News Release
Gross Domestic Product: First Quarter 2005 "advance" estimates
The tables from this news release are available in XLS format and the entire release is available in PDF format.
Also available: a brief summary of highlights.
Note:In the fourth quarter of 2004, the Microsoft Corporation paid a special dividend to its shareholders. The dividend payment affects the fourth-quarter estimate of personal income released on January 28, and also affected the estimates of corporate profits, national income, and government current receipts released on March 30. More information is available.
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 BEA 05-18
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FIRST QUARTER 2005 (ADVANCE)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.1 percent in the first quarter of 2005,
according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real
GDP increased 3.8 percent.
The Bureau emphasized that the first-quarter "advance" estimates are based on source data that are
incomplete or subject to further revision by the source agency (see the box on page 3). The first-quarter
"preliminary" estimates, based on more comprehensive data, will be released on May 26, 2005.
The major contributors to the increase in real GDP in the first quarter were personal consumption
expenditures (PCE), private inventory investment, exports, equipment and software, and residential
fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the first quarter primarily reflected a deceleration in
equipment and software, an acceleration in imports, and a deceleration in PCE that were partly offset by
accelerations in private inventory investment and in exports.
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 0.17 percentage
point to the first-quarter change in real GDP after contributing 0.86 percentage point to the fourth-
quarter change.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.0 percent in the first quarter, compared with an increase of 2.9 percent in the fourth.
Excluding food and energy prices, the price index for gross domestic purchases increased 3.1 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.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and are annualized. "Real" estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
Real personal consumption expenditures increased 3.5 percent in the first quarter, compared with
an increase of 4.2 percent in the fourth. Durable goods purchases were unchanged, in contrast to an
increase of 3.9 percent. Nondurable goods purchases increased 4.9 percent, compared with an increase
of 5.9 percent. Services expenditures increased 3.6 percent, compared with an increase of 3.4 percent.
Real nonresidential fixed investment increased 4.7 percent in the first quarter, compared with an
increase of 14.5 percent in the fourth. Nonresidential structures decreased 2.6 percent, in contrast to an
increase of 2.1 percent. Equipment and software increased 6.9 percent, compared with an increase of
18.4 percent. Real residential fixed investment increased 5.7 percent, compared with an increase of 3.4
percent.
Real exports of goods and services increased 7.0 percent in the first quarter, compared with an
increase of 3.2 percent in the fourth. Real imports of goods and services increased 14.7 percent,
compared with an increase of 11.4 percent.
Real federal government consumption expenditures and gross investment increased 0.6 percent in
the first quarter, compared with an increase of 1.2 percent in the fourth. National defense increased 0.2
percent, in contrast to a decrease of 0.6 percent. Nondefense increased 1.3 percent, compared with an
increase of 5.3 percent. Real state and local government consumption expenditures and gross
investment increased 0.5 percent, compared with an increase of 0.6 percent.
The real change in private inventories added 1.21 percentage points to the first-quarter change in
real GDP after adding 0.46 percentage point to the fourth-quarter change. Private businesses increased
inventories $80.2 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 1.9
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 4.4 percent in the first quarter, compared with an increase of 5.0 percent in the
fourth.
Disposition of personal income
Current-dollar personal income increased $58.7 billion (2.4 percent) in the first quarter, compared
with an increase of $253.4 billion (10.9 percent) in the fourth. Personal income in the fourth quarter had
been boosted by a special dividend payment made by the Microsoft Corporation. (For more
information, see the FAQs on the Microsoft special dividend on BEA's Web site at www.bea.gov.)
Personal current taxes increased $17.6 billion in the first quarter, compared with an increase of
$20.6 billion in the fourth.
Disposable personal income increased $41.2 billion (1.9 percent) in the first quarter, compared
with an increase of $232.7 billion (11.2 percent) in the fourth. Real disposable personal income
decreased 0.3 percent, in contrast to an increase of 8.3 percent.
Personal outlays increased $134.2 billion (6.3 percent) in the first quarter, compared with an
increase of $151.2 billion (7.2 percent) in the fourth. Personal saving -- disposable personal income less
personal outlays -- was $52.0 billion in the first quarter, compared with $145.0 billion in the fourth. The
personal saving rate -- saving as a percentage of disposable personal income -- decreased from 1.6
percent in the fourth quarter to 0.6 percent in the first.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
6.4 percent, or $187.9 billion, in the first quarter to a level of $12,182.7 billion. In the fourth quarter,
current-dollar GDP increased 6.2 percent, or $179.9 billion.
Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, "Business Situation."
* * *
BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
(202) 606-5362 U.S. international transactions
* * *
Next release -- May 26, 2005, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2005 (Preliminary)
Corporate Profits: First Quarter 2005
Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on
source data that are incomplete or subject to further revision by the source
agency, are released near the end of the first month after the end of
the quarter; as more detailed and more comprehensive data become available,
"preliminary" and "final" estimates are released near the end of the second and third months, respectively. The
"latest" estimates reflect the results of both annual and comprehensive revisions.
Annual revisions are usually carried out each summer and cover the quarters of the most recent calendar
year and of the 2 preceding years. Comprehensive (or benchmark) revisions are carried out at about 5-year
intervals and incorporate definitional and classificational changes that update the accounts to portray more
accurately the evolving U.S. economy and statistical changes that update the accounts to reflect the introduction of
new and improved methodologies and the incorporation of newly available and revised source data.
The table below shows comparisons of the revisions between quarterly percent changes of GDP for the
different vintages of the estimates. These comparisons can be used to assess the likely size of future revisions. For
example, two-thirds of the revisions between the quarterly change in the advance estimate of real GDP and that in
the final estimate were within a range of -0.6 to +0.9 percentage point.
Thus, based on past history, the first-quarter change in real GDP now
estimated at 3.1 percent at an annual rate, is not likely to be revised below
2.5 percent or above 4.0 percent in the next two releases.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average without Range
compared regard to sign Two-thirds Nine-tenths
of revisions of revisions
Current-dollar GDP
Advance to preliminary..... 0.6 -0.5 to 0.8 -0.9 to 1.4
Advance to final........... .7 - .6 to 1.0 -1.0 to 1.6
Preliminary to final....... .3 - .3 to .4 - .6 to .7
Advance to latest.......... 1.3 -1.0 to 1.8 -1.9 to 3.4
Preliminary to latest...... 1.2 - .9 to 1.7 -1.9 to 2.6
Final to latest............ 1.3 -1.0 to 1.9 -2.2 to 2.6
Real GDP
Advance to preliminary..... 0.5 -0.5 to 0.7 -0.9 to 1.2
Advance to final........... .6 - .6 to .9 -1.0 to 1.3
Preliminary to final....... .3 - .3 to .4 - .5 to .6
Advance to latest.......... 1.5 -1.1 to 2.1 -2.5 to 3.3
Preliminary to latest...... 1.4 -1.1 to 1.9 -2.0 to 2.9
Final to latest........... 1.5 -1.2 to 2.1 -2.6 to 3.1
NOTE.--These comparisons are based on the period from 1978 through 2003 for the first three comparisons in each group and on the period from
1978 through 2001 for the last three comparisons in each group.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 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 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 3.1
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 3.5
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 .0
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 4.9
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 3.6
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 12.5
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 5.0
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 4.7
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 -2.6
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 6.9
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 5.7
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 7.0
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 9.3
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 1.8
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 14.7
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 16.1
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 7.5
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 .6
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 .6
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 .2
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 1.3
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 1.9
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 4.4
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 .....
Disposable personal income........ 3.1 2.3 3.5 -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 8.3 -.3
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 6.4
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 5.2
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 7.5
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 .....
