News Release
Gross Domestic Product: Third Quarter 2005 "advance" estimates; technical note; highlights
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Virginia H. Mannering: (202) 606-5304 BEA 05-47
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: THIRD 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 3.8 percent in the third quarter of 2005,
according to advance estimates released by the Bureau of Economic Analysis. In the second quarter,
real GDP increased 3.3 percent.
The Bureau emphasized that the third-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 third-
quarter "preliminary" estimates, based on more comprehensive data, will be released on November 30,
2005.
The major contributors to the increase in real GDP in the third quarter were personal consumption
expenditures (PCE), equipment and software, federal government spending, and residential fixed
investment. The contributions of these components were partly offset by a negative contribution from
private inventory investment.
The acceleration in real GDP growth in the third quarter primarily reflected a smaller decrease in
private inventory investment and accelerations in PCE and in federal government spending that were
partly offset by decelerations in exports, in residential fixed investment, and in state and local
government spending.
Final sales of computers contributed 0.11 percentage point to the third-quarter growth in real GDP
after contributing 0.32 percentage point to the second-quarter growth. Motor vehicle output contributed
0.48 percentage point to the third-quarter growth in real GDP after subtracting 0.01 percentage point
from the second-quarter growth.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 4.0 percent in the third quarter, compared with an increase of 3.3 percent in the second.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.2 percent in
the third quarter, compared with an increase of 2.1 percent in the second.
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 3.9 percent in the third quarter, compared with
an increase of 3.4 percent in the second. Durable goods purchases increased 10.8 percent, compared
with an increase of 7.9 percent. Nondurable goods purchases increased 2.6 percent, compared with an
increase of 3.6 percent. Services expenditures increased 3.2 percent, compared with an increase of 2.3
percent.
Real nonresidential fixed investment increased 6.2 percent in the third quarter, compared with an
increase of 8.8 percent in the second. Nonresidential structures decreased 1.4 percent, in contrast to an
increase of 2.7 percent. Equipment and software increased 8.9 percent, compared with an increase of
10.9 percent. Real residential fixed investment increased 4.8 percent, compared with an increase of 10.8
percent.
Real exports of goods and services increased 0.8 percent in the third quarter, compared with an
increase of 10.7 percent in the second. Real imports of goods and services was unchanged in the third
quarter; imports decreased 0.3 percent in the second quarter.
Real federal government consumption expenditures and gross investment increased 7.7 percent in
the third quarter, compared with an increase of 2.4 percent in the second. National defense increased
10.2 percent, compared with an increase of 3.7 percent. Nondefense increased 2.6 percent, in contrast to
a decrease of 0.2 percent. Real state and local government consumption expenditures and gross
investment increased 0.7 percent, compared with an increase of 2.6 percent.
The real change in private inventories subtracted 0.55 percentage point from the third-quarter
change in real GDP after subtracting 2.14 percentage points from the second-quarter change. Private
businesses reduced inventories $16.6 billion in the third quarter, following a decrease of $1.7 billion in
the second quarter and an increase of $58.2 billion in the first.
Real final sales of domestic product -- GDP less change in private inventories -- increased 4.4
percent in the third quarter, compared with an increase of 5.6 percent in the second.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 3.5 percent in the third quarter, compared with an increase of 2.1 percent in the
second.
Disposition of personal income
Current-dollar personal income increased $71.8 billion (2.8 percent) in the third quarter, compared
with an increase of $147.8 billion (6.0 percent) in the second. The slowdown in personal income partly
reflected the impacts of Hurricanes Katrina and Rita. Rental income and proprietors' income were
reduced by the property damage caused by the hurricanes, and current transfer receipts were increased
by insurance settlements related to the hurricanes. For more information, see the FAQs on "Disasters"
on BEA's Web site.
Personal current taxes increased $10.2 billion, compared with an increase of $41.2 billion.
Disposable personal income increased $61.6 billion (2.8 percent) in the third quarter, compared
with an increase of $106.6 billion (4.9 percent) in the second. Real disposable personal income
decreased 0.9 percent, in contrast to an increase of 1.5 percent.
Personal outlays increased $169.0 billion (7.7 percent) in the third quarter, compared with an
increase of $146.6 billion (6.8 percent) in the second. Personal saving -- disposable personal income
less personal outlays -- was a negative $100.1 billion in the third quarter, compared with $7.4 billion in
the second. The personal saving rate -- saving as a percentage of disposable personal income --
decreased from 0.1 percent in the second quarter to a negative 1.1 percent in the third. Saving from
current income may be near zero or negative when outlays are financed by borrowing (including
borrowing financed through credit cards or home equity loans), by selling investments or other assets, or
by using savings from previous periods. For more information, see the FAQs on "Personal Saving" on
BEA's Web site.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
7.0 percent, or $211.6 billion, in the third quarter to a level of $12,589.6 billion. In the second quarter,
current-dollar GDP increased 6.0 percent, or $179.2 billion.
BOX
Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site. Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, "Business Situation."
* * *
BEA's national, international, regional, and industry estimates; the Survey of Current Business; and
BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
(202) 606-5303 Personal income and outlays
* * *
Next release -- November 30, 2005, at 8:30 A.M. EST for:
Gross Domestic Product: Third Quarter 2005 (Preliminary)
Corporate Profits: Third 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 third-quarter change in real GDP now
estimated at 3.8 percent at an annual rate, is not likely to be revised below
3.2 percent or above 4.7 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 -1.2 to 1.8 -2.2 to 3.4
Preliminary to latest...... 1.2 -1.0 to 1.7 -2.2 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 -1.2 to 2.1 -2.5 to 3.3
Preliminary to latest...... 1.4 -1.3 to 1.9 -2.3 to 2.9
Final to latest........... 1.5 -1.5 to 2.1 -2.7 to 3.1
NOTE.--These comparisons are based on the period from 1978 through 2004 for the first three comparisons in each group and on the period from
1978 through 2002 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 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 II 05 III 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.6 2.7 4.2 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 3.8
Personal consumption expenditures... 2.7 2.9 3.9 7.0 1.4 2.4 2.3 1.4 2.5 3.6 5.8 3.1 4.7 1.9 4.4 4.3 3.5 3.4 3.9
Durable goods..................... 7.1 6.6 6.0 37.4 -4.2 3.6 11.5 -5.2 3.6 15.1 19.8 -.3 4.4 .4 10.8 5.5 2.6 7.9 10.8
Nondurable goods.................. 2.5 3.2 4.7 4.9 3.3 1.3 .3 3.6 3.2 1.9 8.3 3.1 6.6 2.6 3.9 5.5 5.3 3.6 2.6
Services.......................... 1.9 2.0 3.0 2.3 1.8 2.6 1.3 1.8 1.9 2.3 2.0 3.8 3.8 1.8 3.4 3.6 2.8 2.3 3.2
Gross private domestic investment... -2.6 3.9 11.9 -22.7 13.6 1.9 5.8 -1.0 -.4 2.7 17.5 12.0 10.1 20.9 4.6 6.8 8.6 -3.7 2.3
Fixed investment.................. -5.2 3.6 9.7 -10.6 -6.3 -1.4 -.7 -1.4 .8 8.8 14.8 6.9 6.9 15.1 8.4 7.2 7.0 9.5 5.7
Nonresidential.................. -9.2 1.3 9.4 -13.3 -12.8 -6.1 -2.0 -5.0 -1.1 8.4 11.2 4.4 7.9 13.5 11.8 10.4 5.7 8.8 6.2
Structures.................... -17.1 -4.2 2.2 -33.2 -19.0 -19.0 -15.5 -5.3 -8.4 13.3 -.1 1.3 -3.5 8.8 1.4 4.7 -2.0 2.7 -1.4
Equipment and software........ -6.2 3.2 11.9 -4.2 -10.4 -.9 3.3 -4.9 1.6 6.7 15.4 5.5 12.0 15.2 15.5 12.4 8.3 10.9 8.9
Residential..................... 4.8 8.4 10.3 -3.7 10.4 9.5 2.0 6.4 4.7 9.6 21.9 11.5 5.2 17.8 2.6 1.6 9.5 10.8 4.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.3 1.8 8.4 -10.8 5.2 10.6 2.9 -3.1 -2.9 -2.1 11.5 19.1 5.0 6.9 5.5 7.1 7.5 10.7 .8
Goods........................... -4.0 1.8 8.9 -8.8 -1.6 14.2 2.2 -9.1 1.5 .0 9.1 17.2 7.5 7.9 8.2 3.7 5.3 16.0 2.8
Services........................ 1.9 1.7 7.4 -15.3 22.9 2.7 4.6 11.7 -11.9 -6.6 17.2 23.7 -.4 4.8 -.6 15.5 12.5 -.4 -3.9
Imports........................... 3.4 4.6 10.7 -3.4 11.7 12.5 5.7 9.0 -2.5 3.3 4.1 16.5 12.0 14.5 4.7 11.3 7.4 -.3 .0
Goods........................... 3.7 4.9 11.0 -2.0 9.2 16.0 6.5 8.1 -2.6 6.3 .9 17.7 12.4 14.7 4.7 13.0 8.2 -1.1 1.1
Services........................ 2.1 3.0 9.6 -10.4 24.7 -3.0 1.7 14.0 -2.2 -10.2 21.4 10.7 10.0 13.7 4.6 3.1 3.7 4.4 -5.8
Government consumption expenditures
and gross investment............... 4.4 2.8 2.2 8.5 4.3 4.8 2.3 4.8 -.3 7.2 .5 .5 3.3 2.3 1.8 .9 1.9 2.5 3.2
Federal........................... 7.0 6.9 5.2 8.8 5.9 12.5 3.0 10.2 .3 22.1 -2.0 3.1 10.7 3.2 3.6 -.6 2.4 2.4 7.7
National defense................ 7.4 8.8 7.0 12.5 3.7 11.5 4.1 14.8 -3.6 37.4 -6.5 7.9 13.8 .8 9.0 -3.3 3.0 3.7 10.2
Nondefense...................... 6.3 3.4 1.8 2.3 10.2 14.1 1.2 2.1 8.0 -2.4 7.2 -5.8 4.9 8.1 -6.4 5.2 1.1 -.2 2.6
State and local................... 3.1 .6 .4 8.4 3.5 1.0 1.9 2.0 -.6 -.3 2.0 -.9 -.7 1.8 .8 1.8 1.6 2.6 .7
Addenda:
Final sales of domestic product... 1.2 2.7 3.9 3.8 -.2 1.7 1.4 .1 1.9 4.6 6.9 2.8 3.8 2.6 4.6 3.3 3.5 5.6 4.4
Gross domestic purchases.......... 2.2 3.0 4.7 2.2 3.6 2.7 2.8 1.7 1.5 4.2 6.5 3.9 5.2 4.7 3.9 4.1 4.0 2.1 3.5
Final sales to domestic
purchasers....................... 1.8 3.0 4.4 4.3 .7 2.2 1.8 1.6 1.7 5.0 6.1 3.2 4.8 3.8 4.5 4.1 3.7 4.2 4.1
Gross national product (GNP)...... 1.5 3.0 4.0 3.9 .8 1.8 2.9 1.0 1.5 4.5 7.2 4.5 3.8 2.2 4.0 2.9 3.9 3.2 .....
Disposable personal income........ 3.1 2.4 3.4 -5.6 11.6 1.9 -1.6 .2 2.5 4.5 7.2 1.0 3.6 1.2 2.8 9.1 -3.4 1.5 -.9
Current-dollar measures:
GDP............................. 3.4 4.8 7.0 3.6 4.3 3.7 3.9 2.4 4.8 4.8 9.3 5.5 8.1 7.5 5.3 6.1 7.0 6.0 7.0
Final sales of domestic product. 2.9 4.8 6.6 5.5 1.4 3.2 3.0 2.4 5.1 5.7 8.8 4.8 7.5 6.6 6.1 6.2 6.7 8.3 7.7
Gross domestic purchases........ 3.8 5.3 7.7 3.1 4.9 5.2 4.4 3.9 5.7 4.6 8.6 5.6 9.7 9.0 5.9 7.4 7.0 5.5 7.6
Final sales to domestic
purchasers..................... 3.4 5.3 7.4 4.9 2.2 4.8 3.6 3.8 5.9 5.4 8.2 4.9 9.2 8.1 6.6 7.4 6.7 7.6 8.3
GNP............................. 3.2 5.1 6.8 6.0 2.3 3.3 4.4 3.2 4.6 5.7 9.2 6.4 7.7 6.1 5.4 5.7 7.0 5.9 .....
Disposable personal income...... 4.6 4.3 6.1 -5.0 12.6 4.7 .2 1.9 5.6 5.2 9.4 2.3 7.6 5.1 4.3 12.5 -1.3 4.9 2.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2002 2003 2004 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 II 05 III 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 1.6 2.7 4.2 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 3.8
Percentage points at annual rates:
Personal consumption expenditures. 1.90 2.05 2.71 4.71 1.01 1.64 1.57 .97 1.70 2.55 4.13 2.15 3.27 1.33 3.05 3.01 2.44 2.35 2.73
Durable goods................... .61 .57 .51 2.81 -.39 .31 .98 -.47 .31 1.23 1.64 -.03 .38 .03 .88 .45 .22 .64 .87
Motor vehicles and parts...... .23 .19 .06 2.24 -1.07 .02 .89 -.75 .22 .53 .77 -.43 -.02 -.19 .44 .11 -.31 .27 .62
Furniture and household
equipment.................... .29 .26 .34 .39 .50 .23 .06 .21 .03 .48 .63 .30 .31 .24 .34 .21 .32 .17 .35
Other......................... .09 .11 .10 .18 .18 .07 .02 .07 .06 .22 .23 .10 .08 -.02 .10 .14 .20 .20 -.09
Nondurable goods................ .50 .63 .94 .95 .65 .26 .06 .70 .63 .37 1.65 .61 1.31 .53 .78 1.09 1.07 .74 .54
Food.......................... .15 .25 .48 .18 .21 .18 .00 .20 .38 .05 .69 .20 .88 .27 .32 .63 .50 .42 .53
Clothing and shoes............ .14 .14 .17 .27 .23 .04 -.05 .31 -.04 .27 .33 .04 .37 -.09 .17 .25 .15 .20 .05
Gasoline, fuel oil, and other
energy goods................. .04 .01 .03 .24 -.06 .06 .04 -.04 -.01 -.04 .12 .07 -.04 .03 .02 .07 .21 -.11 -.16
