News Release

FOR WIRE TRANSMISSION: 8:30 A.M. EST, THURSDAY, MARCH 28, 2002
BEA 02-08

Gross Domestic Product and Corporate Profits Fourth Quarter 2001 "final" estimate




The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
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Virginia H. Mannering:  (202) 606-5304   (GDP)                   BEA 02-08
Kenneth A. Petrick:           606-9738   (Profits)
Recorded message:             606-5306



         GROSS DOMESTIC PRODUCT:  FOURTH QUARTER 2001 (FINAL)
         CORPORATE PROFITS:  FOURTH QUARTER 2001



    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 1.7 percent in the fourth quarter of 2001,
according to revised estimates released by the Bureau of Economic Analysis.  In the third quarter, real
GDP decreased 1.3 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 
1.4 percent (see "Revisions" on page 3).

    The increase in real GDP in the fourth quarter reflected positive contributions from personal
consumption expenditures (PCE) and from government spending that were partly offset by negative
contributions from private inventory investment, from nonresidential fixed investment, from exports, and
from residential investment.  Imports, which are a subtraction in the calculation of GDP, decreased in the
fourth quarter.  
    
    The upturn in real GDP growth in the fourth quarter reflected accelerations in PCE and in
government spending, and a smaller decrease in exports that were partly offset by larger decreases in
inventory investment and in nonresidential fixed investment, and a downturn in residential investment. 
There was also a smaller decrease in imports in the fourth quarter. 

                        


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.


    The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.5 percent in the fourth quarter, 0.1 percentage point more than in the preliminary estimate;
this index decreased 0.1 percent in the third quarter.  Excluding food and energy prices, the price index
for gross domestic purchases increased 2.0 percent in the fourth quarter, compared with an increase of
0.6 percent in the third.  The fourth-quarter upturn in the price index also reflected an acceleration in
PCE services prices associated with the treatment of insurance payments resulting from the September
11th terrorist attacks.  The increase in benefit payments is treated as a third-quarter reduction in the
average net premiums paid for insurance services.  Excluding the insurance-related price effects, the gross
domestic purchases price index decreased 0.2 percent in the fourth quarter, following an increase of 0.6
percent in the third.

    Real personal consumption expenditures increased 6.1 percent in the fourth quarter, compared with
an increase of 1.0 percent in the third.  Real nonresidential fixed investment decreased 13.8 percent,
compared with a decrease of 8.5 percent.  Nonresidential structures decreased 33.6 percent, compared
with a decrease of 7.5 percent.  Equipment and software decreased 5.3 percent, compared with a
decrease of 8.8 percent.  Real residential fixed investment decreased 4.6 percent, in contrast to an
increase of 2.4 percent.

    Real exports of goods and services decreased 10.9 percent in the fourth quarter, compared with a
decrease of 18.8 percent in the third.  Real imports of goods and services decreased 7.5 percent,
compared with a decrease of 13.0 percent.

    Real federal government consumption expenditures and gross investment increased 11.4 percent in
the fourth quarter, compared with an increase of 3.6 percent in the third.  National defense increased 9.0
percent, compared with an increase of 3.2 percent.  Nondefense increased 16.0 percent, compared with
an increase of 4.2 percent.  Real state and local government consumption expenditures and gross
investment increased 9.6 percent, in contrast to a decrease of 1.3 percent.

    The real change in private inventories subtracted 2.16 percentage points from the fourth-quarter
change in real GDP, after subtracting 0.81 percentage point from the third-quarter change.  Private
businesses reduced inventories $119.3 billion in the fourth quarter, following decreases of $61.9 billion in
the third quarter and $38.3 billion in the second.

    Real final sales of domestic product -- GDP less change in private inventories -- increased 3.8
percent in the fourth quarter, in contrast to a decrease of 0.5 percent in the third.


Gross domestic purchases

    Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.7 percent in the fourth quarter, in contrast to a decrease of 1.0 percent in the
third. 


Gross national product

    Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 2.6 percent in the fourth quarter, in contrast to a decrease of 1.3 percent in
the third.  GNP includes, and GDP excludes, net receipts of income from the rest of the world; in the
fourth quarter, receipts decreased $25.8 billion, and payments decreased $46.8 billion.


Current-dollar GDP

    Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 1.5
percent, or $38.4 billion, in the fourth quarter to a level of $10,263.3 billion.  In the third quarter,
current-dollar GDP increased 0.9 percent, or $22.3 billion.


Revisions

    The final estimate of the fourth-quarter increase in real GDP is 0.3 percentage point, or $5.9
billion, higher than the preliminary estimate issued last month.  The upward revision to the percentage
change in real GDP primarily reflected an upward revision to exports of services and a downward
revision to imports of services.

                                        Advance       Preliminary       Final
                                       (Percent change from preceding quarter)
Real GDP.............................     0.2              1.4           1.7
Current-dollar GDP...................    - .1              1.1           1.5
Gross domestic purchases price index.      .4               .4            .5
    

                           Corporate Profits

    Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $125.0 billion in the fourth quarter.  In the third quarter, profits
decreased $62.8 billion.  Current-production cash flow (net cash flow with inventory valuation and capital
consumption adjustments) -- the internal funds available to corporations for investment -- increased $78.5
billion in the fourth quarter, compared with an increase of $13.5 billion in the third.

    Domestic profits of financial corporations increased $46.9 billion in the fourth quarter, in contrast
to a decrease of $29.3 billion in the third.

    Domestic profits of nonfinancial corporations increased $57.2 billion in the fourth quarter, in
contrast to a decrease of $35.6 billion in the third.  In the fourth 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 costs incurred by corporations than in the prices corporations received; both unit
labor and nonlabor costs decreased.

    The rest-of-the-world component of profits increased $20.9 billion in the fourth quarter, compared
with an increase of $2.1 billion in the third.  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 fourth-quarter increase was accounted for by a
larger decrease in payments than in receipts.

    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.  According to
this measure, domestic profits of financial corporations increased, and domestic profits of nonfinancial
corporations decreased.  Profit decreases of nonfinancial corporations were widespread among major
industry groups.  The largest decreases occurred in manufacturing, in the transportation and public
utilities group, and in "other" nonmanufacturing. 

    Profits before tax decreased $61.2 billion in the fourth quarter, compared with a decrease of $57.7
billion in the third.  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 an historical-cost basis to the current-
cost measures used in the national income and product accounts.  In addition, the fourth-quarter change
in the capital consumption adjustment reflected the retroactive provisions of the Job Creation and Worker
Assistance Act of 2002 as discussed below.  As a result, the capital consumption adjustment increased
$172.7 billion in the fourth quarter (from $13.4 billion to $186.1 billion), in contrast to a decrease of
$16.9 billion in the third.  The inventory valuation adjustment increased $13.5 billion (from $3.1 billion to
$16.6 billion), compared with an increase of $11.9 billion.

    Profits tax liability decreased $10.8 billion in the fourth quarter, compared with a decrease of $23.1
billion in the third.  Profits after tax decreased $50.4 billion, compared with a decrease of $34.7 billion. 
Dividends increased $8.3 billion, compared with an increase of $8.1 billion; undistributed profits
decreased $58.7 billion, compared with a decrease of $42.8 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 the current 2 years.
                                                     
    The fourth-quarter estimates of corporate profits shown in this release have been adjusted to reflect
the retroactive 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./1
The adjustments reduced the fourth-quarter change in profits before taxes, which reflects the inventory-
accounting and depreciation-accounting practices used for federal income tax returns, by $146.5 billion
and increased the fourth-quarter change in the 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 the fourth-quarter change in profits tax liability by $35.3 billion and
reduced the fourth-quarter change in profits after tax by $111.2 billion.