Disposable personal income...... 4.6 4.2 5.8 .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 11.2 1.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 3.1
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 2.45
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 .00
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 -.42
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 .11
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 .98
Food.......................... .18 .37 .47 .05 .09 .18 .26 .29 -.02 .31 .62 .26 .57 .25 .77 .22 .42 .74 .48
Clothing and shoes............ .12 .12 .19 .05 .04 .27 .25 -.01 -.12 .30 -.02 .23 .27 .11 .43 -.15 .16 .27 .11
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 .16
Other......................... .17 .23 .26 .21 .23 .27 .24 .01 .03 .21 .37 .12 .43 .32 .17 .25 .30 .20 .23
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 1.46
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 .15
Electricity and gas......... .04 .03 .03 -.44 .00 -.07 .11 .19 .04 .19 -.04 -.19 .01 .25 .05 -.13 -.01 .18 .10
Other household operation... -.01 .04 .07 .09 .02 -.08 -.02 .05 -.03 -.03 .05 .08 .07 .04 .07 .09 .06 .02 .06
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 .54
Recreation.................... .07 .09 .09 -.03 .02 .07 .13 .05 .04 .11 .08 .13 .07 .11 .17 .01 .08 -.04 .13
Other......................... .11 .20 .32 .39 -.25 .28 -.03 .24 .25 -.02 .23 .31 .15 .31 .43 .32 .24 .39 .33
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 2.03
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 .82
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 .49
Structures.................. -.57 -.15 .03 -.14 .19 -1.27 -.59 -.70 -.45 -.17 -.33 .32 -.03 .18 -.19 .16 -.03 .05 -.06
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 .56
Information processing
equipment and software... -.18 .45 .62 -.93 -.53 -.21 -.29 .04 .38 -.15 .59 .51 1.04 .61 .62 .55 .30 .68 .93
Computers and peripheral
equipment.............. .09 .24 .22 -.22 -.26 .19 .18 .03 .25 .08 .25 .30 .39 .25 .06 .22 .18 .41 .41
Software................ -.10 .07 .18 -.30 -.07 -.19 -.14 -.03 .11 -.16 .12 .07 .28 .14 .24 .13 .10 .30 .28
Other................... -.16 .14 .22 -.42 -.20 -.21 -.33 .04 .02 -.08 .23 .14 .36 .22 .33 .20 .02 -.03 .24
Industrial equipment...... -.08 .00 .07 -.48 -.27 -.21 .24 -.21 .02 -.05 .09 -.02 .04 -.06 .08 .03 .31 .10 .04
Transportation equipment.. -.17 -.04 .15 -.03 -.27 .26 -.39 -.38 -.09 .00 -.31 .25 .14 .14 -.20 .28 .41 .46 -.31
Other equipment........... -.02 .06 .19 -.19 .05 -.19 -.10 .18 .02 .04 -.06 .03 .31 .20 .10 .20 .28 .16 -.10
Residential................... .22 .43 .51 .25 .08 -.18 .42 .51 .13 .20 .36 .44 1.09 .50 .27 .86 .09 .19 .32
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 1.21
Farm.......................... -.01 .02 .04 -.28 .09 -.23 .37 -.47 .24 .02 .06 -.07 .06 .19 .06 -.10 .07 -.08 -.11
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 1.33
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 -1.49
Exports......................... -.24 .18 .82 -1.45 -2.04 -1.11 .43 .99 .29 -.42 -.15 -.15 1.02 1.55 .70 .70 .59 .32 .69
Goods......................... -.29 .14 .59 -1.43 -1.60 -.63 -.13 .87 .19 -.72 .25 -.06 .64 1.00 .60 .41 .64 .14 .64
Services...................... .05 .04 .23 -.02 -.44 -.48 .56 .13 .10 .30 -.40 -.10 .39 .56 .10 .30 -.06 .18 .06
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 -2.19
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 -2.00
Services...................... -.04 -.07 -.14 -.28 .47 .25 -.49 .14 -.06 -.36 .06 .24 -.39 -.26 -.03 -.25 -.07 .13 -.18
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 .10
Federal......................... .46 .43 .32 .52 .00 .51 .49 .78 .19 .58 .04 1.40 -.23 .33 .48 .18 .33 .09 .04
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 .23
