... 15.2 51.9 59.9 -4.2 -19.7 24.8 17.2 50.1 58.2 -1.7 -13.3 25.7 -34.8 -11.6 39.0
Farm.......................... -8.4 -3.0 -6.5 -8.5 -9.5 -9.0 -3.7 -.2 -2.3 -4.2 -4.5 -3.8 -6.0 -.3 .7
Nonfarm....................... 23.6 54.8 66.4 4.3 -10.2 33.7 21.9 50.8 61.8 3.4 -8.1 30.6 -28.0 -11.5 38.7
Net exports of goods and services. -725.7 -685.4 -697.5 -691.0 -730.4 -784.1 -631.9 -634.1 -645.4 -614.2 -617.5 -650.3 -30.6 -3.3 -32.8
Exports......................... 1,299.2 1,217.1 1,253.2 1,297.1 1,314.6 1,331.8 1,193.3 1,144.5 1,165.3 1,195.4 1,202.7 1,209.8 75.4 7.3 7.1
Goods......................... 903.2 845.0 865.4 904.7 914.8 928.0 839.0 800.3 810.7 841.3 847.9 855.9 55.4 6.6 8.0
Services...................... 396.0 372.1 387.7 392.5 399.9 403.8 354.3 344.0 354.3 353.9 354.8 354.0 20.2 .9 -.8
Imports......................... 2,024.9 1,902.5 1,950.6 1,988.1 2,045.1 2,115.8 1,825.2 1,778.6 1,810.7 1,809.6 1,820.2 1,860.1 106.0 10.6 39.9
Goods......................... 1,697.8 1,588.4 1,627.6 1,661.8 1,718.6 1,783.3 1,549.9 1,507.3 1,537.3 1,532.9 1,546.1 1,583.3 97.2 13.2 37.2
Services...................... 327.1 314.1 323.0 326.3 326.4 332.5 276.6 272.3 274.8 277.7 275.5 278.4 9.5 -2.2 2.9
Government consumption expenditures
and gross investment............. 2,359.7 2,260.0 2,302.0 2,337.6 2,392.7 2,406.8 1,985.1 1,962.8 1,971.9 1,984.1 1,998.1 1,986.2 32.8 14.0 -11.9
Federal......................... 874.8 840.8 860.2 869.8 892.2 876.9 738.4 727.6 731.8 736.1 749.5 736.1 14.7 13.4 -13.4
National defense.............. 585.3 562.0 575.3 582.5 601.7 581.6 492.2 483.7 487.3 491.7 503.6 486.2 10.9 11.9 -17.4
Consumption expenditures.... 514.4 490.1 508.9 512.3 528.6 507.8 423.0 413.4 421.9 422.9 432.2 415.0 9.7 9.3 -17.2
Gross investment............ 70.9 71.9 66.4 70.2 73.1 73.7 69.7 71.2 65.3 69.2 72.0 72.2 1.2 2.8 .2
Nondefense.................... 289.5 278.8 285.0 287.3 290.5 295.3 246.0 243.6 244.3 244.2 245.6 249.7 3.8 1.4 4.1
Consumption expenditures.... 252.8 245.1 250.7 250.5 254.3 255.7 210.0 209.9 210.4 208.2 210.1 211.4 1.4 1.9 1.3
Gross investment............ 36.7 33.8 34.3 36.8 36.3 39.6 36.1 33.6 33.8 36.3 35.6 38.9 2.7 -.7 3.3
State and local................. 1,484.9 1,419.1 1,441.7 1,467.7 1,500.4 1,529.9 1,246.5 1,235.0 1,239.8 1,247.8 1,248.5 1,249.8 18.1 .7 1.3
Consumption expenditures.... 1,192.6 1,143.1 1,159.0 1,175.7 1,205.7 1,230.1 991.1 984.8 986.8 988.8 993.3 995.6 11.6 4.5 2.3
Gross investment............ 292.3 276.1 282.7 292.0 294.7 299.8 255.6 250.3 253.2 259.4 255.4 254.4 6.7 -4.0 -1.0
Residual.......................... ..... ..... ..... ..... ..... ..... -63.4 -37.5 -48.0 -60.1 -69.6 -76.3 ..... ..... .....