FOOTNOTE  1/Thus, the adjustments reflect the changes from the revised third-quarter levels of a series to the
revised fourth-quarter levels. The quarterly levels of these series will be revised to incorporate the effects
of the act in the upcoming annual revision of the national income and product accounts (NIPA's),
scheduled for release on July 31, 2002.  The NIPA personal tax series are recorded on a cash basis; thus,
the effects of the act on personal taxes paid by proprietors will be reflected in the estimates for 2002.          
                                                              
    As with corporate profits from current production, the effects of the retroactive provisions of the
act on nonfarm proprietors' income with inventory valuation adjustment (IVA) and capital consumption
adjustment (CCAdj) (tables 8 and 9) were offsetting; nonfarm proprietors' income without IVA and
CCAdj was reduced and the related CCAdj was increased by the same amounts. The other major national
income and product account components or aggregates shown in this release were not affected. 


Corporate profits in 2001

    Profits from current production decreased 12.5 percent in 2001, in contrast to an increase of 6.2
percent in 2000.  Domestic profits decreased 16.5 percent, in contrast to an increase of 4.1 percent.  The
foreign component of profits increased 9.1 percent, compared with an increase of 19.4 percent.

    Profits before tax decreased 17.4 percent in 2001, in contrast to an increase of 8.9 percent in 2000. 
The before-tax measure of profits does not reflect, as does profits from current production, the capital
consumption and inventory valuation adjustments.  The smaller decrease in 2001 profits from current
production, compared with the decrease in profits before tax, resulted from increases in the inventory
valuation adjustment and in the capital consumption adjustment.

    Profits tax liability decreased 20.4 percent in 2001, in contrast to an increase of 7.3 percent in
2000.  Profits after tax decreased 15.9 percent, in contrast to an increase of 9.7 percent.  Dividends
increased 9.8 percent, compared with an increase of 10.5 percent; undistributed profits decreased 66.1
percent, in contrast to an increase of 8.1 percent.

                                  
                       *          *          *


    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 -- April 26, 2002, at 8:30 A.M. EDT for:
            Gross Domestic Product:   First Quarter 2002 (Advance)

    
                                    Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                         [Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       1999   2000   2001r  I 98  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 01r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    4.1    4.1    1.2    6.1    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

Personal consumption expenditures...    5.0    4.8    3.1    5.1    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
  Durable goods.....................   12.5    9.5    6.7    7.0   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
  Nondurable goods..................    4.7    4.7    1.8    5.6    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
  Services..........................    3.7    4.0    3.0    4.5    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

Gross private domestic investment...    6.6    6.8   -8.0   32.5   -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
  Fixed investment..................    7.8    7.6   -2.0   18.7   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
    Nonresidential..................    8.2    9.9   -3.2   21.6   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
      Structures....................   -2.0    6.2     .9    4.9   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
      Equipment and software........   11.8   11.1   -4.4   28.0   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
    Residential.....................    6.7     .8    1.5   10.4    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
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    3.2    9.5   -4.5     .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
    Goods...........................    3.9   11.3   -5.6    -.2   -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
    Services........................    1.6    5.3   -1.9    2.4    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
  Imports...........................   10.5   13.4   -2.7   15.9   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
    Goods...........................   12.4   13.5   -2.8   14.9   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
    Services........................    1.1   12.6   -2.6   21.3    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

Government consumption expenditures
 and gross investment...............    3.3    2.7    3.6   -2.5    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
  Federal...........................    2.2    1.7    2.7   -9.7   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
    National defense................    2.1     .1    4.7  -17.6   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
    Nondefense......................    2.3    4.6    -.9    7.2   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
  State and local...................    3.9    3.2    4.0    1.7    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

Addenda:
  Final sales of domestic product...    4.3    4.3    2.3    4.0    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
  Gross domestic purchases..........    5.0    4.8    1.3    7.9    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
  Final sales to domestic
   purchasers.......................    5.2    4.9    2.3    5.8    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
  Gross national product (GNP)......    4.0    4.1    1.3    6.4    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
  Disposable personal income........    2.5    3.5    3.6    8.1    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

  Current-dollar measures:
    GDP.............................    5.5    6.5    3.4    7.2    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
    Final sales of domestic product.    5.8    6.7    4.5    5.2    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
    Gross domestic purchases........    6.6    7.5    2.9    8.0    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
    Final sales to domestic
     purchasers.....................    6.8    7.7    4.0    6.0    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
    GNP.............................    5.5    6.5    3.5    7.5    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
    Disposable personal income......    4.1    6.2    5.5    8.8    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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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   2001r  I 98  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 01r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........    4.1    4.1    1.2    6.1    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

Percentage points at annual rates:

  Personal consumption expenditures.   3.35   3.28   2.10   3.39   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
    Durable goods...................    .97    .77    .54    .53   1.21    .33   1.74    .56   1.19    .72   1.09   1.46   -.21    .65   -.17    .83    .56    .07   2.84
    Nondurable goods................    .93    .94    .36   1.08   1.13    .62   1.03   1.07    .83    .53   1.51   1.01    .95    .84    .12    .49    .06    .12    .50
    Services........................   1.45   1.57   1.19   1.77   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

  Gross private domestic investment.   1.14   1.19  -1.41   4.99  -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
    Fixed investment................   1.29   1.28   -.33   2.85   1.84    .64   2.10   1.16   1.06   1.22    .84   2.24   1.49    .44    .09    .33  -1.74   -.97  -1.96
      Nonresidential................   1.01   1.25   -.40   2.45   1.49    .20   1.71    .73    .94   1.25    .76   1.88   1.52    .91    .13   -.02  -1.99  -1.08  -1.75
        Structures..................   -.07    .19    .02    .15    .45   -.09    .11   -.21   -.14   -.22    .13    .26    .35    .45    .24    .39   -.44   -.26  -1.27
        Equipment and software......   1.08   1.06   -.42   2.29   1.04    .29   1.61    .94   1.07   1.47    .63   1.63   1.17    .46   -.11   -.41  -1.55   -.82   -.47
      Residential...................    .28    .04    .07    .40    .36    .44    .39    .42    .13   -.03    .08    .36   -.03   -.47   -.05    .35    .25    .10   -.21
    Change in private inventories...   -.15   -.09  -1.08   2.14  -3.02   1.34    .28    .12  -2.12    .44   2.15  -2.32   1.76   -.95   -.50  -2.61   -.42   -.81  -2.16

  Net exports of goods and services.   -.98   -.79   -.12  -1.85  -1.83   -.78    .17  -1.79  -1.18   -.76   -.15  -1.32   -.84   -.70   -.39    .63   -.12   -.27   -.14
    Exports.........................    .35   1.01   -.49    .07   -.46   -.24   1.66   -.77    .43    .99   1.27    .95   1.42   1.13   -.46   -.13  -1.37  -2.13  -1.14
      Goods.........................    .30    .85   -.44   -.02   -.72    .04   1.33   -.64    .32    .93   1.08    .64   1.11   1.36   -.58   -.19  -1.45  -1.55   -.72
      Services......................    .05    .17   -.06    .09    .25   -.28    .32   -.13    .11    .06    .19    .31    .31   -.22    .12    .06    .08   -.58   -.42
    Imports.........................  -1.33  -1.81    .37  -1.92  -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
      Goods.........................  -1.31  -1.54    .33  -1.51  -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
      Services......................   -.02   -.26    .04   -.41   -.14   -.15    .00    .18   -.04   -.16   -.23   -.41   -.26   -.36    .00   -.11    .05    .66    .59

