News Release
These data have been superseded. Please see our latest releases for current estimates and contact information.
Gross Domestic Product and Corporate Profits: First Quarter 2005 "preliminary" estimates
The tables from this news release are available in XLS format and the entire release is available in PDF format.
Also available: a brief summary of highlights.
Note: In the fourth quarter of 2004, the Microsoft Corporation paid a special dividend to its shareholders. The dividend payment affects the fourth-quarter estimate of personal income released on January 28, and also affected the estimates of corporate profits, national income, and government current receipts released on March 30. More information is available.
2005 Annual Revision of the National Income and Product Accounts
Table Headers and Stubs for the 2005 Annual Revision to the National Income and Product Accounts
Sign up for e-mail notifications.
Virginia H. Mannering: (202) 606-5304 (GDP) BEA 05-21
Greg Key: (202) 606-9727 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FIRST QUARTER 2005 (PRELIMINARY)
CORPORATE PROFITS: FIRST QUARTER 2005 (PRELIMINARY)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.5 percent in the first quarter of 2005,
according to preliminary estimates released by the Bureau of Economic Analysis. In the fourth quarter,
real GDP increased 3.8 percent.
The GDP estimates released today are based on more complete source data than were available for
the advance estimates issued last month. In the advance estimates, the increase in real GDP was 3.1
percent (see "Revisions" on page 3).
The major contributors to the increase in real GDP in the first quarter were personal consumption
expenditures (PCE), private inventory investment, exports, residential fixed investment, and equipment
and software. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the first quarter primarily reflected decelerations in
equipment and software and in PCE that were partly offset by accelerations in exports, in private
inventory investment, and in residential fixed investment and a deceleration in imports.
Final sales of computers contributed 0.56 percentage point to the first-quarter change in real GDP,
the same contribution as to the fourth-quarter change. Motor vehicle output contributed 0.23 percentage
point to the first-quarter change in real GDP after contributing 0.86 percentage point to the fourth-
quarter change.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and annualized. "Real" estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.9 percent in the first quarter, 0.1 percentage point less than the advance estimate; this index
also increased 2.9 percent in the fourth quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 3.0 percent in the first quarter, compared with an increase of 2.0
percent in the fourth. About 0.2 percentage point of the first-quarter increase in the index was
accounted for by the pay raise for federal civilian and military personnel, which is treated as an increase
in the price index of employee services purchased by the federal government.
Real personal consumption expenditures increased 3.6 percent in the first quarter, compared with
an increase of 4.2 percent in the fourth. Real nonresidential fixed investment increased 3.5 percent,
compared with an increase of 14.5 percent. Nonresidential structures decreased 3.3 percent, in contrast
to an increase of 2.1 percent. Equipment and software increased 5.6 percent, compared with an increase
of 18.4 percent. Real residential fixed investment increased 8.8 percent, compared with an increase of
3.4 percent.
Real exports of goods and services increased 7.2 percent in the first quarter, compared with an
increase of 3.2 percent in the fourth. Real imports of goods and services increased 9.1 percent,
compared with an increase of 11.4 percent.
Real federal government consumption expenditures and gross investment increased 0.4 percent in
the first quarter, compared with an increase of 1.2 percent in the fourth. National defense increased 0.3
percent, in contrast to a decrease of 0.6 percent. Nondefense increased 0.7 percent, compared with an
increase of 5.3 percent. Real state and local government consumption expenditures and gross
investment decreased 0.5 percent, in contrast to an increase of 0.6 percent.
The real change in private inventories added 0.78 percentage point to the first-quarter change in
real GDP, after adding 0.46 percentage point to the fourth-quarter change. Private businesses increased
inventories $68.4 billion in the first quarter, following increases of $47.2 billion in the fourth quarter
and $34.5 billion in the third.
Real final sales of domestic product -- GDP less change in private inventories -- increased 2.7
percent in the first quarter, compared with an increase of 3.4 percent in the fourth.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.0 percent in the first quarter, compared with an increase of 5.0 percent in the
fourth.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 3.7 percent in the first quarter, compared with an increase of 3.5 percent in
the fourth. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which
increased $4.8 billion in the first quarter after decreasing $9.7 billion in the fourth; in the first quarter,
receipts decreased $0.3 billion, and payments decreased $5.1 billion.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.7 percent, or $196.9 billion, in the first quarter to a level of $12,191.7 billion. In the fourth quarter,
current-dollar GDP increased 6.2 percent, or $179.9 billion.
Revisions
The preliminary estimate of the first-quarter increase in real GDP is 0.4 percentage point, or
$10.6 billion, higher than the advance estimate issued last month. The upward revision to the
percentage change in real GDP primarily reflected a downward revision to imports that was partly offset
by a downward revision to private nonfarm inventory investment.
Advance Preliminary
(Percent change from preceding quarter)
Real GDP............................... 3.1 3.5
Current-dollar GDP..................... 6.4 6.7
Gross domestic purchases price index... 3.0 2.9
Fourth-quarter estimates of wages and salaries, personal taxes, and contributions for government
social insurance have been revised to incorporate tabulations of preliminary data from the quarterly
census of employment and wages from the Bureau of Labor Statistics. These tabulations provide more
comprehensive coverage than is available for the earlier estimates of quarterly wages and salaries and
include wages in the form of stock options and bonus payments. Wage and salary disbursements are
now estimated to have increased $135.8 billion in the fourth quarter, an upward revision of $71.0
billion. Real disposable income is now estimated to have increased 10.8 percent in the fourth quarter,
revised up from 8.3 percent.
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $57.5 billion in the first quarter. In the fourth quarter, profits
increased $150.8 billion. Current-production cash flow (net cash flow with inventory valuation and
capital consumption adjustments) -- the internal funds available to corporations for investment --
increased $103.4 billion in the first quarter, in contrast to a decrease of $37.7 billion in the fourth.
Taxes on corporate income increased $47.5 billion in the first quarter, compared with an
increase of $42.4 billion in the fourth. Profits after tax with inventory valuation and capital
consumption adjustments increased $10.0 billion in the first quarter, after an increase of $108.3 billion
in the fourth. Dividends decreased $91.9 billion, in contrast to an increase of $110.7 billion; current-
production undistributed profits increased $101.9 billion, in contrast to a decrease of $2.4 billion.
Domestic profits of financial corporations increased $42.0 billion in the first quarter, compared
with an increase of $84.1 billion in the fourth. Domestic profits of nonfinancial corporations decreased
$5.6 billion in the first quarter, in contrast to an increase of $66.7 billion in the fourth. In the first
quarter, real gross corporate product increased, and profits per unit of real product decreased. The
decrease in unit profits reflected an increase in unit prices that was more than offset by an increase in
unit labor costs; unit nonlabor costs were unchanged.
The rest-of-the-world component of profits increased $21.1 billion in the first quarter, following
no change in the fourth. This measure is calculated as (1) receipts by U.S. residents of earnings from
their foreign affiliates plus dividends received by U.S. residents from unaffiliated foreign corporations
minus (2) payments by U.S. affiliates of earnings to their foreign parents plus dividends paid by U.S.
corporations to unaffiliated foreign residents. The first-quarter increase was accounted for by a larger
decrease in payments than in receipts.
Profits before tax increased $250.0 billion in the first quarter, compared with an increase of
$125.1 billion in the fourth. The before-tax measure of profits does not reflect, as does profits from
current production, the capital consumption and inventory valuation adjustments. These adjustments
convert depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost
basis to the current-cost measures used in the national income and product accounts. The capital
consumption adjustment decreased $200.8 billion in the first quarter (from $260.0 billion to $59.2
billion), in contrast to an increase of $37.0 billion in the fourth. The large increase in first-quarter
profits before tax and the large decrease in the first-quarter capital consumption adjustment reflect the
expiration of the "bonus" depreciation provisions of both the Job Creation and Worker Assistance Act
of 2002 and the Jobs and Growth Tax Relief Reconciliation Act of 2003. The inventory valuation
adjustment increased $8.3 billion (from -$49.1 billion to -$40.8 billion), in contrast to a decrease of
$11.3 billion.
BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
BOX
Annual Revision of the National Income and Product Accounts
The annual revision of the national income and product accounts, covering the first quarter of
2002 through the first quarter of 2005, will be released along with the "advance" estimate of GDP for
the second quarter of 2005 on July 29. An article describing the revision will appear in the August
2005 issue of the Survey of Current Business.