Other......................... .18 .22 .26 .27 .27 -.01 .07 .23 .29 .09 .51 .31 .11 .33 .28 .14 .20 .23 .12
Services........................ .79 .85 1.27 .95 .75 1.07 .54 .74 .76 .94 .84 1.57 1.58 .77 1.39 1.47 1.15 .97 1.32
Housing....................... .09 .07 .30 .26 .06 -.03 -.11 -.07 .08 .13 .24 .31 .39 .27 .29 .29 .23 .22 .20
Household operation........... .02 .05 .07 -.15 .07 .29 -.11 .19 .01 -.06 -.02 .25 .07 -.07 .04 .34 .07 -.02 .10
Electricity and gas......... .04 .02 .03 -.07 .11 .25 -.07 .23 -.05 -.13 -.07 .22 .02 -.11 -.05 .37 .02 -.08 .06
Other household operation... -.02 .03 .05 -.08 -.05 .04 -.04 -.04 .07 .07 .05 .03 .05 .05 .10 -.03 .05 .06 .04
Transportation................ -.08 .00 .03 -.17 .01 -.04 -.07 -.01 .07 -.05 .02 .02 .13 -.01 .00 -.01 .06 .06 .05
Medical care.................. .63 .49 .49 .67 .59 .67 .59 .59 .45 .42 .31 .59 .37 .56 .64 .54 .53 .50 .67
Recreation.................... .06 .10 .11 .07 .09 .07 .04 .16 .04 .15 .07 .21 .17 .00 .10 .02 .14 .02 .01
Other......................... .06 .14 .26 .28 -.08 .12 .20 -.12 .10 .35 .22 .19 .44 .02 .33 .29 .11 .18 .30
Gross private domestic investment. -.41 .58 1.82 -3.95 1.92 .30 .87 -.14 -.03 .42 2.53 1.78 1.52 3.10 .75 1.11 1.42 -.63 .38
Fixed investment................ -.84 .54 1.47 -1.81 -1.04 -.23 -.12 -.21 .13 1.26 2.15 1.03 1.04 2.22 1.31 1.13 1.12 1.51 .93
Nonresidential................ -1.06 .13 .92 -1.63 -1.50 -.66 -.21 -.52 -.10 .79 1.08 .43 .76 1.29 1.15 1.04 .58 .90 .65
Structures.................. -.55 -.11 .06 -1.27 -.60 -.58 -.44 -.14 -.22 .32 .00 .03 -.09 .22 .04 .12 -.05 .07 -.04
Equipment and software...... -.51 .24 .86 -.35 -.90 -.09 .23 -.38 .12 .47 1.09 .40 .85 1.07 1.12 .92 .64 .83 .69
Information processing
equipment and software... -.20 .19 .49 -.21 -.28 .06 .23 -.38 .21 .20 .79 .52 .61 .38 .31 .34 .72 .53 .49
Computers and peripheral
equipment.............. .04 .09 .19 .19 .15 -.06 .16 -.04 .07 .10 .21 .17 .20 .18 .16 .27 .31 .23 .10
Software................ -.04 .06 .11 -.19 -.04 .15 .12 -.17 .04 .04 .29 .15 .08 .05 .10 .09 .22 .29 .19
Other................... -.19 .05 .19 -.21 -.38 -.03 -.05 -.17 .10 .05 .29 .20 .33 .16 .05 -.02 .18 .01 .20
Industrial equipment...... -.11 .00 .04 -.21 .01 -.12 .08 .01 .15 -.12 -.04 -.14 .19 -.05 .30 .06 .23 -.27 .24
Transportation equipment.. -.16 -.03 .15 .26 -.53 -.16 -.07 -.02 -.25 .36 .01 -.16 -.04 .56 .23 .39 -.16 .33 .00
Other equipment........... -.04 .08 .18 -.19 -.10 .14 .00 .02 .01 .04 .33 .18 .09 .18 .28 .13 -.14 .23 -.04
Residential................... .22 .41 .55 -.18 .46 .43 .09 .30 .23 .47 1.07 .59 .28 .93 .15 .09 .54 .62 .28
Change in private inventories... .43 .05 .35 -2.14 2.95 .53 .98 .08 -.16 -.84 .38 .75 .48 .87 -.56 -.03 .29 -2.14 -.55
Farm.......................... -.02 .03 .03 -.23 .24 -.39 .31 .03 .17 -.21 -.07 .19 -.20 .45 -.01 -.28 -.11 -.09 -.08
Nonfarm....................... .45 .02 .32 -1.91 2.71 .92 .67 .04 -.33 -.63 .45 .57 .68 .42 -.55 .25 .40 -2.05 -.48
Net exports of goods and services. -.69 -.46 -.73 -.66 -.97 -.62 -.49 -1.52 .08 -.66 .48 -.47 -1.16 -1.37 -.17 -.98 -.40 1.11 .08
Exports......................... -.23 .17 .80 -1.11 .47 .96 .27 -.31 -.29 -.20 1.04 1.69 .49 .67 .53 .70 .74 1.07 .08
Goods......................... -.28 .12 .59 -.63 -.11 .88 .14 -.64 .09 .00 .58 1.05 .50 .53 .55 .25 .37 1.08 .21
Services...................... .06 .05 .22 -.48 .59 .08 .13 .33 -.38 -.20 .46 .64 -.01 .14 -.02 .44 .37 -.01 -.13
Imports......................... -.46 -.63 -1.53 .45 -1.44 -1.58 -.76 -1.21 .37 -.46 -.56 -2.16 -1.65 -2.03 -.70 -1.68 -1.14 .04 .00
Goods......................... -.41 -.56 -1.30 .21 -.95 -1.65 -.72 -.90 .32 -.71 -.10 -1.91 -1.41 -1.71 -.59 -1.60 -1.05 .15 -.15
Services...................... -.05 -.07 -.23 .25 -.48 .07 -.04 -.31 .05 .26 -.46 -.25 -.23 -.32 -.11 -.08 -.10 -.11 .16
Government consumption expenditures
and gross investment............. .80 .53 .41 1.48 .79 .88 .43 .89 -.05 1.37 .11 .10 .62 .43 .35 .17 .35 .47 .61
Federal......................... .43 .45 .36 .51 .36 .76 .20 .64 .03 1.40 -.14 .21 .71 .22 .25 -.04 .17 .17 .53
National defense.............. .29 .37 .32 .46 .14 .45 .17 .59 -.15 1.46 -.31 .35 .60 .04 .41 -.16 .14 .17 .47
Consumption expenditures.... .23 .33 .26 .45 .13 .29 .07 .67 -.19 1.35 -.34 .32 .46 .01 .39 -.26 .34 .04 .37
Gross investment............ .06 .04 .06 .02 .01 .16 .10 -.08 .04 .11 .03 .03 .14 .02 .02 .10 -.20 .13 .11
Nondefense.................... .14 .08 .04 .05 .22 .31 .03 .05 .18 -.06 .17 -.14 .11 .19 -.16 .12 .03 -.01 .06
Consumption expenditures..... .12 .08 .04 .04 .14 .21 .11 .07 .18 -.19 .29 -.10 .11 .04 -.04 .08 .02 -.09 .08
Gross investment............. .02 .00 .00 .01 .07 .10 -.08 -.02 .00 .14 -.12 -.04 .00 .15 -.12 .04 .01 .08 -.02
State and local................. .37 .08 .05 .97 .43 .12 .23 .25 -.08 -.04 .25 -.11 -.09 .21 .10 .21 .19 .31 .08
Consumption expenditures.... .29 .06 .04 .38 .30 .24 .17 .15 -.02 -.01 -.01 .02 .00 .07 .14 .16 .08 .08 .18
Gross investment............ .08 .02 .01 .59 .12 -.12 .06 .10 -.07 -.03 .26 -.13 -.08 .14 -.04 .05 .11 .23 -.10
Addenda:
Goods........................... .41 1.10 2.06 .88 1.30 .49 1.69 -1.74 1.38 .75 5.19 .96 2.29 1.53 2.10 1.26 1.41 1.58 1.69
Services........................ 1.43 1.30 1.59 1.58 1.43 1.95 .98 1.65 .41 2.15 .78 2.20 1.90 .71 1.75 1.82 1.86 .88 1.98
Structures...................... -.24 .31 .57 -.87 .01 -.26 -.29 .29 -.08 .76 1.28 .41 .06 1.26 .13 .23 .53 .85 .14
Motor vehicle output............ .39 .14 .16 .69 .53 .20 .40 .01 .00 -.09 .72 -.13 .49 -.26 .11 .29 .15 -.01 .48
Final sales of computers........ .03 .15 .15 .19 -.06 .01 .20 .11 .05 .10 .45 .09 .08 .08 .10 .36 .37 .32 .11
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 III 04 IV 04 I 05 II 05 III 05 2004 III 04 IV 04 I 05 II 05 III 05 2004 II 05 III 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 11,734.3 11,818.8 11,995.2 12,198.8 12,378.0 12,589.6 10,755.7 10,808.9 10,897.1 10,999.3 11,089.2 11,193.2 435.1 89.9 104.0
Personal consumption expenditures. 8,214.3 8,263.2 8,416.1 8,535.8 8,677.0 8,840.0 7,588.6 7,617.5 7,698.8 7,764.9 7,829.5 7,904.7 282.0 64.6 75.2
Durable goods................... 987.8 993.8 1,008.6 1,017.3 1,035.5 1,054.1 1,089.9 1,100.4 1,115.1 1,122.3 1,143.9 1,173.5 61.4 21.6 29.6
Motor vehicles and parts...... 441.8 444.9 452.8 449.6 458.5 473.7 457.0 461.4 464.6 455.0 463.3 482.5 7.3 8.3 19.2