  Government consumption
   expenditures and gross investment    .58    .47    .63   -.43   1.27    .35    .73    .35    .21    .77   1.50   -.20    .78   -.32    .58    .92    .87    .05   1.76
    Federal.........................    .13    .10    .16   -.64    .71   -.24    .32   -.23    .05    .43    .85   -.84    .90   -.66    .27    .19    .11    .21    .66
      National defense..............    .08    .00    .18   -.79    .47    .21   -.03   -.14   -.14    .48    .55   -.87    .56   -.42    .38    .28    .09    .12    .34
      Nondefense....................    .05    .10   -.02    .15    .24   -.45    .35   -.09    .19   -.05    .30    .03    .34   -.24   -.11   -.09    .02    .09    .32
    State and local.................    .44    .37    .47    .21    .56    .60    .40    .58    .16    .34    .65    .64   -.12    .34    .31    .73    .76   -.16   1.10
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       2001r   IV 00     I 01    II 01   III 01    IV 01r    2001r   IV 00     I 01    II 01   III 01    IV 01r    2001r  III 01    IV 01r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
   Gross domestic product (GDP)... 10,208.1 10,027.9 10,141.7 10,202.6 10,224.9 10,263.3  9,333.8  9,303.9  9,334.5  9,341.7  9,310.4  9,348.6    109.8    -31.3     38.2

Personal consumption expenditures.  7,064.5  6,871.4  6,977.6  7,044.6  7,057.6  7,178.2  6,450.3  6,341.1  6,388.5  6,428.4  6,443.9  6,540.3    192.5     15.5     96.4

  Durable goods...................    858.3    818.7    838.1    844.7    840.6    909.8    955.6    899.4    922.4    938.1    940.2  1,021.7     60.1      2.1     81.5
    Motor vehicles and parts......    375.1    343.2    358.6    362.3    360.3    419.3    375.0    343.9    357.0    361.9    361.5    419.4     26.7      -.4     57.9
    Furniture and household
     equipment....................    310.4    307.4    308.4    310.0    308.3    314.9    403.2    383.8    391.0    400.5    403.7    417.8     26.2      3.2     14.1
    Other.........................    172.8    168.0    171.1    172.5    172.1    175.6    180.0    175.4    177.5    179.5    179.3    183.6      7.2      -.2      4.3

  Nondurable goods................  2,055.1  2,025.1  2,047.1  2,062.3  2,057.5  2,053.5  1,883.3  1,866.8  1,878.0  1,879.4  1,882.0  1,893.6     33.4      2.6     11.6
    Food..........................    991.6    971.4    982.0    987.0    993.5  1,003.9    886.2    886.4    887.3    886.1    883.8    887.6      4.9     -2.3      3.8
    Clothing and shoes............    322.2    323.5    325.7    322.4    318.5    322.1    345.2    339.9    342.7    344.1    344.7    349.3      9.9       .6      4.6
    Gasoline, fuel oil, and
     other energy goods...........    179.4    189.4    188.9    194.0    179.7    154.8    151.7    150.9    152.6    150.1    152.6    151.7      1.4      2.5      -.9
      Gasoline and oil............    162.6    170.1    169.5    177.3    163.4    140.3    139.1    137.2    138.9    137.7    140.1    139.6      2.5      2.4      -.5
      Fuel oil and coal...........     16.7     19.3     19.4     16.7     16.3     14.5     12.8     13.8     13.8     12.6     12.7     12.3     -1.0       .1      -.4
    Other.........................    562.0    540.8    550.5    559.0    565.8    572.7    502.3    491.4    497.3    501.4    503.0    507.5     17.8      1.6      4.5

  Services........................  4,151.1  4,027.5  4,092.4  4,137.6  4,159.4  4,214.9  3,633.4  3,588.8  3,605.1  3,629.8  3,640.4  3,658.2    105.7     10.6     17.8
    Housing.......................  1,015.9    978.0    992.8  1,008.2  1,022.9  1,039.6    867.0    856.6    861.3    864.9    868.4    873.2     16.9      3.5      4.8
    Household operation...........    412.2    408.1    420.1    414.5    412.2    401.8    387.2    393.4    392.3    387.0    388.0    381.3      9.6      1.0     -6.7
      Electricity and gas.........    154.8    156.9    164.4    157.9    154.3    142.8    134.6    144.4    140.1    135.0    134.0    129.4     -1.8     -1.0     -4.6
      Other household operation...    257.3    251.3    255.7    256.7    257.9    259.0    253.2    248.7    252.3    252.7    254.7    253.0     12.2      2.0     -1.7
    Transportation................    278.3    278.8    280.5    279.8    277.5    275.3    252.6    253.8    254.4    254.2    252.0    249.7      1.3     -2.2     -2.3
    Medical care..................  1,061.1  1,020.0  1,039.8  1,054.6  1,065.4  1,084.6    935.4    915.0    921.6    932.1    940.2    947.7     31.5      8.1      7.5
    Recreation....................    270.9    260.9    267.3    271.0    270.9    274.4    232.3    228.5    232.2    232.8    231.2    232.9      5.3     -1.6      1.7
    Other.........................  1,112.8  1,081.7  1,092.0  1,109.3  1,110.6  1,139.2    957.9    941.3    942.8    957.7    959.7    971.5     40.8      2.0     11.8

Gross private domestic investment.  1,633.9  1,780.3  1,722.8  1,669.9  1,624.8  1,518.2  1,630.8  1,778.3  1,721.0  1,666.2  1,620.5  1,515.5   -142.1    -45.7   -105.0

  Fixed investment................  1,692.4  1,741.6  1,748.3  1,706.5  1,682.6  1,632.1  1,682.6  1,732.1  1,740.3  1,696.4  1,671.6  1,621.9    -33.6    -24.8    -49.7
    Nonresidential................  1,246.0  1,318.2  1,311.2  1,260.2  1,231.0  1,181.6  1,308.0  1,374.5  1,373.9  1,320.9  1,292.0  1,245.0    -42.7    -28.9    -47.0
      Structures..................    330.3    330.9    345.8    338.6    334.3    302.5    275.2    283.3    291.7    282.3    276.8    249.9      2.4     -5.5    -26.9
        Nonresidential buildings,
         including farm...........    224.2    235.1    241.3    230.4    218.6    206.5    185.9    199.1    202.0    191.6    180.8    169.3     -9.0    -10.8    -11.5
        Utilities.................     57.3     57.5     60.5     59.4     54.3     54.9     52.8     53.5     56.1     55.0     49.9     50.4      4.3     -5.1       .5
        Mining exploration,
         shafts, and wells........     38.7     30.5     36.9     42.0     42.0     34.1     28.4     24.8     28.3     30.4     30.0     25.1      4.9      -.4     -4.9
        Other structures..........     10.1      7.8      7.1      6.7     19.4      7.0      8.8      7.0      6.3      5.9     17.0      6.1      2.1     11.1    -10.9
      Equipment and software......    915.8    987.3    965.4    921.7    896.8    879.1  1,039.0  1,099.3  1,087.7  1,043.2  1,019.4  1,005.6    -48.4    -23.8    -13.8
        Information processing
         equipment and software...    427.1    486.5    460.4    431.1    412.9    404.2    587.1    641.8    620.9    588.1    572.1    567.4    -22.4    -16.0     -4.7
          Computers and
           peripheral equipment...     87.7    114.0    102.9     89.6     78.5     79.8    288.4    317.6    314.4    287.3    265.7    286.0     -1.9    -21.6     20.3
          Software................    189.0    193.3    190.5    189.0    189.8    186.9    191.8    196.0    192.9    191.1    193.1    190.3      4.2      2.0     -2.8
          Other...................    150.4    179.3    167.1    152.5    144.6    137.5    163.9    193.2    180.8    165.9    158.1    151.1    -22.6     -7.8     -7.0
        Industrial equipment......    162.1    170.1    175.8    166.4    156.0    150.4    157.3    165.6    170.7    161.2    151.3    146.0     -5.3     -9.9     -5.3
        Transportation equipment..    178.0    180.1    179.0    175.7    177.7    179.4    175.5    176.2    177.4    174.4    174.0    176.1    -17.2      -.4      2.1
        Other.....................    148.5    150.5    150.3    148.5    150.2    145.2    141.0    144.4    143.3    141.1    142.3    137.2     -3.8      1.2     -5.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       2001r   IV 00     I 01    II 01   III 01    IV 01r    2001r   IV 00     I 01    II 01   III 01    IV 01r    2001r  III 01    IV 01r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
    Residential...................    446.3    423.4    437.0    446.2    451.6    450.4    376.9    365.3    372.9    378.3    380.5    376.0      5.5      2.2     -4.5
      Structures..................    436.8    413.9    427.5    436.7    442.1    440.8    367.3    355.8    363.3    368.6    370.9    366.3      5.5      2.3     -4.6
        Single family.............    229.6    216.4    226.5    229.6    231.6    230.7    191.8    185.0    191.1    192.8    193.3    189.9       .9       .5     -3.4
        Multifamily...............     31.4     27.9     29.6     31.0     31.7     33.3     24.4     22.2     23.3     24.2     24.7     25.5      1.7       .5       .8
        Other.....................    175.8    169.7    171.4    176.1    178.7    176.9    151.1    148.7    149.0    151.6    152.9    150.9      2.7      1.3     -2.0
      Equipment...................      9.6      9.5      9.5      9.6      9.5      9.6      9.7      9.6      9.7      9.7      9.7      9.8       .1       .0       .1
  Change in private inventories...    -58.4     38.7    -25.5    -36.6    -57.8   -113.9    -61.7     42.8    -27.1    -38.3    -61.9   -119.3   -112.3    -23.6    -57.4
    Farm..........................     -1.7       .9       .7     -1.2     -1.9     -4.2     -2.6      3.0       .2     -2.5     -2.9     -5.3      -.6      -.4     -2.4
    Construction, mining,
     and utilities................      3.5     -9.0      2.6      8.0      2.5       .9      3.0     -6.8      1.9      6.8      2.4       .8      4.8     -4.4     -1.6
    Manufacturing.................    -32.5     12.0    -13.6    -33.4    -42.5    -40.5    -35.4     12.9    -15.0    -35.6    -47.0    -44.1    -48.5    -11.4      2.9
    Wholesale trade...............    -12.0     12.3     -3.3      2.2    -17.8    -29.3    -12.5     12.5     -3.0      2.6    -18.9    -30.7    -33.7    -21.5    -11.8
    Retail trade..................    -17.2     19.6    -15.6    -13.4      1.3    -41.1    -16.9     19.3    -15.3    -13.2      1.2    -40.2    -31.8     14.4    -41.4
    Other industries..............      1.4      2.8      3.6      1.2       .6       .3      1.4      2.8      3.6      1.2       .5       .3     -4.1      -.7      -.2

