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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 02-19
Kenneth A. Petrick: 606-9738 (Profits)
Recorded message: 606-5306
GROSS DOMESTIC PRODUCT: FIRST QUARTER 2002 (FINAL)
CORPORATE PROFITS: FIRST QUARTER 2002 (REVISED)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 6.1 percent in the first quarter of 2002,
according to revised estimates released by the Bureau of Economic Analysis. In the fourth quarter, real
GDP increased 1.7 percent.
The GDP estimates released today are based on more complete source data than were available for
the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was
5.6 percent (see "Revisions" on page 3).
BOX
Annual Revision of the National Income and Product Accounts
The annual revision of the national income and product accounts, covering the first quarter of
1999 through the first quarter of 2002, will be released along with the advance estimate of GDP for
the second quarter of 2002 on July 31. Features of this revision include the incorporation of a new
price index for brokerage services and the adoption of a new revision schedule for wages and salaries
that permits the incorporation of more comprehensive quarterly source data on a more timely basis.
An article describing the revision will appear in the August 2002 issue of the Survey of Current
Business.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified.
Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are
calculated from unrounded data and annualized. "Real" estimates are in chained (1996) dollars. Price
indexes are chain-type measures.
This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.
The major contributors to the increase in real GDP in the first quarter were: Private inventory
investment, personal consumption expenditures (PCE), government spending, residential fixed
investment, and exports. The contributions of these components were partly offset by a decrease in
nonresidential structures. Imports, which are a subtraction in the calculation of GDP, increased.
The acceleration in real GDP growth in the first quarter primarily reflected upturns in private
inventory investment, in exports, in residential fixed investment, and in equipment and software and a
smaller decrease in nonresidential structures that were partly offset by decelerations in PCE
and in state and local government spending. There was a sharp upturn in imports in the first quarter.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.1 percent in the first quarter, 0.3 percentage point more than in the preliminary estimate; this
index increased 0.5 percent in the fourth quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 1.4 percent in the first quarter, compared with an increase of 2.0
percent in the fourth. About 0.3 percentage point of the first-quarter increase in the index was accounted
for by the pay raise for federal civilian and military personnel, which is treated as an increase in the price
index of employee services purchased by the federal government. The fourth-quarter increase in the
index had reflected the insurance-related price effects associated with the September 11th terrorist attacks;
excluding these effects, the index decreased 0.2 in the fourth quarter.
Real personal consumption expenditures increased 3.3 percent in the first quarter, compared with
an increase of 6.1 percent in the fourth. Real nonresidential fixed investment decreased 6.2 percent,
compared with a decrease of 13.8 percent. Nonresidential structures decreased 22.8 percent, compared
with a decrease of 33.6 percent. Equipment and software increased 0.1 percent, in contrast to a decrease
of 5.3 percent. Real residential fixed investment increased 14.6 percent, in contrast to a decrease of 4.6
percent.
Real exports of goods and services increased 2.8 percent in the first quarter, in contrast to a
decrease of 10.9 percent in the fourth. Real imports of goods and services increased 8.3 percent, in
contrast to a decrease of 7.5 percent.
Real federal government consumption expenditures and gross investment increased 11.4 percent in
the first quarter, the same increase as in the fourth quarter. National defense increased 18.3 percent,
compared with an increase of 9.0 percent. Nondefense decreased 0.2 percent, in contrast to an increase
of 16.0 percent. Real state and local government consumption expenditures and gross investment
increased 4.2 percent, compared with an increase of 9.6 percent.
The real change in private inventories added 3.39 percentage points to the first-quarter change in
real GDP, after subtracting 2.16 percentage points from the fourth-quarter change. Private businesses
reduced inventories $27.7 billion in the first quarter, following decreases of $119.3 billion in the fourth
quarter and $61.9 billion in the third.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.6
percent in the first quarter, compared with an increase of 3.8 percent in the fourth.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 6.7 percent in the first quarter, compared with an increase of 1.7 percent in the
fourth.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 4.8 percent in the first quarter, compared with an increase of 2.6 percent in
the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which
decreased $29.5 billion in the first quarter after increasing $21.0 billion in the fourth; in the first quarter,
receipts decreased $4.6 billion, and payments increased $24.9 billion.
Current-dollar GDP
Current-dollar GDP the market value of the nation's output of goods and services -- increased 7.5
percent, or $186.5 billion, in the first quarter to a level of $10,449.8 billion. In the fourth quarter,
current-dollar GDP increased 1.5 percent, or $38.4 billion.
Revisions
The final estimate of the first-quarter increase in real GDP is 0.5 percentage point, or $12.3 billion,
higher than the preliminary estimate issued last month. The upward revision to the percentage change in
real GDP reflected a downward revision to imports of goods and services and an upward revision to
equipment and software that were partly offset by a downward revision to exports of goods and services.
Advance Preliminary Final
(Percent change from preceding quarter)
Real GDP............................... 5.8 5.6 6.1
Current-dollar GDP..................... 6.7 6.6 7.5
Gross domestic purchases price index... .7 .8 1.1
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $5.8 billion in the first quarter, according to revised estimates. In
the fourth quarter, profits increased $125.0 billion. Current-production cash flow (net cash flow with
inventory valuation and capital consumption adjustments) -- the internal funds available to corporations
for investment -- decreased $8.3 billion in the first quarter, in contrast to an increase of $78.5 billion in
the fourth.
Domestic profits of financial corporations increased $14.4 billion in the first quarter, compared
with an increase of $46.9 billion in the fourth.
Domestic profits of nonfinancial corporations increased $24.0 billion in the first quarter, compared
with an increase of $57.2 billion in the fourth. In the first quarter, both real gross corporate product and
profits per unit of real product increased. The increase in unit profits reflected a larger decrease in the
unit labor costs incurred by corporations than in the prices corporations received; unit nonlabor costs
were unchanged.
The rest-of-the-world component of profits decreased $32.7 billion in the first quarter, in contrast
to an increase of $20.9 billion in the fourth. This measure is calculated as (1) receipts by U.S. residents
of earnings from their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign
corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid
by U.S. corporations to unaffiliated foreign residents. The first-quarter decrease was mostly accounted
for by an increase in payments.
The revised estimate of first-quarter corporate profits from current production is $1.7 billion higher
than the preliminary estimate issued last month. The foreign component of profits (rest-of-the-world
profits) was revised up $3.9 billion. Domestic profits of nonfinancial and financial corporations were
revised up $0.1 billion and revised down $2.4 billion, respectively.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects the inventory-accounting and depreciation-accounting practices used for federal income tax
returns. According to this measure, domestic profits of both financial and nonfinancial corporations
increased. Profit increases of nonfinancial corporations were widespread among major industry groups.
The largest increases occurred in durable goods manufacturing, in "other" nonfinancial, and in the
transportation and public utilities group.
Profits before tax increased $24.1 billion in the first quarter, in contrast to a decrease of $61.2
billion in the fourth. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment decreased $21.2 billion in the first quarter (from $186.1 billion to $164.9 billion), in contrast
to an increase of $172.7 billion in the fourth. The inventory valuation adjustment increased $2.7 billion
(from $16.6 billion to $19.3 billion), compared with an increase of $13.5 billion.
Profits tax liability increased $18.3 billion in the first quarter, in contrast to a decrease of $10.8
billion in the fourth. Profits after tax increased $5.9 billion, in contrast to a decrease of $50.4 billion.
Dividends increased $7.3 billion, compared with an increase of $8.3 billion; undistributed profits
decreased $1.4 billion, compared with a decrease of $58.7 billion.
Retroactive Provisions of the Job Creation and Worker Assistance Act of 2002
The Job Creation and Worker Assistance Act of 2002 was signed into law on March 9, 2002. The
act includes certain retroactive provisions related to depreciation and to the carryback period for net
operating losses: It allows an immediate write-off of 30 percent on certain investments contracted for
after September 10, 2001, and before September 11, 2004; it includes tax benefits retroactive to
September 11th for the area of New York City that was damaged in the terrorist attacks; and, for tax year
2002 and retroactively for tax year 2001, it temporarily extends the period for carrying back net operating
losses to 5 years from 2 years.
The first-quarter 2002 and the fourth-quarter 2001 estimates of corporate profits shown in this
release have been adjusted to reflect the provisions of the act that affected corporate tax liability. These
adjustments were incorporated on a "best-change" basis using preliminary estimates provided by the
Treasury Department. The adjustments reduced first-quarter profits before tax, which reflects the
inventory-accounting and depreciation-accounting practices used for federal income tax returns, by
$125.5 billion and increased the first-quarter corporate capital consumption adjustment by the same
amount; adjustments reduced fourth-quarter profits before tax by $146.5 billion and increased the fourth-
quarter corporate capital consumption adjustment by the same amount. Profits from current production
are not affected, because this series does not depend on the depreciation-accounting practices used for
federal income tax returns; rather, it is based on depreciation of fixed assets valued at current cost and
using consistent depreciation profiles based on used-asset prices. The adjustments reduced first-quarter
profits tax liability by $30.3 billion and fourth-quarter profits tax liability by $35.3 billion; these
adjustments also reduced the first-quarter profits after tax by $95.3 billion and the fourth-quarter profits
after tax by $111.2 billion.