* * *
Next release -- June 29, 2005, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2005 (Final)
Corporate Profits: First Quarter 2005 (Revised)
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004r II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04r I 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.9 3.0 4.4 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 4.0 3.8 3.5
Personal consumption expenditures... 3.1 3.3 3.8 1.0 1.8 7.0 1.8 2.8 2.9 2.5 2.7 3.9 5.0 3.6 4.1 1.6 5.1 4.2 3.6
Durable goods..................... 6.5 7.4 6.7 -.3 3.1 37.4 -8.5 4.4 14.0 -2.4 -.1 20.6 16.5 3.9 2.2 -.3 17.2 3.9 1.7
Nondurable goods.................. 2.6 3.7 4.6 -.1 2.4 4.9 3.8 .8 -.6 5.3 5.0 1.6 6.9 5.1 6.7 .1 4.7 5.9 5.4
Services.......................... 2.6 2.2 2.8 1.8 1.2 2.3 3.3 3.5 2.4 2.2 2.1 1.8 1.9 2.8 3.3 2.7 3.0 3.4 3.2
Gross private domestic investment... -2.4 4.4 13.2 -7.6 -10.5 -22.7 16.8 .3 4.1 -.5 -.8 3.5 22.4 13.9 12.3 19.0 2.4 13.3 10.0
Fixed investment.................. -4.9 5.1 10.3 -8.7 -4.5 -10.6 -4.3 -3.5 .2 -.8 2.4 10.9 18.0 10.5 4.5 13.9 8.8 10.5 5.3
Nonresidential.................. -8.9 3.3 10.6 -13.6 -6.8 -13.3 -9.7 -9.6 -1.1 -3.2 -.1 11.8 15.7 11.0 4.2 12.5 13.0 14.5 3.5
Structures.................... -17.8 -5.6 1.4 -4.0 6.0 -33.2 -18.5 -22.6 -16.0 -6.6 -13.0 14.5 -1.3 7.9 -7.6 6.9 -1.1 2.1 -3.3
Equipment and software........ -5.5 6.4 13.6 -16.9 -11.4 -4.2 -6.3 -4.5 4.6 -2.0 4.5 11.0 21.7 12.0 8.0 14.2 17.5 18.4 5.6
Residential..................... 4.8 8.8 9.7 5.6 1.8 -3.7 9.3 11.3 2.8 4.2 7.5 9.1 22.4 9.6 5.0 16.5 1.6 3.4 8.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.3 1.9 8.6 -12.7 -18.2 -10.8 4.7 11.0 3.1 -4.2 -1.5 -1.6 11.3 17.5 7.3 7.3 6.0 3.2 7.2
Goods........................... -4.1 2.2 8.8 -17.1 -20.0 -8.8 -1.9 14.0 2.9 -10.2 4.0 -.8 10.1 16.1 9.1 6.0 9.5 1.9 8.7
Services........................ 1.8 1.4 8.0 -.7 -13.7 -15.3 21.7 4.5 3.5 10.5 -12.7 -3.4 14.1 20.6 3.4 10.2 -1.8 6.2 3.6
Imports........................... 3.4 4.4 9.9 -12.6 -10.3 -3.4 12.5 11.4 5.4 9.6 -2.0 2.5 2.8 17.1 10.6 12.6 4.6 11.4 9.1
Goods........................... 3.7 4.7 10.8 -16.9 -8.6 -2.0 10.1 15.3 5.9 8.2 -1.8 5.1 .0 18.4 12.7 13.0 5.0 14.9 9.8
Services........................ 1.9 3.1 5.8 12.8 -18.3 -10.4 24.7 -5.8 2.8 16.6 -2.6 -9.4 17.9 11.1 1.2 10.6 2.8 -5.2 5.3
Government consumption expenditures
and gross investment............... 4.4 2.8 1.9 7.9 -1.5 8.5 4.7 4.4 2.1 4.0 .2 7.2 .1 1.6 2.5 2.2 .7 .9 -.2
Federal........................... 7.5 6.6 4.7 9.1 .0 8.8 8.2 12.8 2.9 9.1 .3 22.1 -3.3 4.8 7.1 2.7 4.8 1.2 .4
National defense................ 7.7 9.0 7.3 4.3 2.4 12.5 5.8 11.5 3.4 13.5 -2.7 38.4 -7.7 11.6 10.6 1.9 10.1 -.6 .3
Nondefense...................... 7.1 2.4 -.5 18.0 -3.9 2.3 12.6 15.0 1.9 1.6 6.2 -3.9 5.8 -7.5 .2 4.4 -5.3 5.3 .7
State and local................... 2.8 .7 .4 7.2 -2.3 8.4 2.9 .3 1.7 1.4 .1 -.4 2.2 -.1 .0 1.9 -1.7 .6 -.5
Addenda:
Final sales of domestic product... 1.4 3.1 4.0 1.0 -.4 3.8 .3 1.8 2.0 .7 2.4 5.2 6.8 3.7 3.3 2.5 5.0 3.4 2.7
Gross domestic purchases.......... 2.5 3.3 4.8 .7 -.8 2.2 4.4 2.8 2.9 2.4 1.7 4.4 6.4 4.7 5.0 4.2 3.9 5.0 4.0
Final sales to domestic
purchasers....................... 2.1 3.4 4.4 .5 .2 4.3 1.4 2.2 2.4 2.3 2.2 5.4 5.9 4.2 3.9 3.5 4.9 4.5 3.2
Gross national product (GNP)...... 1.7 3.3 4.3 1.5 -2.5 3.9 1.4 2.1 3.0 1.4 1.7 4.4 7.6 5.5 3.9 1.9 4.0 3.5 3.7
Disposable personal income........ 3.1 2.3 3.7 -1.7 11.5 -5.6 10.8 2.7 -1.7 .2 1.8 4.3 8.2 1.4 2.4 2.8 2.9 10.8 -1.2
Current-dollar measures:
GDP............................. 3.5 4.9 6.6 4.4 .2 3.6 4.5 4.2 3.9 2.7 4.9 5.3 8.8 5.7 7.4 6.6 5.5 6.2 6.7
Final sales of domestic product. 3.1 5.1 6.2 4.2 1.2 5.5 1.7 3.3 3.7 2.7 5.3 6.3 8.4 5.4 6.1 5.8 6.5 5.7 6.0
Gross domestic purchases........ 4.0 5.4 7.3 3.0 .2 3.1 5.3 5.6 4.4 4.3 5.7 4.8 8.1 5.9 8.6 7.9 5.9 8.1 7.0
Final sales to domestic
purchasers..................... 3.6 5.5 6.9 2.8 1.2 4.9 2.6 4.7 4.2 4.3 6.0 5.8 7.7 5.7 7.4 7.1 6.9 7.6 6.3
GNP............................. 3.4 5.2 6.5 4.6 -.8 6.0 2.4 3.9 4.3 3.4 4.6 5.6 9.0 7.0 6.8 5.2 5.6 5.9 6.9
Disposable personal income...... 4.6 4.2 6.0 .8 12.1 -5.0 11.8 5.7 .2 1.5 5.1 5.0 9.9 2.6 5.8 6.0 4.2 13.8 .8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2004.
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 1.9 3.0 4.4 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 4.0 3.8 3.5
Percentage points at annual rates:
Personal consumption expenditures. 2.14 2.29 2.65 .67 1.20 4.71 1.32 1.98 2.02 1.74 1.84 2.72 3.58 2.50 2.90 1.10 3.57 2.92 2.54
Durable goods................... .56 .63 .57 -.03 .26 2.81 -.79 .37 1.16 -.21 -.01 1.64 1.38 .33 .19 -.02 1.37 .33 .15
Motor vehicles and parts...... .22 .22 .12 -.17 .16 2.24 -1.34 .13 1.09 -.50 -.22 .86 .53 -.07 -.23 -.24 .98 -.02 -.34
Furniture and household
equipment.................... .26 .27 .34 .16 .15 .39 .41 .20 .04 .20 .07 .51 .62 .28 .32 .22 .33 .21 .31
Other......................... .08 .15 .11 -.03 -.06 .18 .14 .04 .03 .08 .14 .27 .23 .12 .10 .00 .06 .13 .17
Nondurable goods................ .51 .73 .91 -.03 .47 .95 .76 .15 -.12 1.03 .97 .31 1.38 1.01 1.33 .03 .94 1.19 1.09
Food.......................... .18 .37 .47 .05 .09 .18 .26 .29 -.02 .31 .62 .26 .57 .25 .77 .22 .42 .74 .57
Clothing and shoes............ .12 .12 .19 .05 .04 .27 .25 -.01 -.12 .30 -.02 .23 .27 .11 .43 -.15 .16 .27 .15
Gasoline, fuel oil, and other
energy goods................. .02 .01 -.01 -.33 .11 .24 .00 -.14 -.01 .21 .01 -.29 .10 .33 -.04 -.29 .05 -.02 .15
Other......................... .17 .23 .26 .21 .23 .27 .24 .01 .03 .21 .37 .12 .43 .32 .17 .25 .30 .20 .22
Services........................ 1.08 .93 1.17 .73 .47 .95 1.36 1.46 .98 .93 .87 .77 .83 1.15 1.39 1.10 1.26 1.41 1.30
Housing....................... .29 .15 .19 .28 .21 .26 .42 .33 .19 .13 .12 .11 .16 .09 .23 .21 .25 .24 .26
Household operation........... .03 .06 .10 -.35 .03 -.15 .09 .24 .01 .16 .01 -.11 .08 .29 .13 -.03 .05 .21 .04
Electricity and gas......... .04 .03 .03 -.44 .00 -.07 .11 .19 .04 .19 -.04 -.19 .01 .25 .05 -.13 -.01 .18 -.02
Other household operation... -.01 .04 .07 .09 .02 -.08 -.02 .05 -.03 -.03 .05 .08 .07 .04 .07 .09 .06 .02 .07
Transportation................ -.08 -.02 .03 -.06 -.22 -.17 .01 -.04 -.10 -.01 .05 -.07 -.02 -.01 .05 .08 .04 .11 .05
Medical care.................. .66 .46 .44 .49 .70 .67 .74 .63 .59 .55 .39 .40 .40 .36 .38 .52 .59 .50 .56
Recreation.................... .07 .09 .09 -.03 .02 .07 .13 .05 .04 .11 .08 .13 .07 .11 .17 .01 .08 -.04 .14
Other......................... .11 .20 .32 .39 -.25 .28 -.03 .24 .25 -.02 .23 .31 .15 .31 .43 .32 .24 .39 .25
Gross private domestic investment. -.37 .66 2.00 -1.28 -1.76 -3.95 2.34 .05 .61 -.06 -.10 .54 3.16 2.04 1.86 2.85 .40 2.11 1.65
Fixed investment................ -.80 .76 1.56 -1.51 -.75 -1.81 -.71 -.55 .02 -.13 .35 1.55 2.59 1.57 .69 2.07 1.37 1.65 .87
Nonresidential................ -1.02 .33 1.05 -1.76 -.83 -1.63 -1.13 -1.06 -.12 -.33 -.01 1.10 1.50 1.07 .42 1.21 1.27 1.46 .38
Structures.................. -.57 -.15 .03 -.14 .19 -1.27 -.59 -.70 -.45 -.17 -.33 .32 -.03 .18 -.19 .16 -.03 .05 -.08
Equipment and software...... -.45 .48 1.01 -1.62 -1.02 -.35 -.53 -.36 .33 -.16 .32 .78 1.53 .89 .61 1.05 1.30 1.41 .46
Information processing
equipment and software... -.18 .45 .62 -.93 -.53 -.21 -.29 .04 .38 -.15 .59 .51 1.04 .61 .62 .55 .30 .68 .81
Computers and peripheral
equipment.............. .09 .24 .22 -.22 -.26 .19 .18 .03 .25 .08 .25 .30 .39 .25 .06 .22 .18 .41 .42
Software................ -.10 .07 .18 -.30 -.07 -.19 -.14 -.03 .11 -.16 .12 .07 .28 .14 .24 .13 .10 .30 .20
Other................... -.16 .14 .22 -.42 -.20 -.21 -.33 .04 .02 -.08 .23 .14 .36 .22 .33 .20 .02 -.03 .20
Industrial equipment...... -.08 .00 .07 -.48 -.27 -.21 .24 -.21 .02 -.05 .09 -.02 .04 -.06 .08 .03 .31 .10 .05
Transportation equipment.. -.17 -.04 .15 -.03 -.27 .26 -.39 -.38 -.09 .00 -.31 .25 .14 .14 -.20 .28 .41 .46 -.25