Net exports of goods and services.   -329.8   -390.6   -363.8   -347.4   -294.4   -313.5   -408.7   -421.1   -404.5   -406.7   -411.0   -412.7     -9.6     -4.3     -1.7

  Exports.........................  1,050.4  1,121.0  1,117.4  1,079.6  1,020.6    983.8  1,081.7  1,147.5  1,144.1  1,108.3  1,052.2  1,022.2    -51.5    -56.1    -30.0
    Goods.........................    736.4    799.7    794.2    754.4    710.7    686.1    788.9    849.5    844.4    805.2    762.9    743.1    -47.2    -42.3    -19.8
      Foods, feeds, and beverages.     48.6     47.4     49.3     48.1     47.8     49.4     61.3     59.8     62.1     61.1     59.4     62.7      1.3     -1.7      3.3
      Industrial supplies and
       materials..................    155.8    170.9    166.0    157.8    151.8    147.7    163.1    172.1    168.7    162.7    160.2    160.6     -5.1     -2.5       .4
      Capital goods, except
       automotive.................    323.6    365.9    367.3    332.8    305.0    289.4    358.0    404.3    405.2    367.3    338.2    321.5    -36.9    -29.1    -16.7
      Automotive vehicles,
       engines, and parts.........     74.6     77.2     71.8     76.3     77.4     73.1     72.6     75.4     70.0     74.2     75.2     71.1     -5.7      1.0     -4.1
      Consumer goods, except
       automotive.................     89.8     90.7     94.0     93.6     86.0     85.6     89.4     90.1     93.5     93.3     85.6     84.9      -.4     -7.7      -.7
      Other.......................     43.8     47.6     45.8     45.8     42.8     40.9     45.3     49.0     47.1     47.0     44.2     42.8      -.6     -2.8     -1.4
    Services......................    314.0    321.3    323.2    325.2    309.8    297.7    293.7    300.5    301.8    303.6    289.6    279.6     -5.6    -14.0    -10.0

  Imports.........................  1,380.1  1,511.6  1,481.2  1,427.0  1,315.0  1,297.3  1,490.4  1,568.5  1,548.6  1,515.0  1,463.2  1,434.9    -41.9    -51.8    -28.3
    Goods.........................  1,173.5  1,284.0  1,248.7  1,197.8  1,145.6  1,101.9  1,278.7  1,345.9  1,322.8  1,290.1  1,256.6  1,245.1    -36.9    -33.5    -11.5
      Foods, feeds, and beverages.     46.7     46.3     45.9     45.7     48.0     47.2     51.7     50.4     49.7     50.6     53.8     52.6      2.3      3.2     -1.2
      Industrial supplies and
       materials, except
       petroleum and products.....    167.2    180.2    182.4    174.2    161.5    150.7    165.3    167.2    165.0    166.5    166.5    163.0     -2.6       .0     -3.5
      Petroleum and products......    103.8    127.1    117.2    114.3    102.7     81.1     88.7     85.9     91.3     92.2     85.3     86.1      2.7     -6.9       .8
      Capital goods, except
       automotive.................    298.8    357.3    345.7    299.9    277.4    272.2    400.7    470.1    456.6    400.4    374.4    371.2    -51.0    -26.0     -3.2
      Automotive vehicles,
       engines, and parts.........    189.7    193.0    186.9    191.3    192.0    188.5    186.5    189.5    183.4    188.3    189.2    185.1     -6.0       .9     -4.1
      Consumer goods, except
       automotive.................    283.7    292.8    291.9    286.5    280.1    276.2    298.1    306.2    305.4    300.7    294.6    291.6      4.6     -6.1     -3.0
      Other.......................     83.7     87.2     78.7     86.0     83.9     86.0     83.5     86.6     77.6     85.2     84.3     86.8      2.6      -.9      2.5
    Services......................    206.6    227.7    232.5    229.2    169.4    195.4    213.0    224.7    227.4    226.2    207.6    190.9     -5.7    -18.6    -16.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       2001r   IV 00     I 01    II 01   III 01    IV 01r    2001r   IV 00     I 01    II 01   III 01    IV 01r    2001r  III 01    IV 01r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Government consumption
 expenditures and
 gross investment.................  1,839.5  1,766.8  1,805.2  1,835.4  1,836.9  1,880.4  1,628.6  1,582.8  1,603.4  1,623.0  1,624.1  1,663.9     56.0      1.1     39.8

  Federal.........................    615.7    594.2    605.3    609.9    615.7    631.7    560.3    547.9    552.2    554.7    559.6    574.9     14.4      4.9     15.3
    National defense..............    399.0    382.4    392.9    396.1    399.6    407.5    365.3    353.8    360.3    362.4    365.3    373.2     16.3      2.9      7.9
      Consumption expenditures....    342.2    325.3    338.3    339.5    343.1    347.9    307.1    296.0    304.4    304.6    307.5    312.1     12.6      2.9      4.6
      Gross investment............     56.8     57.1     54.6     56.7     56.5     59.5     58.6     58.4     56.1     58.2     58.1     61.8      3.9      -.1      3.7
    Nondefense....................    216.6    211.8    212.4    213.8    216.1    224.2    195.0    194.0    191.8    192.3    194.3    201.6     -1.7      2.0      7.3
      Consumption expenditures....    171.9    168.8    169.2    170.6    170.6    177.0    151.2    151.8    149.5    150.0    149.8    155.5     -3.0      -.2      5.7
      Gross investment............     44.8     43.0     43.2     43.2     45.5     47.2     44.4     42.6     42.9     42.8     45.2     46.9      1.5      2.4      1.7