* * *
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
606-5303 Personal income and outlays
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: 202-512-2550; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- July 31, 2002, at 8:30 A.M. EDT for:
Annual revision (first quarter 1999 through first
quarter 2002) and advance estimates of gross
domestic product for the second quarter of 2002
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1999 2000 2001 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.1 4.1 1.2 2.2 4.1 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3 .3 -1.3 1.7 6.1
Personal consumption expenditures... 5.0 4.8 3.1 6.2 3.8 5.1 4.9 5.7 4.4 5.7 5.9 3.6 4.3 3.1 3.0 2.5 1.0 6.1 3.3
Durable goods..................... 12.5 9.5 6.7 16.6 4.2 24.0 7.1 15.7 9.0 13.7 19.0 -2.5 8.2 -2.1 10.6 7.0 .9 39.4 -9.4
Nondurable goods.................. 4.7 4.7 1.8 6.0 3.2 5.2 5.6 4.3 2.6 7.6 5.1 4.7 4.2 .6 2.4 .3 .6 2.5 8.2
Services.......................... 3.7 4.0 3.0 4.3 4.1 1.5 4.1 4.5 4.3 3.2 3.7 4.4 3.5 5.6 1.8 2.8 1.2 2.0 3.8
Gross private domestic investment... 6.6 6.8 -8.0 -6.7 11.8 14.1 7.6 -5.8 9.8 17.9 -.6 19.5 -2.8 -2.3 -12.3 -12.1 -10.5 -23.5 24.1
Fixed investment.................. 7.8 7.6 -2.0 11.7 3.8 13.1 7.1 6.5 7.3 4.8 13.9 8.8 2.5 .5 1.9 -9.7 -5.7 -11.4 -.8
Nonresidential.................. 8.2 9.9 -3.2 12.5 1.5 14.4 6.0 7.7 10.2 5.8 15.8 12.2 7.1 1.0 -.2 -14.6 -8.5 -13.8 -6.2
Structures.................... -2.0 6.2 .9 14.9 -2.7 3.3 -6.5 -4.3 -7.0 4.0 8.8 11.8 15.2 7.6 12.3 -12.2 -7.5 -33.6 -22.8
Equipment and software........ 11.8 11.1 -4.4 11.6 3.0 18.4 10.5 11.9 16.2 6.4 18.1 12.4 4.7 -1.1 -4.1 -15.4 -8.8 -5.3 .1
Residential..................... 6.7 .8 1.5 9.2 11.1 9.3 10.3 3.0 -.8 1.6 8.5 -.8 -10.4 -1.1 8.5 5.9 2.4 -4.6 14.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 3.2 9.5 -4.5 -4.0 -2.2 16.3 -6.8 4.2 9.7 12.1 9.0 13.5 10.6 -4.0 -1.2 -11.9 -18.8 -10.9 2.8
Goods........................... 3.9 11.3 -5.6 -8.6 .5 18.8 -8.1 4.4 13.1 14.8 8.5 14.9 18.3 -6.9 -2.4 -17.3 -19.4 -10.0 -3.6
Services........................ 1.6 5.3 -1.9 8.0 -8.4 10.5 -3.9 3.8 2.0 6.0 10.3 9.9 -6.7 3.7 1.8 2.4 -17.2 -13.1 18.7
Imports........................... 10.5 13.4 -2.7 11.3 4.2 12.2 8.4 13.3 13.8 10.5 17.1 16.4 13.0 -.5 -5.0 -8.4 -13.0 -7.5 8.3
Goods........................... 12.4 13.5 -2.8 12.2 3.7 14.8 12.0 15.5 14.9 10.4 16.5 17.2 12.3 -.6 -6.7 -9.5 -10.0 -3.6 3.7
Services........................ 1.1 12.6 -2.6 6.7 7.0 .1 -8.2 1.8 7.9 11.0 20.6 12.4 17.1 .0 4.9 -2.0 -29.1 -28.5 36.8
Government consumption expenditures
and gross investment............... 3.3 2.7 3.6 7.5 2.0 4.1 2.0 1.2 4.4 8.5 -1.1 4.4 -1.8 3.3 5.3 5.0 .3 10.2 6.6
Federal........................... 2.2 1.7 2.7 12.2 -3.9 5.3 -3.7 .8 7.2 14.5 -12.8 15.9 -10.4 4.6 3.2 1.8 3.6 11.4 11.4
National defense................ 2.1 .1 4.7 12.6 5.3 -.8 -3.5 -3.5 12.8 14.3 -20.0 15.4 -10.4 10.5 7.5 2.3 3.2 9.0 18.3
Nondefense...................... 2.3 4.6 -.9 11.4 -18.8 17.7 -4.1 9.1 -2.1 14.9 1.6 16.6 -10.4 -5.1 -4.3 .9 4.2 16.0 -.2
State and local................... 3.9 3.2 4.0 5.0 5.3 3.4 5.2 1.4 2.9 5.4 5.6 -1.1 3.0 2.7 6.4 6.6 -1.3 9.6 4.2
Addenda:
Final sales of domestic product... 4.3 4.3 2.3 5.4 2.8 6.5 3.0 3.9 4.2 6.1 4.8 3.9 2.3 2.4 4.0 .7 -.5 3.8 2.6
Gross domestic purchases.......... 5.0 4.8 1.3 4.0 4.8 6.4 4.8 2.9 5.3 8.2 3.5 6.3 2.0 2.2 .7 .4 -1.0 1.7 6.7
Final sales to domestic
purchasers....................... 5.2 4.9 2.3 7.3 3.5 6.2 4.7 5.1 4.9 6.0 6.0 4.6 2.9 2.7 3.2 .8 -.3 3.9 3.3
Gross national product (GNP)...... 4.0 4.1 1.3 2.1 3.3 7.0 3.3 1.7 4.3 8.7 1.8 5.8 1.3 2.8 .8 .3 -1.3 2.6 4.8
Disposable personal income........ 2.5 3.5 3.6 6.0 3.7 2.4 1.4 2.0 2.1 3.0 3.3 5.8 2.6 4.2 2.7 2.4 12.3 -8.1 13.9
Current-dollar measures:
GDP............................. 5.5 6.5 3.4 3.3 5.6 7.8 4.9 3.0 6.1 10.0 6.3 8.0 3.3 3.7 4.6 2.4 .9 1.5 7.5
Final sales of domestic product. 5.8 6.7 4.5 6.5 4.3 7.6 4.7 5.4 5.7 8.0 8.8 6.1 4.3 4.3 7.3 2.9 1.7 3.7 3.9
Gross domestic purchases........ 6.6 7.5 2.9 4.7 6.0 7.6 6.5 4.8 7.4 10.4 8.0 8.5 4.4 4.0 3.4 1.7 -1.2 2.2 7.9
Final sales to domestic
purchasers..................... 6.8 7.7 4.0 8.0 4.7 7.4 6.3 7.1 7.0 8.4 10.5 6.6 5.3 4.5 6.0 2.1 -.4 4.4 4.4
GNP............................. 5.5 6.5 3.5 3.1 4.8 8.1 5.2 3.0 5.7 10.4 5.7 8.1 3.2 4.6 4.0 2.4 .9 2.4 6.1
Disposable personal income...... 4.1 6.2 5.5 7.0 5.1 3.8 2.7 4.1 4.3 5.5 7.5 8.1 5.1 6.3 6.0 3.8 12.1 -7.3 15.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1999 2000 2001 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 4.1 4.1 1.2 2.2 4.1 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3 .3 -1.3 1.7 6.1
Percentage points at annual rates:
Personal consumption expenditures. 3.35 3.28 2.10 3.99 2.56 3.42 3.22 3.77 2.98 3.96 3.94 2.50 2.88 2.14 2.05 1.72 .67 4.14 2.37
Durable goods................... .97 .77 .54 1.21 .33 1.74 .56 1.19 .72 1.09 1.46 -.21 .65 -.17 .83 .56 .07 2.84 -.84
Nondurable goods................ .93 .94 .36 1.13 .62 1.03 1.07 .83 .53 1.51 1.01 .95 .84 .12 .49 .06 .12 .50 1.61
Services........................ 1.45 1.57 1.19 1.64 1.62 .66 1.59 1.75 1.72 1.35 1.47 1.75 1.38 2.19 .73 1.10 .48 .80 1.61
Gross private domestic investment. 1.14 1.19 -1.41 -1.18 1.98 2.38 1.28 -1.06 1.66 2.99 -.08 3.25 -.51 -.42 -2.28 -2.16 -1.79 -4.12 3.29
Fixed investment................ 1.29 1.28 -.33 1.84 .64 2.10 1.16 1.06 1.22 .84 2.24 1.49 .44 .09 .33 -1.74 -.97 -1.96 -.10
Nonresidential................ 1.01 1.25 -.40 1.49 .20 1.71 .73 .94 1.25 .76 1.88 1.52 .91 .13 -.02 -1.99 -1.08 -1.75 -.71
Structures.................. -.07 .19 .02 .45 -.09 .11 -.21 -.14 -.22 .13 .26 .35 .45 .24 .39 -.44 -.26 -1.27 -.73
Equipment and software...... 1.08 1.06 -.42 1.04 .29 1.61 .94 1.07 1.47 .63 1.63 1.17 .46 -.11 -.41 -1.55 -.82 -.47 .02
Residential................... .28 .04 .07 .36 .44 .39 .42 .13 -.03 .08 .36 -.03 -.47 -.05 .35 .25 .10 -.21 .61
Change in private inventories... -.15 -.09 -1.08 -3.02 1.34 .28 .12 -2.12 .44 2.15 -2.32 1.76 -.95 -.50 -2.61 -.42 -.81 -2.16 3.39
Net exports of goods and services. -.98 -.79 -.12 -1.83 -.78 .17 -1.79 -1.18 -.76 -.15 -1.32 -.84 -.70 -.39 .63 -.12 -.27 -.14 -.75
Exports......................... .35 1.01 -.49 -.46 -.24 1.66 -.77 .43 .99 1.27 .95 1.42 1.13 -.46 -.13 -1.37 -2.13 -1.14 .28
Goods......................... .30 .85 -.44 -.72 .04 1.33 -.64 .32 .93 1.08 .64 1.11 1.36 -.58 -.19 -1.45 -1.55 -.72 -.23
Services...................... .05 .17 -.06 .25 -.28 .32 -.13 .11 .06 .19 .31 .31 -.22 .12 .06 .08 -.58 -.42 .51
Imports......................... -1.33 -1.81 .37 -1.36 -.53 -1.49 -1.02 -1.62 -1.76 -1.43 -2.26 -2.26 -1.84 .07 .76 1.25 1.86 1.00 -1.03
Goods......................... -1.31 -1.54 .33 -1.23 -.39 -1.48 -1.20 -1.58 -1.60 -1.20 -1.85 -2.00 -1.48 .07 .87 1.21 1.20 .40 -.41
Services...................... -.02 -.26 .04 -.14 -.15 .00 .18 -.04 -.16 -.23 -.41 -.26 -.36 .00 -.11 .05 .66 .59 -.63
Government consumption
expenditures and gross investment .58 .47 .63 1.27 .35 .73 .35 .21 .77 1.50 -.20 .78 -.32 .58 .92 .87 .05 1.76 1.22
Federal......................... .13 .10 .16 .71 -.24 .32 -.23 .05 .43 .85 -.84 .90 -.66 .27 .19 .11 .21 .66 .69
National defense.............. .08 .00 .18 .47 .21 -.03 -.14 -.14 .48 .55 -.87 .56 -.42 .38 .28 .09 .12 .34 .69
Nondefense.................... .05 .10 -.02 .24 -.45 .35 -.09 .19 -.05 .30 .03 .34 -.24 -.11 -.09 .02 .09 .32 .00
State and local................. .44 .37 .47 .56 .60 .40 .58 .16 .34 .65 .64 -.12 .34 .31 .73 .76 -.16 1.10 .53
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (1996) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2001 I 01 II 01 III 01 IV 01 I 02r 2001 I 01 II 01 III 01 IV 01 I 02r 2001 IV 01 I 02r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)... 10,208.1 10,141.7 10,202.6 10,224.9 10,263.3 10,449.8 9,333.8 9,334.5 9,341.7 9,310.4 9,348.6 9,488.6 109.8 38.2 140.0