Gross investment............ .06 .05 .08 .10 .06 .02 .00 .16 .11 -.09 .05 .10 .03 .09 .19 -.08 .07 .17 -.23
Nondefense.................... .16 .06 -.01 .36 -.09 .05 .27 .33 .05 .04 .15 -.09 .13 -.18 .00 .10 -.12 .11 .03
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 -.01
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 .06
Gross investment............ .12 .02 .00 .59 -.67 .59 .26 -.13 .09 .02 .00 -.09 .25 -.10 -.02 .23 -.32 -.03 .00
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 1.23
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 1.67
Structures...................... -.24 .29 .52 .66 -.44 -.87 .09 -.32 -.23 .08 .00 .67 1.29 .52 .07 1.19 -.25 .14 .19
Motor vehicle output............ .39 .19 .20 1.03 -.20 .69 .25 .35 .62 .22 -.46 .11 .84 .11 .30 -.58 .34 .86 .17
Final sales of computers........ .08 .31 .20 -.13 -.21 .19 -.02 .10 .31 .23 .25 .28 .64 .26 .00 .00 .18 .56 .56
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 05 2004 I 04 II 04 III 04 IV 04 I 05 2004 IV 04 I 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 11,735.0 11,472.6 11,657.5 11,814.9 11,994.8 12,182.7 10,841.9 10,697.5 10,784.7 10,891.0 10,994.3 11,078.2 460.6 103.3 83.9
Personal consumption expenditures. 8,229.9 8,060.2 8,153.8 8,282.5 8,423.3 8,541.3 7,632.5 7,543.0 7,572.4 7,667.8 7,747.0 7,814.2 276.9 79.2 67.2
Durable goods................... 993.9 976.3 975.5 1,007.0 1,017.0 1,019.2 1,099.3 1,075.5 1,074.7 1,118.3 1,129.0 1,129.0 68.7 10.7 .0
Motor vehicles and parts...... 447.8 438.4 432.5 458.4 461.8 455.3 465.9 456.7 449.6 478.9 478.3 465.3 13.8 -.6 -13.0
Furniture and household
equipment.................... 351.3 345.0 348.6 353.8 357.8 363.7 439.4 425.6 433.3 445.4 453.3 465.1 45.9 7.9 11.8
Other......................... 194.9 193.0 194.4 194.7 197.4 200.2 198.7 196.9 196.8 198.5 202.5 206.0 12.2 4.0 3.5
Nondurable goods................ 2,377.0 2,316.6 2,354.6 2,387.2 2,449.7 2,486.5 2,208.5 2,187.3 2,188.0 2,213.2 2,245.3 2,272.2 96.1 32.1 26.9
Food.......................... 1,150.3 1,120.3 1,137.5 1,157.0 1,186.3 1,203.6 1,043.3 1,028.4 1,034.3 1,045.4 1,065.0 1,078.0 48.2 19.6 13.0
Clothing and shoes............ 326.5 325.0 322.9 325.2 332.9 337.0 352.4 351.2 346.5 351.6 360.2 363.9 22.2 8.6 3.7
Gasoline, fuel oil, and other
energy goods................. 244.9 229.7 243.2 245.4 261.4 267.1 197.3 202.1 195.0 196.3 195.8 199.3 .0 -.5 3.5
Other......................... 655.3 641.5 651.0 659.6 669.0 678.8 617.1 606.6 613.4 621.4 626.8 633.2 27.5 5.4 6.4
Services........................ 4,859.0 4,767.3 4,823.8 4,888.2 4,956.6 5,035.6 4,338.3 4,291.7 4,320.0 4,352.4 4,389.2 4,427.8 118.0 36.8 38.6
Housing....................... 1,239.0 1,215.4 1,232.7 1,247.3 1,260.5 1,277.4 1,094.9 1,086.0 1,091.5 1,097.9 1,104.1 1,111.0 18.8 6.2 6.9
Household operation........... 452.0 445.6 447.6 453.5 461.2 470.9 410.6 409.3 408.4 409.7 415.1 419.2 10.4 5.4 4.1
Electricity and gas......... 177.9 175.7 174.3 177.4 184.3 190.2 150.5 151.9 148.8 148.5 153.0 155.3 3.3 4.5 2.3
Other household operation... 274.1 270.0 273.3 276.1 277.0 280.8 260.0 257.1 259.7 261.4 262.0 263.6 7.0 .6 1.6
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 1,454.0 1,228.5 1,207.9 1,221.0 1,236.1 1,249.1 1,263.3 44.2 13.0 14.2
Recreation.................... 335.1 330.8 333.0 337.4 339.1 344.8 299.3 298.3 298.5 300.6 299.6 302.9 9.0 -1.0 3.3
Other......................... 1,139.5 1,120.9 1,130.9 1,143.1 1,163.2 1,179.2 1,023.1 1,011.2 1,019.4 1,025.7 1,035.9 1,044.6 32.4 10.2 8.7
Gross private domestic investment. 1,927.3 1,819.7 1,920.7 1,947.0 2,021.9 2,098.5 1,843.5 1,764.5 1,842.9 1,853.9 1,912.6 1,969.7 214.7 58.7 57.1
Fixed investment................ 1,884.0 1,783.5 1,861.7 1,915.4 1,975.3 2,016.1 1,794.4 1,721.4 1,778.3 1,816.1 1,861.9 1,884.9 167.1 45.8 23.0
Nonresidential................ 1,220.5 1,158.8 1,198.5 1,238.5 1,286.3 1,310.0 1,228.6 1,173.0 1,207.9 1,245.3 1,288.3 1,303.0 117.8 43.0 14.7