Addenda:
Final sales of domestic product. 12,464.2 11,943.3 12,138.9 12,382.1 12,625.4 12,710.5 11,112.2 10,846.0 10,940.3 11,089.2 11,214.4 11,205.0 409.8 125.2 -9.4
Gross domestic purchases........ 13,205.2 12,680.6 12,896.3 13,069.0 13,336.1 13,519.3 11,754.1 11,522.0 11,635.4 11,694.8 11,811.2 11,875.1 405.4 116.4 63.9
Final sales to domestic
purchasers..................... 13,190.0 12,628.7 12,836.4 13,073.1 13,355.8 13,494.5 11,735.1 11,470.7 11,576.2 11,694.6 11,823.0 11,846.6 439.8 128.4 23.6
Gross domestic product.......... 12,479.4 11,995.2 12,198.8 12,378.0 12,605.7 12,735.3 11,131.1 10,897.1 10,999.3 11,089.2 11,202.3 11,233.5 375.4 113.1 31.2
Plus: Income receipts from
the rest of the world.......... ..... 462.4 462.3 489.4 520.8 ..... ..... 423.2 420.4 441.7 465.5 ..... ..... 23.8 .....
Less: Income payments to
the rest of the world.......... ..... 425.6 422.9 453.9 476.6 ..... ..... 388.5 383.3 408.2 424.4 ..... ..... 16.2 .....
Equals: Gross national product.. ..... 12,032.0 12,238.2 12,413.5 12,650.0 ..... ..... 10,931.8 11,036.3 11,122.5 11,243.2 ..... ..... 120.7 .....
Net domestic product............ 10,905.4 10,553.2 10,750.4 10,920.7 10,741.9 11,208.4 9,636.5 9,514.2 9,608.3 9,689.7 9,456.1 9,792.2 271.0 -233.6 336.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.0 2.6 2.8 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6 3.3 3.0
Personal consumption expenditures... 1.9 2.6 2.8 .9 2.8 1.8 1.7 3.0 .6 2.0 1.3 3.9 3.8 1.5 3.1 2.3 3.3 3.7 2.6
Durable goods..................... -3.5 -1.9 -.5 -3.2 -1.9 -1.8 -2.7 -4.3 -4.3 -4.4 -4.1 .1 -.1 -2.4 .6 .9 -.5 -3.0 -1.0
Nondurable goods.................. 2.0 3.3 3.7 .2 5.4 .9 1.2 5.6 -2.4 3.1 .6 6.0 6.6 .1 4.5 1.3 5.7 7.9 .7
Services.......................... 3.0 3.2 3.1 2.2 2.6 3.0 2.8 3.4 3.2 2.8 2.8 3.6 3.3 2.9 3.0 3.0 2.9 3.1 4.4
Gross private domestic investment... 1.6 3.1 3.0 -.2 .5 .2 2.9 2.9 -.5 1.7 3.7 3.4 4.6 3.2 2.3 2.6 2.7 3.7 4.6
Fixed investment.................. 1.7 3.2 3.0 -.3 .5 .2 3.0 3.1 -.5 1.7 3.9 3.5 4.6 3.0 2.2 2.6 2.7 4.0 4.9
Nonresidential.................. .3 1.3 2.1 -.1 -.2 -.4 1.1 .1 -1.0 1.2 1.9 1.2 1.8 .9 1.1 3.1 1.9 2.5 3.7
Structures.................... 3.5 5.5 10.0 3.8 5.2 4.3 5.1 4.0 .3 2.9 4.6 7.1 6.8 6.6 5.6 10.3 9.9 16.5 19.5
Equipment and software........ -.9 -.1 -.4 -1.5 -2.1 -2.0 -.3 -1.2 -1.4 .6 1.0 -.8 .2 -.9 -.4 .9 -.7 -1.8 -1.2
Residential..................... 4.8 6.7 4.7 -.8 2.2 1.5 7.0 9.3 .3 2.7 7.6 8.0 9.7 6.9 4.2 1.6 4.3 6.5 7.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 2.1 3.6 3.7 -1.1 2.8 3.0 .6 4.1 1.0 .9 2.9 5.9 4.8 1.7 4.3 4.6 3.7 2.9 2.9
Goods........................... 2.0 3.7 3.1 -1.4 2.2 3.3 .5 3.6 1.6 -.7 4.1 6.5 5.3 1.0 3.8 4.5 2.9 1.3 2.0
Services........................ 2.5 3.1 5.0 -.3 4.3 2.1 .7 5.2 -.3 4.6 .1 4.4 3.7 3.2 5.6 4.7 5.4 6.7 4.9
Imports........................... 3.4 5.0 6.1 -1.7 10.3 3.5 .6 11.2 -4.4 2.6 1.1 9.6 6.6 5.7 6.8 2.9 8.2 9.4 5.1
Goods........................... 2.9 5.0 6.4 -2.0 10.8 2.6 .4 11.9 -6.7 2.5 .5 10.1 7.9 5.4 6.9 1.9 9.9 10.6 5.4
Services........................ 5.8 4.9 4.7 -.3 7.6 8.1 1.4 8.0 7.5 3.2 4.2 7.5 .3 7.4 6.5 7.9 -.2 3.4 3.3
Government consumption expenditures
and gross investment............... 3.7 3.7 4.7 5.2 2.9 2.6 3.6 8.9 .0 2.5 1.4 6.2 5.0 3.2 4.1 5.7 3.7 6.7 4.9
Federal........................... 3.9 4.2 3.6 10.1 .5 1.0 4.6 9.9 1.3 1.2 1.2 9.7 4.9 2.2 2.6 7.0 2.1 3.0 .3