Other equipment........... -.02 .06 .19 -.19 .05 -.19 -.10 .18 .02 .04 -.06 .03 .31 .20 .10 .20 .28 .16 -.16
Residential................... .22 .43 .51 .25 .08 -.18 .42 .51 .13 .20 .36 .44 1.09 .50 .27 .86 .09 .19 .49
Change in private inventories... .42 -.10 .44 .23 -1.02 -2.14 3.05 .60 .59 .07 -.45 -1.01 .57 .47 1.17 .78 -.97 .46 .78
Farm.......................... -.01 .02 .04 -.28 .09 -.23 .37 -.47 .24 .02 .06 -.07 .06 .19 .06 -.10 .07 -.08 -.09
Nonfarm....................... .44 -.12 .41 .51 -1.11 -1.91 2.69 1.07 .36 .05 -.51 -.94 .52 .29 1.10 .88 -1.04 .54 .87
Net exports of goods and services. -.70 -.43 -.59 .49 -.56 -.66 -1.10 -.46 -.43 -1.69 .14 -.50 .64 -.66 -.76 -1.06 -.10 -1.35 -.67
Exports......................... -.24 .18 .82 -1.45 -2.04 -1.11 .43 .99 .29 -.42 -.15 -.15 1.02 1.55 .70 .70 .59 .32 .71
Goods......................... -.29 .14 .59 -1.43 -1.60 -.63 -.13 .87 .19 -.72 .25 -.06 .64 1.00 .60 .41 .64 .14 .60
Services...................... .05 .04 .23 -.02 -.44 -.48 .56 .13 .10 .30 -.40 -.10 .39 .56 .10 .30 -.06 .18 .11
Imports......................... -.46 -.61 -1.40 1.94 1.48 .45 -1.53 -1.45 -.72 -1.27 .29 -.34 -.39 -2.22 -1.46 -1.77 -.69 -1.67 -1.38
Goods......................... -.42 -.54 -1.27 2.23 1.02 .21 -1.04 -1.59 -.65 -.91 .22 -.58 .00 -1.96 -1.43 -1.52 -.62 -1.80 -1.25
Services...................... -.04 -.07 -.14 -.28 .47 .25 -.49 .14 -.06 -.36 .06 .24 -.39 -.26 -.03 -.25 -.07 .13 -.13
Government consumption expenditures
and gross investment............. .79 .52 .37 1.35 -.28 1.48 .85 .81 .40 .75 .05 1.35 .03 .31 .48 .41 .13 .16 -.03
Federal......................... .46 .43 .32 .52 .00 .51 .49 .78 .19 .58 .04 1.40 -.23 .33 .48 .18 .33 .09 .03
National defense.............. .30 .38 .33 .16 .09 .46 .23 .45 .14 .54 -.11 1.49 -.36 .50 .47 .09 .45 -.03 .01
Consumption expenditures.... .25 .33 .25 .06 .03 .45 .22 .29 .04 .63 -.16 1.39 -.40 .42 .29 .16 .38 -.20 .20
Gross investment............ .06 .05 .08 .10 .06 .02 .00 .16 .11 -.09 .05 .10 .03 .09 .19 -.08 .07 .17 -.19
Nondefense.................... .16 .06 -.01 .36 -.09 .05 .27 .33 .05 .04 .15 -.09 .13 -.18 .00 .10 -.12 .11 .02
Consumption expenditures..... .14 .05 -.03 .26 .01 .04 .19 .23 .12 .07 .14 -.23 .23 -.18 -.01 -.01 -.05 .08 .04
Gross investment............. .02 .01 .01 .10 -.10 .01 .07 .10 -.07 -.03 .00 .13 -.10 .01 .01 .11 -.07 .03 -.02
State and local................. .33 .09 .05 .83 -.28 .97 .36 .03 .21 .17 .02 -.05 .26 -.02 .00 .23 -.20 .07 -.06
Consumption expenditures.... .21 .07 .05 .24 .39 .38 .10 .16 .11 .14 .02 .04 .01 .08 .02 .00 .12 .11 .05
Gross investment............ .12 .02 .00 .59 -.67 .59 .26 -.13 .09 .02 .00 -.09 .25 -.10 -.02 .23 -.32 -.03 -.11
Addenda:
Goods........................... .41 1.41 2.38 -.41 -1.89 .88 1.38 .31 1.54 -1.05 1.39 1.32 5.45 1.90 2.65 .82 2.67 1.99 1.68
Services........................ 1.69 1.35 1.54 .98 .93 1.58 1.94 2.39 1.29 1.71 .54 2.11 .67 1.77 1.76 1.30 1.59 1.71 1.57
Structures...................... -.24 .29 .52 .66 -.44 -.87 .09 -.32 -.23 .08 .00 .67 1.29 .52 .07 1.19 -.25 .14 .23
Motor vehicle output............ .39 .19 .20 1.03 -.20 .69 .25 .35 .62 .22 -.46 .11 .84 .11 .30 -.58 .34 .86 .23
Final sales of computers........ .08 .31 .20 -.13 -.21 .19 -.02 .10 .31 .23 .25 .28 .64 .26 .00 .00 .18 .56 .56
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (2000) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2004 I 04 II 04 III 04 IV 04 I 05r 2004 I 04 II 04 III 04 IV 04 I 05r 2004 IV 04 I 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 11,735.0 11,472.6 11,657.5 11,814.9 11,994.8 12,191.7 10,841.9 10,697.5 10,784.7 10,891.0 10,994.3 11,088.8 460.6 103.3 94.5
Personal consumption expenditures. 8,229.9 8,060.2 8,153.8 8,282.5 8,423.3 8,542.8 7,632.5 7,543.0 7,572.4 7,667.8 7,747.0 7,816.5 276.9 79.2 69.5
Durable goods................... 993.9 976.3 975.5 1,007.0 1,017.0 1,023.6 1,099.3 1,075.5 1,074.7 1,118.3 1,129.0 1,133.8 68.7 10.7 4.8
Motor vehicles and parts...... 447.8 438.4 432.5 458.4 461.8 457.6 465.9 456.7 449.6 478.9 478.3 467.8 13.8 -.6 -10.5
Furniture and household
equipment.................... 351.3 345.0 348.6 353.8 357.8 363.9 439.4 425.6 433.3 445.4 453.3 465.3 45.9 7.9 12.0
Other......................... 194.9 193.0 194.4 194.7 197.4 202.1 198.7 196.9 196.8 198.5 202.5 207.9 12.2 4.0 5.4
Nondurable goods................ 2,377.0 2,316.6 2,354.6 2,387.2 2,449.7 2,490.0 2,208.5 2,187.3 2,188.0 2,213.2 2,245.3 2,275.2 96.1 32.1 29.9
Food.......................... 1,150.3 1,120.3 1,137.5 1,157.0 1,186.3 1,206.2 1,043.3 1,028.4 1,034.3 1,045.4 1,065.0 1,080.4 48.2 19.6 15.4
Clothing and shoes............ 326.5 325.0 322.9 325.2 332.9 338.1 352.4 351.2 346.5 351.6 360.2 365.1 22.2 8.6 4.9
Gasoline, fuel oil, and other
energy goods................. 244.9 229.7 243.2 245.4 261.4 266.8 197.3 202.1 195.0 196.3 195.8 199.0 .0 -.5 3.2
Other......................... 655.3 641.5 651.0 659.6 669.0 678.9 617.1 606.6 613.4 621.4 626.8 633.0 27.5 5.4 6.2
Services........................ 4,859.0 4,767.3 4,823.8 4,888.2 4,956.6 5,029.2 4,338.3 4,291.7 4,320.0 4,352.4 4,389.2 4,423.4 118.0 36.8 34.2
Housing....................... 1,239.0 1,215.4 1,232.7 1,247.3 1,260.5 1,277.1 1,094.9 1,086.0 1,091.5 1,097.9 1,104.1 1,110.8 18.8 6.2 6.7
Household operation........... 452.0 445.6 447.6 453.5 461.2 467.6 410.6 409.3 408.4 409.7 415.1 416.2 10.4 5.4 1.1
Electricity and gas......... 177.9 175.7 174.3 177.4 184.3 186.5 150.5 151.9 148.8 148.5 153.0 152.4 3.3 4.5 -.6
Other household operation... 274.1 270.0 273.3 276.1 277.0 281.1 260.0 257.1 259.7 261.4 262.0 263.8 7.0 .6 1.8
Transportation................ 301.7 297.8 300.5 302.6 305.9 309.2 280.9 278.1 280.1 281.3 284.1 285.6 3.2 2.8 1.5
Medical care.................. 1,391.7 1,356.8 1,379.1 1,404.4 1,426.7 1,453.3 1,228.5 1,207.9 1,221.0 1,236.1 1,249.1 1,263.8 44.2 13.0 14.7
Recreation.................... 335.1 330.8 333.0 337.4 339.1 345.2 299.3 298.3 298.5 300.6 299.6 303.2 9.0 -1.0 3.6
Other......................... 1,139.5 1,120.9 1,130.9 1,143.1 1,163.2 1,176.7 1,023.1 1,011.2 1,019.4 1,025.7 1,035.9 1,042.5 32.4 10.2 6.6
Gross private domestic investment. 1,927.3 1,819.7 1,920.7 1,947.0 2,021.9 2,084.6 1,843.5 1,764.5 1,842.9 1,853.9 1,912.6 1,958.8 214.7 58.7 46.2
Fixed investment................ 1,884.0 1,783.5 1,861.7 1,915.4 1,975.3 2,015.2 1,794.4 1,721.4 1,778.3 1,816.1 1,861.9 1,886.3 167.1 45.8 24.4
Nonresidential................ 1,220.5 1,158.8 1,198.5 1,238.5 1,286.3 1,305.9 1,228.6 1,173.0 1,207.9 1,245.3 1,288.3 1,299.5 117.8 43.0 11.2
Structures.................. 278.2 266.0 275.5 281.2 290.0 294.9 240.7 237.7 241.7 241.0 242.3 240.3 3.3 1.3 -2.0
Equipment and software...... 942.4 892.8 923.1 957.3 996.3 1,011.0 998.6 943.7 975.5 1,015.6 1,059.5 1,074.0 119.4 43.9 14.5
Information processing
equipment and software... 484.2 468.5 480.9 486.3 500.9 520.7 571.9 547.0 565.4 575.6 599.5 628.9 79.5 23.9 29.4
Computers and peripheral
equipment.............. 111.0 104.4 108.8 111.1 119.8 126.4 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 182.4 176.8 180.0 182.9 190.0 196.5 192.4 185.6 189.5 192.7 201.9 208.1 21.2 9.2 6.2
Other................... 190.7 187.4 192.2 192.2 191.1 197.7 204.8 200.2 206.2 206.8 205.9 212.4 25.4 -.9 6.5
Industrial equipment...... 150.7 143.1 145.0 155.2 159.6 163.3 144.6 139.0 139.7 148.5 151.3 152.8 7.0 2.8 1.5
Transportation equipment.. 149.6 134.5 143.2 153.0 167.5 160.3 136.8 122.7 130.0 141.0 153.5 146.5 15.2 12.5 -7.0
Other equipment........... 157.9 146.6 153.9 162.7 168.3 166.8 151.1 142.1 147.5 155.2 159.7 155.2 19.9 4.5 -4.5
Residential................... 663.4 624.6 663.2 677.0 688.9 709.3 560.7 542.5 563.6 565.9 570.6 582.7 49.5 4.7 12.1
Change in private inventories... 43.4 36.2 59.0 31.6 46.7 69.4 45.7 40.0 61.1 34.5 47.2 68.4 46.5 12.7 21.2
Farm.......................... -1.1 1.0 -2.4 -.2 -2.6 -6.0 3.4 5.1 3.0 3.8 1.7 -.2 3.1 -2.1 -1.9
Nonfarm....................... 44.4 35.2 61.4 31.8 49.3 75.4 42.4 34.5 58.8 30.4 45.9 69.9 43.5 15.5 24.0