Furniture and household
equipment.................... 354.1 356.9 360.6 366.9 370.0 374.3 442.9 449.2 456.8 469.2 475.9 489.7 46.6 6.7 13.8
Other......................... 191.9 192.0 195.2 200.8 207.0 206.2 195.8 196.0 200.2 206.5 212.9 209.9 11.3 6.4 -3.0
Nondurable goods................ 2,368.3 2,378.4 2,437.1 2,476.6 2,533.7 2,599.1 2,200.4 2,206.9 2,236.5 2,265.6 2,285.9 2,300.6 98.6 20.3 14.7
Food.......................... 1,134.7 1,141.0 1,166.4 1,184.2 1,207.1 1,227.5 1,029.1 1,030.9 1,047.4 1,060.9 1,072.2 1,086.7 49.0 11.3 14.5
Clothing and shoes............ 329.0 328.3 335.2 340.5 344.9 342.8 355.0 354.9 363.0 367.9 374.4 376.1 20.9 6.5 1.7
Gasoline, fuel oil, and other
energy goods................. 249.9 249.3 267.9 275.2 296.4 336.5 201.4 201.3 203.0 207.7 205.2 202.0 2.7 -2.5 -3.2
Other......................... 654.8 659.9 667.6 676.8 685.3 692.2 616.7 621.7 625.5 631.2 637.7 641.0 27.1 6.5 3.3
Services........................ 4,858.2 4,891.0 4,970.4 5,041.8 5,107.8 5,186.8 4,310.9 4,324.0 4,362.1 4,392.0 4,417.6 4,452.5 127.0 25.6 34.9
Housing....................... 1,221.1 1,230.0 1,244.7 1,260.6 1,275.3 1,288.2 1,078.4 1,081.9 1,089.5 1,095.6 1,101.4 1,106.6 30.0 5.8 5.2
Household operation........... 446.2 445.9 457.9 465.3 471.4 482.0 405.6 403.5 412.4 414.3 413.8 416.5 7.4 -.5 2.7
Electricity and gas......... 175.9 173.2 185.9 189.5 192.4 200.8 149.2 145.6 154.7 155.2 153.2 154.6 2.4 -2.0 1.4
Other household operation... 270.2 272.8 272.1 275.8 279.0 281.1 256.3 258.2 257.3 258.8 260.5 261.7 5.0 1.7 1.2
Transportation................ 306.9 308.0 309.2 312.3 318.5 324.2 283.4 283.4 283.0 284.6 286.3 287.6 3.3 1.7 1.3
Medical care.................. 1,401.1 1,415.4 1,441.6 1,470.5 1,492.6 1,524.8 1,233.5 1,241.6 1,255.4 1,269.1 1,282.3 1,299.9 48.6 13.2 17.6
Recreation.................... 338.8 341.0 344.3 350.3 353.1 356.2 302.4 303.6 304.1 307.7 308.3 308.5 11.3 .6 .2
Other......................... 1,144.1 1,150.7 1,172.6 1,182.8 1,196.8 1,211.4 1,006.7 1,009.0 1,016.6 1,019.5 1,024.3 1,032.1 26.0 4.8 7.8
Gross private domestic investment. 1,928.1 1,961.2 2,004.5 2,058.5 2,054.4 2,078.6 1,809.8 1,833.4 1,863.9 1,902.9 1,885.0 1,895.6 192.4 -17.9 10.6
Fixed investment................ 1,872.6 1,908.7 1,952.6 1,998.7 2,058.5 2,102.2 1,755.1 1,780.2 1,811.3 1,842.2 1,884.7 1,911.0 155.1 42.5 26.3
Nonresidential................ 1,198.8 1,219.0 1,252.9 1,280.1 1,313.5 1,340.7 1,186.7 1,204.8 1,235.1 1,252.2 1,279.0 1,298.4 101.7 26.8 19.4
Structures.................. 298.4 302.1 309.8 315.9 325.6 335.4 248.4 249.4 252.3 251.0 252.7 251.8 5.3 1.7 -.9
Equipment and software...... 900.4 916.9 943.1 964.3 987.9 1,005.3 947.6 965.6 994.2 1,014.2 1,040.9 1,063.3 100.8 26.7 22.4
Information processing
equipment and software... 447.0 450.9 456.3 474.6 486.6 497.3 522.4 527.9 539.7 565.1 584.6 603.1 62.7 19.5 18.5
Computers and peripheral
equipment.............. 91.6 92.3 97.5 102.7 105.6 105.0 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 178.5 179.9 181.1 188.3 197.3 202.9 188.8 190.0 192.8 199.8 209.1 215.5 13.1 9.3 6.4
Other................... 176.9 178.6 177.8 183.6 183.6 189.4 188.9 191.1 190.3 196.3 196.5 203.2 22.7 .2 6.7
Industrial equipment...... 145.3 149.3 152.6 161.3 154.9 162.6 139.4 142.8 144.5 150.9 143.2 150.0 4.5 -7.7 6.8
Transportation equipment.. 151.9 155.6 168.4 163.8 172.8 172.2 138.7 142.8 153.3 148.8 158.1 158.0 15.6 9.3 -.1
Other equipment........... 156.2 161.0 165.8 164.6 173.7 173.1 150.0 154.3 158.0 153.9 160.6 159.3 19.3 6.7 -1.3
Residential................... 673.8 689.7 699.7 718.5 745.0 761.5 561.8 568.8 571.0 584.1 599.3 606.3 52.4 15.2 7.0
Change in private inventories... 55.4 52.5 51.9 59.9 -4.2 -23.6 52.0 50.4 50.1 58.2 -1.7 -16.6 36.5 -59.9 -14.9
Farm.......................... 3.2 7.0 -3.0 -6.5 -8.5 -11.3 2.3 6.3 -.2 -2.3 -4.2 -5.9 2.1 -1.9 -1.7
Nonfarm....................... 52.2 45.4 54.8 66.4 4.3 -12.3 49.9 43.7 50.8 61.8 3.4 -9.8 34.4 -58.4 -13.2
Net exports of goods and services. -624.0 -638.0 -685.4 -697.5 -691.0 -721.7 -601.3 -606.5 -634.1 -645.4 -614.2 -611.8 -79.9 31.2 2.4
Exports......................... 1,173.8 1,183.8 1,217.1 1,253.2 1,297.1 1,311.1 1,117.9 1,125.0 1,144.5 1,165.3 1,195.4 1,197.6 86.7 30.1 2.2
Goods......................... 818.1 829.7 845.0 865.4 904.7 915.1 783.6 793.1 800.3 810.7 841.3 847.2 63.9 30.6 5.9
Services...................... 355.7 354.1 372.1 387.7 392.5 396.0 334.1 331.8 344.0 354.3 353.9 350.4 22.9 -.4 -3.5
Imports......................... 1,797.8 1,821.8 1,902.5 1,950.6 1,988.1 2,032.8 1,719.2 1,731.5 1,778.6 1,810.7 1,809.6 1,809.4 166.6 -1.1 -.2
Goods......................... 1,495.9 1,515.0 1,588.4 1,627.6 1,661.8 1,706.7 1,452.7 1,461.9 1,507.3 1,537.3 1,532.9 1,537.2 143.5 -4.4 4.3
Services...................... 301.9 306.8 314.1 323.0 326.3 326.1 267.1 270.2 272.3 274.8 277.7 273.6 23.4 2.9 -4.1
Government consumption expenditures
and gross investment............. 2,215.9 2,232.5 2,260.0 2,302.0 2,337.6 2,392.7 1,952.3 1,958.4 1,962.8 1,971.9 1,984.1 1,999.9 41.2 12.2 15.8
Federal......................... 827.6 836.5 840.8 860.2 869.8 892.8 723.7 728.6 727.6 731.8 736.1 749.9 35.9 4.3 13.8
National defense.............. 552.7 562.9 562.0 575.3 582.5 602.3 481.3 487.7 483.7 487.3 491.7 503.9 31.6 4.4 12.2
Consumption expenditures.... 484.2 494.6 490.1 508.9 512.3 528.7 413.3 419.8 413.4 421.9 422.9 432.1 24.8 1.0 9.2
Gross investment............ 68.5 68.3 71.9 66.4 70.2 73.5 68.5 68.2 71.2 65.3 69.2 72.4 7.2 3.9 3.2
Nondefense.................... 274.9 273.6 278.8 285.0 287.3 290.6 242.2 240.6 243.6 244.3 244.2 245.7 4.2 -.1 1.5
Consumption expenditures.... 241.4 241.1 245.1 250.7 250.5 254.4 208.6 207.9 209.9 210.4 208.2 210.3 3.8 -2.2 2.1
Gross investment............ 33.4 32.5 33.8 34.3 36.8 36.2 33.4 32.5 33.6 33.8 36.3 35.6 .3 2.5 -.7
State and local................. 1,388.3 1,395.9 1,419.1 1,441.7 1,467.7 1,499.9 1,228.4 1,229.6 1,235.0 1,239.8 1,247.8 1,249.8 5.1 8.0 2.0
Consumption expenditures.... 1,117.7 1,123.9 1,143.1 1,159.0 1,175.7 1,204.1 979.5 980.7 984.8 986.8 988.8 993.3 4.3 2.0 4.5
Gross investment............ 270.6 272.1 276.1 282.7 292.0 295.8 248.9 249.0 250.3 253.2 259.4 256.7 .7 6.2 -2.7
Residual.......................... ..... ..... ..... ..... ..... ..... -26.8 -28.8 -37.5 -48.0 -60.1 -70.7 ..... ..... .....