National defense................ 4.4 4.0 3.5 9.1 1.3 2.4 6.9 9.3 1.1 1.3 1.5 7.8 5.6 2.8 2.7 6.6 1.4 3.5 .5
Nondefense...................... 3.0 4.6 3.7 12.0 -.8 -1.4 .5 11.0 1.6 1.0 .7 13.7 3.6 1.2 2.5 7.9 3.6 2.1 -.1
State and local................... 3.7 3.4 5.4 2.7 4.2 3.4 3.0 8.4 -.7 3.2 1.6 4.2 5.0 3.7 4.9 4.9 4.7 9.0 7.6
Addenda:
Final sales of domestic product... 2.0 2.6 2.8 1.7 1.5 1.6 2.3 3.1 1.1 1.8 1.9 3.6 3.8 1.4 2.7 3.1 2.6 3.3 3.1
Gross domestic purchases.......... 2.2 2.9 3.2 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3 4.2 3.3
Final sales to domestic
purchasers....................... 2.2 2.9 3.2 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3 4.3 3.4
Gross national product (GNP)...... 2.0 2.6 ..... 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.8 1.5 2.7 3.1 2.6 3.3 .....
Implicit price deflators:
GDP............................. 2.0 2.6 2.8 1.5 1.4 1.5 2.2 3.1 1.1 1.9 1.8 3.7 3.9 1.3 2.7 3.0 2.6 3.3 3.0
Gross domestic purchases........ 2.2 2.9 3.2 1.3 2.4 1.6 2.2 4.1 .4 2.1 1.6 4.3 4.1 1.9 3.2 2.9 3.3 4.2 3.4
GNP............................. 2.0 2.6 ..... 1.4 1.5 1.5 2.3 3.1 1.1 1.9 1.8 3.7 3.8 1.3 2.7 3.0 2.6 3.3 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2003 2004 2005 IV 04 I 05 II 05 III 05 IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 105.130 109.562 113.386 111.003 112.044 112.959 114.112 114.429
Personal consumption expenditures.......... 108.416 112.601 116.600 114.236 115.217 116.176 117.338 117.670
Durable goods............................ 119.134 126.245 131.777 129.166 129.999 132.499 135.492 129.119
Nondurable goods......................... 107.938 113.000 118.014 114.857 116.351 117.392 118.413 119.900
Services................................. 106.493 109.725 112.960 111.027 111.789 112.440 113.353 114.260
Gross private domestic investment.......... 93.195 104.286 110.379 107.398 109.645 108.615 110.023 113.234
Fixed investment......................... 95.297 104.534 112.929 107.880 109.722 112.252 114.443 115.300
Nonresidential......................... 88.063 96.314 104.510 100.246 101.633 103.806 105.935 106.665
Structures........................... 77.621 79.314 80.802 80.554 80.145 80.680 81.123 81.259
Equipment and software............... 92.154 103.126 114.250 108.201 110.376 113.274 116.170 117.180
Residential............................ 113.989 125.714 134.732 127.772 130.695 134.100 136.484 137.648
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 94.064 101.970 108.850 104.398 106.295 109.037 109.710 110.357
Imports of goods and services.............. 105.205 116.495 123.676 120.518 122.698 122.620 123.340 126.044
Government consumption expenditures and
gross investment.......................... 111.009 113.398 115.305 114.008 114.537 115.248 116.063 115.372
Federal.................................. 118.839 125.038 127.575 125.704 126.446 127.188 129.491 127.174
State and local.......................... 107.042 107.487 109.071 108.069 108.489 109.183 109.246 109.365
Addenda:
Final sales of domestic product.......... 105.564 109.650 113.849 111.122 112.088 113.613 114.896 114.800
Gross domestic purchases................. 106.285 111.301 115.276 113.000 114.112 114.695 115.836 116.463
Final sales to domestic purchasers....... 106.708 111.394 115.731 113.124 114.164 115.332 116.598 116.831
Gross national product................... 105.370 109.637 ..... 110.916 111.977 112.851 114.076 .....