Net exports of goods and services. -606.2 -546.8 -591.3 -611.8 -674.8 -693.6 -583.7 -550.1 -580.3 -583.2 -621.1 -640.0 -65.2 -37.9 -18.9
Exports......................... 1,175.5 1,134.3 1,167.6 1,189.5 1,210.4 1,244.5 1,120.3 1,095.4 1,114.8 1,131.1 1,140.0 1,159.9 88.5 8.9 19.9
Goods......................... 820.3 790.3 812.2 833.4 845.5 872.5 785.5 767.2 778.4 796.3 800.1 817.0 63.8 3.8 16.9
Services...................... 355.1 344.1 355.4 356.1 365.0 372.0 334.6 328.1 336.2 334.6 339.7 342.7 24.7 5.1 3.0
Imports......................... 1,781.6 1,681.2 1,758.9 1,801.2 1,885.2 1,938.1 1,704.0 1,645.5 1,695.1 1,714.3 1,761.2 1,799.9 153.7 46.9 38.7
Goods......................... 1,490.8 1,399.2 1,470.1 1,506.9 1,587.2 1,632.9 1,448.2 1,394.1 1,437.4 1,454.9 1,506.3 1,541.9 140.9 51.4 35.6
Services...................... 290.8 282.0 288.8 294.4 298.1 305.2 257.3 252.4 258.9 260.7 257.3 260.6 14.0 -3.4 3.3
Government consumption expenditures
and gross investment............. 2,183.9 2,139.5 2,174.3 2,197.2 2,224.5 2,257.9 1,946.5 1,935.8 1,946.5 1,949.9 1,954.0 1,953.2 37.1 4.1 -.8
Federal......................... 809.9 793.3 804.4 817.4 824.6 842.0 721.7 713.3 718.1 726.6 728.8 729.6 32.1 2.2 .8
National defense.............. 547.9 534.1 541.2 557.0 559.4 571.1 484.9 477.6 479.9 491.5 490.7 491.1 33.1 -.8 .4
Consumption expenditures.... 477.5 465.2 473.6 487.1 484.0 501.3 415.0 408.5 412.5 422.1 417.0 422.2 24.7 -5.1 5.2
Gross investment............ 70.4 69.0 67.6 69.8 75.3 69.9 70.6 69.9 67.7 69.8 74.9 69.2 9.0 5.1 -5.7
Nondefense.................... 262.0 259.1 263.2 260.4 265.2 270.9 236.4 235.4 237.9 234.7 237.7 238.1 -1.2 3.0 .4
Consumption expenditures.... 227.0 225.9 226.6 225.9 229.5 235.7 201.4 201.8 201.5 200.2 202.3 203.2 -2.6 2.1 .9
Gross investment............ 35.0 33.2 36.5 34.5 35.7 35.2 35.2 33.6 36.8 34.6 35.6 35.0 1.7 1.0 -.6
State and local................. 1,373.9 1,346.3 1,369.9 1,379.8 1,399.9 1,415.9 1,224.8 1,222.4 1,228.3 1,223.2 1,225.1 1,223.5 5.0 1.9 -1.6
Consumption expenditures.... 1,099.7 1,079.8 1,091.8 1,105.5 1,121.6 1,135.8 973.7 971.5 971.5 974.6 977.3 978.7 4.7 2.7 1.4
Gross investment............ 274.3 266.4 278.0 274.3 278.3 280.1 251.1 251.0 257.1 248.6 247.8 244.8 .2 -.8 -3.0
Residual.......................... ..... ..... ..... ..... ..... ..... -42.2 -31.3 -35.6 -44.5 -57.1 -70.9 ..... ..... .....
Addenda:
Final sales of domestic product. 11,691.6 11,436.4 11,598.5 11,783.3 11,948.2 12,122.2 10,794.6 10,655.8 10,722.3 10,854.7 10,945.5 11,018.8 414.7 90.8 73.3
Gross domestic purchases........ 12,341.1 12,019.4 12,248.8 12,426.6 12,669.7 12,885.3 11,418.8 11,241.9 11,358.1 11,467.4 11,607.6 11,720.7 523.1 140.2 113.1
Final sales to domestic
purchasers..................... 12,297.8 11,983.2 12,189.8 12,395.1 12,623.0 12,815.9 11,371.3 11,200.1 11,295.5 11,430.9 11,558.6 11,650.5 477.1 127.7 91.9
Gross domestic product.......... 11,735.0 11,472.6 11,657.5 11,814.9 11,994.8 12,191.7 10,841.9 10,697.5 10,784.7 10,891.0 10,994.3 11,088.8 460.6 103.3 94.5
Plus: Income receipts from
the rest of the world.......... 405.8 373.8 388.0 406.8 454.7 457.7 375.5 349.6 359.8 375.5 416.9 416.6 63.6 41.4 -.3
Less: Income payments to
the rest of the world.......... 361.9 300.3 351.9 368.6 426.7 424.4 334.3 280.3 325.8 339.9 391.0 385.9 75.1 51.1 -5.1
Equals: Gross national product.. 11,778.9 11,546.1 11,693.6 11,853.0 12,022.8 12,225.0 10,883.0 10,766.7 10,818.7 10,926.5 11,020.1 11,119.3 449.1 93.6 99.2
Net domestic product............ 10,327.6 10,117.6 10,282.3 10,316.9 10,593.6 10,783.5 9,452.8 9,344.1 9,424.1 9,426.4 9,616.7 9,701.9 407.0 190.3 85.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.7 1.8 2.2 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2 1.4 2.3 3.2
Personal consumption expenditures... 1.4 1.9 2.2 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.1 1.3 2.7 2.1
Durable goods..................... -2.7 -3.4 -2.0 -3.1 -2.8 -1.6 -3.8 -2.5 -2.1 -2.8 -3.7 -3.8 -4.4 -4.3 .0 -.1 -3.1 .1 .9
Nondurable goods.................. .6 2.0 3.3 3.5 -.9 -4.0 .0 5.4 1.3 1.2 5.1 -2.2 3.5 .5 5.3 6.6 .9 4.7 1.3
Services.......................... 2.7 3.0 2.5 3.4 2.0 3.3 2.3 2.8 3.2 2.4 3.8 3.1 2.0 2.7 3.0 2.1 2.3 2.2 2.7
Gross private domestic investment... .2 1.1 2.5 1.5 2.1 .2 -1.0 -.1 -.5 2.6 1.4 -.1 1.2 2.7 2.1 4.4 2.9 2.4 2.9
Fixed investment.................. .2 1.2 2.5 1.8 2.2 .1 -1.1 -.1 -.4 2.7 1.9 -.3 1.2 2.8 2.0 4.3 3.0 2.4 2.8
Nonresidential.................. -.8 -.4 .8 .6 .3 -1.0 -1.3 -1.1 -1.3 .6 -.5 -1.3 .3 1.2 .3 1.7 .9 1.6 2.6
Structures.................... 2.4 2.1 4.9 6.5 6.6 2.1 .0 2.1 1.6 3.0 3.9 .0 1.3 1.4 4.8 7.6 9.8 10.9 10.5
Equipment and software........ -1.9 -1.2 -.4 -1.5 -2.0 -2.2 -1.7 -2.2 -2.2 -.1 -1.9 -1.7 .0 1.2 -1.1 .1 -1.6 -.9 .4
Residential..................... 2.5 4.4 5.7 5.0 6.9 2.8 -.8 2.1 1.6 7.1 6.8 1.7 3.1 5.8 5.4 9.1 6.8 3.8 3.3
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 2.1 3.5 -1.3 -2.0 -3.5 -1.2 3.0 3.0 .4 4.1 1.0 .8 3.2 5.7 4.6 1.6 3.9 4.3
Goods........................... -.7 2.0 3.8 -1.6 -2.6 -3.8 -1.4 2.2 3.3 .5 3.5 1.6 -.6 4.2 6.4 5.3 1.2 3.9 4.3
Services........................ .4 2.4 2.8 -.7 -.6 -2.8 -.6 4.8 2.4 .3 5.4 -.6 4.0 .9 4.0 3.2 2.7 3.9 4.2
Imports........................... -1.2 3.4 4.9 -5.9 -5.3 -10.0 -1.9 10.5 3.4 .5 11.3 -4.3 2.6 .9 9.6 6.4 5.1 7.7 2.4
Goods........................... -1.8 2.9 4.9 -6.6 -6.5 -11.3 -2.0 10.8 2.6 .4 12.0 -6.7 2.4 .4 9.9 7.8 5.2 7.1 2.0
Services........................ 1.7 5.9 4.9 -2.2 1.2 -3.3 -1.2 8.8 7.7 .9 7.9 8.4 3.6 3.5 8.3 -.5 5.0 10.9 4.4
Government consumption expenditures
and gross investment............... 2.7 3.2 3.2 1.8 1.6 1.1 4.2 3.1 2.7 3.3 7.4 -.5 2.2 1.0 5.1 4.3 3.6 4.2 6.3
Federal........................... 3.3 3.6 2.9 1.1 2.2 1.8 7.4 1.4 1.8 5.1 8.5 .3 1.1 1.0 6.6 3.0 1.7 2.3 8.3
National defense................ 3.4 4.2 2.8 .7 2.5 .8 7.1 1.6 2.9 7.7 8.6 -.3 1.1 1.3 5.7 3.5 1.9 2.4 8.4
Nondefense...................... 3.1 2.6 3.0 1.8 1.6 3.4 8.0 1.1 -.2 .5 8.2 1.4 1.0 .3 8.3 1.9 1.3 2.2 8.1
State and local................... 2.4 3.0 3.4 2.1 1.3 .8 2.5 4.0 3.2 2.4 6.8 -1.0 2.9 1.0 4.2 5.2 4.7 5.3 5.2
Addenda:
Final sales of domestic product... 1.7 1.8 2.2 3.2 1.6 1.7 1.3 1.5 1.7 2.0 2.8 1.1 1.4 1.6 2.7 3.2 1.4 2.3 3.2
Gross domestic purchases.......... 1.5 2.0 2.4 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5 1.9 2.9 2.9
Final sales to domestic
purchasers....................... 1.5 2.0 2.4 2.3 1.0 .6 1.1 2.5 1.8 1.9 3.8 .3 1.7 1.4 3.4 3.5 1.9 2.9 2.9
Gross national product (GNP)...... 1.6 1.8 2.2 3.1 1.6 1.7 1.3 1.5 1.7 2.0 2.7 1.1 1.5 1.6 2.8 3.2 1.4 2.3 3.2
Implicit price deflators:
GDP............................. 1.7 1.8 2.1 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2 1.4 2.3 3.1
Gross domestic purchases........ 1.5 2.0 2.4 2.2 1.1 .9 .8 2.8 1.4 1.9 3.9 .4 1.6 1.2 3.4 3.5 2.0 2.9 2.9
GNP............................. 1.6 1.8 2.1 3.1 1.7 2.0 1.0 1.8 1.3 2.0 2.9 1.1 1.3 1.4 2.7 3.2 1.5 2.3 3.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2002 2003 2004 I 04 II 04 III 04 IV 04 I 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.626 105.749 110.440 108.969 109.858 110.941 111.993 112.955
Personal consumption expenditures.......... 105.698 109.143 113.253 111.925 112.360 113.776 114.951 115.983
Durable goods............................ 111.150 119.378 127.338 124.572 124.482 129.529 130.768 131.330
Nondurable goods......................... 104.630 108.481 113.417 112.331 112.367 113.659 115.310 116.842
Services................................. 105.085 107.418 110.423 109.237 109.955 110.782 111.717 112.589
Gross private domestic investment.......... 89.928 93.852 106.223 101.672 106.191 106.823 110.207 112.866
Fixed investment......................... 92.253 96.924 106.877 102.529 105.913 108.170 110.897 112.349
Nonresidential......................... 87.302 90.157 99.720 95.204 98.041 101.075 104.560 105.472