Addenda:
Final sales of domestic product. 11,678.9 11,766.3 11,943.3 12,138.9 12,382.1 12,613.2 10,702.4 10,757.1 10,846.0 10,940.3 11,089.2 11,208.5 398.8 148.9 119.3
Gross domestic purchases........ 12,358.3 12,456.8 12,680.6 12,896.3 13,069.0 13,311.4 11,348.7 11,407.0 11,522.0 11,635.4 11,694.8 11,796.4 511.4 59.4 101.6
Final sales to domestic
purchasers..................... 12,302.9 12,404.4 12,628.7 12,836.4 13,073.1 13,334.9 11,295.3 11,354.9 11,470.7 11,576.2 11,694.6 11,811.5 475.2 118.4 116.9
Gross domestic product.......... 11,734.3 11,818.8 11,995.2 12,198.8 12,378.0 12,589.6 10,755.7 10,808.9 10,897.1 10,999.3 11,089.2 11,193.2 435.1 89.9 104.0
Plus: Income receipts from
the rest of the world.......... 415.4 418.1 462.4 462.3 489.4 ..... 383.7 385.3 423.2 420.4 441.7 ..... 58.5 21.3 .....
Less: Income payments to
the rest of the world.......... 361.7 369.6 425.6 422.9 453.9 ..... 333.5 340.0 388.5 383.3 408.2 ..... 73.0 24.9 .....
Equals: Gross national product.. 11,788.0 11,867.3 12,032.0 12,238.2 12,413.5 ..... 10,805.7 10,854.1 10,931.8 11,036.3 11,122.5 ..... 420.5 86.2 .....
Net domestic product............ 10,299.0 10,284.7 10,553.2 10,750.4 10,920.7 10,799.3 9,365.5 9,332.7 9,514.2 9,608.3 9,689.7 9,507.3 364.5 81.4 -182.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 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 II 05 III 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.7 2.0 2.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6 3.1
Personal consumption expenditures... 1.4 1.9 2.6 .6 .9 2.8 1.8 1.7 3.0 .6 2.0 1.3 3.9 3.8 1.5 3.1 2.3 3.3 3.7
Durable goods..................... -2.4 -3.5 -1.9 -1.6 -3.2 -1.9 -1.8 -2.7 -4.3 -4.3 -4.4 -4.1 .1 -.1 -2.4 .6 .9 -.5 -3.0
Nondurable goods.................. .5 2.0 3.3 -4.0 .2 5.4 .9 1.2 5.6 -2.4 3.1 .6 6.0 6.6 .1 4.5 1.3 5.7 7.9
Services.......................... 2.7 3.0 3.2 3.3 2.2 2.6 3.0 2.8 3.4 3.2 2.8 2.8 3.6 3.3 2.9 3.0 3.0 2.9 3.0
Gross private domestic investment... .6 1.6 3.1 .2 -.2 .5 .2 2.9 2.9 -.5 1.7 3.7 3.4 4.6 3.2 2.3 2.6 2.7 2.7
Fixed investment.................. .6 1.7 3.2 .1 -.3 .5 .2 3.0 3.1 -.5 1.7 3.9 3.5 4.6 3.0 2.2 2.6 2.7 2.9
Nonresidential.................. -.2 .3 1.3 -1.0 -.1 -.2 -.4 1.1 .1 -1.0 1.2 1.9 1.2 1.8 .9 1.1 3.1 1.9 2.2
Structures.................... 4.4 3.5 5.5 2.1 3.8 5.2 4.3 5.1 4.0 .3 2.9 4.6 7.1 6.8 6.6 5.6 10.3 9.9 14.3
Equipment and software........ -1.8 -.9 -.1 -2.2 -1.5 -2.1 -2.0 -.3 -1.2 -1.4 .6 1.0 -.8 .2 -.9 -.4 .9 -.7 -1.5
Residential..................... 2.5 4.8 6.7 2.8 -.8 2.2 1.5 7.0 9.3 .3 2.7 7.6 8.0 9.7 6.9 4.2 1.6 4.3 4.2
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 2.1 3.6 -3.5 -1.1 2.8 3.0 .6 4.1 1.0 .9 2.9 5.9 4.8 1.7 4.3 4.6 3.7 3.6
Goods........................... -.7 2.0 3.7 -3.8 -1.4 2.2 3.3 .5 3.6 1.6 -.7 4.1 6.5 5.3 1.0 3.8 4.5 2.9 1.8
Services........................ .4 2.5 3.1 -2.8 -.3 4.3 2.1 .7 5.2 -.3 4.6 .1 4.4 3.7 3.2 5.6 4.7 5.4 7.9
Imports........................... -1.2 3.4 5.0 -10.0 -1.7 10.3 3.5 .6 11.2 -4.4 2.6 1.1 9.6 6.6 5.7 6.8 2.9 8.2 9.3
Goods........................... -1.8 2.9 5.0 -11.3 -2.0 10.8 2.6 .4 11.9 -6.7 2.5 .5 10.1 7.9 5.4 6.9 1.9 9.9 10.0
Services........................ 1.7 5.8 4.9 -3.3 -.3 7.6 8.1 1.4 8.0 7.5 3.2 4.2 7.5 .3 7.4 6.5 7.9 -.2 5.8
Government consumption expenditures
and gross investment............... 2.9 3.7 3.7 1.1 5.2 2.9 2.6 3.6 8.9 .0 2.5 1.4 6.2 5.0 3.2 4.1 5.7 3.7 6.3
Federal........................... 3.7 3.9 4.2 1.8 10.1 .5 1.0 4.6 9.9 1.3 1.2 1.2 9.7 4.9 2.2 2.6 7.0 2.1 3.1
National defense................ 3.7 4.4 4.0 .8 9.1 1.3 2.4 6.9 9.3 1.1 1.3 1.5 7.8 5.6 2.8 2.7 6.6 1.4 3.6
Nondefense...................... 3.5 3.0 4.6 3.4 12.0 -.8 -1.4 .5 11.0 1.6 1.0 .7 13.7 3.6 1.2 2.5 7.9 3.6 1.9
State and local................... 2.5 3.7 3.4 .8 2.7 4.2 3.4 3.0 8.4 -.7 3.2 1.6 4.2 5.0 3.7 4.9 4.9 4.7 8.3
Addenda:
Final sales of domestic product... 1.7 2.0 2.6 1.7 1.7 1.5 1.6 2.3 3.1 1.1 1.8 1.9 3.6 3.8 1.4 2.7 3.1 2.6 3.2
Gross domestic purchases.......... 1.6 2.2 2.9 .6 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3 4.0
Final sales to domestic
purchasers....................... 1.6 2.2 2.9 .6 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3 4.0
Gross national product (GNP)...... 1.7 2.0 2.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.8 1.5 2.7 3.1 2.6 .....