Structures.................. 278.2 266.0 275.5 281.2 290.0 295.6 240.7 237.7 241.7 241.0 242.3 240.7 3.3 1.3 -1.6
Equipment and software...... 942.4 892.8 923.1 957.3 996.3 1,014.4 998.6 943.7 975.5 1,015.6 1,059.5 1,077.2 119.4 43.9 17.7
Information processing
equipment and software... 484.2 468.5 480.9 486.3 500.9 524.4 571.9 547.0 565.4 575.6 599.5 633.0 79.5 23.9 33.5
Computers and peripheral
equipment.............. 111.0 104.4 108.8 111.1 119.8 126.3 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 182.4 176.8 180.0 182.9 190.0 199.3 192.4 185.6 189.5 192.7 201.9 210.8 21.2 9.2 8.9
Other................... 190.7 187.4 192.2 192.2 191.1 198.7 204.8 200.2 206.2 206.8 205.9 213.5 25.4 -.9 7.6
Industrial equipment...... 150.7 143.1 145.0 155.2 159.6 162.7 144.6 139.0 139.7 148.5 151.3 152.3 7.0 2.8 1.0
Transportation equipment.. 149.6 134.5 143.2 153.0 167.5 158.9 136.8 122.7 130.0 141.0 153.5 145.1 15.2 12.5 -8.4
Other equipment........... 157.9 146.6 153.9 162.7 168.3 168.3 151.1 142.1 147.5 155.2 159.7 156.8 19.9 4.5 -2.9
Residential................... 663.4 624.6 663.2 677.0 688.9 706.1 560.7 542.5 563.6 565.9 570.6 578.6 49.5 4.7 8.0
Change in private inventories... 43.4 36.2 59.0 31.6 46.7 82.4 45.7 40.0 61.1 34.5 47.2 80.2 46.5 12.7 33.0
Farm.......................... -1.1 1.0 -2.4 -.2 -2.6 -6.4 3.4 5.1 3.0 3.8 1.7 -.8 3.1 -2.1 -2.5
Nonfarm....................... 44.4 35.2 61.4 31.8 49.3 88.8 42.4 34.5 58.8 30.4 45.9 82.5 43.5 15.5 36.6
Net exports of goods and services. -606.2 -546.8 -591.3 -611.8 -674.8 -717.6 -583.7 -550.1 -580.3 -583.2 -621.1 -663.2 -65.2 -37.9 -42.1
Exports......................... 1,175.5 1,134.3 1,167.6 1,189.5 1,210.4 1,244.7 1,120.3 1,095.4 1,114.8 1,131.1 1,140.0 1,159.5 88.5 8.9 19.5
Goods......................... 820.3 790.3 812.2 833.4 845.5 873.8 785.5 767.2 778.4 796.3 800.1 818.1 63.8 3.8 18.0
Services...................... 355.1 344.1 355.4 356.1 365.0 370.9 334.6 328.1 336.2 334.6 339.7 341.2 24.7 5.1 1.5
Imports......................... 1,781.6 1,681.2 1,758.9 1,801.2 1,885.2 1,962.3 1,704.0 1,645.5 1,695.1 1,714.3 1,761.2 1,822.7 153.7 46.9 61.5
Goods......................... 1,490.8 1,399.2 1,470.1 1,506.9 1,587.2 1,656.1 1,448.2 1,394.1 1,437.4 1,454.9 1,506.3 1,563.6 140.9 51.4 57.3
Services...................... 290.8 282.0 288.8 294.4 298.1 306.2 257.3 252.4 258.9 260.7 257.3 262.0 14.0 -3.4 4.7
Government consumption expenditures
and gross investment............. 2,183.9 2,139.5 2,174.3 2,197.2 2,224.5 2,260.6 1,946.5 1,935.8 1,946.5 1,949.9 1,954.0 1,956.7 37.1 4.1 2.7
Federal......................... 809.9 793.3 804.4 817.4 824.6 841.2 721.7 713.3 718.1 726.6 728.8 729.8 32.1 2.2 1.0
National defense.............. 547.9 534.1 541.2 557.0 559.4 570.3 484.9 477.6 479.9 491.5 490.7 491.0 33.1 -.8 .3
Consumption expenditures.... 477.5 465.2 473.6 487.1 484.0 501.4 415.0 408.5 412.5 422.1 417.0 423.0 24.7 -5.1 6.0
Gross investment............ 70.4 69.0 67.6 69.8 75.3 68.9 70.6 69.9 67.7 69.8 74.9 68.1 9.0 5.1 -6.8
Nondefense.................... 262.0 259.1 263.2 260.4 265.2 270.9 236.4 235.4 237.9 234.7 237.7 238.5 -1.2 3.0 .8
Consumption expenditures.... 227.0 225.9 226.6 225.9 229.5 235.3 201.4 201.8 201.5 200.2 202.3 203.2 -2.6 2.1 .9
Gross investment............ 35.0 33.2 36.5 34.5 35.7 35.6 35.2 33.6 36.8 34.6 35.6 35.4 1.7 1.0 -.2
State and local................. 1,373.9 1,346.3 1,369.9 1,379.8 1,399.9 1,419.4 1,224.8 1,222.4 1,228.3 1,223.2 1,225.1 1,226.8 5.0 1.9 1.7
Consumption expenditures.... 1,099.7 1,079.8 1,091.8 1,105.5 1,121.6 1,135.6 973.7 971.5 971.5 974.6 977.3 978.9 4.7 2.7 1.6
Gross investment............ 274.3 266.4 278.0 274.3 278.3 283.7 251.1 251.0 257.1 248.6 247.8 247.9 .2 -.8 .1
Residual.......................... ..... ..... ..... ..... ..... ..... -42.2 -31.3 -35.6 -44.5 -57.1 -69.4 ..... ..... .....