Personal consumption expenditures. 7,064.5 6,977.6 7,044.6 7,057.6 7,178.2 7,255.2 6,450.3 6,388.5 6,428.4 6,443.9 6,540.3 6,593.5 192.5 96.4 53.2
Durable goods................... 858.3 838.1 844.7 840.6 909.8 877.9 955.6 922.4 938.1 940.2 1,021.7 996.8 60.1 81.5 -24.9
Motor vehicles and parts...... 375.1 358.6 362.3 360.3 419.3 378.0 375.0 357.0 361.9 361.5 419.4 381.9 26.7 57.9 -37.5
Furniture and household
equipment.................... 310.4 308.4 310.0 308.3 314.9 320.3 403.2 391.0 400.5 403.7 417.8 432.2 26.2 14.1 14.4
Other......................... 172.8 171.1 172.5 172.1 175.6 179.6 180.0 177.5 179.5 179.3 183.6 188.4 7.2 4.3 4.8
Nondurable goods................ 2,055.1 2,047.1 2,062.3 2,057.5 2,053.5 2,095.4 1,883.3 1,878.0 1,879.4 1,882.0 1,893.6 1,931.1 33.4 11.6 37.5
Food.......................... 991.6 982.0 987.0 993.5 1,003.9 1,026.9 886.2 887.3 886.1 883.8 887.6 902.7 4.9 3.8 15.1
Clothing and shoes............ 322.2 325.7 322.4 318.5 322.1 329.8 345.2 342.7 344.1 344.7 349.3 359.5 9.9 4.6 10.2
Gasoline, fuel oil, and
other energy goods........... 179.4 188.9 194.0 179.7 154.8 154.4 151.7 152.6 150.1 152.6 151.7 155.6 1.4 -.9 3.9
Gasoline and oil............ 162.6 169.5 177.3 163.4 140.3 140.4 139.1 138.9 137.7 140.1 139.6 143.3 2.5 -.5 3.7
Fuel oil and coal........... 16.7 19.4 16.7 16.3 14.5 13.9 12.8 13.8 12.6 12.7 12.3 12.6 -1.0 -.4 .3
Other......................... 562.0 550.5 559.0 565.8 572.7 584.4 502.3 497.3 501.4 503.0 507.5 516.7 17.8 4.5 9.2
Services........................ 4,151.1 4,092.4 4,137.6 4,159.4 4,214.9 4,281.8 3,633.4 3,605.1 3,629.8 3,640.4 3,658.2 3,692.6 105.7 17.8 34.4
Housing....................... 1,015.9 992.8 1,008.2 1,022.9 1,039.6 1,058.1 867.0 861.3 864.9 868.4 873.2 879.5 16.9 4.8 6.3
Household operation........... 412.2 420.1 414.5 412.2 401.8 407.7 387.2 392.3 387.0 388.0 381.3 388.2 9.6 -6.7 6.9
Electricity and gas......... 154.8 164.4 157.9 154.3 142.8 146.8 134.6 140.1 135.0 134.0 129.4 135.7 -1.8 -4.6 6.3
Other household operation... 257.3 255.7 256.7 257.9 259.0 260.9 253.2 252.3 252.7 254.7 253.0 253.4 12.2 -1.7 .4
Transportation................ 278.3 280.5 279.8 277.5 275.3 280.8 252.6 254.4 254.2 252.0 249.7 252.9 1.3 -2.3 3.2
Medical care.................. 1,061.1 1,039.8 1,054.6 1,065.4 1,084.6 1,098.0 935.4 921.6 932.1 940.2 947.7 954.1 31.5 7.5 6.4
Recreation.................... 270.9 267.3 271.0 270.9 274.4 277.8 232.3 232.2 232.8 231.2 232.9 234.6 5.3 1.7 1.7
Other......................... 1,112.8 1,092.0 1,109.3 1,110.6 1,139.2 1,159.3 957.9 942.8 957.7 959.7 971.5 981.8 40.8 11.8 10.3
Gross private domestic investment. 1,633.9 1,722.8 1,669.9 1,624.8 1,518.2 1,597.6 1,630.8 1,721.0 1,666.2 1,620.5 1,515.5 1,599.5 -142.1 -105.0 84.0
Fixed investment................ 1,692.4 1,748.3 1,706.5 1,682.6 1,632.1 1,624.0 1,682.6 1,740.3 1,696.4 1,671.6 1,621.9 1,618.8 -33.6 -49.7 -3.1
Nonresidential................ 1,246.0 1,311.2 1,260.2 1,231.0 1,181.6 1,156.8 1,308.0 1,373.9 1,320.9 1,292.0 1,245.0 1,225.3 -42.7 -47.0 -19.7
Structures.................. 330.3 345.8 338.6 334.3 302.5 282.4 275.2 291.7 282.3 276.8 249.9 234.2 2.4 -26.9 -15.7
Nonresidential buildings,
including farm........... 224.2 241.3 230.4 218.6 206.5 198.5 185.9 202.0 191.6 180.8 169.3 162.3 -9.0 -11.5 -7.0
Utilities................. 57.3 60.5 59.4 54.3 54.9 49.3 52.8 56.1 55.0 49.9 50.4 45.0 4.3 .5 -5.4
Mining exploration,
shafts, and wells........ 38.7 36.9 42.0 42.0 34.1 27.6 28.4 28.3 30.4 30.0 25.1 21.7 4.9 -4.9 -3.4
Other structures.......... 10.1 7.1 6.7 19.4 7.0 7.1 8.8 6.3 5.9 17.0 6.1 6.1 2.1 -10.9 .0
Equipment and software...... 915.8 965.4 921.7 896.8 879.1 874.4 1,039.0 1,087.7 1,043.2 1,019.4 1,005.6 1,005.9 -48.4 -13.8 .3
Information processing
equipment and software... 427.1 460.4 431.1 412.9 404.2 408.9 587.1 620.9 588.1 572.1 567.4 579.2 -22.4 -4.7 11.8
Computers and
peripheral equipment... 87.7 102.9 89.6 78.5 79.8 83.5 288.4 314.4 287.3 265.7 286.0 311.7 -1.9 20.3 25.7
Software................ 189.0 190.5 189.0 189.8 186.9 185.7 191.8 192.9 191.1 193.1 190.3 189.1 4.2 -2.8 -1.2
Other................... 150.4 167.1 152.5 144.6 137.5 139.7 163.9 180.8 165.9 158.1 151.1 153.8 -22.6 -7.0 2.7
Industrial equipment...... 162.1 175.8 166.4 156.0 150.4 155.3 157.3 170.7 161.2 151.3 146.0 151.0 -5.3 -5.3 5.0
Transportation equipment.. 178.0 179.0 175.7 177.7 179.4 166.3 175.5 177.4 174.4 174.0 176.1 164.0 -17.2 2.1 -12.1
Other..................... 148.5 150.3 148.5 150.2 145.2 144.0 141.0 143.3 141.1 142.3 137.2 136.3 -3.8 -5.1 -.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See note at the end of the table.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period--Continued
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (1996) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2001 I 01 II 01 III 01 IV 01 I 02r 2001 I 01 II 01 III 01 IV 01 I 02r 2001 IV 01 I 02r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Residential................... 446.3 437.0 446.2 451.6 450.4 467.3 376.9 372.9 378.3 380.5 376.0 389.0 5.5 -4.5 13.0
Structures.................. 436.8 427.5 436.7 442.1 440.8 457.6 367.3 363.3 368.6 370.9 366.3 379.3 5.5 -4.6 13.0
Single family............. 229.6 226.5 229.6 231.6 230.7 239.3 191.8 191.1 192.8 193.3 189.9 196.5 .9 -3.4 6.6
Multifamily............... 31.4 29.6 31.0 31.7 33.3 35.4 24.4 23.3 24.2 24.7 25.5 27.0 1.7 .8 1.5
Other..................... 175.8 171.4 176.1 178.7 176.9 183.0 151.1 149.0 151.6 152.9 150.9 155.6 2.7 -2.0 4.7
Equipment................... 9.6 9.5 9.6 9.5 9.6 9.6 9.7 9.7 9.7 9.7 9.8 9.8 .1 .1 .0
Change in private inventories... -58.4 -25.5 -36.6 -57.8 -113.9 -26.4 -61.7 -27.1 -38.3 -61.9 -119.3 -27.7 -112.3 -57.4 91.6
Farm.......................... -1.7 .7 -1.2 -1.9 -4.2 -4.3 -2.6 .2 -2.5 -2.9 -5.3 -5.4 -.6 -2.4 -.1
Construction, mining,
and utilities................ 3.5 2.6 8.0 2.5 .9 -.2 3.0 1.9 6.8 2.4 .8 -.2 4.8 -1.6 -1.0
Manufacturing................. -32.5 -13.6 -33.4 -42.5 -40.5 -22.7 -35.4 -15.0 -35.6 -47.0 -44.1 -25.0 -48.5 2.9 19.1
Wholesale trade............... -12.0 -3.3 2.2 -17.8 -29.3 -12.3 -12.5 -3.0 2.6 -18.9 -30.7 -12.2 -33.7 -11.8 18.5
Retail trade.................. -17.2 -15.6 -13.4 1.3 -41.1 12.0 -16.9 -15.3 -13.2 1.2 -40.2 12.0 -31.8 -41.4 52.2
Other industries.............. 1.4 3.6 1.2 .6 .3 1.1 1.4 3.6 1.2 .5 .3 1.1 -4.1 -.2 .8
Net exports of goods and services. -329.8 -363.8 -347.4 -294.4 -313.5 -329.3 -408.7 -404.5 -406.7 -411.0 -412.7 -434.5 -9.6 -1.7 -21.8
Exports......................... 1,050.4 1,117.4 1,079.6 1,020.6 983.8 989.9 1,081.7 1,144.1 1,108.3 1,052.2 1,022.2 1,029.3 -51.5 -30.0 7.1
Goods......................... 736.4 794.2 754.4 710.7 686.1 678.2 788.9 844.4 805.2 762.9 743.1 736.4 -47.2 -19.8 -6.7
Foods, feeds, and beverages. 48.6 49.3 48.1 47.8 49.4 49.4 61.3 62.1 61.1 59.4 62.7 62.9 1.3 3.3 .2
Industrial supplies and
materials.................. 155.8 166.0 157.8 151.8 147.7 145.3 163.1 168.7 162.7 160.2 160.6 159.4 -5.1 .4 -1.2
Capital goods, except
automotive................. 323.6 367.3 332.8 305.0 289.4 285.1 358.0 405.2 367.3 338.2 321.5 316.4 -36.9 -16.7 -5.1
Automotive vehicles,
engines, and parts......... 74.6 71.8 76.3 77.4 73.1 72.7 72.6 70.0 74.2 75.2 71.1 70.5 -5.7 -4.1 -.6
Consumer goods, except
automotive................. 89.8 94.0 93.6 86.0 85.6 83.3 89.4 93.5 93.3 85.6 84.9 83.3 -.4 -.7 -1.6
Other....................... 43.8 45.8 45.8 42.8 40.9 42.4 45.3 47.1 47.0 44.2 42.8 44.5 -.6 -1.4 1.7
Services...................... 314.0 323.2 325.2 309.8 297.7 311.7 293.7 301.8 303.6 289.6 279.6 291.9 -5.6 -10.0 12.3
Imports......................... 1,380.1 1,481.2 1,427.0 1,315.0 1,297.3 1,319.3 1,490.4 1,548.6 1,515.0 1,463.2 1,434.9 1,463.8 -41.9 -28.3 28.9
Goods......................... 1,173.5 1,248.7 1,197.8 1,145.6 1,101.9 1,105.9 1,278.7 1,322.8 1,290.1 1,256.6 1,245.1 1,256.5 -36.9 -11.5 11.4
Foods, feeds, and beverages. 46.7 45.9 45.7 48.0 47.2 47.6 51.7 49.7 50.6 53.8 52.6 53.3 2.3 -1.2 .7