Implicit price deflators:
GDP............................. 1.7 2.0 2.6 2.0 1.5 1.4 1.5 2.2 3.1 1.1 1.9 1.8 3.7 3.9 1.3 2.7 3.0 2.6 3.1
Gross domestic purchases........ 1.6 2.2 2.9 .9 1.3 2.4 1.6 2.2 4.1 .4 2.1 1.6 4.3 4.1 1.9 3.2 2.9 3.3 4.0
GNP............................. 1.7 2.0 2.6 2.0 1.4 1.5 1.5 2.3 3.1 1.1 1.9 1.8 3.7 3.8 1.3 2.7 3.0 2.6 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 III 04 IV 04 I 05 II 05 III 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.362 105.130 109.562 110.104 111.003 112.044 112.959 114.019
Personal consumption expenditures.......... 105.340 108.416 112.601 113.030 114.236 115.217 116.176 117.291
Durable goods............................ 111.752 119.134 126.245 127.463 129.166 129.999 132.499 135.926
Nondurable goods......................... 104.614 107.938 113.000 113.337 114.857 116.351 117.392 118.147
Services................................. 104.366 106.493 109.725 110.059 111.027 111.789 112.440 113.329
Gross private domestic investment.......... 89.724 93.195 104.286 105.644 107.398 109.645 108.615 109.225
Fixed investment......................... 91.997 95.297 104.534 106.027 107.880 109.722 112.252 113.819
Nonresidential......................... 86.969 88.063 96.314 97.790 100.246 101.633 103.806 105.387
Structures........................... 81.029 77.621 79.314 79.635 80.554 80.145 80.680 80.390
Equipment and software............... 89.265 92.154 103.126 105.087 108.201 110.376 113.274 115.715
Residential............................ 105.149 113.989 125.714 127.267 127.772 130.695 134.100 135.673
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 92.430 94.064 101.970 102.622 104.398 106.295 109.037 109.242
Imports of goods and services.............. 100.601 105.205 116.495 117.328 120.518 122.698 122.620 122.611
Government consumption expenditures and
gross investment.......................... 107.969 111.009 113.398 113.753 114.008 114.537 115.248 116.166
Federal.................................. 111.169 118.839 125.038 125.881 125.704 126.446 127.188 129.563
State and local.......................... 106.354 107.042 107.487 107.592 108.069 108.489 109.183 109.364
Addenda:
Final sales of domestic product.......... 102.828 105.564 109.650 110.211 111.122 112.088 113.613 114.836
Gross domestic purchases................. 103.151 106.285 111.301 111.872 113.000 114.112 114.695 115.691
Final sales to domestic purchasers....... 103.603 106.708 111.394 111.982 113.124 114.164 115.332 116.485
Gross national product................... 102.264 105.370 109.637 110.128 110.916 111.977 112.851 .....
-----------------------------------------------------------------------------------------------------------------------------------
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 III 04 IV 04 I 05 II 05 III 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 104.193 106.310 109.102 109.371 110.111 110.950 111.655 112.516
Personal consumption expenditures
(PCE)..................................... 103.542 105.520 108.246 108.484 109.326 109.936 110.832 111.841
Durable goods............................ 95.766 92.372 90.631 90.310 90.449 90.648 90.527 89.830
Nondurable goods......................... 102.089 104.151 107.634 107.781 108.982 109.327 110.854 112.987
Services................................. 106.018 109.246 112.695 113.120 113.955 114.803 115.633 116.500
Gross private domestic investment.......... 101.640 103.311 106.555 107.120 107.733 108.427 109.164 109.884
Fixed investment......................... 101.660 103.432 106.697 107.248 107.831 108.522 109.254 110.036
Nonresidential......................... 99.513 99.764 101.025 101.185 101.455 102.244 102.715 103.269
Structures........................... 110.030 113.889 120.124 121.159 122.827 125.876 128.886 133.256
Equipment and software............... 95.956 95.133 95.022 94.945 94.854 95.067 94.910 94.542
Residential............................ 107.240 112.379 119.935 121.312 122.574 123.062 124.359 125.638
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.273 101.398 104.999 105.242 106.366 107.559 108.534 109.498
Imports of goods and services.............. 96.341 99.610 104.571 105.269 107.026 107.783 109.925 112.405
Government consumption expenditures and
gross investment.......................... 105.507 109.460 113.505 114.003 115.148 116.747 117.820 119.647
Federal.................................. 105.631 109.740 114.354 114.825 115.575 117.550 118.168 119.068
State and local.......................... 105.435 109.303 113.022 113.536 114.914 116.291 117.635 120.013
Addenda:
PCE excluding food and energy............ 103.705 105.082 107.156 107.358 107.980 108.617 109.083 109.449
Market-based PCE\1\...................... 103.082 105.009 107.422 107.627 108.378 108.948 109.860 110.925
Market-based PCE excluding food
and energy\1\........................... 103.153 104.348 105.898 106.050 106.514 107.106 107.506 107.814
Final sales of domestic product.......... 104.197 106.330 109.124 109.389 110.124 110.963 111.667 112.539
Gross domestic purchases................. 103.583 105.863 108.899 109.235 110.092 110.883 111.785 112.886
Final sales to domestic purchasers....... 103.586 105.883 108.921 109.253 110.106 110.898 111.798 112.909
Gross national product................... 104.184 106.304 109.094 109.362 110.100 110.933 111.638 .....
Implicit price deflators:
Gross domestic product................. 104.187 106.305 109.099 109.343 110.077 110.905 111.622 112.476
Final sales of domestic product........ 104.197 106.330 109.124 109.382 110.117 110.956 111.659 112.532
Gross domestic purchases............... 103.577 105.858 108.896 109.204 110.055 110.837 111.750 112.843
Final sales to domestic purchasers..... 103.587 105.883 108.920 109.242 110.095 110.886 111.787 112.898
Gross national product................. 104.179 106.299 109.091 109.334 110.064 110.890 111.607 .....