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2003 2004 2005 IV 04 I 05 II 05 III 05 IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 106.310 109.102 112.144 110.111 110.950 111.655 112.567 113.407
Personal consumption expenditures
(PCE)..................................... 105.520 108.246 111.298 109.326 109.936 110.832 111.846 112.576
Durable goods............................ 92.372 90.631 90.159 90.449 90.648 90.527 89.839 89.621
Nondurable goods......................... 104.151 107.634 111.585 108.982 109.327 110.854 112.985 113.176
Services................................. 109.246 112.695 116.176 113.955 114.803 115.633 116.508 117.758
Gross private domestic investment.......... 103.311 106.555 109.796 107.733 108.427 109.164 110.169 111.424
Fixed investment......................... 103.432 106.697 109.937 107.831 108.522 109.254 110.318 111.653
Nonresidential......................... 99.764 101.025 103.155 101.455 102.244 102.715 103.358 104.304
Structures........................... 113.889 120.124 132.176 122.827 125.876 128.886 133.914 140.027
Equipment and software............... 95.133 95.022 94.666 94.854 95.067 94.910 94.491 94.197
Residential............................ 112.379 119.935 125.568 122.574 123.062 124.359 126.335 128.516
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 101.398 104.999 108.879 106.366 107.559 108.534 109.323 110.098
Imports of goods and services.............. 99.610 104.571 110.982 107.026 107.783 109.925 112.413 113.807
Government consumption expenditures and
gross investment.......................... 109.460 113.505 118.874 115.148 116.747 117.820 119.751 121.178
Federal.................................. 109.740 114.354 118.478 115.575 117.550 118.168 119.056 119.140
State and local.......................... 109.303 113.022 119.131 114.914 116.291 117.635 120.186 122.411
Addenda:
PCE excluding food and energy............ 105.082 107.156 109.297 107.980 108.617 109.083 109.450 110.037
Market-based PCE\1\...................... 105.009 107.422 110.327 108.378 108.948 109.860 110.917 111.582
Market-based PCE excluding food
and energy\1\........................... 104.348 105.898 107.671 106.514 107.106 107.506 107.797 108.274
Final sales of domestic product.......... 106.330 109.124 112.166 110.124 110.963 111.667 112.589 113.443
Gross domestic purchases................. 105.863 108.899 112.377 110.092 110.883 111.785 112.953 113.886
Final sales to domestic purchasers....... 105.883 108.921 112.399 110.106 110.898 111.798 112.976 113.922
Gross national product................... 106.304 109.094 ..... 110.100 110.933 111.638 112.550 .....
Implicit price deflators:
Gross domestic product................. 106.305 109.099 112.113 110.077 110.905 111.622 112.527 113.369
Final sales of domestic product........ 106.330 109.124 112.167 110.117 110.956 111.659 112.582 113.436
Gross domestic purchases............... 105.858 108.896 112.345 110.055 110.837 111.750 112.911 113.846
Final sales to domestic purchasers..... 105.883 108.920 112.398 110.095 110.886 111.787 112.965 113.911
Gross national product................. 106.299 109.091 ..... 110.064 110.890 111.607 112.512 .....
