News Release
Gross Domestic Product, 1st quarter 2007 (advance)
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Virginia H. Mannering: (202) 606-5304 BEA 07-18
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FIRST QUARTER 2007 (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 1.3 percent in the first quarter of 2007,
according to advance estimates released by the Bureau of Economic Analysis. In the fourth quarter, real
GDP increased 2.5 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 31, 2007.
The increase in real GDP in the first quarter primarily reflected positive contributions from
personal consumption expenditures (PCE) and state and local government spending that were partly
offset by negative contributions from residential fixed investment, private inventory investment, and
federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the first quarter primarily reflected a downturn in exports,
an upturn in imports, a deceleration in PCE for nondurable goods, and a downturn in federal government
spending that were partly offset by a smaller decrease in private inventory investment, an upturn in
equipment and software, a smaller decrease in residential fixed investment, and an acceleration in PCE
for durable goods.
Final sales of computers contributed 0.04 percentage point to the first-quarter growth in real GDP
after contributing 0.22 percentage point to the fourth-quarter growth. Motor vehicle output contributed
0.09 percentage point to the first-quarter growth in real GDP after subtracting 1.18 percentage points
from the fourth-quarter growth.
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. Prices indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/bea/rels.htm.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.6 percent in the first quarter, compared with an increase of 0.2 percent in the fourth.
Excluding food and energy prices, the price index for gross domestic purchases increased 2.8 percent in
the first quarter, compared with an increase of 2.4 percent in the fourth. About 0.2 percentage point of
the first-quarter increase in the index was accounted for by the pay raise for federal civilian and military
personnel, which is treated as an increase in the price index of employee services purchased by the
federal government.
Real personal consumption expenditures increased 3.8 percent in the first quarter, compared with
an increase of 4.2 percent in the fourth. Durable goods increased 7.3 percent, compared with an increase
of 4.4 percent. Nondurable goods increased 2.9 percent, compared with an increase of 5.9 percent.
Services expenditures increased 3.7 percent, compared with an increase of 3.4 percent.
Real nonresidential fixed investment increased 2.0 percent in the first quarter, in contrast to a
decrease of 3.1 percent in the fourth. Nonresidential structures increased 2.2 percent, compared with an
increase of 0.8 percent. Equipment and software increased 1.9 percent, in contrast to a decrease of 4.8
percent. Real residential fixed investment decreased 17.0 percent, compared with a decrease of 19.8
percent.
Real exports of goods and services decreased 1.2 percent in the first quarter, in contrast to an
increase of 10.6 percent in the fourth. Real imports of goods and services increased 2.3 percent, in
contrast to a decrease of 2.6 percent.
Real federal government consumption expenditures and gross investment decreased 3.0 percent in
the first quarter, in contrast to an increase of 4.6 percent in the fourth. National defense decreased 6.6
percent, in contrast to an increase of 12.3 percent. Nondefense increased 4.7 percent, in contrast to a
decrease of 9.6 percent. Real state and local government consumption expenditures and gross
investment increased 3.3 percent, compared with an increase of 2.7 percent.
The real change in private inventories subtracted 0.30 percentage point from the first-quarter
change in real GDP after subtracting 1.16 percentage points from the fourth-quarter change. Private
businesses increased inventories $14.8 billion in the first quarter, following increases of $22.4 billion in
the fourth quarter and $55.4 billion in the third.
Real final sales of domestic product -- GDP less change in private inventories -- increased 1.6
percent in the first quarter, compared with an increase of 3.7 percent in the fourth.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 1.7 percent in the first quarter, compared with an increase of 0.8 percent in the
fourth.
Disposition of personal income
Current-dollar personal income increased $245.7 billion (9.2 percent) in the first quarter,
compared with an increase of $126.1 billion (4.7 percent) in the fourth.
Personal current taxes increased $57.8 billion in the first quarter, compared with an increase of
$24.0 billion in the fourth.