  State and local.................  1,223.8  1,172.6  1,199.8  1,225.5  1,221.2  1,248.7  1,067.5  1,034.3  1,050.5  1,067.4  1,063.8  1,088.4     41.2     -3.6     24.6
      Consumption expenditures....    984.2    950.0    966.7    981.3    991.2    997.7    851.3    830.5    839.1    846.9    855.9    863.2     29.9      9.0      7.3
      Gross investment............    239.6    222.7    233.1    244.2    230.0    251.0    216.5    203.9    211.6    221.0    207.9    225.7     11.5    -13.1     17.8

Residual..........................    .....    .....    .....    .....    .....    .....    -75.8    -96.6    -89.0    -75.6    -57.8    -81.5      5.7     17.8    -23.7

Addenda:
  Final sales of domestic product. 10,266.6  9,989.2 10,167.2 10,239.1 10,282.7 10,377.2  9,376.5  9,256.7  9,347.8  9,364.8  9,352.5  9,440.9    209.5    -12.3     88.4
  Gross domestic purchases........ 10,537.9 10,418.5 10,505.6 10,549.9 10,519.3 10,576.8  9,715.7  9,694.4  9,710.4  9,720.4  9,695.1  9,737.0    121.0    -25.3     41.9
  Final sales to domestic
   purchasers..................... 10,596.3 10,379.8 10,531.0 10,586.5 10,577.1 10,690.7  9,758.8  9,647.1  9,723.8  9,743.7  9,737.5  9,830.3    221.1     -6.2     92.8

  Gross domestic product.......... 10,208.1 10,027.9 10,141.7 10,202.6 10,224.9 10,263.3  9,333.8  9,303.9  9,334.5  9,341.7  9,310.4  9,348.6    109.8    -31.3     38.2

  Plus: Income receipts from
   the rest of the world..........    335.2    402.1    378.9    346.9    321.3    293.6    309.1    374.3    350.3    319.6    296.2    270.4    -51.1    -23.4    -25.8
  Less: Income payments to
   the rest of the world..........    340.5    397.9    389.4    358.6    332.4    281.6    309.4    365.8    355.2    325.7    301.8    255.0    -57.6    -23.9    -46.8

  Equals: Gross national product.. 10,202.8 10,032.1 10,131.3 10,190.9 10,213.8 10,275.3  9,333.6  9,311.7  9,329.1  9,335.5  9,304.9  9,364.7    117.2    -30.6     59.8

  Net domestic product............  8,856.8  8,751.1  8,841.9  8,861.1  8,818.2  8,906.0  7,983.1  8,031.2  8,030.6  8,001.5  7,922.5  7,977.8     -6.9    -79.0     55.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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   2001r  I 98  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 01r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    1.4    2.3    2.2    1.1    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

Personal consumption expenditures...    1.6    2.7    1.9     .6    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
  Durable goods.....................   -2.5   -1.6   -1.8   -1.6   -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
  Nondurable goods..................    2.3    3.7    1.5   -1.4    -.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
  Services..........................    2.2    3.1    2.8    2.1    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

Gross private domestic investment...    -.2    1.1     .5   -2.5   -1.1    -.6    -.3     .2     .1    -.3     .5    2.7     .7    1.8     .7     .0     .4     .2    -.2
  Fixed investment..................    -.1    1.2     .5   -2.1   -1.2    -.6    -.3     .3     .1    -.2     .5    2.8     .8    1.9     .8    -.4     .6     .3    -.1
    Nonresidential..................   -1.4     .1    -.5   -3.2   -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
      Structures....................    2.5    4.1    4.5    3.1    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
      Equipment and software........   -2.6   -1.1   -2.2   -5.3   -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
    Residential.....................    3.8    4.5    3.4    1.5    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
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    -.6    1.8    -.2   -3.9   -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
    Goods...........................   -1.4    1.1    -.7   -4.7   -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
    Services........................    1.2    3.4     .8   -1.9     .5     .0     .8     .4    3.0    2.0    1.6    5.4    4.2    3.7     .9     .5     .2    -.5   -1.9
  Imports...........................     .6    4.3   -3.3  -10.6   -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
    Goods...........................     .2    4.8   -3.1  -11.0   -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
    Services........................    2.7    1.7   -4.5   -8.6    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

Government consumption expenditures
 and gross investment...............    2.8    3.9    2.0     .8    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
  Federal...........................    2.4    2.9    1.6     .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
    National defense................    2.3    2.8    1.6     .9     .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
    Nondefense......................    2.5    3.0    1.7     .0    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
  State and local...................    2.9    4.4    2.2    1.0    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

Addenda:
  Final sales of domestic product...    1.4    2.3    2.2    1.2    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
  Gross domestic purchases..........    1.5    2.6    1.7     .1     .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
  Final sales to domestic
   purchasers.......................    1.5    2.6    1.7     .2     .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
  Gross national product (GNP)......    1.4    2.3    2.2    1.1    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

  Implicit price deflators:
    GDP.............................    1.4    2.3    2.2    1.1    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
    Gross domestic purchases........    1.5    2.6    1.7     .1     .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
    GNP.............................    1.4    2.3    2.2    1.1    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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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       2001r     IV 00       I 01      II 01     III 01      IV 01r
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product:
          Chain-type quantity index........     113.35     118.06     119.46     119.08     119.47     119.56     119.16     119.65
          Chain-type price index...........     104.66     107.04     109.37     107.78     108.65     109.22     109.83     109.80
          Implicit price deflator..........     104.65     107.04     109.37     107.78     108.65     109.21     109.82     109.78

Personal consumption expenditures:
  Chain-type quantity index................     113.96     119.48     123.16     121.07     121.98     122.74     123.03     124.87
  Chain-type price index...................     104.72     107.52     109.53     108.37     109.23     109.59     109.53     109.76

  Durable goods:
    Chain-type quantity index..............     132.66     145.27     155.01     145.90     149.63     152.17     152.51     165.73
    Chain-type price index.................      93.04      91.53      89.84      91.03      90.86      90.05      89.41      89.05
  Nondurable goods:
    Chain-type quantity index..............     112.22     117.52     119.64     118.60     119.31     119.40     119.56     120.30
    Chain-type price index.................     103.67     107.55     109.13     108.49     109.01     109.74     109.33     108.45
  Services:
    Chain-type quantity index..............     111.36     115.78     119.25     117.78     118.32     119.13     119.48     120.06
    Chain-type price index.................     107.80     111.10     114.26     112.24     113.53     114.00     114.27     115.23

Private fixed investment:
  Chain-type quantity index................     131.56     141.52     138.75     142.83     143.51     139.89     137.84     133.74
  Chain-type price index...................      98.92     100.11     100.59     100.55     100.46     100.60     100.67     100.63

  Nonresidential:
    Chain-type quantity index..............     136.60     150.17     145.42     152.81     152.75     146.86     143.65     138.43
    Chain-type price index.................      95.61      95.74      95.26      95.91      95.44      95.41      95.29      94.91
  Residential:
    Chain-type quantity index..............     117.56     118.55     120.32     116.62     119.03     120.76     121.47     120.04
    Chain-type price index.................     109.57     114.46     118.39     115.88     117.19     117.95     118.67     119.77

Exports of goods and services:
  Chain-type quantity index................     118.38     129.63     123.74     131.27     130.88     126.78     120.37     116.93
  Chain-type price index...................      95.65      97.33      97.09      97.70      97.67      97.42      97.00      96.25
Imports of goods and services:
  Chain-type quantity index................     140.35     159.09     154.75     162.86     160.79     157.30     151.92     148.99
  Chain-type price index...................      91.78      95.73      92.53      96.37      95.65      94.19      89.87      90.41