Addenda:
Final sales of domestic product. 11,691.6 11,436.4 11,598.5 11,783.3 11,948.2 12,100.3 10,794.6 10,655.8 10,722.3 10,854.7 10,945.5 10,996.2 414.7 90.8 50.7
Gross domestic purchases........ 12,341.1 12,019.4 12,248.8 12,426.6 12,669.7 12,900.4 11,418.8 11,241.9 11,358.1 11,467.4 11,607.6 11,732.7 523.1 140.2 125.1
Final sales to domestic
purchasers..................... 12,297.8 11,983.2 12,189.8 12,395.1 12,623.0 12,818.0 11,371.3 11,200.1 11,295.5 11,430.9 11,558.6 11,650.6 477.1 127.7 92.0
Gross domestic product.......... 11,735.0 11,472.6 11,657.5 11,814.9 11,994.8 12,182.7 10,841.9 10,697.5 10,784.7 10,891.0 10,994.3 11,078.2 460.6 103.3 83.9
Plus: Income receipts from
the rest of the world.......... 405.8 373.8 388.0 406.8 454.7 ..... 375.5 349.6 359.8 375.5 416.9 ..... 63.6 41.4 .....
Less: Income payments to
the rest of the world.......... 361.9 300.3 351.9 368.6 426.7 ..... 334.3 280.3 325.8 339.9 391.0 ..... 75.1 51.1 .....
Equals: Gross national product.. 11,778.9 11,546.1 11,693.6 11,853.0 12,022.8 ..... 10,883.0 10,766.7 10,818.7 10,926.5 11,020.1 ..... 449.1 93.6 .....
Net domestic product............ 10,327.6 10,117.6 10,282.3 10,316.9 10,593.6 10,775.1 9,452.8 9,344.1 9,424.1 9,426.4 9,616.7 9,691.1 407.0 190.3 74.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 3.3
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 1.2
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 2.9
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 3.3
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 3.3
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 2.8
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 10.7
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 .6
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 4.4
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 4.5
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 4.4
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 4.7
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 2.3
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 2.1
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 3.6
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 6.1
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 7.7
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 7.8
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 7.5
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 5.1
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 3.3
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 3.0
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 3.0
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 .....