Disposable personal income increased $188.0 billion (8.0 percent) in the first quarter, compared
with an increase of $102.0 billion (4.3 percent) in the fourth. Real disposable personal income increased
4.5 percent, compared with an increase of 5.3 percent.
Personal outlays increased $173.3 billion (7.3 percent) in the first quarter, compared with an
increase of $86.5 billion (3.6 percent) in the fourth. Personal saving -- disposable personal income less
personal outlays -- was a negative $102.8 billion in the first quarter, compared with a negative $117.5
billion in the fourth. The personal saving rate -- saving as a percentage of disposable personal income --
was a negative 1.0 percent in the first quarter, compared with a negative 1.2 percent in the fourth.
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. For a comparison of personal saving in BEA's national income
and product accounts with personal saving in the Federal Reserve Board's flow of funds accounts, go to
/national/nipaweb/Nipa-Frb.asp.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.3 percent, or $174.4 billion, in the first quarter to a level of $13,632.6 billion. In the fourth quarter,
current-dollar GDP increased 4.1 percent, or $135.6 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, "GDP and the Economy."
* * *
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.
* * *
Next release -- May 31, 2007, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2007 (Preliminary)
Corporate Profits: First Quarter 2007
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, which cover the quarters of the 3 most recent calendar years, are usually carried out each
summer and incorporate more comprehensive data including annual surveys. Comprehensive (or benchmark) revisions
are carried out at about 5-year intervals and incorporate major periodic source data, as well as improvements in
concepts and methods that update the accounts to portray more accurately the evolving U.S. economy.
The table below shows comparisons of the revisions between quarterly percent changes of current-dollar and
real GDP for the different vintages of the estimates. From the advance estimate to the preliminary estimate (one
month later), the average revision to real GDP without regard to sign is 0.5 percentage point, while from the advance
estimate to the final estimate (two months later), it is 0.6 percentage point. From the advance estimate to the latest
estimate, the average revision without regard to sign is 1.3 percentage points. The average revision (with regard to
sign) from the advance estimate to the latest estimate is 0.4 percentage point, which is larger than the average
revisions from the advance estimate to the preliminary or to the final estimates. The larger average revisions to the
latest estimate reflect the fact that comprehensive revisions include major improvements such as the introduction of
chain indexes and the capitalization of software. The current quarterly estimates correctly indicate the direction of change of
real GDP 98 percent of the time, correctly indicate whether it is accelerating or decelerating 74 percent of the time,
and correctly indicate whether real GDP growth is above, near, or below trend growth more than three-fifths of the
time.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average Average without Standard deviation of
compared regard to sign revision without regard
to sign
Current-dollar GDP