-----------------------------------------------------------------------------------------------------------------------------------
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 1.6 2.7 4.2
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 2.7 2.9 3.9
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 7.1 6.6 6.0
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 2.5 3.2 4.7
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 1.9 2.0 3.0
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 -2.6 3.9 11.9
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 -5.2 3.6 9.7
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 -9.2 1.3 9.4
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 -17.1 -4.2 2.2
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 -6.2 3.2 11.9
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 8.4 10.3
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 1.8 8.4
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 -4.0 1.8 8.9
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 1.9 1.7 7.4
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 4.6 10.7
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 4.9 11.0
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 2.1 3.0 9.6
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 2.2
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 7.0 6.9 5.2
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 7.4 8.8 7.0
Nondefense......................... 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.8
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 3.1 .6 .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 1.2 2.7 3.9
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 2.2 3.0 4.7
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 1.8 3.0 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 1.5 3.0 4.0
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 2.4 3.4
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 1.6 2.2 2.9
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 1.9 1.8 2.4
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 2.0 2.6
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 2.1 1.8 2.5
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 2.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 II 05 III 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... .2 1.0 1.3 2.2 1.9 1.6 2.0 3.2 4.0 4.7 4.6 3.8 3.8 3.6 3.6 3.6
Personal consumption expenditures
(PCE)................................. 2.8 2.8 3.1 3.2 1.9 2.1 2.4 3.3 3.8 4.3 3.9 3.5 3.8 3.5 3.9 3.8
Durable goods........................ 10.8 7.8 8.9 11.0 1.2 3.2 6.0 7.9 9.2 9.4 5.8 3.7 5.2 4.7 6.7 6.6
Nondurable goods..................... 1.9 2.6 3.0 2.4 2.1 2.1 2.2 4.2 4.1 4.9 5.1 4.0 4.6 4.3 4.6 4.2
Services............................. 1.6 1.8 2.0 2.0 1.9 1.9 1.8 2.0 2.5 3.0 2.9 3.2 3.1 2.9 3.0 3.0
Gross private domestic investment...... -13.8 -7.7 -5.4 -1.4 4.9 1.5 1.7 4.4 7.7 10.5 15.1 11.8 10.4 10.1 4.0 3.4
Fixed investment..................... -6.7 -7.6 -5.8 -4.9 -2.5 -.7 1.8 5.6 7.7 9.3 10.9 9.3 9.4 9.4 8.0 7.3
Nonresidential..................... -9.6 -11.7 -9.8 -8.7 -6.5 -3.5 .0 3.2 5.6 7.9 9.2 9.4 10.9 10.3 9.2 7.8
Structures....................... -11.1 -13.9 -17.4 -22.0 -14.9 -12.2 -4.5 -.5 1.2 2.6 1.5 1.9 2.7 3.1 1.7 .9
Equipment and software........... -9.0 -10.9 -6.8 -3.2 -3.4 -.3 1.6 4.4 7.2 9.8 11.9 12.0 13.8 12.8 11.7 10.1
Residential........................ 1.4 3.4 4.3 4.4 7.0 5.6 5.6 10.5 11.8 11.9 13.9 9.1 6.6 7.7 6.1 6.6
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. -11.9 -9.5 -4.0 1.6 3.8 1.7 -1.3 .7 6.0 8.1 10.5 9.0 6.1 6.7 7.7 6.5
Goods.............................. -13.0 -12.2 -4.9 1.1 1.1 1.9 -1.5 .2 6.7 8.3 10.4 10.1 6.8 6.2 8.2 6.8
Services........................... -8.9 -2.8 -2.0 2.8 10.2 1.4 -1.0 1.9 4.5 7.8 10.9 6.4 4.6 7.9 6.5 5.6
Imports.............................. -7.6 -4.1 2.1 6.4 9.7 6.0 3.8 3.4 5.1 8.8 11.7 11.8 10.6 9.4 5.7 4.5
Goods.............................. -7.9 -5.0 3.2 7.2 9.9 6.8 4.5 3.1 5.3 9.2 11.2 12.3 11.1 10.1 6.1 5.2
Services........................... -5.9 .7 -3.0 2.4 8.8 2.4 .5 5.0 4.2 7.3 13.8 9.7 7.7 6.2 3.9 1.3
Government consumption expenditures
and gross investment.................. 5.0 4.7 4.0 4.9 4.0 2.9 3.5 3.0 1.9 2.9 1.7 2.0 2.1 1.7 1.8 2.1
Federal.............................. 6.4 5.9 6.7 7.5 7.8 6.4 8.6 7.2 5.5 8.1 3.6 5.1 4.2 2.1 1.9 2.9
National defense................... 6.5 5.6 7.4 7.9 8.4 6.5 12.2 9.2 7.5 12.1 3.7 7.8 4.9 2.3 3.0 3.3
Nondefense......................... 6.3 6.3 5.5 6.8 6.8 6.2 2.1 3.6 1.6 .8 3.5 .0 2.8 1.8 -.2 2.1
State and local...................... 4.2 4.1 2.6 3.6 2.1 1.1 .7 .8 .0 .0 .5 .2 .9 1.5 1.7 1.6
Addenda:
Final sales of domestic product...... 1.5 1.0 1.2 1.7 .8 1.3 2.0 3.3 4.0 4.5 4.0 3.4 3.6 3.5 4.2 4.2
Gross domestic purchases............. .4 1.4 1.9 2.8 2.7 2.2 2.5 3.4 4.0 4.9 5.1 4.4 4.5 4.2 3.5 3.4
Final sales to domestic purchasers... 1.6 1.4 1.9 2.3 1.6 1.9 2.5 3.6 4.0 4.7 4.5 4.1 4.3 4.1 4.1 4.0
Gross national product............... .4 .9 1.0 2.3 1.6 1.8 2.4 3.5 4.4 5.0 4.4 3.6 3.2 3.2 3.5 .....
Real disposable personal income...... 1.2 3.7 4.6 1.4 2.9 .7 1.4 3.6 3.8 4.1 3.2 2.1 4.1 2.3 2.4 1.5
Price indexes:
Gross domestic purchases........... 1.6 1.3 1.4 1.6 1.9 2.6 2.1 2.1 2.0 2.1 3.0 3.0 3.4 3.1 2.9 3.3
Gross domestic purchases excluding
food and energy................... 2.1 2.0 1.9 1.9 1.7 1.9 1.7 1.7 1.7 1.9 2.5 2.6 2.7 2.6 2.4 2.4
GDP................................ 2.4 2.0 1.6 1.6 1.7 2.1 2.0 2.1 2.0 2.1 2.8 2.7 2.9 2.8 2.5 2.9
GDP excluding food and energy...... 2.3 2.3 2.1 2.0 1.9 2.0 1.8 1.8 1.7 1.9 2.5 2.6 2.8 2.7 2.5 2.6
PCE................................ 1.7 1.2 1.2 1.5 1.8 2.3 1.8 1.8 1.7 1.9 2.7 2.6 3.1 2.7 2.5 3.1
PCE excluding food and energy...... 2.2 1.8 1.8 1.9 1.6 1.5 1.3 1.2 1.3 1.7 2.0 2.0 2.2 2.2 2.0 1.9
Market-based PCE\1\................ 1.3 .7 .9 1.1 1.7 2.3 1.7 1.8 1.6 1.7 2.5 2.3 2.8 2.4 2.4 3.1
Market-based PCE excluding food
and energy\1\..................... 1.8 1.5 1.5 1.5 1.4 1.3 1.2 1.1 1.0 1.3 1.5 1.5 1.7 1.8 1.6 1.7
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 III 04 IV 04 I 05 II 05 III 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,469.6 10,971.2 11,734.3 11,818.8 11,995.2 12,198.8 12,378.0 12,589.6
Plus: Income receipts from the rest of the
world..................................... 305.7 343.7 415.4 418.1 462.4 462.3 489.4 .....
Less: Income payments to the rest of the
world..................................... 275.0 275.6 361.7 369.6 425.6 422.9 453.9 .....
Equals: Gross national product............. 10,500.2 11,039.3 11,788.0 11,867.3 12,032.0 12,238.2 12,413.5 .....
Less: Consumption of fixed capital......... 1,292.0 1,331.3 1,435.3 1,534.1 1,442.0 1,448.4 1,457.2 1,790.4
Less: Statistical discrepancy.............. -21.0 47.1 76.8 90.8 30.6 39.4 37.6 .....
Equals: National income.................... 9,229.3 9,660.9 10,275.9 10,242.4 10,559.3 10,750.4 10,918.7 .....
Compensation of employees................ 6,091.2 6,321.1 6,687.6 6,724.2 6,895.8 7,001.7 7,100.9 7,187.0
Wage and salary accruals............... 4,980.9 5,111.1 5,389.4 5,422.0 5,562.9 5,629.9 5,710.2 5,776.5
Supplements to wages and salaries...... 1,110.3 1,210.0 1,298.1 1,302.3 1,332.9 1,371.8 1,390.6 1,410.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 768.4 810.2 889.6 889.1 900.9 917.9 936.6 937.5
Rental income of persons with capital
consumption adjustment.................. 152.9 131.7 134.2 122.1 128.7 118.0 104.4 27.5
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 886.3 1,031.8 1,161.5 1,117.2 1,219.5 1,288.2 1,347.5 .....