Government consumption expenditures
 and gross investment:
  Chain-type quantity index................     107.72     110.60     114.53     111.31     112.76     114.14     114.22     117.02
  Chain-type price index...................     106.58     110.71     112.94     111.63     112.58     113.09     113.10     113.01

  Federal:
    Chain-type quantity index..............     100.97     102.68     105.41     103.07     103.88     104.35     105.27     108.15
    Chain-type price index.................     105.09     108.12     109.87     108.46     109.62     109.96     110.02     109.87
  State and local:
    Chain-type quantity index..............     111.71     115.26     119.90     116.17     117.99     119.88     119.48     122.24
    Chain-type price index.................     107.42     112.14     114.64     113.37     114.22     114.82     114.79     114.73

Addenda:

  Final sales of domestic product:
    Chain-type quantity index..............     112.96     117.78     120.47     118.93     120.10     120.32     120.16     121.30
    Chain-type price index.................     104.76     107.16     109.50     107.92     108.77     109.34     109.95     109.92
    Implicit price deflator................     104.75     107.16     109.49     107.91     108.77     109.34     109.95     109.92
  Gross domestic purchases:
    Chain-type quantity index..............     115.85     121.42     122.95     122.68     122.88     123.01     122.69     123.22
    Chain-type price index.................     103.99     106.70     108.47     107.47     108.19     108.54     108.51     108.64
    Implicit price deflator................     103.98     106.69     108.46     107.47     108.19     108.53     108.50     108.62
  Final sales to domestic purchasers:
    Chain-type quantity index..............     115.47     121.16     123.97     122.55     123.52     123.78     123.70     124.87
    Chain-type price index.................     104.08     106.81     108.59     107.60     108.31     108.65     108.63     108.76
    Implicit price deflator................     104.08     106.81     108.58     107.60     108.30     108.65     108.62     108.75
  Gross national product:
    Chain-type quantity index..............     113.05     117.69     119.18     118.90     119.13     119.21     118.82     119.58
    Chain-type price index.................     104.62     107.00     109.32     107.74     108.60     109.16     109.77     109.74
    Implicit price deflator................     104.62     106.99     109.31     107.74     108.60     109.16     109.77     109.72
-----------------------------------------------------------------------------------------------------------------------------------
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    2001r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised

                                            Table 7.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           I 98   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 01r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     4.7     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

Personal consumption expenditures......     4.2     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
  Durable goods........................     8.0    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
  Nondurable goods.....................     3.2     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
  Services.............................     4.0     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

Gross private domestic investment......    16.4     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
  Fixed investment.....................    12.2    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
    Nonresidential.....................    14.4    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
      Structures.......................     6.1    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
      Equipment and software...........    17.4    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
    Residential........................     5.8     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
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................     6.7     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
    Goods..............................     8.0      .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
    Services...........................     3.5     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
  Imports..............................    14.5    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
    Goods..............................    14.5    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
    Services...........................    14.3    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

Government consumption expenditures
 and gross investment..................     1.5     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
  Federal..............................    -1.3     -.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
    National defense...................    -2.8    -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
    Nondefense.........................     1.6     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
  State and local......................     3.1     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

Addenda:
  Final sales of domestic product......     4.0     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
  Gross domestic purchases.............     5.7     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
  Final sales to domestic purchasers...     5.0     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
  Gross national product...............     4.7     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
  Real disposable personal income......     5.1     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
  Gross domestic purchases price
   index...............................      .8      .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
  GDP price index......................     1.4     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
  Personal consumption expenditures
   price index.........................     1.1     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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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       2001r     IV 00       I 01      II 01     III 01      IV 01r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.....................    9,268.6    9,872.9   10,208.1   10,027.9   10,141.7   10,202.6   10,224.9   10,263.3

Plus: Income receipts from
 the rest of the world.....................      313.8      384.2      335.2      402.1      378.9      346.9      321.3      293.6
Less: Income payments to
 the rest of the world.....................      320.5      396.3      340.5      397.9      389.4      358.6      332.4      281.6

Equals: Gross national product.............    9,261.8    9,860.8   10,202.8   10,032.1   10,131.3   10,190.9   10,213.8   10,275.3

Less: Consumption of fixed capital.........    1,151.4    1,241.3    1,351.4    1,276.8    1,299.9    1,341.5    1,406.7    1,357.4
Less: Indirect business tax and
 nontax liability..........................      713.1      762.7      794.0      775.6      785.7      792.3      793.9      804.0
Less: Business transfer payments...........       41.3       43.9       44.6       44.4       44.3       44.5       44.7       45.0
Less: Statistical discrepancy..............      -72.7     -130.4     -149.8     -150.0     -120.5     -143.2     -149.7     -186.0
Plus: Subsidies less current
 surplus of government enterprises.........       33.3       37.6       54.8       38.7       47.8       52.2       71.5       47.7

Equals: National income....................    7,462.1    7,980.9    8,217.5    8,124.0    8,169.7    8,207.9    8,189.6    8,302.6

  Compensation of employees................    5,310.7    5,715.2    6,010.0    5,868.9    5,955.7    6,010.8    6,037.7    6,035.7
    Wage and salary accruals...............    4,477.4    4,837.2    5,098.2    4,973.2    5,049.4    5,099.8    5,123.4    5,120.0
    Supplements to wages and salaries......      833.4      878.0      911.8      895.7      906.3      911.0      914.2      915.6
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      672.0      715.0      743.5      725.2      735.2      745.3      752.7      740.8
  Rental income of persons with
   capital consumption adjustment..........      147.7      141.6      142.6      141.7      139.6      139.0      144.0      147.7
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................      825.2      876.4      767.1      847.6      789.8      759.8      697.0      822.0
  Net interest.............................      506.5      532.7      554.3      540.6      549.4      553.0      558.3      556.4

Addendum:
  Gross domestic income....................    9,341.3   10,003.4   10,358.0   10,178.0   10,262.2   10,345.7   10,374.6   10,449.3
-----------------------------------------------------------------------------------------------------------------------------------
r revised

                                           Table 9.--Personal Income and Its Disposition
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  1999       2000       2001r     IV 00       I 01      II 01     III 01      IV 01r
-----------------------------------------------------------------------------------------------------------------------------------

Personal income\1\.........................    7,777.3    8,319.2    8,723.5    8,519.6    8,640.2    8,714.6    8,771.8    8,767.2

  Wage and salary disbursements............    4,472.2    4,837.2    5,098.2    4,973.2    5,049.4    5,099.8    5,123.4    5,120.0
  Other labor income.......................      509.7      534.2      553.8      544.9      549.3      552.2      555.4      558.5
  Proprietors' income with
   inventory valuation and capital
   consumption adjustments.................      672.0      715.0      743.5      725.2      735.2      745.3      752.7      740.8
    Farm...................................       26.6       30.6       27.6       31.7       29.8       28.7       32.3       19.6
    Nonfarm................................      645.4      684.4      715.9      693.5      705.4      716.6      720.5      721.2
  Rental income of persons with
   capital consumption adjustment..........      147.7      141.6      142.6      141.7      139.6      139.0      144.0      147.7
  Personal dividend income.................      343.1      379.2      416.3      396.6      404.8      411.9      420.0      428.4
  Personal interest income.................      950.0    1,000.6      993.6    1,013.1    1,010.9    1,001.0      991.5      970.9
  Transfer payments to persons.............    1,019.6    1,069.1    1,148.8    1,089.0    1,123.1    1,139.4    1,159.0    1,173.8

  Less: Personal contributions for
   social insurance........................      337.1      357.7      373.3      364.1      372.1      374.0      374.2      372.8