Advance to preliminary.......... 0.2 0.5 0.4
Advance to final................ .2 .7 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .4 1.2 .9
Real GDP
Advance to preliminary.......... 0.1 0.5 0.4
Advance to final................ .1 .6 .4
Preliminary to final............ .0 .3 .2
Advance to latest............... .4 1.3 1.0
NOTE.--These comparisons are based on the period from 1983 through 2003.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.9 3.2 3.3 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.0 2.5 1.3
Personal consumption expenditures... 3.9 3.5 3.2 3.6 5.8 2.3 4.7 2.9 3.9 4.3 2.7 4.2 3.9 .8 4.8 2.6 2.8 4.2 3.8
Durable goods..................... 6.4 5.5 5.0 16.8 16.7 .7 6.1 1.7 8.7 6.1 2.4 12.8 9.0 -12.3 19.8 -.1 6.4 4.4 7.3
Nondurable goods.................. 3.6 4.5 3.7 2.3 7.7 1.8 4.3 1.7 3.7 5.4 5.2 4.9 3.4 3.9 5.9 1.4 1.5 5.9 2.9
Services.......................... 3.5 2.6 2.6 1.8 2.9 2.8 4.6 3.8 3.1 3.4 1.6 2.3 3.2 2.0 1.6 3.7 2.8 3.4 3.7
Gross private domestic investment... 9.8 5.4 4.3 3.3 17.7 9.3 4.8 21.7 2.0 5.1 8.2 -3.6 5.2 16.2 7.8 1.0 -.8 -15.2 -6.5
Fixed investment.................. 7.3 7.5 2.9 10.6 13.6 5.5 2.2 11.7 7.6 4.9 7.8 10.5 6.3 2.8 8.2 -1.6 -1.2 -9.1 -4.7
Nonresidential.................. 5.9 6.8 7.2 10.7 9.4 2.8 1.7 7.2 10.3 8.3 6.0 5.2 5.9 5.2 13.7 4.4 10.0 -3.1 2.0
Structures.................... 2.2 1.1 9.0 14.7 -.8 -4.7 3.3 6.9 3.1 -2.0 5.3 -2.0 -7.0 12.0 8.7 20.3 15.7 .8 2.2
Equipment and software........ 7.3 8.9 6.5 9.3 13.2 5.6 1.2 7.3 13.0 12.3 6.3 7.9 11.0 2.8 15.6 -1.4 7.7 -4.8 1.9
Residential..................... 9.9 8.6 -4.2 10.5 22.2 10.6 3.1 19.8 3.2 -.6 11.1 20.0 7.1 -.9 -.3 -11.1 -18.7 -19.8 -17.0
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 9.2 6.8 8.9 -1.7 11.4 20.8 7.2 6.2 4.8 9.9 4.7 9.4 3.2 9.6 14.0 6.2 6.8 10.6 -1.2
Goods........................... 9.0 7.5 10.5 -1.2 8.8 19.8 7.1 6.4 8.3 6.1 5.5 12.8 3.7 11.5 17.3 6.0 9.4 8.4 -.8
Services........................ 9.7 5.1 5.4 -2.8 17.5 23.1 7.5 5.6 -2.8 19.2 2.9 2.0 2.1 5.5 6.7 6.7 .8 16.3 -2.3
Imports........................... 10.8 6.1 5.8 4.1 3.7 17.6 10.2 16.0 4.4 12.0 4.1 1.4 2.5 13.2 9.1 1.4 5.6 -2.6 2.3
Goods........................... 10.9 6.7 5.9 8.6 .6 17.2 10.1 17.7 4.7 12.6 4.9 2.0 2.7 14.1 9.4 -.1 7.1 -4.1 1.9
Services........................ 10.0 2.8 5.3 -15.7 21.2 19.6 10.9 7.6 3.1 9.0 -.2 -1.5 1.2 8.3 7.4 9.9 -2.6 6.2 4.4
Government consumption expenditures
and gross investment............... 1.9 .9 2.1 6.1 1.5 .7 2.9 2.2 1.3 -1.9 1.6 1.1 3.4 -1.1 4.9 .8 1.7 3.4 .9
Federal........................... 4.3 1.5 2.0 19.7 .4 3.1 7.2 2.5 5.0 -5.2 3.4 .4 9.6 -4.6 8.8 -4.5 1.3 4.6 -3.0
National defense................ 5.9 1.7 1.9 36.3 -5.3 8.1 9.1 2.0 9.1 -9.1 4.5 2.9 11.2 -9.9 8.9 -2.0 -1.2 12.3 -6.6
Nondefense...................... 1.2 1.1 2.1 -6.4 12.4 -6.0 3.6 3.5 -2.9 3.4 1.2 -4.4 6.2 7.1 8.5 -9.3 6.5 -9.6 4.7
State and local................... .5 .5 2.1 -.8 2.1 -.6 .5 2.1 -.9 .1 .6 1.5 -.1 1.0 2.7 4.0 1.9 2.7 3.3
Addenda:
Final sales of domestic product... 3.5 3.5 3.1 4.5 6.9 2.1 3.4 2.6 4.0 2.6 3.3 5.6 4.4 -.3 5.6 2.1 1.9 3.7 1.6
Gross domestic purchases.......... 4.4 3.3 3.2 4.0 6.6 3.0 4.4 5.5 3.1 3.3 3.4 2.4 4.0 2.7 5.3 2.0 2.0 .8 1.7
Final sales to domestic
purchasers....................... 4.0 3.6 2.9 5.1 6.1 2.5 4.0 4.1 4.0 3.2 3.3 4.6 4.2 .7 5.4 1.6 2.0 1.9 2.0
Gross national product (GNP)...... 3.8 3.1 3.3 4.1 7.3 3.5 3.5 2.9 3.3 2.0 3.6 3.0 4.9 .5 6.1 2.3 1.8 3.5 .....