Net interest and miscellaneous payments.. 520.9 528.5 505.5 497.5 492.7 498.3 488.7 493.9
Taxes on production and imports less
subsidies............................... 724.4 754.8 809.4 812.3 824.4 833.2 848.0 857.6
Business current transfer payments....... 84.3 81.6 91.1 83.0 102.6 99.0 99.6 31.8
Current surplus of government
enterprises............................. .9 1.3 -3.0 -3.0 -5.2 -6.1 -7.0 -21.7
Addendum:
Gross domestic income.................... 10,490.6 10,924.2 11,657.5 11,728.0 11,964.6 12,159.4 12,340.4 .....
-----------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2002 2003 2004 III 04 IV 04 I 05 II 05 III 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,881.9 9,169.1 9,713.3 9,729.2 10,024.8 10,073.4 10,221.2 10,293.0
Compensation of employees, received...... 6,091.2 6,321.1 6,687.6 6,724.2 6,895.8 7,001.7 7,100.9 7,187.0
Wage and salary disbursements.......... 4,980.9 5,111.1 5,389.4 5,422.0 5,562.9 5,629.9 5,710.2 5,776.5
Supplements to wages and salaries...... 1,110.3 1,210.0 1,298.1 1,302.3 1,332.9 1,371.8 1,390.6 1,410.5
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 768.4 810.2 889.6 889.1 900.9 917.9 936.6 937.5
Farm................................... 10.6 27.7 35.8 29.7 24.6 24.7 19.6 18.1
Nonfarm................................ 757.8 782.4 853.8 859.4 876.3 893.2 917.1 919.4
Rental income of persons with capital
consumption adjustment.................. 152.9 131.7 134.2 122.1 128.7 118.0 104.4 27.5
Personal income receipts on assets....... 1,333.2 1,338.7 1,396.5 1,378.2 1,493.6 1,407.9 1,439.8 1,465.4
Personal interest income............... 936.1 917.6 905.9 904.7 907.4 915.4 936.0 947.7
Personal dividend income............... 397.2 421.1 490.6 473.5 586.2 492.5 503.8 517.6
Personal current transfer receipts....... 1,286.2 1,344.0 1,427.5 1,441.5 1,449.2 1,488.8 1,509.6 1,552.8
Less: Contributions for government
social insurance........................ 750.0 776.6 822.2 825.9 843.5 861.0 870.1 877.3
Less: Personal current taxes............... 1,051.8 999.9 1,049.1 1,058.4 1,094.3 1,171.4 1,212.6 1,222.8
Equals: Disposable personal income......... 7,830.1 8,169.2 8,664.2 8,670.9 8,930.4 8,902.0 9,008.6 9,070.2
Less: Personal outlays..................... 7,645.3 7,996.3 8,512.5 8,566.3 8,725.0 8,854.6 9,001.2 9,170.2
Equals: Personal saving.................... 184.7 172.8 151.8 104.6 205.4 47.4 7.4 -100.1
Personal saving as a percentage of
disposable personal income.............. 2.4 2.1 1.8 1.2 2.3 .5 .1 -1.1
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,562.2 7,741.8 8,004.3 7,993.3 8,169.2 8,098.1 8,128.7 8,110.5
-----------------------------------------------------------------------------------------------------------------------------------
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 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 II 05 III 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 1.6 2.7 4.2 1.6 2.7 2.2 2.4 .2 1.7 3.7 7.2 3.6 4.3 3.5 4.0 3.3 3.8 3.3 3.8
Goods............................. 1.2 3.4 6.5 2.6 3.9 1.5 5.2 -5.2 4.3 2.3 16.8 2.9 7.2 4.7 6.6 3.9 4.4 5.0 5.3
Services.......................... 2.5 2.2 2.7 2.8 2.5 3.4 1.7 2.9 .7 3.7 1.3 3.8 3.3 1.2 3.0 3.2 3.2 1.5 3.4
Structures........................ -2.5 3.2 5.7 -8.5 -.1 -2.7 -3.0 3.1 -.9 8.2 13.6 4.1 .6 13.1 1.2 2.2 5.2 8.4 1.3
Motor vehicle output.............. 11.5 3.8 4.6 22.0 15.5 5.7 11.6 .5 .3 -2.5 22.6 -3.6 14.4 -7.3 3.0 8.8 4.3 -.3 15.0
GDP excuding motor vehicle
output........................... 1.3 2.7 4.2 .9 2.3 2.1 2.0 .2 1.8 3.9 6.7 3.8 3.9 3.9 4.0 3.1 3.8 3.4 3.4
Final sales of computers\1\....... 2.9 20.2 20.4 23.7 -7.6 .7 29.3 15.3 7.1 14.4 78.0 11.9 10.2 10.3 13.3 56.5 54.9 45.4 13.7
GDP excluding final sales of
computers........................ 1.6 2.6 4.1 1.4 2.8 2.2 2.2 .1 1.7 3.6 6.8 3.5 4.2 3.4 3.9 3.0 3.5 3.0 3.7
Farm gross value added\2\......... 6.8 8.4 .0 94.2 -64.0 133.6 63.9 34.2 -22.3 27.0 -34.1 -13.1 89.8 -31.5 -11.3 -17.1 7.3 -31.1 23.8
Nonfarm business gross value
added\3\......................... 1.5 3.3 4.8 1.2 3.5 1.4 3.1 .1 2.0 4.7 10.4 2.8 4.2 4.6 4.6 3.9 4.3 4.4 4.2
Price indexes:
GDP............................... 1.7 2.0 2.6 1.7 1.7 1.5 1.6 2.2 3.1 1.1 1.8 1.9 3.6 3.9 1.5 2.7 3.1 2.6 3.1
GDP excluding food and energy..... 2.1 1.8 2.5 2.6 2.1 1.8 1.6 2.0 2.6 .9 1.6 1.7 3.3 3.4 2.0 2.6 2.9 2.4 2.5
GDP excluding final sales of
computers........................ 2.0 2.2 2.7 1.9 1.9 1.7 1.7 2.4 3.2 1.2 2.0 1.9 3.7 3.9 1.6 2.9 3.3 2.8 3.3
Gross domestic purchases.......... 1.6 2.2 2.9 .6 1.5 2.5 1.7 2.2 4.1 .4 2.0 1.7 4.2 4.1 2.0 3.2 2.9 3.3 4.0
Gross domestic purchases excluding
food and energy.................. 1.9 1.8 2.4 2.3 1.8 1.7 1.6 1.8 2.5 1.0 1.7 1.8 3.4 3.2 2.0 2.4 3.0 2.1 2.2
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 1.8 2.4 3.0 .9 1.7 2.6 1.9 2.4 4.3 .5 2.2 1.8 4.3 4.3 2.2 3.4 3.1 3.5 4.2
Personal consumption expenditures
(PCE)............................ 1.4 1.9 2.6 .6 .9 2.8 1.8 1.7 3.0 .6 2.0 1.3 3.9 3.8 1.5 3.1 2.3 3.3 3.7
Personal consumption expenditures
excluding food and energy........ 1.8 1.3 2.0 2.6 1.3 1.8 1.9 1.2 1.1 1.0 1.5 1.4 2.7 2.5 1.5 2.3 2.4 1.7 1.3
Market-based PCE\4\............... 1.1 1.9 2.3 -.5 .6 2.8 1.7 1.7 3.1 .5 1.9 .9 3.4 3.7 1.1 2.8 2.1 3.4 3.9
Market-based PCE excluding food
and energy\4\.................... 1.5 1.2 1.5 1.6 .9 1.6 1.7 1.2 .8 1.0 1.4 .9 1.9 2.0 1.1 1.8 2.2 1.5 1.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 2003-04
annual percent change in real GDP uses prices for 2003 and 2004 as weights, and the 2003-04 annual
percent change in GDP prices uses quantities for 2003 and 2004 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.