-----------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.7 4.2 3.5
Personal consumption expenditures...... 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.9 3.9 3.6
Durable goods........................ -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 6.6 6.0 4.4
Nondurable goods..................... 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 4.7 4.4
Services............................. 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 2.0 3.0 2.9
Gross private domestic investment...... -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.9 11.9 5.8
Fixed investment..................... -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.6 9.7 8.0
Nonresidential..................... .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.3 9.4 8.5
Structures....................... 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.2 2.2 1.9
Equipment and software........... .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 3.2 11.9 10.8
Residential........................ -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 10.3 7.2
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.8 8.4 6.7
Goods.............................. 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.8 8.9 7.1
Services........................... 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 1.7 7.4 6.0
Imports.............................. 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.6 10.7 6.2
Goods.............................. 3.0 -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.9 11.0 6.7
Services........................... 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 3.0 9.6 3.5
Government consumption expenditures
and gross investment.................. 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.8 2.2 1.7
Federal.............................. 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.9 5.2 2.0
National defense................... .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.8 7.0 2.3
Nondefense......................... 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.8 1.6
State and local...................... 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .6 .4 1.5
Addenda:
Final sales of domestic product...... 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.7 3.9 3.8
Gross domestic purchases............. 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 3.0 4.7 3.6
Final sales to domestic purchasers... 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 3.0 4.4 3.9
Gross national product............... 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 3.0 4.0 .....
Real disposable personal income...... 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.4 3.4 1.4
Price indexes:
Gross domestic purchases........... 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.2 2.9 3.2
Gross domestic purchases excluding
food and energy................... 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.8 2.4 2.5
GDP................................ 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.0 2.6 2.8
GDP excluding food and energy...... 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.8 2.5 2.7
Personal consumption expenditures.. 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 1.9 2.6 2.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.0 1.3 2.2 1.9 1.6 2.0 3.2 4.0 4.7 4.6 3.8 3.8 3.6 3.6 3.6 3.1
Personal consumption expenditures
(PCE)................................. 2.8 3.1 3.2 1.9 2.1 2.4 3.3 3.8 4.3 3.9 3.5 3.8 3.5 3.9 3.8 3.0
Durable goods........................ 7.8 8.9 11.0 1.2 3.2 6.0 7.9 9.2 9.4 5.8 3.7 5.2 4.7 6.7 6.3 .0
Nondurable goods..................... 2.6 3.0 2.4 2.1 2.1 2.2 4.2 4.1 4.9 5.1 4.0 4.6 4.3 4.6 4.5 4.4
Services............................. 1.8 2.0 2.0 1.9 1.9 1.8 2.0 2.5 3.0 2.9 3.2 3.1 2.9 3.0 3.0 2.9