Disposable personal income........ 3.6 1.2 2.6 5.0 6.3 1.7 3.9 2.4 2.8 7.5 -4.0 .5 -.6 5.5 4.6 -1.5 3.2 5.3 4.5
Current-dollar measures:
GDP............................. 6.9 6.3 6.3 4.8 9.7 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0 5.9 3.8 4.1 5.3
Final sales of domestic product. 6.5 6.7 6.1 5.8 9.1 4.4 7.3 6.4 6.2 5.9 6.9 8.2 7.8 3.0 9.1 5.5 3.8 5.4 5.6
Gross domestic purchases........ 7.6 6.9 6.4 4.7 9.1 4.9 8.9 9.7 5.8 7.0 6.7 5.8 8.5 6.3 8.2 6.1 4.2 1.0 5.3
Final sales to domestic
purchasers..................... 7.2 7.2 6.1 5.7 8.5 4.4 8.5 8.3 6.7 7.0 6.7 8.1 8.8 4.3 8.2 5.7 4.2 2.1 5.6
GNP............................. 6.7 6.2 6.3 5.4 9.6 5.8 7.4 6.7 5.4 5.3 7.2 5.6 8.4 3.8 9.6 5.7 3.7 5.2 .....
Disposable personal income...... 6.4 4.1 5.4 5.7 8.9 3.2 7.7 6.0 4.7 10.7 -1.8 3.6 3.5 8.6 6.8 2.5 5.7 4.3 8.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.9 3.2 3.3 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.0 2.5 1.3
Percentage points at annual rates:
Personal consumption expenditures. 2.71 2.44 2.24 2.53 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38 1.81 1.96 2.93 2.66
Durable goods................... .54 .45 .41 1.35 1.39 .06 .51 .14 .71 .50 .20 1.02 .74 -1.08 1.50 -.01 .50 .35 .56
Motor vehicles and parts...... .07 .02 -.04 .65 .46 -.29 .09 -.14 .22 .17 -.29 .50 .38 -1.51 .60 -.04 .28 -.15 .36
Furniture and household
equipment.................... .35 .29 .36 .49 .67 .27 .33 .28 .36 .21 .27 .28 .40 .33 .65 .10 .20 .38 .22
Other......................... .11 .14 .09 .21 .26 .08 .10 .01 .13 .12 .21 .24 -.03 .10 .26 -.06 .03 .12 -.01
Nondurable goods................ .73 .90 .76 .45 1.53 .36 .86 .34 .74 1.07 1.04 .98 .70 .79 1.20 .30 .32 1.18 .58
Food.......................... .33 .51 .41 .04 .61 .02 .54 .16 .28 .70 .53 .55 .61 .39 .64 .19 -.07 .62 .08
Clothing and shoes............ .14 .17 .14 .29 .31 -.02 .32 -.14 .18 .19 .17 .25 .08 .27 .23 -.10 .15 .18 .18
Gasoline, fuel oil, and other
energy goods................. .02 -.01 -.02 -.02 .10 .06 .00 .00 -.04 .01 .12 -.10 -.15 -.06 -.03 .02 .14 .03 .21
Other......................... .24 .23 .23 .14 .52 .30 .00 .32 .32 .16 .21 .28 .16 .19 .36 .19 .11 .35 .12
Services........................ 1.45 1.09 1.07 .73 1.21 1.18 1.92 1.59 1.30 1.39 .70 .94 1.32 .83 .67 1.52 1.14 1.41 1.51
Housing....................... .40 .30 .24 .18 .35 .40 .49 .42 .37 .32 .29 .28 .24 .18 .24 .25 .27 .33 .22
Household operation........... .10 .08 -.02 .00 .02 .17 .11 .10 .06 .25 .01 .04 .09 .01 -.58 .31 .35 .13 .22