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 3.2
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 3.0
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 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.626 105.749 110.440 108.969 109.858 110.941 111.993 112.847
Personal consumption expenditures.......... 105.698 109.143 113.253 111.925 112.360 113.776 114.951 115.949
Durable goods............................ 111.150 119.378 127.338 124.572 124.482 129.529 130.768 130.774
Nondurable goods......................... 104.630 108.481 113.417 112.331 112.367 113.659 115.310 116.692
Services................................. 105.085 107.418 110.423 109.237 109.955 110.782 111.717 112.701
Gross private domestic investment.......... 89.928 93.852 106.223 101.672 106.191 106.823 110.207 113.498
Fixed investment......................... 92.253 96.924 106.877 102.529 105.913 108.170 110.897 112.267
Nonresidential......................... 87.302 90.157 99.720 95.204 98.041 101.075 104.560 105.757
Structures........................... 80.346 75.810 76.844 75.886 77.171 76.958 77.359 76.859
Equipment and software............... 89.947 95.679 108.670 102.699 106.157 110.524 115.299 117.226
Residential............................ 105.178 114.392 125.457 121.400 126.122 126.628 127.680 129.472
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 92.343 94.116 102.195 99.924 101.690 103.176 103.991 105.763
Imports of goods and services.............. 100.585 105.048 115.468 111.504 114.862 116.167 119.340 123.507
Government consumption expenditures and
gross investment.......................... 107.918 110.906 113.066 112.443 113.062 113.259 113.500 113.656
Federal.................................. 111.725 119.140 124.695 123.249 124.068 125.539 125.922 126.098
State and local.......................... 105.999 106.739 107.171 106.965 107.482 107.033 107.202 107.348
Addenda:
Final sales of domestic product.......... 103.102 106.346 110.595 109.173 109.854 111.211 112.141 112.660
Gross domestic purchases................. 103.414 106.858 111.988 110.253 111.393 112.465 113.840 115.067
Final sales to domestic purchasers....... 103.876 107.438 112.143 110.455 111.396 112.731 113.991 114.898
Gross national product................... 102.494 105.865 110.421 109.241 109.769 110.863 111.812 .....
-----------------------------------------------------------------------------------------------------------------------------------
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 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.097 106.003 108.298 107.314 108.169 108.551 109.159 110.038
Personal consumption expenditures
(PCE)..................................... 103.548 105.511 107.824 106.860 107.683 108.021 108.734 109.309
Durable goods............................ 95.475 92.244 90.378 90.741 90.725 90.008 90.039 90.235
Nondurable goods......................... 102.097 104.154 107.626 105.914 107.616 107.869 109.106 109.436
Services................................. 106.083 109.237 111.999 111.085 111.667 112.314 112.932 113.729
Gross private domestic investment.......... 101.221 102.304 104.898 103.514 104.644 105.405 106.029 106.892
Fixed investment......................... 101.232 102.435 104.978 103.618 104.709 105.482 106.101 106.974
Nonresidential......................... 98.909 98.546 99.328 98.793 99.220 99.449 99.850 100.537
Structures........................... 107.908 110.176 115.578 111.926 113.984 116.677 119.726 122.815
Equipment and software............... 95.868 94.754 94.382 94.611 94.626 94.256 94.034 94.169
Residential............................ 107.246 111.951 118.338 115.179 117.710 119.674 120.787 122.082
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.275 101.395 104.919 103.565 104.746 105.175 106.189 107.362
Imports of goods and services.............. 96.326 99.615 104.508 102.163 103.760 105.066 107.042 107.658
Government consumption expenditures and
gross investment.......................... 105.313 108.702 112.187 110.522 111.703 112.682 113.841 115.530
Federal.................................. 105.288 109.081 112.213 111.203 112.020 112.491 113.138 115.257
State and local.......................... 105.317 108.485 112.180 110.131 111.524 112.802 114.265 115.698
Addenda:
PCE excluding food and energy............ 103.707 105.072 106.643 106.081 106.523 106.753 107.217 107.814
Market-based PCE\1\...................... 103.113 105.040 107.427 106.334 107.292 107.674 108.406 108.966
Market-based PCE excluding food
and energy\1\........................... 103.186 104.388 105.905 105.261 105.798 106.060 106.500 107.082
Final sales of domestic product.......... 104.100 106.025 108.310 107.332 108.178 108.561 109.168 110.048
Gross domestic purchases................. 103.489 105.571 108.131 106.980 107.913 108.429 109.203 110.014
Final sales to domestic purchasers....... 103.491 105.592 108.143 106.997 107.923 108.440 109.214 110.025
Gross national product................... 104.087 105.997 108.295 107.308 108.164 108.549 109.158 .....
Implicit price deflators:
Gross domestic product................. 104.092 105.998 108.237 107.246 108.093 108.482 109.100 109.971
Final sales of domestic product........ 104.100 106.025 108.310 107.325 108.172 108.555 109.161 110.042
Gross domestic purchases............... 103.484 105.566 108.077 106.916 107.842 108.364 109.149 109.952
Final sales to domestic purchasers..... 103.491 105.592 108.148 106.992 107.917 108.435 109.208 110.020
Gross national product................. 104.082 105.992 108.232 107.240 108.087 108.479 109.099 .....