Industrial supplies and
materials, except
petroleum and products..... 167.2 182.4 174.2 161.5 150.7 151.2 165.3 165.0 166.5 166.5 163.0 165.6 -2.6 -3.5 2.6
Petroleum and products...... 103.8 117.2 114.3 102.7 81.1 76.7 88.7 91.3 92.2 85.3 86.1 81.7 2.7 .8 -4.4
Capital goods, except
automotive................. 298.8 345.7 299.9 277.4 272.2 277.2 400.7 456.6 400.4 374.4 371.2 381.8 -51.0 -3.2 10.6
Automotive vehicles,
engines, and parts......... 189.7 186.9 191.3 192.0 188.5 191.4 186.5 183.4 188.3 189.2 185.1 188.2 -6.0 -4.1 3.1
Consumer goods, except
automotive................. 283.7 291.9 286.5 280.1 276.2 283.0 298.1 305.4 300.7 294.6 291.6 299.7 4.6 -3.0 8.1
Other....................... 83.7 78.7 86.0 83.9 86.0 78.7 83.5 77.6 85.2 84.3 86.8 79.5 2.6 2.5 -7.3
Services...................... 206.6 232.5 229.2 169.4 195.4 213.3 213.0 227.4 226.2 207.6 190.9 206.4 -5.7 -16.7 15.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See note at the end of the table.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period--Continued
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (1996) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2001 I 01 II 01 III 01 IV 01 I 02r 2001 I 01 II 01 III 01 IV 01 I 02r 2001 IV 01 I 02r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Government consumption
expenditures and
gross investment................. 1,839.5 1,805.2 1,835.4 1,836.9 1,880.4 1,926.3 1,628.6 1,603.4 1,623.0 1,624.1 1,663.9 1,690.9 56.0 39.8 27.0
Federal......................... 615.7 605.3 609.9 615.7 631.7 660.2 560.3 552.2 554.7 559.6 574.9 590.7 14.4 15.3 15.8
National defense.............. 399.0 392.9 396.1 399.6 407.5 432.5 365.3 360.3 362.4 365.3 373.2 389.2 16.3 7.9 16.0
Consumption expenditures.... 342.2 338.3 339.5 343.1 347.9 370.7 307.1 304.4 304.6 307.5 312.1 325.8 12.6 4.6 13.7
Gross investment............ 56.8 54.6 56.7 56.5 59.5 61.8 58.6 56.1 58.2 58.1 61.8 64.0 3.9 3.7 2.2
Nondefense.................... 216.6 212.4 213.8 216.1 224.2 227.7 195.0 191.8 192.3 194.3 201.6 201.6 -1.7 7.3 .0
Consumption expenditures.... 171.9 169.2 170.6 170.6 177.0 180.5 151.2 149.5 150.0 149.8 155.5 155.4 -3.0 5.7 -.1
Gross investment............ 44.8 43.2 43.2 45.5 47.2 47.2 44.4 42.9 42.8 45.2 46.9 46.9 1.5 1.7 .0
State and local................. 1,223.8 1,199.8 1,225.5 1,221.2 1,248.7 1,266.0 1,067.5 1,050.5 1,067.4 1,063.8 1,088.4 1,099.8 41.2 24.6 11.4
Consumption expenditures.... 984.2 966.7 981.3 991.2 997.7 1,007.0 851.3 839.1 846.9 855.9 863.2 868.3 29.9 7.3 5.1
Gross investment............ 239.6 233.1 244.2 230.0 251.0 259.1 216.5 211.6 221.0 207.9 225.7 232.1 11.5 17.8 6.4
Residual.......................... ..... ..... ..... ..... ..... ..... -75.8 -89.0 -75.6 -57.8 -81.5 -106.1 5.7 -23.7 -24.6
Addenda:
Final sales of domestic product. 10,266.6 10,167.2 10,239.1 10,282.7 10,377.2 10,476.2 9,376.5 9,347.8 9,364.8 9,352.5 9,440.9 9,501.6 209.5 88.4 60.7
Gross domestic purchases........ 10,537.9 10,505.6 10,549.9 10,519.3 10,576.8 10,779.1 9,715.7 9,710.4 9,720.4 9,695.1 9,737.0 9,896.2 121.0 41.9 159.2
Final sales to domestic
purchasers..................... 10,596.3 10,531.0 10,586.5 10,577.1 10,690.7 10,805.5 9,758.8 9,723.8 9,743.7 9,737.5 9,830.3 9,909.2 221.1 92.8 78.9
Gross domestic product.......... 10,208.1 10,141.7 10,202.6 10,224.9 10,263.3 10,449.8 9,333.8 9,334.5 9,341.7 9,310.4 9,348.6 9,488.6 109.8 38.2 140.0
Plus: Income receipts from
the rest of the world.......... 335.2 378.9 346.9 321.3 293.6 289.3 309.1 350.3 319.6 296.2 270.4 265.8 -51.1 -25.8 -4.6
Less: Income payments to
the rest of the world.......... 340.5 389.4 358.6 332.4 281.6 310.5 309.4 355.2 325.7 301.8 255.0 279.9 -57.6 -46.8 24.9
Equals: Gross national product.. 10,202.8 10,131.3 10,190.9 10,213.8 10,275.3 10,428.6 9,333.6 9,329.1 9,335.5 9,304.9 9,364.7 9,475.3 117.2 59.8 110.6
Net domestic product............ 8,856.8 8,841.9 8,861.1 8,818.2 8,906.0 9,073.4 7,983.1 8,030.6 8,001.5 7,922.5 7,977.8 8,080.8 -6.9 55.3 103.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
Note.--Users are cautioned that particularly for components
for which relative prices are changing rapidly, the use of
chained-dollar estimates to calculate component shares or component
contributions to real growth may be misleading even just a few years
from the base year. 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.--Chain-Type Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1999 2000 2001 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.4 2.3 2.2 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.1 1.9 1.8 3.3 2.1 2.3 -.1 1.2
Personal consumption expenditures... 1.6 2.7 1.9 1.0 1.4 1.4 1.3 2.0 2.2 2.4 4.0 2.1 2.4 2.0 3.2 1.3 -.2 .8 1.0
Durable goods..................... -2.5 -1.6 -1.8 -2.1 -2.7 -2.6 -3.3 -2.0 -1.8 -1.8 -1.8 -.8 -2.2 -1.2 -.7 -3.5 -2.8 -1.6 -4.3
Nondurable goods.................. 2.3 3.7 1.5 -.7 1.5 1.3 1.9 4.4 3.3 3.8 5.5 2.7 2.7 2.0 1.9 2.7 -1.5 -3.2 .2
Services.......................... 2.2 3.1 2.8 2.5 2.1 2.3 2.0 1.7 2.5 2.6 4.5 2.4 3.2 2.6 4.7 1.7 .9 3.4 2.6
Gross private domestic investment... -.2 1.1 .5 -1.1 -.6 -.3 .2 .1 -.3 .5 2.7 .7 1.8 .7 .0 .4 .2 -.2 -1.3
Fixed investment.................. -.1 1.2 .5 -1.2 -.6 -.3 .3 .1 -.2 .5 2.8 .8 1.9 .8 -.4 .6 .3 -.1 -1.2
Nonresidential.................. -1.4 .1 -.5 -2.5 -2.0 -1.6 -1.0 -1.2 -1.4 -.4 1.0 .3 1.3 .0 -1.9 -.1 -.5 -1.6 -2.1
Structures.................... 2.5 4.1 4.5 2.9 1.3 1.8 2.8 2.5 2.9 3.7 5.8 3.1 4.7 4.7 6.2 4.7 2.7 1.0 -1.6
Equipment and software........ -2.6 -1.1 -2.2 -4.3 -3.1 -2.7 -2.3 -2.4 -2.8 -1.7 -.4 -.6 .2 -1.5 -4.6 -1.9 -1.7 -2.5 -2.3
Residential..................... 3.8 4.5 3.4 3.0 3.7 3.5 4.2 4.0 3.7 3.2 8.3 2.3 3.7 3.5 4.6 2.6 2.5 3.8 1.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.6 1.8 -.2 -2.0 -3.0 -1.4 -.9 .5 1.1 2.1 2.4 2.2 1.3 .5 -.1 -1.0 -1.7 -3.0 -.3
Goods........................... -1.4 1.1 -.7 -3.0 -4.2 -2.3 -1.4 -.5 .7 2.3 1.2 1.4 .3 .4 -.4 -1.5 -2.2 -3.5 -1.0
Services........................ 1.2 3.4 .8 .5 .0 .8 .4 3.0 2.0 1.6 5.4 4.2 3.7 .9 .5 .2 -.5 -1.9 1.2
Imports........................... .6 4.3 -3.3 -4.2 -4.7 -.2 -2.3 5.4 6.0 5.3 6.1 .7 4.4 .4 -3.0 -6.0 -17.1 2.4 -1.3
Goods........................... .2 4.8 -3.1 -5.7 -5.7 -1.1 -2.4 5.1 6.2 6.3 6.7 1.1 4.7 .9 -4.1 -6.4 -7.1 -11.2 -2.2
Services........................ 2.7 1.7 -4.5 3.3 .1 4.5 -1.4 7.2 4.9 .5 2.6 -1.5 2.8 -1.9 3.6 -3.6 -57.9 147.7 3.8
Government consumption expenditures
and gross investment............... 2.8 3.9 2.0 1.2 1.8 1.7 3.3 3.6 3.5 3.2 6.8 2.6 2.6 1.9 3.5 1.8 .0 -.3 3.3
Federal........................... 2.4 2.9 1.6 1.1 1.4 1.4 4.9 1.6 2.0 1.7 7.7 .5 1.7 .4 4.4 1.2 .2 -.5 7.1
National defense................ 2.3 2.8 1.6 .2 1.5 .9 5.4 1.4 1.9 2.1 6.9 .4 2.2 1.0 3.6 1.0 .3 -.8 7.3
Nondefense...................... 2.5 3.0 1.7 2.8 1.1 2.5 4.1 2.1 2.3 1.0 9.2 .6 .6 -.7 5.8 1.7 .0 .0 6.6
State and local................... 2.9 4.4 2.2 1.3 2.0 1.9 2.5 4.6 4.3 4.0 6.3 3.6 3.1 2.7 3.0 2.1 -.1 -.2 1.4
Addenda:
Final sales of domestic product... 1.4 2.3 2.2 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.2 1.9 1.8 3.2 2.1 2.2 -.1 1.2
Gross domestic purchases.......... 1.5 2.6 1.7 .7 1.1 1.2 1.5 2.0 2.0 2.2 4.2 1.9 2.3 1.7 2.7 1.3 -.1 .5 1.1
Final sales to domestic
purchasers....................... 1.5 2.6 1.7 .7 1.1 1.2 1.5 2.0 2.0 2.2 4.3 2.0 2.3 1.8 2.6 1.3 -.1 .5 1.1
Gross national product (GNP)...... 1.4 2.3 2.2 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.7 2.1 1.9 1.8 3.2 2.1 2.3 -.1 1.2
Implicit price deflators:
GDP............................. 1.4 2.3 2.2 1.0 1.4 1.1 1.8 1.3 1.4 1.6 3.9 2.2 1.9 1.8 3.3 2.1 2.2 -.1 1.3
Gross domestic purchases........ 1.5 2.6 1.7 .7 1.1 1.2 1.5 1.9 2.0 2.1 4.3 2.0 2.4 1.7 2.7 1.3 -.1 .5 1.1
GNP............................. 1.4 2.3 2.2 1.0 1.4 1.1 1.8 1.3 1.4 1.6 3.8 2.2 1.9 1.8 3.2 2.1 2.2 -.2 1.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.