Electricity and gas......... .02 .04 -.05 -.08 -.03 .12 .06 -.06 -.07 .25 .00 .00 .03 .03 -.58 .23 .32 .08 .16
Other household operation... .08 .04 .03 .08 .05 .05 .05 .16 .13 .00 .01 .04 .06 -.02 .00 .08 .04 .05 .06
Transportation................ .03 .00 .04 -.03 .03 .02 .05 .06 .00 .04 .02 -.03 -.04 .00 .10 .04 .03 .10 .06
Medical care.................. .37 .43 .42 .28 .28 .28 .33 .47 .53 .43 .32 .40 .53 .44 .52 .31 .25 .42 .55
Recreation.................... .14 .08 .06 .15 .13 .16 .18 .13 .09 .05 .13 .05 .05 .04 .09 .02 .08 .09 -.01
Other......................... .41 .20 .33 .16 .40 .15 .76 .42 .24 .30 -.07 .20 .44 .16 .31 .58 .15 .33 .47
Gross private domestic investment. 1.49 .87 .70 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .17 -.13 -2.71 -1.06
Fixed investment................ 1.11 1.17 .47 1.52 2.00 .83 .34 1.72 1.16 .77 1.22 1.62 1.02 .46 1.34 -.27 -.19 -1.54 -.76
Nonresidential................ .58 .67 .73 1.01 .92 .29 .18 .69 .97 .81 .59 .51 .59 .52 1.36 .45 1.01 -.34 .21
Structures.................. .06 .03 .26 .35 -.02 -.12 .08 .17 .08 -.05 .14 -.06 -.20 .31 .25 .56 .46 .03 .07
Equipment and software...... .52 .64 .47 .66 .95 .41 .10 .52 .90 .86 .45 .56 .78 .21 1.11 -.10 .55 -.36 .14
Information processing
equipment and software... .36 .30 .31 .13 .82 .70 .30 .05 .21 .33 .43 .29 .26 .25 .74 -.04 .35 -.07 .54
Computers and peripheral
equipment.............. .10 .12 .10 .00 .26 .21 -.03 -.03 .21 .17 .10 .10 .06 .16 .15 .03 .13 .00 .28
Software................ .15 .09 .10 .05 .32 .20 .17 .03 .12 .16 .03 .12 .07 .04 .18 .07 .09 .05 .10
Other................... .11 .10 .11 .08 .23 .29 .16 .05 -.12 .00 .30 .06 .13 .04 .40 -.14 .13 -.11 .16
Industrial equipment...... -.05 .10 .07 .14 -.14 -.22 -.09 -.05 .19 .05 .16 -.07 .23 .19 -.05 .16 .00 -.07 .02
Transportation equipment.. .14 .15 .00 .31 .01 -.13 -.08 .46 .39 .40 -.14 .11 .27 -.31 .31 -.32 .15 -.22 -.17
Other equipment........... .07 .09 .08 .08 .26 .07 -.04 .06 .10 .08 .01 .24 .03 .08 .11 .09 .05 -.01 -.26
Residential................... .53 .50 -.27 .51 1.08 .55 .16 1.03 .18 -.04 .63 1.11 .43 -.06 -.02 -.72 -1.20 -1.21 -.97
Change in private inventories... .38 -.30 .23 -1.01 .56 .56 .40 1.44 -.84 .05 .09 -2.23 -.18 2.05 -.03 .44 .06 -1.16 -.30
Farm.......................... .07 -.06 .03 -.16 -.06 -.05 .27 .61 -.48 -.38 .16 -.26 .28 .14 -.01 -.09 .02 -.01 .02
Nonfarm....................... .31 -.24 .21 -.85 .62 .60 .13 .84 -.35 .43 -.06 -1.97 -.46 1.90 -.02 .54 .05 -1.15 -.32