Structures........................... 80.346 75.810 76.844 75.886 77.171 76.958 77.359 76.714
Equipment and software............... 89.947 95.679 108.670 102.699 106.157 110.524 115.299 116.883
Residential............................ 105.178 114.392 125.457 121.400 126.122 126.628 127.680 130.392
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 92.343 94.116 102.195 99.924 101.690 103.176 103.991 105.802
Imports of goods and services.............. 100.585 105.048 115.468 111.504 114.862 116.167 119.340 121.963
Government consumption expenditures and
gross investment.......................... 107.918 110.906 113.066 112.443 113.062 113.259 113.500 113.450
Federal.................................. 111.725 119.140 124.695 123.249 124.068 125.539 125.922 126.052
State and local.......................... 105.999 106.739 107.171 106.965 107.482 107.033 107.202 107.061
Addenda:
Final sales of domestic product.......... 103.102 106.346 110.595 109.173 109.854 111.211 112.141 112.892
Gross domestic purchases................. 103.414 106.858 111.988 110.253 111.393 112.465 113.840 114.949
Final sales to domestic purchasers....... 103.876 107.438 112.143 110.455 111.396 112.731 113.991 114.897
Gross national product................... 102.494 105.865 110.421 109.241 109.769 110.863 111.812 112.819
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2002 2003 2004 I 04 II 04 III 04 IV 04 I 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.097 106.003 108.298 107.314 108.169 108.551 109.159 110.012
Personal consumption expenditures
(PCE)..................................... 103.548 105.511 107.824 106.860 107.683 108.021 108.734 109.295
Durable goods............................ 95.475 92.244 90.378 90.741 90.725 90.008 90.039 90.238
Nondurable goods......................... 102.097 104.154 107.626 105.914 107.616 107.869 109.106 109.447
Services................................. 106.083 109.237 111.999 111.085 111.667 112.314 112.932 113.698
Gross private domestic investment.......... 101.221 102.304 104.898 103.514 104.644 105.405 106.029 106.779
Fixed investment......................... 101.232 102.435 104.978 103.618 104.709 105.482 106.101 106.848
Nonresidential......................... 98.909 98.546 99.328 98.793 99.220 99.449 99.850 100.494
Structures........................... 107.908 110.176 115.578 111.926 113.984 116.677 119.726 122.740
Equipment and software............... 95.868 94.754 94.382 94.611 94.626 94.256 94.034 94.135
Residential............................ 107.246 111.951 118.338 115.179 117.710 119.674 120.787 121.767
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.275 101.395 104.919 103.565 104.746 105.175 106.189 107.309
Imports of goods and services.............. 96.326 99.615 104.508 102.163 103.760 105.066 107.042 107.678
Government consumption expenditures and
gross investment.......................... 105.313 108.702 112.187 110.522 111.703 112.682 113.841 115.604
Federal.................................. 105.288 109.081 112.213 111.203 112.020 112.491 113.138 115.413
State and local.......................... 105.317 108.485 112.180 110.131 111.524 112.802 114.265 115.723
Addenda:
PCE excluding food and energy............ 103.707 105.072 106.643 106.081 106.523 106.753 107.217 107.797
Market-based PCE\1\...................... 103.113 105.040 107.427 106.334 107.292 107.674 108.406 108.955
Market-based PCE excluding food
and energy\1\........................... 103.186 104.388 105.905 105.261 105.798 106.060 106.500 107.067
Final sales of domestic product.......... 104.100 106.025 108.310 107.332 108.178 108.561 109.168 110.021
Gross domestic purchases................. 103.489 105.571 108.131 106.980 107.913 108.429 109.203 109.998
Final sales to domestic purchasers....... 103.491 105.592 108.143 106.997 107.923 108.440 109.214 110.008
Gross national product................... 104.087 105.997 108.295 107.308 108.164 108.549 109.158 110.010
Implicit price deflators:
Gross domestic product................. 104.092 105.998 108.237 107.246 108.093 108.482 109.100 109.946
Final sales of domestic product........ 104.100 106.025 108.310 107.325 108.172 108.555 109.161 110.014
Gross domestic purchases............... 103.484 105.566 108.077 106.916 107.842 108.364 109.149 109.936
Final sales to domestic purchasers..... 103.491 105.592 108.148 106.992 107.917 108.435 109.208 110.003
Gross national product................. 104.082 105.992 108.232 107.240 108.087 108.479 109.099 109.944
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.9 3.0 4.4
Personal consumption expenditures...... 2.8 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 3.1 3.3 3.8
Durable goods........................ 2.2 -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 6.5 7.4 6.7
Nondurable goods..................... 2.8 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.6 3.7 4.6
Services............................. 3.0 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 2.6 2.2 2.8
Gross private domestic investment...... 4.0 -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.4 4.4 13.2
Fixed investment..................... 3.0 -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -4.9 5.1 10.3
Nonresidential..................... 5.6 .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -8.9 3.3 10.6
Structures....................... 2.0 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.8 -5.6 1.4
Equipment and software........... 7.3 .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -5.5 6.4 13.6
Residential........................ -3.0 -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.8 9.7
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 11.5 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.9 8.6
Goods.............................. 11.9 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.1 2.2 8.8
Services........................... 10.3 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.8 1.4 8.0
Imports.............................. 4.4 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.4 9.9
Goods.............................. 4.3 3.0 -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.7 10.8
Services........................... 4.9 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 1.9 3.1 5.8
Government consumption expenditures
and gross investment.................. 2.6 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.8 1.9
Federal.............................. 1.5 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.5 6.6 4.7
National defense................... -.5 .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.7 9.0 7.3
Nondefense......................... 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 7.1 2.4 -.5
State and local...................... 3.4 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 2.8 .7 .4
Addenda:
Final sales of domestic product...... 3.4 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.4 3.1 4.0
Gross domestic purchases............. 3.0 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.5 3.3 4.8
Final sales to domestic purchasers... 2.8 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 2.1 3.4 4.4
Gross national product............... 3.5 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.7 3.3 4.3
Real disposable personal income...... 2.8 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.3 3.7
Price indexes:
Gross domestic purchases........... 3.8 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.5 2.0 2.4
Gross domestic purchases excluding
food and energy................... 3.6 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.8 1.6 1.9
GDP................................ 3.8 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 1.8 2.2
GDP excluding food and energy...... 3.6 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.0 1.6 1.9
Personal consumption expenditures.. 4.4 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 1.9 2.2
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2004.