Less: Personal tax and nontax payments.....    1,159.2    1,288.2    1,306.2    1,329.8    1,345.2    1,351.4    1,195.5    1,332.7

Equals: Disposable personal income.........    6,618.0    7,031.0    7,417.3    7,189.8    7,295.0    7,363.2    7,576.4    7,434.5

Less: Personal outlays.....................    6,457.2    6,963.3    7,298.9    7,115.1    7,216.2    7,281.7    7,291.0    7,406.6

Equals: Personal saving....................      160.9       67.7      118.4       74.7       78.8       81.5      285.3       27.9

Addenda:
  Disposable personal income,
   billions of chained (1996) dollars\2\...    6,320.0    6,539.2    6,772.4    6,634.9    6,679.0    6,719.2    6,917.5    6,773.8
  Personal saving as a percentage of
   disposable personal income..............        2.4        1.0        1.6        1.0        1.1        1.1        3.8         .4
-----------------------------------------------------------------------------------------------------------------------------------
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   IV 00    I 01   II 01  III 01   IV 01    2000    2001    I 01   II 01  III 01   IV 01   IV 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
 valuation and capital consumption
 adjustments.........................   825.2   876.4   767.1   847.6   789.8   759.8   697.0   822.0     6.2   -12.5    -6.8    -3.8    -8.3    17.9    -3.0
  Profits before tax.................   776.3   845.4   698.5   816.5   755.7   738.3   680.6   619.4     8.9   -17.4    -7.4    -2.3    -7.8    -9.0   -24.1
    Profits tax liability............   253.0   271.5   216.0   253.5   236.8   228.0   204.9   194.1     7.3   -20.4    -6.6    -3.7   -10.1    -5.3   -23.4
    Profits after tax................   523.3   573.9   482.5   563.0   518.9   510.3   475.6   425.2     9.7   -15.9    -7.8    -1.7    -6.8   -10.6   -24.5
      Dividends......................   343.5   379.6   416.6   397.0   405.2   412.3   420.4   428.7    10.5     9.8     2.1     1.8     2.0     2.0     8.0
      Undistributed profits..........   179.8   194.3    65.9   165.9   113.7    98.0    55.2    -3.5     8.1   -66.1   -31.5   -13.8   -43.6  -106.4  -102.1

  Inventory valuation adjustment.....    -2.9   -12.4     2.2    -7.3    -1.9    -8.8     3.1    16.6   .....   .....   .....   .....   .....   .....   .....

  Capital consumption adjustment.....    51.7    43.4    66.4    38.4    36.0    30.3    13.4   186.1   -16.1    53.2    -6.3   -15.7   -55.9 1,292.6   384.8

Addenda:
  Corporate profits after tax with
   inventory valuation and capital
   consumption adjustments...........   572.1   604.9   551.2   594.1   553.0   531.8   492.0   627.9     5.7    -8.9    -6.9    -3.8    -7.5    27.6     5.7

  Net cash flow with inventory
   valuation and capital
   consumption adjustments...........   897.9   952.4   933.1   946.7   911.6   905.1   918.6   997.1     6.1    -2.0    -3.7     -.7     1.5     8.5     5.3
    Undistributed profits with
     inventory valuation and capital
     consumption adjustments.........   228.7   225.3   134.5   197.0   147.8   119.5    71.7   199.1    -1.5   -40.3   -25.0   -19.1   -40.0   177.9     1.1
    Consumption of fixed capital.....   669.2   727.1   798.6   749.7   763.8   785.6   847.0   798.0     8.6     9.8     1.9     2.9     7.8    -5.8     6.4

  Less: Inventory valuation
   adjustment........................    -2.9   -12.4     2.2    -7.3    -1.9    -8.8     3.1    16.6   .....   .....   .....   .....   .....   .....   .....

  Equals: Net cash flow..............   900.7   964.8   930.9   954.0   913.5   913.9   915.6   980.6     7.1    -3.5    -4.2      .0      .2     7.1     2.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------

                                      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   IV 00    I 01   II 01  III 01   IV 01    2000    2001    I 01   II 01  III 01   IV 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------
    Corporate profits with IVA and CCAdj.....   825.2   876.4   767.1   847.6   789.8   759.8   697.0   822.0    51.2  -109.3   -57.8   -30.0   -62.8   125.0

Domestic industries..........................   710.5   739.6   617.8   690.8   649.7   615.8   550.9   655.0    29.1  -121.8   -41.1   -33.9   -64.9   104.1

  Financial..................................   180.3   189.5   167.3   187.5   184.9   165.4   136.1   183.0     9.2   -22.2    -2.6   -19.5   -29.3    46.9
  Nonfinancial...............................   530.3   550.1   450.5   503.4   464.8   450.4   414.8   472.0    19.8   -99.6   -38.6   -14.4   -35.6    57.2

Rest of the world............................   114.6   136.8   149.3   156.8   140.0   144.0   146.1   167.0    22.2    12.5   -16.8     4.0     2.1    20.9

  Receipts from the rest of the world........   173.3   204.9   190.8   210.4   201.0   194.0   185.9   182.2    31.6   -14.1    -9.4    -7.0    -8.1    -3.7
  Less: Payments to the rest of the world....    58.7    68.1    41.5    53.6    61.0    50.0    39.8    15.2     9.4   -26.6     7.4   -11.0   -10.2   -24.6

    Corporate profits with IVA...............   773.4   833.0   700.7   809.2   753.8   729.5   683.6   635.9    59.6  -132.3   -55.4   -24.3   -45.9   -47.7

Domestic industries..........................   658.8   696.3   551.4   652.4   613.8   585.4   537.5   468.9    37.5  -144.9   -38.6   -28.4   -47.9   -68.6
  Financial..................................   191.0   204.4   180.0   204.4   202.2   183.3   153.4   181.2    13.4   -24.4    -2.2   -18.9   -29.9    27.8
    Federal Reserve banks....................    25.7    30.0    27.9    30.9    30.4    28.7    27.4    25.0     4.3    -2.1     -.5    -1.7    -1.3    -2.4
    Other....................................   165.3   174.4   152.1   173.5   171.7   154.6   126.0   156.2     9.1   -22.3    -1.8   -17.1   -28.6    30.2

  Nonfinancial...............................   467.8   491.8   371.4   448.0   411.6   402.1   384.1   287.7    24.0  -120.4   -36.4    -9.5   -18.0   -96.4
    Manufacturing............................   163.7   155.2    79.5   119.4    90.4    93.4    84.0    50.3    -8.5   -75.7   -29.0     3.0    -9.4   -33.7
      Durable goods..........................    75.8    63.2     9.1    38.1    24.8    15.6     8.6   -12.4   -12.6   -54.1   -13.3    -9.2    -7.0   -21.0
        Primary metal industries.............     2.6     3.1    -1.2     1.6    -2.0    -1.5     -.8     -.5      .5    -4.3    -3.6      .5      .7      .3
        Fabricated metal products............    16.7    14.3     8.6     7.4     9.3     9.7     7.7     7.9    -2.4    -5.7     1.9      .4    -2.0      .2
        Industrial machinery and equipment...     9.4     7.9    -5.6     7.6     4.5    -3.6   -10.7   -12.4    -1.5   -13.5    -3.1    -8.1    -7.1    -1.7
        Electronic and other electric
         equipment...........................     6.2     3.7    -7.2      .8    -1.5    -4.8    -9.2   -13.3    -2.5   -10.9    -2.3    -3.3    -4.4    -4.1
        Motor vehicles and equipment.........     6.7     5.1    -2.3     2.6    -2.9    -3.2     3.1    -6.4    -1.6    -7.4    -5.5     -.3     6.3    -9.5
        Other................................    34.2    29.1    16.8    18.0    17.4    18.9    18.5    12.4    -5.1   -12.3     -.6     1.5     -.4    -6.1