Table 5.--Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1996=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
1999 2000 2001 I 01 II 01 III 01 IV 01 I 02r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product:
Chain-type quantity index........ 113.35 118.06 119.46 119.47 119.56 119.16 119.65 121.44
Chain-type price index........... 104.66 107.04 109.37 108.65 109.22 109.83 109.80 110.14
Implicit price deflator.......... 104.65 107.04 109.37 108.65 109.21 109.82 109.78 110.13
Personal consumption expenditures:
Chain-type quantity index................ 113.96 119.48 123.16 121.98 122.74 123.03 124.87 125.89
Chain-type price index................... 104.72 107.52 109.53 109.23 109.59 109.53 109.76 110.04
Durable goods:
Chain-type quantity index.............. 132.66 145.27 155.01 149.63 152.17 152.51 165.73 161.70
Chain-type price index................. 93.04 91.53 89.84 90.86 90.05 89.41 89.05 88.07
Nondurable goods:
Chain-type quantity index.............. 112.22 117.52 119.64 119.31 119.40 119.56 120.30 122.69
Chain-type price index................. 103.67 107.55 109.13 109.01 109.74 109.33 108.45 108.51
Services:
Chain-type quantity index.............. 111.36 115.78 119.25 118.32 119.13 119.48 120.06 121.19
Chain-type price index................. 107.80 111.10 114.26 113.53 114.00 114.27 115.23 115.97
Private fixed investment:
Chain-type quantity index................ 131.56 141.52 138.75 143.51 139.89 137.84 133.74 133.49
Chain-type price index................... 98.92 100.11 100.59 100.46 100.60 100.67 100.63 100.32
Nonresidential:
Chain-type quantity index.............. 136.60 150.17 145.42 152.75 146.86 143.65 138.43 136.23
Chain-type price index................. 95.61 95.74 95.26 95.44 95.41 95.29 94.91 94.41
Residential:
Chain-type quantity index.............. 117.56 118.55 120.32 119.03 120.76 121.47 120.04 124.19
Chain-type price index................. 109.57 114.46 118.39 117.19 117.95 118.67 119.77 120.09
Exports of goods and services:
Chain-type quantity index................ 118.38 129.63 123.74 130.88 126.78 120.37 116.93 117.75
Chain-type price index................... 95.65 97.33 97.09 97.67 97.42 97.00 96.25 96.18
Imports of goods and services:
Chain-type quantity index................ 140.35 159.09 154.75 160.79 157.30 151.92 148.99 151.98
Chain-type price index................... 91.78 95.73 92.53 95.65 94.19 89.87 90.41 90.13
Government consumption expenditures
and gross investment:
Chain-type quantity index................ 107.72 110.60 114.53 112.76 114.14 114.22 117.02 118.91
Chain-type price index................... 106.58 110.71 112.94 112.58 113.09 113.10 113.01 113.92
Federal:
Chain-type quantity index.............. 100.97 102.68 105.41 103.88 104.35 105.27 108.15 111.12
Chain-type price index................. 105.09 108.12 109.87 109.62 109.96 110.02 109.87 111.76
State and local:
Chain-type quantity index.............. 111.71 115.26 119.90 117.99 119.88 119.48 122.24 123.52
Chain-type price index................. 107.42 112.14 114.64 114.22 114.82 114.79 114.73 115.12
Addenda:
Final sales of domestic product:
Chain-type quantity index.............. 112.96 117.78 120.47 120.10 120.32 120.16 121.30 122.08
Chain-type price index................. 104.76 107.16 109.50 108.77 109.34 109.95 109.92 110.26
Implicit price deflator................ 104.75 107.16 109.49 108.77 109.34 109.95 109.92 110.26
Gross domestic purchases:
Chain-type quantity index.............. 115.85 121.42 122.95 122.88 123.01 122.69 123.22 125.24
Chain-type price index................. 103.99 106.70 108.47 108.19 108.54 108.51 108.64 108.93
Implicit price deflator................ 103.98 106.69 108.46 108.19 108.53 108.50 108.62 108.92
Final sales to domestic purchasers:
Chain-type quantity index.............. 115.47 121.16 123.97 123.52 123.78 123.70 124.87 125.88
Chain-type price index................. 104.08 106.81 108.59 108.31 108.65 108.63 108.76 109.05
Implicit price deflator................ 104.08 106.81 108.58 108.30 108.65 108.62 108.75 109.04
Gross national product:
Chain-type quantity index.............. 113.05 117.69 119.18 119.13 119.21 118.82 119.58 120.99
Chain-type price index................. 104.62 107.00 109.32 108.60 109.16 109.77 109.74 110.07
Implicit price deflator................ 104.62 106.99 109.31 108.60 109.16 109.77 109.72 110.06
-----------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.
Table 6.--Real Gross Domestic Product: Historical Perspective
[Percent change from preceding year]
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.4 3.4 4.2 3.5 1.8 -.5 3.0 2.7 4.0 2.7 3.6 4.4 4.3 4.1 4.1 1.2
Personal consumption expenditures...... 4.2 3.3 4.0 2.7 1.8 -.2 2.9 3.4 3.8 3.0 3.2 3.6 4.8 5.0 4.8 3.1
Durable goods........................ 9.1 1.7 5.8 2.1 -.9 -6.6 5.3 8.2 7.6 4.6 5.6 6.6 10.5 12.5 9.5 6.7
Nondurable goods..................... 3.6 2.4 3.2 2.7 1.4 -.4 1.9 2.9 3.8 3.0 2.9 2.9 4.1 4.7 4.7 1.8
Services............................. 3.3 4.3 4.1 2.8 2.8 1.4 2.9 2.7 3.0 2.7 2.8 3.3 4.0 3.7 4.0 3.0
Gross private domestic investment...... -.7 2.5 2.7 3.7 -3.1 -8.6 8.5 8.7 13.2 3.0 9.0 12.1 11.8 6.6 6.8 -8.0
Fixed investment..................... 1.2 .0 3.6 2.7 -1.8 -6.9 6.5 8.1 9.1 6.0 9.3 9.6 11.4 7.8 7.6 -2.0
Nonresidential..................... -2.7 -.1 5.4 5.5 .7 -4.9 3.4 8.4 8.9 9.8 10.0 12.2 12.5 8.2 9.9 -3.2
Structures....................... -10.8 -3.6 1.3 2.5 1.5 -11.0 -6.1 .8 .8 4.8 7.1 9.1 6.8 -2.0 6.2 .9
Equipment and software........... 2.0 1.7 7.5 7.0 .4 -2.0 7.4 11.3 11.9 11.5 11.0 13.3 14.6 11.8 11.1 -4.4
Residential........................ 12.0 .2 -.5 -4.1 -8.6 -12.8 16.3 7.3 9.7 -3.6 7.4 2.0 8.0 6.7 .8 1.5
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 7.4 11.2 16.1 11.8 8.7 6.5 6.2 3.3 8.9 10.3 8.2 12.3 2.1 3.2 9.5 -4.5
Goods.............................. 5.1 11.1 18.8 12.6 8.2 7.1 6.8 3.0 9.7 11.9 8.7 14.5 2.1 3.9 11.3 -5.6
Services........................... 13.3 11.6 9.3 9.6 10.0 5.1 4.6 4.1 7.2 6.4 6.8 7.0 2.3 1.6 5.3 -1.9
Imports.............................. 8.4 6.1 3.8 3.9 3.8 -.5 6.6 9.1 12.0 8.2 8.6 13.7 11.8 10.5 13.4 -2.7
Goods.............................. 10.3 4.6 4.1 4.2 3.0 -.1 9.3 10.1 13.3 9.0 9.4 14.2 11.7 12.4 13.5 -2.8
Services........................... .3 12.6 2.7 2.8 7.6 -2.3 -4.0 4.7 5.8 4.1 4.8 10.9 11.9 1.1 12.6 -2.6
Government consumption expenditures
and gross investment.................. 5.4 3.0 1.2 2.8 3.3 1.2 .5 -.8 .1 .5 1.1 2.4 1.9 3.3 2.7 3.6
Federal.............................. 5.5 3.7 -1.8 1.3 2.0 -.3 -1.6 -3.9 -3.6 -2.7 -.9 -.4 -.8 2.2 1.7 2.7
National defense................... 6.3 4.7 -.8 -.8 .0 -1.1 -4.9 -5.4 -4.8 -3.7 -1.3 -2.6 -1.8 2.1 .1 4.7
Nondefense......................... 3.1 .5 -5.2 8.4 8.3 1.8 7.1 -.3 -1.0 -.5 .0 4.2 1.1 2.3 4.6 -.9
State and local...................... 5.4 2.3 3.7 3.9 4.2 2.3 2.0 1.4 2.6 2.5 2.3 4.0 3.4 3.9 3.2 4.0
Addenda:
Final sales of domestic product...... 3.8 3.0 4.3 3.3 2.0 -.2 2.8 2.6 3.4 3.1 3.6 4.0 4.2 4.3 4.3 2.3
Gross domestic purchases............. 3.6 3.1 3.2 2.9 1.4 -1.1 3.1 3.3 4.4 2.5 3.7 4.7 5.4 5.0 4.8 1.3
Final sales to domestic purchasers... 3.9 2.7 3.4 2.7 1.6 -.9 2.8 3.2 3.8 3.0 3.7 4.3 5.3 5.2 4.9 2.3
Gross national product............... 3.2 3.3 4.2 3.5 1.9 -.5 3.0 2.6 3.9 2.7 3.5 4.3 4.2 4.0 4.1 1.3
Real disposable personal income...... 3.2 2.1 4.4 2.6 2.2 .4 3.1 1.4 2.6 2.6 2.5 3.1 5.4 2.5 3.5 3.6
Gross domestic purchases price
index............................... 2.3 3.3 3.4 3.8 4.1 3.4 2.5 2.3 2.0 2.2 1.8 1.6 .8 1.5 2.6 1.7
GDP price index...................... 2.2 3.0 3.4 3.8 3.9 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.4 2.3 2.2
Personal consumption expenditures
price index......................... 2.4 3.8 3.9 4.4 4.6 3.8 3.1 2.4 2.0 2.3 2.1 1.9 1.1 1.6 2.7 1.9
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.8 3.8 4.8 4.0 3.9 4.0 4.4 4.2 5.2 4.4 2.8 2.5 1.2 .5 .5 1.7
Personal consumption expenditures...... 5.3 4.6 5.0 5.0 4.9 5.0 5.2 5.4 4.9 4.9 4.2 3.5 3.2 2.4 3.1 3.2