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04r I 05r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... .6 .4 .2 1.2 1.5 2.5 2.3 1.9 2.3 3.5 4.4 5.0 4.8 4.0 3.9 3.7
Personal consumption expenditures
(PCE)................................. 2.5 2.0 2.8 2.9 3.3 3.6 2.5 2.7 3.0 3.5 3.8 4.2 3.6 3.6 3.8 3.6
Durable goods........................ 3.2 2.5 10.8 6.6 7.8 10.6 1.5 3.8 7.6 8.2 9.9 10.5 5.4 5.5 5.5 5.4
Nondurable goods..................... 1.6 1.6 1.9 2.7 3.0 2.2 2.3 2.6 2.8 4.7 4.6 5.1 4.7 4.1 4.3 4.0
Services............................. 2.8 2.0 1.6 2.2 2.6 2.9 2.9 2.6 2.1 2.0 2.2 2.5 2.7 2.9 3.1 3.1
Gross private domestic investment...... -8.5 -8.6 -13.8 -7.1 -5.1 -1.5 5.0 .7 1.5 5.7 9.4 12.8 16.8 11.7 11.6 11.0
Fixed investment..................... -2.9 -3.8 -6.7 -7.1 -5.8 -4.6 -2.1 -.4 3.1 7.4 10.3 10.9 11.6 9.4 9.4 9.6
Nonresidential..................... -3.9 -6.1 -9.6 -10.9 -9.9 -8.5 -6.0 -3.6 1.7 5.8 9.4 10.6 10.8 10.1 11.0 10.8
Structures....................... -.6 -1.4 -11.1 -13.7 -18.3 -22.9 -16.1 -14.8 -6.0 -2.1 1.5 3.0 1.3 1.3 -.1 1.1
Equipment and software........... -5.1 -7.8 -9.0 -9.8 -6.7 -2.7 -2.2 .5 4.4 8.4 12.1 13.1 13.9 12.9 14.5 13.8
Residential........................ -.1 2.5 1.4 3.1 4.5 4.7 6.9 6.4 5.9 10.6 12.0 11.3 13.2 8.0 6.5 7.4
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. -2.9 -9.9 -11.9 -9.6 -4.0 1.7 3.5 1.9 -1.1 .8 6.1 8.4 10.8 9.4 5.9 5.9
Goods.............................. -3.2 -12.2 -13.0 -12.2 -5.0 1.2 .8 2.3 -1.2 .5 7.1 8.5 10.3 10.1 6.6 6.5
Services........................... -2.0 -4.0 -8.9 -3.1 -1.8 2.7 9.8 1.0 -.9 1.5 3.8 8.3 11.9 7.8 4.4 4.5
Imports.............................. -1.4 -7.2 -7.6 -3.9 2.1 6.3 9.7 6.0 3.8 3.2 4.9 8.1 10.7 11.1 9.8 9.4
Goods.............................. -2.6 -7.8 -7.9 -4.8 3.3 7.1 9.8 6.7 4.3 2.8 5.1 8.8 10.8 12.1 11.3 10.6
Services........................... 4.7 -3.7 -5.9 .7 -3.7 2.0 8.9 2.4 1.4 5.0 3.7 4.7 10.0 6.3 2.2 3.2
Government consumption expenditures
and gross investment.................. 3.0 3.2 5.0 4.8 4.0 4.9 3.8 2.7 3.3 2.8 2.2 2.8 1.6 1.8 1.6 .9
Federal.............................. 1.7 4.0 6.4 6.4 7.3 8.1 8.2 6.1 8.3 6.6 5.5 7.3 2.7 4.8 3.9 2.3
National defense................... 1.3 3.8 6.5 6.2 8.0 8.2 8.5 6.2 12.1 9.0 8.5 12.1 3.8 8.5 5.4 2.8
Nondefense......................... 2.6 4.2 6.3 6.9 6.2 7.8 7.6 6.1 1.4 2.4 .0 -1.5 .6 -2.2 1.0 1.2
State and local...................... 3.7 2.8 4.2 4.0 2.2 3.3 1.6 .9 .7 .8 .4 .4 1.0 .0 .2 .1
Addenda:
Final sales of domestic product...... 1.6 1.2 1.5 1.2 1.4 2.0 1.2 1.7 2.6 3.8 4.5 4.7 4.1 3.6 3.6 3.4
Gross domestic purchases............. .7 .4 .4 1.6 2.1 3.1 3.1 2.4 2.8 3.7 4.3 5.1 5.1 4.5 4.5 4.3
Final sales to domestic purchasers... 1.7 1.2 1.6 1.6 2.0 2.6 2.1 2.3 3.1 3.9 4.4 4.9 4.4 4.1 4.2 4.0
Gross national product............... .7 .2 .4 1.0 1.2 2.6 2.0 2.0 2.6 3.7 4.8 5.3 4.7 3.8 3.3 3.3
Real disposable personal income...... 1.3 2.8 1.2 3.5 4.6 1.4 2.9 .7 1.1 3.5 3.9 4.0 3.7 2.4 4.7 3.7
Price indexes:
Gross domestic purchases........... 2.3 1.9 1.6 1.3 1.3 1.5 1.8 2.5 1.9 1.9 1.8 1.7 2.5 2.6 2.9 2.8
Gross domestic purchases excluding
food and energy................... 1.8 1.9 2.1 1.9 1.8 1.8 1.6 1.8 1.6 1.5 1.4 1.5 1.9 2.1 2.2 2.3
GDP................................ 2.5 2.4 2.4 1.9 1.5 1.5 1.6 2.0 1.9 1.8 1.7 1.7 2.3 2.3 2.4 2.5
GDP excluding food and energy...... 2.0 2.1 2.3 2.2 2.0 1.9 1.7 1.9 1.6 1.5 1.4 1.4 1.9 2.1 2.2 2.4
PCE................................ 2.4 2.0 1.7 1.1 1.2 1.6 1.8 2.4 1.8 1.7 1.7 1.7 2.3 2.2 2.6 2.3
PCE excluding food and energy...... 1.8 2.0 2.2 1.8 1.8 1.9 1.5 1.6 1.4 1.1 1.2 1.4 1.5 1.5 1.6 1.6
Market-based PCE\1\................ 2.3 1.9 1.3 .8 .9 1.2 1.7 2.3 1.8 1.8 1.6 1.7 2.4 2.3 2.8 2.5
Market-based PCE excluding food
and energy\1\..................... 1.7 1.8 1.8 1.5 1.6 1.5 1.4 1.4 1.2 1.1 1.0 1.3 1.5 1.4 1.6 1.7
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2004.
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004r I 04 II 04 III 04 IV 04r I 05r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,487.0 11,004.0 11,735.0 11,472.6 11,657.5 11,814.9 11,994.8 12,191.7
Plus: Income receipts from the rest of the
world..................................... 301.8 329.0 405.8 373.8 388.0 406.8 454.7 457.7
Less: Income payments to the rest of the
world..................................... 274.7 273.9 361.9 300.3 351.9 368.6 426.7 424.4
Equals: Gross national product............. 10,514.1 11,059.2 11,778.9 11,546.1 11,693.6 11,853.0 12,022.8 12,225.0
Less: Consumption of fixed capital......... 1,303.9 1,353.9 1,407.3 1,355.0 1,375.2 1,497.9 1,401.2 1,408.1
Less: Statistical discrepancy.............. -15.3 25.6 31.9 63.0 56.4 60.4 -52.1 -70.1
Equals: National income.................... 9,225.4 9,679.6 10,339.6 10,128.1 10,262.0 10,294.7 10,673.7 10,887.0
Compensation of employees................ 6,069.5 6,289.0 6,651.0 6,489.4 6,578.5 6,687.4 6,848.6 6,967.0
Wage and salary accruals............... 4,976.3 5,103.6 5,373.4 5,240.7 5,311.4 5,403.0 5,538.8 5,631.5
Supplements to wages and salaries...... 1,093.2 1,185.5 1,277.5 1,248.8 1,267.2 1,284.4 1,309.8 1,335.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 902.8 872.1 901.4 902.9 934.9 962.0
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 165.1 172.8 172.6 153.8 161.3 153.7
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 874.6 1,021.1 1,181.6 1,165.6 1,173.9 1,118.0 1,268.8 1,326.3
Net interest and miscellaneous payments.. 532.9 543.0 549.5 554.5 548.5 546.7 548.2 557.4
Taxes on production and imports less
subsidies............................... 724.4 751.3 800.6 782.9 796.3 803.5 819.9 830.0
Business current transfer payments....... 80.9 77.7 82.1 82.7 83.5 76.0 86.3 87.2
Current surplus of government
enterprises............................. 2.8 9.5 6.9 8.1 7.4 6.5 5.7 3.4
Addendum:
Gross domestic income.................... 10,502.3 10,978.5 11,703.0 11,409.6 11,601.1 11,754.5 12,046.9 12,261.7
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2004.