Gross private domestic investment...... -7.7 -5.4 -1.4 4.9 1.5 1.7 4.4 7.7 10.5 15.1 11.8 10.4 10.1 4.0 4.1 5.4
Fixed investment..................... -7.6 -5.8 -4.9 -2.5 -.7 1.8 5.6 7.7 9.3 10.9 9.3 9.4 9.4 8.0 7.9 6.9
Nonresidential..................... -11.7 -9.8 -8.7 -6.5 -3.5 .0 3.2 5.6 7.9 9.2 9.4 10.9 10.3 9.2 8.3 6.4
Structures....................... -13.9 -17.4 -22.0 -14.9 -12.2 -4.5 -.5 1.2 2.6 1.5 1.9 2.7 3.1 1.7 1.9 .9
Equipment and software........... -10.9 -6.8 -3.2 -3.4 -.3 1.6 4.4 7.2 9.8 11.9 12.0 13.8 12.8 11.7 10.5 8.3
Residential........................ 3.4 4.3 4.4 7.0 5.6 5.6 10.5 11.8 11.9 13.9 9.1 6.6 7.7 6.1 7.2 7.7
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. -9.5 -4.0 1.6 3.8 1.7 -1.3 .7 6.0 8.1 10.5 9.0 6.1 6.7 7.7 6.9 5.7
Goods.............................. -12.2 -4.9 1.1 1.1 1.9 -1.5 .2 6.7 8.3 10.4 10.1 6.8 6.2 8.2 6.9 7.0
Services........................... -2.8 -2.0 2.8 10.2 1.4 -1.0 1.9 4.5 7.8 10.9 6.4 4.6 7.9 6.5 6.9 2.9
Imports.............................. -4.1 2.1 6.4 9.7 6.0 3.8 3.4 5.1 8.8 11.7 11.8 10.6 9.4 5.7 5.1 4.6
Goods.............................. -5.0 3.2 7.2 9.9 6.8 4.5 3.1 5.3 9.2 11.2 12.3 11.1 10.1 6.1 5.8 5.0
Services........................... .7 -3.0 2.4 8.8 2.4 .5 5.0 4.2 7.3 13.8 9.7 7.7 6.2 3.9 2.0 2.2
Government consumption expenditures
and gross investment.................. 4.7 4.0 4.9 4.0 2.9 3.5 3.0 1.9 2.9 1.7 2.0 2.1 1.7 1.8 2.0 1.2
Federal.............................. 5.9 6.7 7.5 7.8 6.4 8.6 7.2 5.5 8.1 3.6 5.1 4.2 2.1 1.9 2.9 1.2
National defense................... 5.6 7.4 7.9 8.4 6.5 12.2 9.2 7.5 12.1 3.7 7.8 4.9 2.3 3.0 3.3 .5
Nondefense......................... 6.3 5.5 6.8 6.8 6.2 2.1 3.6 1.6 .8 3.5 .0 2.8 1.8 -.2 2.1 2.5
State and local...................... 4.1 2.6 3.6 2.1 1.1 .7 .8 .0 .0 .5 .2 .9 1.5 1.7 1.5 1.2
Addenda:
Final sales of domestic product...... 1.0 1.2 1.7 .8 1.3 2.0 3.3 4.0 4.5 4.0 3.4 3.6 3.5 4.2 4.3 3.3
Gross domestic purchases............. 1.4 1.9 2.8 2.7 2.2 2.5 3.4 4.0 4.9 5.1 4.4 4.5 4.2 3.5 3.5 3.1
Final sales to domestic purchasers... 1.4 1.9 2.3 1.6 1.9 2.5 3.6 4.0 4.7 4.5 4.1 4.3 4.1 4.1 4.1 3.3
Gross national product............... .9 1.0 2.3 1.6 1.8 2.4 3.5 4.4 5.0 4.4 3.6 3.2 3.2 3.5 3.6 .....
Real disposable personal income...... 3.7 4.6 1.4 2.9 .7 1.4 3.6 3.8 4.1 3.2 2.1 4.1 2.3 2.1 .8 .4
Price indexes:
Gross domestic purchases........... 1.3 1.4 1.6 1.9 2.6 2.1 2.1 2.0 2.1 3.0 3.0 3.4 3.1 2.9 3.4 3.4
Gross domestic purchases excluding
food and energy................... 2.0 1.9 1.9 1.7 1.9 1.7 1.7 1.7 1.9 2.5 2.6 2.7 2.6 2.4 2.5 2.6
GDP................................ 2.0 1.6 1.6 1.7 2.1 2.0 2.1 2.0 2.1 2.8 2.7 2.9 2.8 2.5 2.9 3.0
GDP excluding food and energy...... 2.3 2.1 2.0 1.9 2.0 1.8 1.8 1.7 1.9 2.5 2.6 2.8 2.7 2.5 2.7 2.8
PCE................................ 1.2 1.2 1.5 1.8 2.3 1.8 1.8 1.7 1.9 2.7 2.6 3.1 2.7 2.5 3.1 3.0
PCE excluding food and energy...... 1.8 1.8 1.9 1.6 1.5 1.3 1.2 1.3 1.7 2.0 2.0 2.2 2.2 2.0 1.9 1.9
Market-based PCE\1\................ .7 .9 1.1 1.7 2.3 1.7 1.8 1.6 1.7 2.5 2.3 2.8 2.4 2.4 3.1 3.0
Market-based PCE excluding food
and energy\1\..................... 1.5 1.5 1.5 1.4 1.3 1.2 1.1 1.0 1.3 1.5 1.5 1.7 1.8 1.6 1.6 1.7
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2003 2004 2005 IV 04 I 05 II 05 III 05 IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,971.2 11,734.3 12,479.4 11,995.2 12,198.8 12,378.0 12,605.7 12,735.3
Plus: Income receipts from the rest of the
world..................................... 343.7 415.4 ..... 462.4 462.3 489.4 520.8 .....
Less: Income payments to the rest of the
world..................................... 275.6 361.7 ..... 425.6 422.9 453.9 476.6 .....
Equals: Gross national product............. 11,039.3 11,788.0 ..... 12,032.0 12,238.2 12,413.5 12,650.0 .....