-----------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.9 3.0 4.4
Personal consumption expenditures...... 2.8 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 3.1 3.3 3.8
Durable goods........................ 2.2 -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 6.5 7.4 6.7
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 3.5
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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 04 I 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 3.6
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 5.0
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 3.9
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 3.2
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 11.6
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 9.5
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 11.1
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 1.3
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 14.1
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 6.6
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 5.8
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 6.6
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 4.0
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 10.8
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 12.2
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 3.8
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 1.1
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 1.3
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 .4
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 3.2
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 4.4
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 .....
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 4.1 3.4
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
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 I 04 II 04 III 04 IV 04 I 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,487.0 11,004.0 11,735.0 11,472.6 11,657.5 11,814.9 11,994.8 12,182.7
Plus: Income receipts from the rest of the
world..................................... 301.8 329.0 405.8 373.8 388.0 406.8 454.7 .....
Less: Income payments to the rest of the
world..................................... 274.7 273.9 361.9 300.3 351.9 368.6 426.7 .....
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 .....
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 1,407.7
Less: Statistical discrepancy.............. -15.3 25.6 50.9 63.0 56.4 60.4 24.0 .....
Equals: National income.................... 9,225.4 9,679.6 10,320.6 10,128.1 10,262.0 10,294.7 10,597.6 .....
Compensation of employees................ 6,069.5 6,289.0 6,632.0 6,489.4 6,578.5 6,687.4 6,772.5 6,868.7
Wage and salary accruals............... 4,976.3 5,103.6 5,355.7 5,240.7 5,311.4 5,403.0 5,467.8 5,539.8
Supplements to wages and salaries...... 1,093.2 1,185.5 1,276.3 1,248.8 1,267.2 1,284.4 1,304.7 1,328.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 902.8 872.1 901.4 902.9 934.9 961.8
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 165.1 172.8 172.6 153.8 161.3 151.5
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 .....
Net interest and miscellaneous payments.. 532.9 543.0 549.5 554.5 548.5 546.7 548.2 556.5
Taxes on production and imports less
subsidies............................... 724.4 751.3 800.6 782.9 796.3 803.5 819.9 828.3
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 3.3
Addendum:
Gross domestic income.................... 10,502.3 10,978.5 11,684.0 11,409.6 11,601.1 11,754.5 11,970.9 .....
-----------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 I 04 II 04 III 04 IV 04 I 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,878.9 9,161.8 9,673.0 9,445.0 9,592.7 9,700.4 9,953.8 10,012.5
Compensation of employees, received...... 6,069.5 6,289.0 6,632.0 6,487.9 6,580.0 6,687.4 6,772.5 6,868.7
Wage and salary disbursements.......... 4,976.3 5,103.6 5,355.7 5,239.2 5,312.8 5,403.0 5,467.8 5,539.8
Supplements to wages and salaries...... 1,093.2 1,185.5 1,276.3 1,248.8 1,267.2 1,284.4 1,304.7 1,328.9
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 769.6 834.1 902.8 872.1 901.4 902.9 934.9 961.8
Farm................................... 9.7 21.8 18.2 17.9 18.9 13.6 22.4 26.5
Nonfarm................................ 759.9 812.3 884.6 854.2 882.5 889.3 912.5 935.3
Rental income of persons with capital
consumption adjustment.................. 170.9 153.8 165.1 172.8 172.6 153.8 161.3 151.5
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 1,469.6
Less: Contributions for government
social insurance........................ 748.3 773.2 820.2 803.9 814.0 826.9 835.7 855.4
Less: Personal current taxes............... 1,051.2 1,001.9 1,038.9 1,006.6 1,030.6 1,048.9 1,069.5 1,087.1
Equals: Disposable personal income......... 7,827.7 8,159.9 8,634.0 8,438.4 8,562.1 8,651.5 8,884.2 8,925.4
Less: Personal outlays..................... 7,668.5 8,049.3 8,531.9 8,351.6 8,448.7 8,588.1 8,739.3 8,873.5
Equals: Personal saving.................... 159.2 110.6 102.1 86.8 113.4 63.4 145.0 52.0
Personal saving as a percentage of
disposable personal income.............. 2.0 1.4 1.2 1.0 1.3 .7 1.6 .6
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,559.5 7,733.8 8,007.3 7,897.0 7,951.5 8,009.5 8,170.9 8,165.6
-----------------------------------------------------------------------------------------------------------------------------------
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 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 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 3.1
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 3.7
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 2.9
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 1.8
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 4.9
GDP excluding 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 3.0
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 68.0
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 2.5
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 2.0
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 3.6
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 3.3
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 3.2
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 3.6
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 3.0
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 3.1
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 2.1
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 2.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.