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004r I 04 II 04 III 04 IV 04r I 05r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,878.9 9,161.8 9,689.6 9,445.0 9,592.7 9,700.4 10,020.1 10,100.2
Compensation of employees, received...... 6,069.5 6,289.0 6,651.0 6,487.9 6,580.0 6,687.4 6,848.6 6,967.0
Wage and salary disbursements.......... 4,976.3 5,103.6 5,373.5 5,239.2 5,312.8 5,403.0 5,538.8 5,631.5
Supplements to wages and salaries...... 1,093.2 1,185.5 1,277.5 1,248.8 1,267.2 1,284.4 1,309.8 1,335.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 902.8 872.1 901.4 902.9 934.9 962.0
Farm................................... 9.7 21.8 18.2 17.9 18.9 13.6 22.4 25.8
Nonfarm................................ 759.9 812.3 884.6 854.2 882.5 889.3 912.5 936.2
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 165.1 172.8 172.6 153.8 161.3 153.7
Personal income receipts on assets....... 1,334.6 1,322.7 1,387.3 1,337.1 1,352.3 1,367.8 1,491.9 1,416.3
Personal interest income............... 946.7 929.9 946.2 936.2 941.7 946.5 960.5 976.2
Personal dividend income............... 387.9 392.8 441.1 400.9 410.6 421.3 531.4 440.1
Personal current transfer receipts....... 1,282.7 1,335.4 1,405.9 1,379.0 1,400.4 1,415.4 1,428.9 1,469.0
Less: Contributions for government
social insurance........................ 748.3 773.2 822.6 803.9 814.0 826.9 845.4 868.0
Less: Personal current taxes............... 1,051.2 1,001.9 1,042.6 1,006.6 1,030.6 1,048.9 1,084.4 1,145.9
Equals: Disposable personal income......... 7,827.7 8,159.9 8,646.9 8,438.4 8,562.1 8,651.5 8,935.8 8,954.3
Less: Personal outlays..................... 7,668.5 8,049.3 8,531.9 8,351.6 8,448.7 8,588.1 8,739.3 8,874.2
Equals: Personal saving.................... 159.2 110.6 115.0 86.8 113.4 63.4 196.5 80.1
Personal saving as a percentage of
disposable personal income.............. 2.0 1.4 1.3 1.0 1.3 .7 2.2 .9
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,559.5 7,733.8 8,019.3 7,897.0 7,951.5 8,009.5 8,218.3 8,193.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2004.
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 11.--Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
2002 2003 2004 I 04 II 04 III 04 IV 04 I 05 2003 2004 II 04 III 04 IV 04 I 05 I 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 874.6 1,021.1 1,181.6 1,165.6 1,173.9 1,118.0 1,268.8 1,326.3 16.8 15.7 .7 -4.8 13.5 4.5 13.8
Less: Taxes on corporate income...... 183.8 234.9 269.2 256.5 271.2 253.3 295.7 343.2 27.8 14.6 5.7 -6.6 16.8 16.1 33.8
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 690.7 786.2 912.4 909.1 902.7 864.7 973.0 983.0 13.8 16.0 -.7 -4.2 12.5 1.0 8.1
Net dividends...................... 390.0 395.3 443.9 403.4 413.2 424.0 534.7 442.8 1.4 12.3 2.4 2.6 26.1 -17.2 9.8
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 300.7 390.9 468.5 505.7 489.5 440.7 438.3 540.2 30.0 19.9 -3.2 -10.0 -.5 23.2 6.8
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 1,058.5 1,173.4 1,264.6 1,279.1 1,273.4 1,271.8 1,234.1 1,337.5 10.9 7.8 -.4 -.1 -3.0 8.4 4.6
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 300.7 390.9 468.5 505.7 489.5 440.7 438.3 540.2 30.0 19.9 -3.2 -10.0 -.5 23.2 6.8
Consumption of fixed capital..... 757.8 782.5 796.1 773.4 783.9 831.2 795.8 797.4 3.3 1.7 1.4 6.0 -4.3 .2 3.1
Less: Inventory valuation
adjustment........................ -1.2 -14.1 -42.9 -37.0 -47.8 -37.8 -49.1 -40.8 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 1,059.8 1,187.5 1,307.5 1,316.1 1,321.2 1,309.6 1,283.2 1,378.4 12.1 10.1 .4 -.9 -2.0 7.4 4.7
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 758.0 874.5 985.3 962.4 988.3 932.8 1,057.9 1,307.9 15.4 12.7 2.7 -5.6 13.4 23.6 35.9
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 574.2 639.6 716.2 705.9 717.1 679.5 762.1 964.6 11.4 12.0 1.6 -5.3 12.2 26.6 36.6
Inventory valuation adjustment..... -1.2 -14.1 -42.9 -37.0 -47.8 -37.8 -49.1 -40.8 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 117.8 160.8 239.1 240.2 233.3 223.0 260.0 59.2 36.5 48.7 -2.9 -4.4 16.6 -77.2 -75.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 12.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
2002 2003 2004 I 04 II 04 III 04 IV 04 I 05 2003 2004 II 04 III 04 IV 04 I 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 874.6 1,021.1 1,181.6 1,165.6 1,173.9 1,118.0 1,268.8 1,326.3 146.5 160.5 8.3 -55.9 150.8 57.5
Domestic industries.......................... 716.8 844.2 989.6 960.3 988.6 929.3 1,080.1 1,116.5 127.4 145.4 28.3 -59.3 150.8 36.4
Financial.................................. 298.4 327.8 336.4 355.7 347.8 279.1 363.2 405.2 29.4 8.6 -7.9 -68.7 84.1 42.0
Nonfinancial............................... 418.4 516.4 653.1 604.6 640.8 650.2 716.9 711.3 98.0 136.7 36.2 9.4 66.7 -5.6
Rest of the world............................ 157.8 176.9 192.0 205.3 185.3 188.7 188.7 209.8 19.1 15.1 -20.0 3.4 .0 21.1
Receipts from the rest of the world........ 206.0 250.7 315.4 299.0 305.6 313.1 343.9 331.5 44.7 64.7 6.6 7.5 30.8 -12.4
Less: Payments to the rest of the world.... 48.2 73.8 123.4 93.7 120.3 124.5 155.3 121.8 25.6 49.6 26.6 4.2 30.8 -33.5
Corporate profits with inventory
valuation adjustment.................... 756.8 860.4 942.4 925.4 940.6 895.0 1,008.8 1,267.0 103.6 82.0 15.2 -45.6 113.8 258.2
Domestic industries.......................... 599.0 683.4 750.4 720.0 755.2 706.3 820.1 1,057.3 84.4 67.0 35.2 -48.9 113.8 237.2
Financial.................................. 276.2 299.8 294.0 313.7 306.4 237.6 318.2 384.3 23.6 -5.8 -7.3 -68.8 80.6 66.1
Federal Reserve banks.................... 22.9 19.2 19.1 18.2 18.1 19.0 21.1 21.9 -3.7 -.1 -.1 .9 2.1 .8
Other financial.......................... 253.3 280.6 274.9 295.5 288.3 218.6 297.1 362.4 27.3 -5.7 -7.2 -69.7 78.5 65.3
Nonfinancial............................... 322.8 383.6 456.4 406.4 448.8 468.7 501.9 672.9 60.8 72.8 42.4 19.9 33.2 171.0
Utilities................................ 11.4 18.8 23.3 23.2 21.5 21.1 27.5 ..... 7.4 4.5 -1.7 -.4 6.4 .....
Manufacturing............................ 50.7 67.3 105.9 81.5 94.8 105.0 142.4 ..... 16.6 38.6 13.3 10.2 37.4 .....
Durable goods.......................... -8.3 -3.5 23.9 2.8 14.9 29.8 48.1 ..... 4.8 27.4 12.1 14.9 18.3 .....
Fabricated metal products............ 9.3 10.1 13.6 11.8 12.1 13.1 17.2 ..... .8 3.5 .3 1.0 4.1 .....
Machinery............................ 1.6 -.5 3.4 2.2 3.6 6.7 1.1 ..... -2.1 3.9 1.4 3.1 -5.6 .....
Computer and electronic products..... -32.9 -15.4 -13.8 -17.2 -15.9 -10.5 -11.5 ..... 17.5 1.6 1.3 5.4 -1.0 .....
Electrical equipment, appliances,
and components...................... -.2 -3.2 -2.7 -8.1 -1.6 -5.5 4.4 ..... -3.0 .5 6.5 -3.9 9.9 .....
Motor vehicles, bodies and trailers,
and parts........................... -6.0 -6.2 2.7 -.5 -1.2 5.0 7.4 ..... -.2 8.9 -.7 6.2 2.4 .....
Other durable goods.................. 19.8 11.8 20.8 14.6 18.0 21.2 29.6 ..... -8.0 9.0 3.4 3.2 8.4 .....
Nondurable goods....................... 58.9 70.7 82.0 78.6 79.9 75.2 94.4 ..... 11.8 11.3 1.3 -4.7 19.2 .....
Food and beverage and tobacco
products............................ 24.1 27.7 26.9 31.1 27.9 26.4 22.4 ..... 3.6 -.8 -3.2 -1.5 -4.0 .....