Less: Consumption of fixed capital......... 1,331.3 1,435.3 1,574.1 1,442.0 1,448.4 1,457.2 1,863.8 1,526.9
Less: Statistical discrepancy.............. 47.1 76.8 ..... 30.6 39.4 78.3 66.5 .....
Equals: National income.................... 9,660.9 10,275.9 ..... 10,559.3 10,750.4 10,878.0 10,719.6 .....
Compensation of employees................ 6,321.1 6,687.6 7,113.6 6,895.8 7,001.7 7,060.2 7,155.4 7,237.3
Wage and salary accruals............... 5,111.1 5,389.4 5,711.9 5,562.9 5,629.9 5,672.3 5,741.6 5,803.6
Supplements to wages and salaries...... 1,210.0 1,298.1 1,401.8 1,332.9 1,371.8 1,387.9 1,413.8 1,433.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 810.2 889.6 937.8 900.9 917.9 936.6 932.4 964.2
Rental income of persons with capital
consumption adjustment.................. 131.7 134.2 73.9 128.7 118.0 104.4 -11.1 84.5
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,031.8 1,161.5 ..... 1,219.5 1,288.2 1,347.5 1,293.1 .....
Net interest and miscellaneous payments.. 528.5 505.5 497.1 492.7 498.3 488.7 497.6 503.8
Taxes on production and imports less
subsidies............................... 754.8 809.4 847.1 824.4 833.2 848.0 853.4 853.8
Business current transfer payments....... 81.6 91.1 79.4 102.6 99.0 99.6 21.8 97.2
Current surplus of government
enterprises............................. 1.3 -3.0 -11.2 -5.2 -6.1 -7.0 -22.8 -8.8
Addendum:
Gross domestic income.................... 10,924.2 11,657.5 ..... 11,964.6 12,159.4 12,299.7 12,539.2 .....
-----------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2003 2004 2005 IV 04 I 05 II 05 III 05 IV 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,169.1 9,713.3 10,238.2 10,024.8 10,073.4 10,185.7 10,231.0 10,462.6
Compensation of employees, received...... 6,321.1 6,687.6 7,113.6 6,895.8 7,001.7 7,060.2 7,155.4 7,237.3
Wage and salary disbursements.......... 5,111.1 5,389.4 5,711.9 5,562.9 5,629.9 5,672.3 5,741.6 5,803.6
Supplements to wages and salaries...... 1,210.0 1,298.1 1,401.8 1,332.9 1,371.8 1,387.9 1,413.8 1,433.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 810.2 889.6 937.8 900.9 917.9 936.6 932.4 964.2
Farm................................... 27.7 35.8 20.1 24.6 24.7 19.6 18.0 17.9
Nonfarm................................ 782.4 853.8 917.7 876.3 893.2 917.1 914.3 946.3
Rental income of persons with capital
consumption adjustment.................. 131.7 134.2 73.9 128.7 118.0 104.4 -11.1 84.5
Personal income receipts on assets....... 1,338.7 1,396.5 1,456.7 1,493.6 1,407.9 1,439.8 1,468.9 1,510.3
Personal interest income............... 917.6 905.9 945.0 907.4 915.4 936.0 951.2 977.5
Personal dividend income............... 421.1 490.6 511.7 586.2 492.5 503.8 517.6 532.9
Personal current transfer receipts....... 1,344.0 1,427.5 1,525.5 1,449.2 1,488.8 1,509.6 1,558.1 1,545.5
Less: Contributions for government
social insurance........................ 776.6 822.2 869.4 843.5 861.0 864.9 872.6 879.2
Less: Personal current taxes............... 999.9 1,049.1 1,206.9 1,094.3 1,171.4 1,206.0 1,215.9 1,234.3
Equals: Disposable personal income......... 8,169.2 8,664.2 9,031.3 8,930.4 8,902.0 8,979.7 9,015.1 9,228.3
Less: Personal outlays..................... 7,996.3 8,512.5 9,072.8 8,725.0 8,854.6 9,001.2 9,173.9 9,261.6