Durable goods........................ 13.1 8.4 12.7 12.7 12.5 13.8 11.3 14.3 9.5 9.3 5.3 3.4 5.8 4.0 13.6 8.1
Nondurable goods..................... 4.5 3.8 5.0 5.0 4.6 4.4 5.0 4.9 5.0 5.4 3.6 3.0 1.9 1.0 1.4 2.8
Services............................. 4.2 4.3 3.6 3.5 3.5 3.6 4.0 3.9 3.9 3.7 4.3 3.8 3.4 2.8 1.9 2.4
Gross private domestic investment...... 8.3 10.7 12.1 6.4 6.6 6.2 7.0 4.9 11.4 8.0 3.1 -.1 -7.5 -9.4 -14.8 -7.1
Fixed investment..................... 12.2 9.5 11.7 8.9 7.6 8.4 6.4 8.0 8.6 7.4 6.3 3.4 -1.3 -3.4 -6.4 -7.0
Nonresidential..................... 14.1 9.6 12.3 8.5 7.3 9.5 7.4 9.8 10.9 10.2 8.9 4.9 -2.0 -5.8 -9.4 -10.8
Structures....................... 10.7 5.8 4.9 1.9 -2.6 -3.7 -3.6 .2 4.1 9.9 10.8 11.7 5.1 -.5 -11.8 -19.7
Equipment and software........... 15.2 10.9 14.9 10.8 10.8 14.2 11.2 13.1 13.2 10.3 8.3 2.8 -4.3 -7.5 -8.5 -7.5
Residential........................ 6.8 9.1 10.0 10.0 8.4 5.3 3.4 3.0 2.0 -.5 -1.2 -1.2 .5 3.9 2.9 4.3
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 1.4 -1.7 2.3 .4 2.5 5.5 4.5 8.7 11.1 11.3 7.0 4.4 -2.0 -9.2 -10.9 -10.0
Goods.............................. .7 -2.1 2.2 .1 3.5 6.5 5.6 10.1 12.8 14.1 8.3 5.4 -2.9 -11.8 -12.5 -12.8
Services........................... 3.2 -.5 2.9 1.3 .3 3.0 1.9 5.5 7.0 4.6 4.1 2.0 .2 -2.7 -6.9 -3.3
Imports.............................. 12.6 9.4 10.8 9.0 9.5 11.9 11.5 13.6 14.4 14.2 11.3 5.6 -.5 -6.8 -8.5 -5.5
Goods.............................. 12.3 9.1 11.3 10.6 11.4 14.3 13.2 14.3 14.7 14.0 11.1 5.1 -1.5 -6.8 -7.5 -5.0
Services........................... 14.6 10.6 8.5 1.2 .0 .2 2.8 10.1 12.9 15.2 12.2 8.4 4.8 -7.6 -15.0 -9.2
Government consumption expenditures
and gross investment.................. 1.8 1.7 2.7 3.9 2.3 2.9 4.0 3.2 4.0 2.4 1.2 2.8 2.9 3.4 5.1 5.5
Federal.............................. -.9 -1.6 .6 2.3 -.4 2.3 4.5 1.9 5.5 .9 -1.4 2.9 -.4 3.3 4.9 7.0
National defense................... -2.4 -1.1 -.8 3.2 -.7 1.0 4.7 -.1 4.5 -1.4 -2.2 5.3 2.1 5.8 5.5 8.0
Nondefense......................... 1.9 -2.5 3.3 .5 .0 4.8 4.2 5.7 7.5 5.1 .2 -1.3 -4.8 -1.1 4.0 5.1
State and local...................... 3.3 3.6 3.8 4.7 3.8 3.2 3.7 3.8 3.2 3.2 2.5 2.7 4.6 3.5 5.2 4.7
Addenda:
Final sales of domestic product...... 4.4 3.6 4.7 4.4 4.0 4.4 4.3 4.7 4.7 4.3 3.4 3.2 2.4 1.6 2.0 1.6
Gross domestic purchases............. 5.2 5.1 5.8 5.0 4.7 4.8 5.3 5.0 5.8 5.0 3.5 2.8 1.3 .6 .4 1.9
Final sales to domestic purchasers... 5.7 4.9 5.7 5.4 4.9 5.2 5.2 5.5 5.3 4.9 4.0 3.4 2.4 1.6 1.9 1.9
Gross national product............... 3.7 3.6 4.7 3.9 3.8 4.0 4.5 4.1 5.1 4.4 2.9 2.6 1.3 .6 .6 1.6
Real disposable personal income...... 5.7 5.7 5.0 3.4 2.4 2.0 2.1 2.6 3.5 3.7 4.0 3.8 3.0 5.3 2.1 4.8
Gross domestic purchases price
index............................... .8 .8 .8 1.1 1.4 1.6 1.9 2.6 2.6 2.7 2.5 2.2 2.0 1.4 1.1 .7
GDP price index...................... 1.2 1.2 1.1 1.3 1.4 1.4 1.6 2.1 2.3 2.4 2.4 2.3 2.3 2.3 1.9 1.4
Personal consumption expenditures
price index......................... 1.0 1.1 1.1 1.3 1.5 1.7 2.0 2.7 2.7 2.7 2.6 2.4 2.2 1.6 1.3 .7
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1999 2000 2001 I 01 II 01 III 01 IV 01 I 02r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 9,268.6 9,872.9 10,208.1 10,141.7 10,202.6 10,224.9 10,263.3 10,449.8
Plus: Income receipts from
the rest of the world..................... 313.8 384.2 335.2 378.9 346.9 321.3 293.6 289.3
Less: Income payments to
the rest of the world..................... 320.5 396.3 340.5 389.4 358.6 332.4 281.6 310.5
Equals: Gross national product............. 9,261.8 9,860.8 10,202.8 10,131.3 10,190.9 10,213.8 10,275.3 10,428.6
Less: Consumption of fixed capital......... 1,151.4 1,241.3 1,351.4 1,299.9 1,341.5 1,406.7 1,357.4 1,376.4
Less: Indirect business tax and
nontax liability.......................... 713.1 762.7 794.0 785.7 792.3 793.9 804.0 809.1
Less: Business transfer payments........... 41.3 43.9 44.6 44.3 44.5 44.7 45.0 45.9
Less: Statistical discrepancy.............. -72.7 -130.4 -149.8 -120.5 -143.2 -149.7 -186.0 -171.3
Plus: Subsidies less current
surplus of government enterprises......... 33.3 37.6 54.8 47.8 52.2 71.5 47.7 46.5
Equals: National income.................... 7,462.1 7,980.9 8,217.5 8,169.7 8,207.9 8,189.6 8,302.6 8,415.1
Compensation of employees................ 5,310.7 5,715.2 6,010.0 5,955.7 6,010.8 6,037.7 6,035.7 6,087.3
Wage and salary accruals............... 4,477.4 4,837.2 5,098.2 5,049.4 5,099.8 5,123.4 5,120.0 5,156.1
Supplements to wages and salaries...... 833.4 878.0 911.8 906.3 911.0 914.2 915.6 931.2
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 672.0 715.0 743.5 735.2 745.3 752.7 740.8 759.0
Rental income of persons with
capital consumption adjustment.......... 147.7 141.6 142.6 139.6 139.0 144.0 147.7 158.9
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 825.2 876.4 767.1 789.8 759.8 697.0 822.0 827.8
Net interest............................. 506.5 532.7 554.3 549.4 553.0 558.3 556.4 582.1
Addendum:
Gross domestic income.................... 9,341.3 10,003.4 10,358.0 10,262.2 10,345.7 10,374.6 10,449.3 10,621.1
-----------------------------------------------------------------------------------------------------------------------------------
r revised
Table 9.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1999 2000 2001 I 01 II 01 III 01 IV 01 I 02r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 7,777.3 8,319.2 8,723.5 8,640.2 8,714.6 8,771.8 8,767.2 8,886.0
Wage and salary disbursements............ 4,472.2 4,837.2 5,098.2 5,049.4 5,099.8 5,123.4 5,120.0 5,156.1
Other labor income....................... 509.7 534.2 553.8 549.3 552.2 555.4 558.5 567.7
Proprietors' income with
inventory valuation and capital
consumption adjustments................. 672.0 715.0 743.5 735.2 745.3 752.7 740.8 759.0
Farm................................... 26.6 30.6 27.6 29.8 28.7 32.3 19.6 23.4
Nonfarm................................ 645.4 684.4 715.9 705.4 716.6 720.5 721.2 735.6
Rental income of persons with
capital consumption adjustment.......... 147.7 141.6 142.6 139.6 139.0 144.0 147.7 158.9
Personal dividend income................. 343.1 379.2 416.3 404.8 411.9 420.0 428.4 435.7
Personal interest income................. 950.0 1,000.6 993.6 1,010.9 1,001.0 991.5 970.9 972.6
Transfer payments to persons............. 1,019.6 1,069.1 1,148.8 1,123.1 1,139.4 1,159.0 1,173.8 1,215.5
Less: Personal contributions for
social insurance........................ 337.1 357.7 373.3 372.1 374.0 374.2 372.8 379.5
Less: Personal tax and nontax payments..... 1,159.2 1,288.2 1,306.2 1,345.2 1,351.4 1,195.5 1,332.7 1,185.6
Equals: Disposable personal income......... 6,618.0 7,031.0 7,417.3 7,295.0 7,363.2 7,576.4 7,434.5 7,700.4
Less: Personal outlays..................... 6,457.2 6,963.3 7,298.9 7,216.2 7,281.7 7,291.0 7,406.6 7,474.1
Equals: Personal saving.................... 160.9 67.7 118.4 78.8 81.5 285.3 27.9 226.3
Addenda:
Disposable personal income,
billions of chained (1996) dollars\2\... 6,320.0 6,539.2 6,772.4 6,679.0 6,719.2 6,917.5 6,773.8 6,998.1
Personal saving as a percentage of
disposable personal income.............. 2.4 1.0 1.6 1.1 1.1 3.8 .4 2.9
-----------------------------------------------------------------------------------------------------------------------------------
r revised
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
net interest, contributions for social insurance, and wage accruals
less disbursements, plus personal interest income, personal dividend
income, government transfer payments to persons, and business
transfer payments to persons.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 10.--Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
1999 2000 2001 I 01 II 01 III 01 IV 01 I 02r 2000 2001 II 01 III 01 IV 01 I 02r I 02r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 825.2 876.4 767.1 789.8 759.8 697.0 822.0 827.8 6.2 -12.5 -3.8 -8.3 17.9 .7 4.8