Net exports of goods and services. -.65 -.26 -.02 -.73 .51 -.47 -.73 -1.62 -.20 -.81 -.16 .72 -.06 -1.07 -.04 .42 -.19 1.59 -.52
Exports......................... .88 .68 .93 -.16 1.02 1.81 .69 .60 .46 .96 .47 .94 .33 .97 1.41 .66 .73 1.14 -.14
Goods......................... .60 .52 .76 -.08 .55 1.20 .47 .43 .55 .42 .38 .88 .27 .80 1.20 .45 .71 .65 -.06
Services...................... .28 .16 .17 -.08 .47 .61 .22 .17 -.09 .54 .09 .06 .06 .17 .21 .21 .03 .50 -.08
Imports......................... -1.53 -.94 -.95 -.57 -.51 -2.29 -1.42 -2.22 -.66 -1.77 -.63 -.22 -.39 -2.04 -1.46 -.24 -.93 .45 -.37
Goods......................... -1.29 -.87 -.82 -.97 -.07 -1.86 -1.17 -2.03 -.59 -1.55 -.64 -.26 -.36 -1.84 -1.27 .01 -1.00 .61 -.26
Services...................... -.24 -.07 -.14 .40 -.44 -.43 -.25 -.18 -.08 -.22 .01 .04 -.03 -.20 -.19 -.25 .07 -.16 -.12
Government consumption expenditures
and gross investment............. .36 .17 .40 1.16 .29 .14 .55 .43 .24 -.37 .31 .21 .64 -.21 .94 .16 .32 .64 .18
Federal......................... .30 .11 .14 1.26 .03 .21 .49 .18 .34 -.38 .23 .03 .66 -.33 .61 -.32 .09 .31 -.21
National defense.............. .27 .08 .09 1.41 -.25 .35 .41 .09 .41 -.45 .21 .13 .52 -.49 .41 -.09 -.06 .55 -.32
Consumption expenditures.... .22 .05 .05 1.30 -.32 .31 .40 .00 .34 -.44 .25 .03 .45 -.47 .37 -.17 -.04 .43 -.26
Gross investment............ .05 .03 .04 .12 .07 .05 .00 .10 .08 -.01 -.04 .10 .07 -.02 .05 .08 -.02 .11 -.05
Nondefense.................... .03 .03 .05 -.16 .28 -.14 .09 .08 -.07 .08 .03 -.11 .14 .16 .20 -.23 .15 -.23 .10
Consumption expenditures..... .03 .00 .04 -.21 .27 -.12 .11 .03 -.06 .05 .01 -.09 .08 .05 .16 -.10 .13 -.19 .11
Gross investment............. .00 .02 .01 .06 .01 -.03 -.03 .05 -.01 .03 .01 -.02 .06 .11 .03 -.12 .02 -.04 -.01
State and local................. .06 .06 .26 -.10 .26 -.07 .06 .25 -.10 .01 .08 .18 -.01 .13 .33 .48 .23 .33 .39
Consumption expenditures.... .10 .08 .18 -.07 -.04 .07 .19 .15 .08 .15 .02 .05 .14 .09 .17 .20 .30 .33 .25
Gross investment............ -.04 -.02 .08 -.02 .30 -.15 -.13 .11 -.18 -.14 .06 .13 -.15 .03 .16 .28 -.08 .00 .14
Addenda:
Goods........................... 1.56 1.43 1.90 .56 5.00 .81 1.20 .99 1.56 1.43 1.51 1.09 2.07 .97 3.86 1.12 1.17 1.25 .66
Services........................ 1.84 1.31 1.37 2.06 1.15 1.63 2.59 1.74 1.48 1.47 1.07 1.04 2.02 .46 1.39 1.40 1.63 2.32 1.42
Structures...................... .51 .49 .05 .85 1.33 .22 .05 1.31 .06 -.29 .82 1.13 .09 .33 .33 .04 -.84 -1.11 -.82