Equals: Personal saving.................... 172.8 151.8 -41.6 205.4 47.4 -21.5 -158.9 -33.3
Personal saving as a percentage of
disposable personal income.............. 2.1 1.8 -.5 2.3 .5 -.2 -1.8 -.4
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,741.8 8,004.3 8,114.5 8,169.2 8,098.1 8,102.6 8,060.8 8,198.0
-----------------------------------------------------------------------------------------------------------------------------------
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2003 2004 2005 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 2.7 4.2 3.5 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 4.1 1.1
Goods............................. 3.4 6.5 4.6 3.9 1.5 5.2 -5.2 4.3 2.3 16.8 2.9 7.2 4.7 6.6 3.9 4.4 5.0 5.3 .6
Services.......................... 2.2 2.7 2.7 2.5 3.4 1.7 2.9 .7 3.7 1.3 3.8 3.3 1.2 3.0 3.2 3.2 1.5 3.6 1.1
Structures........................ 3.2 5.7 4.8 -.1 -2.7 -3.0 3.1 -.9 8.2 13.6 4.1 .6 13.1 1.2 2.2 5.2 8.4 3.3 2.5
Motor vehicle output.............. 3.8 4.6 3.5 15.5 5.7 11.6 .5 .3 -2.5 22.6 -3.6 14.4 -7.3 3.0 8.8 4.3 -.3 17.6 -15.9
GDP excuding motor vehicle
output........................... 2.7 4.2 3.5 2.3 2.1 2.0 .2 1.8 3.9 6.7 3.8 3.9 3.9 4.0 3.1 3.8 3.4 3.7 1.8
Final sales of computers\1\....... 20.2 20.4 39.6 -7.6 .7 29.3 15.3 7.1 14.4 78.0 11.9 10.2 10.3 13.3 56.5 54.9 45.4 20.3 46.4
GDP excluding final sales of
computers........................ 2.6 4.1 3.2 2.8 2.2 2.2 .1 1.7 3.6 6.8 3.5 4.2 3.4 3.9 3.0 3.5 3.0 4.0 .8
Farm gross value added\2\......... 8.4 .0 -9.1 -64.0 133.6 63.9 34.2 -22.3 27.0 -34.1 -13.1 89.8 -31.5 -11.3 -17.1 7.3 -31.1 20.9 14.8
Nonfarm business gross value
added\3\......................... 3.3 4.8 4.1 3.5 1.4 3.1 .1 2.0 4.7 10.4 2.8 4.2 4.6 4.6 3.9 4.3 4.4 4.7 .9
Price indexes:
GDP............................... 2.0 2.6 2.8 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6 3.3 3.0
GDP excluding food and energy..... 1.8 2.5 2.7 2.1 1.8 1.6 2.0 2.6 .9 1.6 1.7 3.3 3.4 2.0 2.6 2.9 2.4 2.8 3.1
GDP excluding final sales of
computers........................ 2.2 2.7 3.0 1.9 1.7 1.7 2.4 3.2 1.2 2.0 1.9 3.7 3.9 1.6 2.9 3.3 2.8 3.5 3.2
Gross domestic purchases.......... 2.2 2.9 3.2 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3 4.2 3.3
Gross domestic purchases excluding
food and energy.................. 1.8 2.4 2.5 1.8 1.7 1.6 1.8 2.5 1.0 1.7 1.8 3.4 3.2 2.0 2.4 3.0 2.1 2.5 2.9
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.4 3.0 3.4 1.7 2.6 1.9 2.4 4.3 .5 2.2 1.8 4.3 4.3 2.2 3.4 3.1 3.5 4.5 3.6
Personal consumption expenditures
(PCE)............................ 1.9 2.6 2.8 .9 2.8 1.8 1.7 3.0 .6 2.0 1.3 3.9 3.8 1.5 3.1 2.3 3.3 3.7 2.6
Personal consumption expenditures
excluding food and energy........ 1.3 2.0 2.0 1.3 1.8 1.9 1.2 1.1 1.0 1.5 1.4 2.7 2.5 1.5 2.3 2.4 1.7 1.4 2.2
Market-based PCE\4\............... 1.9 2.3 2.7 .6 2.8 1.7 1.7 3.1 .5 1.9 .9 3.4 3.7 1.1 2.8 2.1 3.4 3.9 2.4
Market-based PCE excluding food
and energy\4\.................... 1.2 1.5 1.7 .9 1.6 1.7 1.2 .8 1.0 1.4 .9 1.9 2.0 1.1 1.8 2.2 1.5 1.1 1.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2003-04
annual percent change in real GDP uses prices for 2003 and 2004 as weights, and the 2003-04 annual
percent change in GDP prices uses quantities for 2003 and 2004 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.