Profits before tax................. 776.3 845.4 698.5 755.7 738.3 680.6 619.4 643.5 8.9 -17.4 -2.3 -7.8 -9.0 3.9 -14.8
Profits tax liability............ 253.0 271.5 216.0 236.8 228.0 204.9 194.1 212.4 7.3 -20.4 -3.7 -10.1 -5.3 9.4 -10.3
Profits after tax................ 523.3 573.9 482.5 518.9 510.3 475.6 425.2 431.1 9.7 -15.9 -1.7 -6.8 -10.6 1.4 -16.9
Dividends...................... 343.5 379.6 416.6 405.2 412.3 420.4 428.7 436.0 10.5 9.8 1.8 2.0 2.0 1.7 7.6
Undistributed profits.......... 179.8 194.3 65.9 113.7 98.0 55.2 -3.5 -4.9 8.1 -66.1 -13.8 -43.6 -106.4 38.9 -104.3
Inventory valuation adjustment..... -2.9 -12.4 2.2 -1.9 -8.8 3.1 16.6 19.3 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 51.7 43.4 66.4 36.0 30.3 13.4 186.1 164.9 -16.1 53.2 -15.7 -55.9 1,292.6 -11.4 358.3
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments........... 572.1 604.9 551.2 553.0 531.8 492.0 627.9 615.4 5.7 -8.9 -3.8 -7.5 27.6 -2.0 11.3
Net cash flow with inventory
valuation and capital
consumption adjustments........... 897.9 952.4 933.1 911.6 905.1 918.6 997.1 988.8 6.1 -2.0 -.7 1.5 8.5 -.8 8.5
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 228.7 225.3 134.5 147.8 119.5 71.7 199.1 179.3 -1.5 -40.3 -19.1 -40.0 177.9 -9.9 21.3
Consumption of fixed capital..... 669.2 727.1 798.6 763.8 785.6 847.0 798.0 809.5 8.6 9.8 2.9 7.8 -5.8 1.4 6.0
Less: Inventory valuation
adjustment........................ -2.9 -12.4 2.2 -1.9 -8.8 3.1 16.6 19.3 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 900.7 964.8 930.9 913.5 913.9 915.6 980.6 969.5 7.1 -3.5 .0 .2 7.1 -1.1 6.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
Table 11.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
1999 2000 2001 I 01 II 01 III 01 IV 01 I 02r 2000 2001 II 01 III 01 IV 01 I 02r
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with IVA and CCAdj..... 825.2 876.4 767.1 789.8 759.8 697.0 822.0 827.8 51.2 -109.3 -30.0 -62.8 125.0 5.8
Domestic industries.......................... 710.5 739.6 617.8 649.7 615.8 550.9 655.0 693.4 29.1 -121.8 -33.9 -64.9 104.1 38.4
Financial.................................. 180.3 189.5 167.3 184.9 165.4 136.1 183.0 197.4 9.2 -22.2 -19.5 -29.3 46.9 14.4
Nonfinancial............................... 530.3 550.1 450.5 464.8 450.4 414.8 472.0 496.0 19.8 -99.6 -14.4 -35.6 57.2 24.0
Rest of the world............................ 114.6 136.8 149.3 140.0 144.0 146.1 167.0 134.3 22.2 12.5 4.0 2.1 20.9 -32.7
Receipts from the rest of the world........ 173.3 204.9 190.8 201.0 194.0 185.9 182.2 187.5 31.6 -14.1 -7.0 -8.1 -3.7 5.3
Less: Payments to the rest of the world.... 58.7 68.1 41.5 61.0 50.0 39.8 15.2 53.2 9.4 -26.6 -11.0 -10.2 -24.6 38.0
Corporate profits with IVA............... 773.4 833.0 700.7 753.8 729.5 683.6 635.9 662.8 59.6 -132.3 -24.3 -45.9 -47.7 26.9
Domestic industries.......................... 658.8 696.3 551.4 613.8 585.4 537.5 468.9 528.5 37.5 -144.9 -28.4 -47.9 -68.6 59.6
Financial.................................. 191.0 204.4 180.0 202.2 183.3 153.4 181.2 199.2 13.4 -24.4 -18.9 -29.9 27.8 18.0
Federal Reserve banks.................... 25.7 30.0 27.9 30.4 28.7 27.4 25.0 23.4 4.3 -2.1 -1.7 -1.3 -2.4 -1.6
Other.................................... 165.3 174.4 152.1 171.7 154.6 126.0 156.2 175.9 9.1 -22.3 -17.1 -28.6 30.2 19.7
Nonfinancial............................... 467.8 491.8 371.4 411.6 402.1 384.1 287.7 329.3 24.0 -120.4 -9.5 -18.0 -96.4 41.6
Manufacturing............................ 163.7 155.2 79.5 90.4 93.4 84.0 50.3 66.7 -8.5 -75.7 3.0 -9.4 -33.7 16.4
Durable goods.......................... 75.8 63.2 9.1 24.8 15.6 8.6 -12.4 6.1 -12.6 -54.1 -9.2 -7.0 -21.0 18.5
Primary metal industries............. 2.6 3.1 -1.2 -2.0 -1.5 -.8 -.5 1.7 .5 -4.3 .5 .7 .3 2.2
Fabricated metal products............ 16.7 14.3 8.6 9.3 9.7 7.7 7.9 8.1 -2.4 -5.7 .4 -2.0 .2 .2
Industrial machinery and equipment... 9.4 7.9 -5.6 4.5 -3.6 -10.7 -12.4 -8.1 -1.5 -13.5 -8.1 -7.1 -1.7 4.3
Electronic and other electric
equipment........................... 6.2 3.7 -7.2 -1.5 -4.8 -9.2 -13.3 -10.9 -2.5 -10.9 -3.3 -4.4 -4.1 2.4
Motor vehicles and equipment......... 6.7 5.1 -2.3 -2.9 -3.2 3.1 -6.4 -4.2 -1.6 -7.4 -.3 6.3 -9.5 2.2
Other................................ 34.2 29.1 16.8 17.4 18.9 18.5 12.4 19.6 -5.1 -12.3 1.5 -.4 -6.1 7.2
Nondurable goods....................... 87.9 92.0 70.4 65.6 77.8 75.5 62.8 60.6 4.1 -21.6 12.2 -2.3 -12.7 -2.2
Food and kindred products............ 25.2 21.6 15.6 10.9 16.6 16.9 17.9 17.7 -3.6 -6.0 5.7 .3 1.0 -.2
Chemicals and allied products........ 26.6 30.6 28.2 25.1 29.0 30.5 28.0 22.3 4.0 -2.4 3.9 1.5 -2.5 -5.7
Petroleum and coal products.......... .5 7.5 7.0 9.0 10.4 7.2 1.3 -2.8 7.0 -.5 1.4 -3.2 -5.9 -4.1
Other................................ 35.6 32.3 19.7 20.5 22.0 20.9 15.5 23.4 -3.3 -12.6 1.5 -1.1 -5.4 7.9
Transportation and public utilities...... 59.0 67.4 52.4 66.4 62.6 54.8 25.7 36.0 8.4 -15.0 -3.8 -7.8 -29.1 10.3
Transportation......................... 15.3 13.7 .6 5.1 3.3 .9 -6.9 -2.2 -1.6 -13.1 -1.8 -2.4 -7.8 4.7
Communications......................... 5.9 12.7 8.5 15.5 9.9 9.3 -.7 3.6 6.8 -4.2 -5.6 -.6 -10.0 4.3
Electric, gas, and sanitary services... 37.8 41.0 43.3 45.8 49.4 44.6 33.3 34.6 3.2 2.3 3.6 -4.8 -11.3 1.3
Wholesale trade.......................... 53.8 60.5 40.4 40.3 34.0 45.4 41.9 42.0 6.7 -20.1 -6.3 11.4 -3.5 .1
Retail trade............................. 77.1 81.8 85.5 84.9 85.6 87.3 84.3 86.0 4.7 3.7 .7 1.7 -3.0 1.7
Other.................................... 114.2 126.9 113.6 129.7 126.5 112.6 85.5 98.5 12.7 -13.3 -3.2 -13.9 -27.1 13.0
Rest of the world............................ 114.6 136.8 149.3 140.0 144.0 146.1 167.0 134.3 22.2 12.5 4.0 2.1 20.9 -32.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
IVA Inventory valuation adjustment
CCAdj. Capital consumption adjustment
Table 12.--Gross Product of Nonfinancial Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1999 2000 2001 I 01 II 01 III 01 IV 01 I 02r
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross product of nonfinancial
corporate business.................... 5,006.1 5,380.7 5,538.9 5,496.3 5,539.7 5,541.1 5,578.6 5,645.7
Consumption of fixed capital............... 560.7 606.9 665.6 637.3 656.7 702.2 666.1 674.4
Net product................................ 4,445.4 4,773.9 4,873.3 4,859.0 4,883.0 4,838.9 4,912.5 4,971.3
Indirect business tax and nontax
liability plus business transfer
payments less subsidies................. 479.2 516.5 532.8 532.9 537.0 517.1 544.1 547.8
Domestic income.......................... 3,966.1 4,257.4 4,340.6 4,326.1 4,345.9 4,321.8 4,368.4 4,423.5
Compensation of employees.............. 3,272.2 3,535.2 3,721.1 3,694.5 3,726.7 3,736.5 3,726.9 3,751.6
Wage and salary accruals............. 2,805.4 3,041.7 3,208.6 3,185.1 3,214.6 3,222.6 3,212.2 3,228.2
Supplements to wages and salaries.... 466.9 493.5 512.5 509.4 512.0 513.8 514.6 523.4
Corporate profits with IVA and CCAdj... 530.3 550.1 450.5 464.8 450.4 414.8 472.0 496.0
Profits before tax................... 470.7 504.2 369.2 413.5 411.0 381.0 271.2 309.9
Profits tax liability.............. 170.9 186.6 139.7 152.5 151.2 139.3 115.8 128.8
Profits after tax.................. 299.8 317.6 229.5 261.0 259.8 241.7 155.4 181.1
Dividends........................ 240.0 269.0 309.5 300.9 294.3 320.1 322.5 331.7
Undistributed profits............ 59.8 48.6 -80.0 -39.9 -34.5 -78.4 -167.1 -150.6
Inventory valuation adjustment....... -2.9 -12.4 2.2 -1.9 -8.8 3.1 16.6 19.3
Capital consumption adjustment....... 62.5 58.3 79.1 53.2 48.2 30.7 184.3 166.8
Net interest........................... 163.6 172.1 168.9 166.8 168.9 170.6 169.5 175.9
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Gross product of nonfinancial
corporate business.................... 4,920.9 5,157.9 5,215.7 5,205.3 5,216.3 5,181.5 5,259.9 5,332.7
Consumption of fixed capital\1\............ 579.1 624.8 698.5 666.7 688.4 730.7 708.4 731.5
Net product\2\............................. 4,341.8 4,533.1 4,517.2 4,538.6 4,527.9 4,450.8 4,551.5 4,601.2