Motor vehicle output............ .12 .20 -.06 .36 .30 -.23 .33 -.24 .52 .06 .38 -.03 .70 -.71 .12 -.31 .76 -1.18 .09
Final sales of computers........ .06 .16 .11 -.02 .50 .15 -.13 -.14 .15 .26 .16 .20 .08 .20 .07 .04 .07 .22 .04
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
2006 I 06 II 06 III 06 IV 06 I 07 2006 I 06 II 06 III 06 IV 06 I 07 2006 IV 06 I 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 13,246.6 13,008.4 13,197.3 13,322.6 13,458.2 13,632.6 11,415.3 11,316.4 11,388.1 11,443.5 11,513.0 11,549.1 366.7 69.5 36.1
Personal consumption expenditures. 9,268.9 9,079.2 9,228.1 9,346.7 9,421.8 9,589.8 8,091.4 8,003.8 8,055.0 8,111.2 8,195.9 8,273.6 250.2 84.7 77.7
Durable goods................... 1,070.3 1,064.1 1,061.8 1,075.5 1,079.8 1,093.8 1,202.9 1,190.5 1,190.3 1,208.8 1,221.9 1,243.5 57.6 13.1 21.6
Motor vehicles and parts...... 444.7 442.7 441.7 451.3 443.3 453.4 447.4 445.1 443.7 452.9 447.8 460.1 -5.5 -5.1 12.3
Furniture and household
equipment.................... 404.6 402.3 401.3 403.2 411.4 414.5 550.5 538.5 542.9 551.7 569.1 579.2 59.9 17.4 10.1
Other......................... 221.0 219.1 218.8 221.0 225.2 225.8 224.5 224.6 222.5 223.4 227.5 227.1 11.9 4.1 -.4
Nondurable goods................ 2,714.9 2,658.2 2,721.4 2,747.7 2,732.1 2,785.9 2,362.0 2,342.8 2,351.1 2,360.1 2,394.0 2,411.2 85.2 33.9 17.2
Food.......................... 1,281.1 1,262.3 1,274.0 1,280.7 1,307.5 1,325.7 1,110.9 1,103.4 1,108.8 1,106.8 1,124.5 1,126.8 45.2 17.7 2.3
Clothing and shoes............ 358.6 355.4 355.1 358.7 365.3 372.0 392.5 391.1 387.4 392.6 399.1 405.7 19.8 6.5 6.6
Gasoline, fuel oil, and other
energy goods................. 338.3 316.2 359.1 369.4 308.5 328.5 197.6 196.0 196.3 198.7 199.3 203.7 -1.9 .6 4.4
Other......................... 736.8 724.2 733.3 738.9 750.8 759.7 671.1 662.6 668.3 671.5 682.2 685.7 27.2 10.7 3.5
Services........................ 5,483.7 5,356.8 5,444.9 5,523.5 5,609.8 5,710.1 4,550.4 4,494.5 4,535.4 4,566.6 4,605.2 4,646.8 113.8 38.6 41.6
Housing....................... 1,382.2 1,345.4 1,370.1 1,394.2 1,419.2 1,439.2 1,148.7 1,137.6 1,144.5 1,151.7 1,160.8 1,166.9 26.1 9.1 6.1
Household operation........... 506.4 494.8 499.1 512.3 519.2 536.1 416.2 404.3 412.5 422.1 425.8 431.9 -1.8 3.7 6.1
Electricity and gas......... 212.2 206.2 206.9 216.6 219.2 232.0 149.9 141.7 147.0 154.4 156.4 160.2 -3.9 2.0 3.8
Other household operation... 294.1 288.6 292.2 295.7 300.0 304.2 267.4 264.8 267.0 268.1 269.6 271.5 3.3 1.5 1.9