      Nondurable goods.......................    87.9    92.0    70.4    81.3    65.6    77.8    75.5    62.8     4.1   -21.6   -15.7    12.2    -2.3   -12.7
        Food and kindred products............    25.2    21.6    15.6    17.2    10.9    16.6    16.9    17.9    -3.6    -6.0    -6.3     5.7      .3     1.0
        Chemicals and allied products........    26.6    30.6    28.2    32.2    25.1    29.0    30.5    28.0     4.0    -2.4    -7.1     3.9     1.5    -2.5
        Petroleum and coal products..........      .5     7.5     7.0     7.9     9.0    10.4     7.2     1.3     7.0     -.5     1.1     1.4    -3.2    -5.9
        Other................................    35.6    32.3    19.7    23.9    20.5    22.0    20.9    15.5    -3.3   -12.6    -3.4     1.5    -1.1    -5.4

    Transportation and public utilities......    59.0    67.4    52.4    67.3    66.4    62.6    54.8    25.7     8.4   -15.0     -.9    -3.8    -7.8   -29.1
      Transportation.........................    15.3    13.7      .6    10.7     5.1     3.3      .9    -6.9    -1.6   -13.1    -5.6    -1.8    -2.4    -7.8
      Communications.........................     5.9    12.7     8.5    17.8    15.5     9.9     9.3     -.7     6.8    -4.2    -2.3    -5.6     -.6   -10.0
      Electric, gas, and sanitary services...    37.8    41.0    43.3    38.7    45.8    49.4    44.6    33.3     3.2     2.3     7.1     3.6    -4.8   -11.3

    Wholesale trade..........................    53.8    60.5    40.4    55.9    40.3    34.0    45.4    41.9     6.7   -20.1   -15.6    -6.3    11.4    -3.5
    Retail trade.............................    77.1    81.8    85.5    76.3    84.9    85.6    87.3    84.3     4.7     3.7     8.6      .7     1.7    -3.0
    Other....................................   114.2   126.9   113.6   129.1   129.7   126.5   112.6    85.5    12.7   -13.3      .6    -3.2   -13.9   -27.1

Rest of the world............................   114.6   136.8   149.3   156.8   140.0   144.0   146.1   167.0    22.2    12.5   -16.8     4.0     2.1    20.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------
IVA    Inventory valuation adjustment
CCAdj. Capital consumption adjustment

                                    Table 12.--Gross Product of Nonfinancial Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  1999       2000       2001      IV 00       I 01      II 01     III 01      IV 01
-----------------------------------------------------------------------------------------------------------------------------------
                                                                             Billions of dollars
                                           ----------------------------------------------------------------------------------------
    Gross product of nonfinancial
     corporate business....................    5,006.1    5,380.7    5,538.9    5,463.0    5,496.3    5,539.7    5,541.1    5,578.6

Consumption of fixed capital...............      560.7      606.9      665.6      625.0      637.3      656.7      702.2      666.1

Net product................................    4,445.4    4,773.9    4,873.3    4,838.0    4,859.0    4,883.0    4,838.9    4,912.5
  Indirect business tax and nontax
   liability plus business transfer
   payments less subsidies.................      479.2      516.5      532.8      526.0      532.9      537.0      517.1      544.1
  Domestic income..........................    3,966.1    4,257.4    4,340.6    4,312.0    4,326.1    4,345.9    4,321.8    4,368.4
    Compensation of employees..............    3,272.2    3,535.2    3,721.1    3,643.4    3,694.5    3,726.7    3,736.5    3,726.9
      Wage and salary accruals.............    2,805.4    3,041.7    3,208.6    3,139.5    3,185.1    3,214.6    3,222.6    3,212.2
      Supplements to wages and salaries....      466.9      493.5      512.5      503.9      509.4      512.0      513.8      514.6
    Corporate profits with IVA and CCAdj...      530.3      550.1      450.5      503.4      464.8      450.4      414.8      472.0
      Profits before tax...................      470.7      504.2      369.2      455.3      413.5      411.0      381.0      271.2
        Profits tax liability..............      170.9      186.6      139.7      168.2      152.5      151.2      139.3      115.8
        Profits after tax..................      299.8      317.6      229.5      287.1      261.0      259.8      241.7      155.4
          Dividends........................      240.0      269.0      309.5      282.2      300.9      294.3      320.1      322.5
          Undistributed profits............       59.8       48.6      -80.0        5.0      -39.9      -34.5      -78.4     -167.1
      Inventory valuation adjustment.......       -2.9      -12.4        2.2       -7.3       -1.9       -8.8        3.1       16.6
      Capital consumption adjustment.......       62.5       58.3       79.1       55.4       53.2       48.2       30.7      184.3
    Net interest...........................      163.6      172.1      168.9      165.2      166.8      168.9      170.6      169.5
                                           ----------------------------------------------------------------------------------------
                                                                      Billions of chained (1996) dollars
                                           ----------------------------------------------------------------------------------------
    Gross product of nonfinancial
     corporate business....................    4,920.9    5,157.9    5,215.7    5,196.7    5,205.3    5,216.3    5,181.5    5,259.9
Consumption of fixed capital\1\............      579.1      624.8      698.5      650.1      666.7      688.4      730.7      708.4
Net product\2\.............................    4,341.8    4,533.1    4,517.2    4,546.6    4,538.6    4,527.9    4,450.8    4,551.5
                                           ----------------------------------------------------------------------------------------
                                                                                   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      1.051      1.056      1.062      1.069      1.061

  Compensation of employees
   (unit labor cost).......................       .665       .685       .713       .701       .710       .714       .721       .709

  Unit nonlabor cost.......................       .244       .251       .262       .253       .256       .261       .269       .262
    Consumption of fixed capital...........       .114       .118       .128       .120       .122       .126       .136       .127
    Indirect business tax and nontax
     liability plus business transfer
     payments less subsidies...............       .097       .100       .102       .101       .102       .103       .100       .103
    Net interest...........................       .033       .033       .032       .032       .032       .032       .033       .032

  Corporate profits with IVA and CCADj.
   (unit profits from current production)..       .108       .107       .086       .097       .089       .086       .080       .090
    Profits tax liability..................       .035       .036       .027       .032       .029       .029       .027       .022
    Profits after tax with IVA and CCAdj...       .073       .070       .060       .065       .060       .057       .053       .068
-----------------------------------------------------------------------------------------------------------------------------------
  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]
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                                       1999   2000   2001r  I 98  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 01r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP and related aggregates:
  GDP...............................    4.1    4.1    1.2    6.1    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

  Goods.............................    5.5    5.8   -1.5   12.7   -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
  Services..........................    3.2    3.3    2.9    1.9    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
  Structures........................    3.4    2.3    2.2    4.7   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

  Motor vehicle output..............   12.0    -.7   -4.7    1.3   -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
  GDP less motor vehicle output.....    3.8    4.3    1.4    6.3    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

  Final sales of computers\1\.......   42.4   52.3    8.8   42.9   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
  GDP less final sales of computers.    3.8    3.7    1.1    5.8    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

  Farm product\2\...................    5.7   13.7   -2.0  -19.0   -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

  Nonfarm business less housing
   product\3\.......................    4.7    4.6    1.0    7.9    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

Price indexes:
  GDP...............................    1.4    2.3    2.2    1.1    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
  GDP less food and energy..........    1.4    2.2    1.8    1.3    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
  GDP less final sales of computers.    1.8    2.5    2.5    1.5    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

  Gross domestic purchases..........    1.5    2.6    1.7     .1     .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
  Gross domestic purchases less
   food and energy..................    1.4    2.0    1.5     .9    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
  Gross domestic purchases less
   final sales of computers.........    1.9    2.9    2.0     .6    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

  Personal consumption expenditures.    1.6    2.7    1.9     .6    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
  Personal consumption expenditures
   less food and energy.............    1.5    1.9    1.6    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
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.