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Dollars
----------------------------------------------------------------------------------------
Price, costs, and profits per unit of
real gross product of nonfinancial
corporate business:
Price per unit of real gross product
of nonfinancial corporate business\3\... 1.017 1.043 1.062 1.056 1.062 1.069 1.061 1.059
Compensation of employees
(unit labor cost)....................... .665 .685 .713 .710 .714 .721 .709 .704
Unit nonlabor cost....................... .244 .251 .262 .256 .261 .269 .262 .262
Consumption of fixed capital........... .114 .118 .128 .122 .126 .136 .127 .126
Indirect business tax and nontax
liability plus business transfer
payments less subsidies............... .097 .100 .102 .102 .103 .100 .103 .103
Net interest........................... .033 .033 .032 .032 .032 .033 .032 .033
Corporate profits with IVA and CCADj.
(unit profits from current production).. .108 .107 .086 .089 .086 .080 .090 .093
Profits tax liability.................. .035 .036 .027 .029 .029 .027 .022 .024
Profits after tax with IVA and CCAdj... .073 .070 .060 .060 .057 .053 .068 .069
-----------------------------------------------------------------------------------------------------------------------------------
r revised
1. Chained-dollar consumption of fixed capital of nonfinancial corporate
business is calculated as the product of the chain-type quantity index and the
1996 current-dollar value of the corresponding series, divided by 100.
2. Chained-dollar net product of nonfinancial corporate business is the
difference between the gross product and the consumption of fixed capital.
3. The deflator for gross product of nonfinancial corporate business divided
by 100.
IVA Inventory valuation adjustment
CCAdj. Capital consumption adjustment
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1999 2000 2001 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02r
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GDP and related aggregates:
GDP............................... 4.1 4.1 1.2 2.2 4.1 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3 .3 -1.3 1.7 6.1
Goods............................. 5.5 5.8 -1.5 -3.1 6.1 13.2 2.1 .9 7.6 15.2 1.8 8.2 2.1 -2.4 -2.6 -3.6 -4.4 1.8 10.6
Services.......................... 3.2 3.3 2.9 4.8 2.2 2.5 3.2 3.1 4.1 4.2 1.7 5.3 1.1 4.9 2.2 2.7 1.8 3.0 3.9
Structures........................ 3.4 2.3 2.2 10.5 7.0 5.7 5.9 -2.5 -3.4 5.3 9.1 -2.1 -.2 2.2 12.3 2.0 -7.1 -6.4 2.6
Motor vehicle output.............. 12.0 -.7 -4.7 -9.9 -5.9 77.2 -4.2 1.5 23.0 5.5 -4.0 -1.4 -12.8 -20.0 -16.9 24.7 8.5 10.2 5.2
GDP less motor vehicle output..... 3.8 4.3 1.4 2.7 4.5 4.7 3.4 1.7 4.0 8.4 2.6 6.0 1.9 2.8 2.0 -.4 -1.7 1.4 6.2
Final sales of computers\1\....... 42.4 52.3 8.8 36.5 42.9 54.9 20.5 54.8 61.1 33.4 66.8 66.3 39.1 30.0 9.0 -26.5 -10.7 31.2 -1.2
GDP less final sales of computers. 3.8 3.7 1.1 1.9 3.8 6.3 2.9 1.3 4.2 8.1 1.8 5.2 1.0 1.6 1.2 .6 -1.2 1.4 6.2
Farm product\2\................... 5.7 13.7 -2.0 -7.4 11.2 5.5 5.2 18.8 -14.1 19.2 28.3 8.7 17.8 8.5 -10.9 -21.9 6.8 10.6 -16.1
Nonfarm business less housing
product\3\....................... 4.7 4.6 1.0 2.0 4.3 8.4 3.6 1.4 5.3 10.0 2.0 6.6 1.2 1.8 1.4 -.5 -2.2 1.6 7.3
Price indexes:
GDP............................... 1.4 2.3 2.2 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.1 1.9 1.8 3.3 2.1 2.3 -.1 1.2
GDP less food and energy.......... 1.4 2.2 1.8 1.2 1.5 1.1 1.6 1.4 1.5 1.9 3.4 2.0 1.9 1.6 2.2 1.2 2.8 .4 1.5
GDP less final sales of computers. 1.8 2.5 2.5 1.4 1.9 1.4 2.1 1.6 1.6 2.1 4.0 2.4 2.1 1.9 3.8 2.3 2.5 .1 1.5
Gross domestic purchases.......... 1.5 2.6 1.7 .7 1.1 1.2 1.5 2.0 2.0 2.2 4.2 1.9 2.3 1.7 2.7 1.3 -.1 .5 1.1
Gross domestic purchases less
food and energy.................. 1.4 2.0 1.5 1.1 1.3 1.2 1.6 1.3 1.4 1.7 3.3 1.7 1.7 1.3 2.3 .9 .6 2.0 1.4
Gross domestic purchases less
final sales of computers......... 1.9 2.9 2.0 1.1 1.6 1.6 1.9 2.3 2.4 2.5 4.5 2.2 2.6 2.0 3.3 1.6 .2 .8 1.3
Personal consumption expenditures. 1.6 2.7 1.9 1.0 1.4 1.4 1.3 2.0 2.2 2.4 4.0 2.1 2.4 2.0 3.2 1.3 -.2 .8 1.0
Personal consumption expenditures
less food and energy............. 1.5 1.9 1.6 1.7 1.6 1.5 1.4 1.2 1.5 1.8 2.9 1.7 1.6 1.5 2.6 .7 .5 2.7 1.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross product of farm, of housing,
of households and institutions, and of general government.
See "Explanatory Note" at the end of the tables.
Explanatory Note: Measures of Output and Prices
This note describes the calculation of chain-type quantity and price indexes used in the NIPA's.
Changes in current-dollar GDP measure changes in the market value of goods, services, and structures produced in the
economy in a particular period. These changes 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 1996--equal to
100.
The 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 1999-2000 annual percent change in real GDP uses prices for 1999 and 2000 as weights,
and the 1999-2000 annual percent change in GDP prices uses quantities for 1999 and 2000 as weights. These annual
changes are "chained" (multiplied) together to form time series of quantity and price indexes. The Fisher formula
produces percent changes in quantities and prices that are not affected by the choice of reference years. In addition,
because the changes in quantities and prices calculated in this way are symmetric, in general, the product of a quantity
index and the corresponding price index equals the current-dollar index. (BEA also publishes a measure of the price level
known as the "implicit price deflator (IPD)," which is calculated as the ratio of 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 for all periods.)
Chain-type quantity and price indexes for GDP and its major components are presented in this release as index
numbers in table 5 and in the form of percentage changes from the preceding period in tables 1, 4, 6 and from the quarter
one year ago in table 7. Contributions by major components to changes in real GDP are presented in table 2. BEA also
prepares measures of real GDP and its components in a dollar-denominated form, designated "chained (1996) dollar
estimates." For GDP and most other series, these estimates, which are presented in table 3, are computed by multiplying
the 1996 current-dollar value by a corresponding quantity index number and then dividing by 100. For example, if a
current-dollar GDP component equaled $100 in 1996 and if real output for this component increased 10 percent in 1997,
then the chained (1996) dollar value of this component in 1997 would be $110 ($100 x 1.10).
For analyses of changes over time in an aggregate or in a component, the percentage changes calculated from the
chained-dollar estimates and from the chain-type quantity indexes are the same; any differences will be small and due to
rounding. However, because the relative prices used as weights for any period other than the reference year differ from
those used for the reference year, the chained-dollar values for the detailed GDP components will not necessarily sum to
the chained-dollar estimate of GDP or to any intermediate aggregate. A measure of the extent of such differences is
provided by a "residual" line, which indicates the difference between GDP (or another 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 for the chain-type index, the residuals tend to be small, and the
chained (1996) dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed
estimates. As one moves further from the reference year, the residual tends to become larger, and the chained-dollar
estimates become 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.
References: "A Preview of the 1999 Comprehensive Revision of the NIPA's: Statistical Changes," October 1999 Survey,
pp. 6-17; "A Guide to the NIPA's," March 1998 Survey, pp. 36-40; "BEA's Chain Indexes, Time Series, and Measures of
Long-Term Economic Growth," May 1997 Survey, pp. 58-68.
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