Petroleum and coal products.......... 4.0 14.8 28.6 24.5 27.3 20.0 42.5 ..... 10.8 13.8 2.8 -7.3 22.5 .....
Chemical products.................... 17.1 21.2 12.7 14.1 13.7 14.8 8.4 ..... 4.1 -8.5 -.4 1.1 -6.4 .....
Other nondurable goods............... 13.6 7.1 13.8 8.9 11.0 14.0 21.1 ..... -6.5 6.7 2.1 3.0 7.1 .....
Wholesale trade.......................... 51.0 47.9 54.6 46.0 52.2 61.1 59.0 ..... -3.1 6.7 6.2 8.9 -2.1 .....
Retail trade............................. 78.1 77.7 72.2 80.0 73.1 64.7 70.8 ..... -.4 -5.5 -6.9 -8.4 6.1 .....
Transportation and warehousing........... -1.3 10.5 9.7 11.7 15.5 7.3 4.5 ..... 11.8 -.8 3.8 -8.2 -2.8 .....
Information.............................. -11.2 -.7 9.5 -6.6 16.5 21.6 6.6 ..... 10.5 10.2 23.1 5.1 -15.0 .....
Other nonfinancial....................... 144.2 162.1 181.2 170.7 175.1 187.9 191.2 ..... 17.9 19.1 4.4 12.8 3.3 .....
Rest of the world............................ 157.8 176.9 192.0 205.3 185.3 188.7 188.7 209.8 19.1 15.1 -20.0 3.4 .0 21.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 13.--Gross Value Added of Nonfinancial Domestic Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004r I 04 II 04 III 04 IV 04r I 05
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 5,377.7 5,606.8 6,024.6 5,839.4 5,955.5 6,058.2 6,245.4 6,330.9
Consumption of fixed capital............... 655.7 676.4 692.6 671.8 680.9 726.8 691.0 692.3
Net value added............................ 4,722.0 4,930.5 5,332.0 5,167.6 5,274.7 5,331.4 5,554.4 5,638.6
Compensation of employees................ 3,601.3 3,696.2 3,926.7 3,818.1 3,878.6 3,949.7 4,060.3 4,133.1
Wage and salary accruals............... 2,971.0 3,006.9 3,180.0 3,089.9 3,138.5 3,199.1 3,292.5 3,349.6
Supplements to wages and salaries...... 630.3 689.3 746.6 728.1 740.1 750.5 767.8 783.4
Taxes on production and imports less
subsidies............................... 465.1 483.4 511.4 501.1 508.4 511.7 524.4 533.7
Net operating surplus.................... 655.5 750.8 893.9 848.5 887.6 870.0 969.7 971.8
Net interest and miscellaneous
payments.............................. 181.7 170.8 177.5 174.8 177.2 177.3 180.5 187.1
Business current transfer payments..... 55.5 63.5 63.3 69.0 69.6 42.5 72.2 73.5
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 418.4 516.4 653.1 604.6 640.8 650.2 716.9 711.3
Taxes on corporate income............ 89.0 130.0 165.8 147.7 164.9 167.5 183.3 212.7
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 329.4 386.4 487.3 456.9 475.9 482.7 533.6 498.6
Net dividends...................... 254.9 275.4 303.9 270.6 265.5 278.7 400.8 317.8
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 74.5 111.0 183.4 186.2 210.5 204.0 132.9 180.8
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 324.1 397.7 499.4 443.4 496.5 506.5 551.0 713.8
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 235.1 267.7 333.5 295.6 331.7 338.9 367.8 501.1
Inventory valuation adjustment........... -1.2 -14.1 -42.9 -37.0 -47.8 -37.8 -49.1 -40.8
Capital consumption adjustment........... 95.6 132.9 196.7 198.3 192.0 181.5 215.0 38.3
----------------------------------------------------------------------------------------
Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,275.9 5,423.0 5,726.4 5,598.7 5,657.4 5,752.2 5,897.5 5,943.5
Consumption of fixed capital\2\............ 628.0 647.2 668.3 654.1 657.2 697.3 664.7 669.1
Net value added\3\......................... 4,647.9 4,775.8 5,058.1 4,944.6 5,000.2 5,054.8 5,232.9 5,274.3
----------------------------------------------------------------------------------------
Dollars
----------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
gross value added of nonfinancial
corporate business:
Price per unit of real gross value added
of nonfinancial corporate business\4\... 1.019 1.034 1.052 1.043 1.053 1.053 1.059 1.065
Compensation of employees (unit labor
cost)................................... .683 .682 .686 .682 .686 .687 .688 .695
Unit nonlabor cost....................... .257 .258 .252 .253 .253 .253 .249 .249
Consumption of fixed capital........... .124 .125 .121 .120 .120 .126 .117 .116
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .099 .101 .100 .102 .102 .096 .101 .102
Net interest and miscellaneous payments .034 .032 .031 .031 .031 .031 .031 .031
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .079 .095 .114 .108 .113 .113 .122 .120
Taxes on corporate income.............. .017 .024 .029 .026 .029 .029 .031 .036
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .062 .071 .085 .082 .084 .084 .090 .084
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the fourth
quarter of 2004.
1. Effective December 22, 2004, chained-dollar gross value added of
nonfinancial corporate business was revised beginning with 1929. The
current-dollar gross value added is deflated by a revised chain-type
price index calculated using the gross value added chain-type price
index for nonfinancial industries from the comprehensive revision of
the GDP-by-industry accounts.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 1.9 3.0 4.4 1.2 -1.4 1.6 3.4 2.4 2.6 .7 1.9 4.1 7.4 4.2 4.5 3.3 4.0 3.8 3.5
Goods............................. 1.2 4.3 7.4 -1.3 -5.5 2.6 4.1 .9 4.7 -3.2 4.3 4.1 17.7 5.8 8.2 2.5 8.3 6.1 5.2
Services.......................... 3.0 2.3 2.7 1.8 1.7 2.8 3.4 4.2 2.2 3.0 .9 3.6 1.1 3.1 3.0 2.3 2.8 3.0 2.8
Structures........................ -2.4 3.0 5.3 7.0 -4.3 -8.5 .9 -3.3 -2.4 .9 .0 7.3 13.9 5.4 .7 12.7 -2.5 1.4 2.3
Motor vehicle output.............. 11.6 4.2 5.6 36.3 -5.7 22.0 7.3 10.3 18.4 6.0 -12.4 3.0 26.3 2.9 8.8 -15.2 10.4 27.6 6.4
GDP excuding motor vehicle
output........................... 1.5 3.0 4.4 .2 -1.2 .9 3.3 2.1 2.1 .5 2.5 4.1 6.8 4.2 4.3 4.0 3.8 3.1 3.4
Final sales of computers\1\....... 8.8 41.0 22.7 -11.2 -19.4 23.7 -3.7 12.2 46.0 30.9 35.1 37.8 93.7 29.0 .1 .1 20.7 74.6 68.5
GDP excluding final sales of
computers........................ 1.8 2.8 4.3 1.4 -1.2 1.4 3.4 2.3 2.3 .5 1.7 3.8 6.8 4.0 4.5 3.3 3.9 3.3 2.9
Farm gross value added\2\......... 6.5 4.0 -9.8 -31.0 -20.4 94.2 -39.2 69.9 26.1 -19.5 -13.9 52.3 .5 -30.6 -31.3 -21.3 36.4 77.1 5.8
Nonfarm business gross value
added\3\......................... 1.8 3.8 5.3 1.2 -2.9 1.2 4.0 1.7 3.6 1.4 2.4 5.3 9.3 4.6 5.7 4.2 4.2 3.7 4.0
Price indexes:
GDP............................... 1.7 1.8 2.2 3.1 1.6 1.7 1.4 1.5 1.7 2.0 2.7 1.1 1.4 1.6 2.8 3.2 1.4 2.3 3.2
GDP excluding food and energy..... 2.0 1.6 1.9 2.3 2.1 2.6 1.7 1.8 1.6 1.7 2.3 .8 1.1 1.5 2.3 2.7 1.8 2.1 3.0
GDP excluding final sales of
computers........................ 1.9 2.0 2.3 3.3 1.8 1.9 1.6 1.7 1.9 2.2 2.9 1.2 1.6 1.7 2.9 3.3 1.5 2.5 3.5
Gross domestic purchases.......... 1.5 2.0 2.4 2.3 1.0 .6 1.2 2.5 1.8 1.9 3.7 .4 1.7 1.4 3.4 3.5 1.9 2.9 2.9
Gross domestic purchases excluding
food and energy.................. 1.8 1.6 1.9 2.0 1.8 2.3 1.5 1.7 1.6 1.6 2.2 1.0 1.2 1.5 2.5 2.5 1.7 2.0 3.0
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 1.7 2.2 2.6 2.6 1.3 .9 1.4 2.6 2.0 2.1 4.0 .5 1.9 1.5 3.6 3.7 2.1 3.1 3.3
Personal consumption expenditures
(PCE)............................ 1.4 1.9 2.2 2.6 .6 .6 .9 2.9 2.0 1.4 3.2 .7 1.6 1.2 3.3 3.1 1.3 2.7 2.1
Personal consumption expenditures
excluding food and energy........ 1.8 1.3 1.5 2.1 1.4 2.6 1.2 2.0 2.0 .9 1.5 1.1 .9 1.3 2.1 1.7 .9 1.7 2.2
Market-based PCE\4\............... 1.1 1.9 2.3 2.1 .8 -.5 .6 2.9 1.8 1.5 3.0 .6 2.0 .8 3.2 3.7 1.4 2.7 2.0
Market-based PCE excluding food
and energy\4\.................... 1.5 1.2 1.5 1.3 1.9 1.6 1.0 1.8 1.7 1.1 .9 1.1 1.3 .8 1.8 2.1 1.0 1.7 2.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2002-03
annual percent change in real GDP uses prices for 2002 and 2003 as weights, and the 2002-03 annual
percent change in GDP prices uses quantities for 2002 and 2003 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.