Transportation................ 337.1 330.4 335.9 339.5 342.7 346.1 288.4 286.3 287.5 288.5 291.2 293.0 4.0 2.7 1.8
Medical care.................. 1,588.5 1,557.2 1,578.2 1,597.5 1,621.0 1,658.1 1,305.0 1,292.6 1,300.9 1,307.6 1,319.0 1,334.0 44.1 11.4 15.0
Recreation.................... 379.4 372.4 377.2 382.7 385.1 386.0 319.7 317.5 318.1 320.4 323.0 322.6 6.6 2.6 -.4
Other......................... 1,290.2 1,256.5 1,284.3 1,297.3 1,322.6 1,344.6 1,071.1 1,054.9 1,070.6 1,074.8 1,083.9 1,096.8 34.9 9.1 12.9
Gross private domestic investment. 2,212.5 2,214.8 2,237.1 2,235.5 2,162.6 2,136.7 1,945.6 1,963.6 1,968.5 1,964.8 1,885.6 1,854.4 79.3 -79.2 -31.2
Fixed investment................ 2,162.9 2,167.7 2,174.8 2,171.4 2,137.6 2,121.0 1,894.7 1,914.6 1,906.8 1,901.3 1,856.3 1,833.9 52.7 -45.0 -22.4
Nonresidential................ 1,396.2 1,359.2 1,384.3 1,420.8 1,420.5 1,433.8 1,312.4 1,288.8 1,302.8 1,334.2 1,323.7 1,330.2 88.6 -10.5 6.5
Structures.................. 411.2 378.2 406.3 426.9 433.5 436.1 274.0 259.6 271.9 282.0 282.6 284.1 22.5 .6 1.5
Equipment and software...... 985.0 981.0 977.9 994.0 987.0 997.7 1,048.6 1,044.8 1,041.2 1,060.7 1,047.8 1,052.7 63.7 -12.9 4.9
Information processing
equipment and software... 484.3 482.4 479.9 489.6 485.2 502.5 601.2 595.9 594.3 608.6 605.9 628.6 48.6 -2.7 22.7
Computers and peripheral
equipment.............. 86.5 88.0 85.9 87.2 85.1 92.6 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 208.3 203.6 207.0 210.8 212.0 216.2 219.3 215.6 217.8 221.0 222.6 226.0 13.1 1.6 3.4
Other................... 189.4 190.8 187.1 191.7 188.1 193.6 209.2 211.6 206.7 211.3 207.1 213.1 15.6 -4.2 6.0
Industrial equipment...... 169.0 163.4 170.1 172.0 170.6 172.9 152.2 149.0 153.9 153.9 151.9 152.5 8.7 -2.0 .6
Transportation equipment.. 158.5 165.7 155.9 157.5 154.8 153.8 145.7 152.2 142.7 147.3 140.5 135.4 .3 -6.8 -5.1
Other equipment........... 173.2 169.4 172.1 174.9 176.5 168.5 157.1 154.3 157.1 158.6 158.3 150.6 9.8 -.3 -7.7
Residential................... 766.7 808.5 790.6 750.5 717.1 687.2 582.2 618.5 600.5 570.3 539.7 515.1 -25.8 -30.6 -24.6
Change in private inventories... 49.6 47.2 62.3 64.2 24.9 15.7 43.2 41.2 53.7 55.4 22.4 14.8 23.6 -33.0 -7.6
Farm.......................... 3.1 5.4 2.3 2.5 2.2 2.7 2.8 4.3 1.9 2.5 2.4 3.0 2.6 -.1 .6
Nonfarm....................... 46.5 41.8 59.9 61.6 22.7 13.0 40.6 36.8 52.2 53.3 20.0 11.3 21.0 -33.3 -8.7
Net exports of goods and services. -762.5 -765.2 -781.8 -801.7 -701.2 -712.2 -618.0 -636.6 -624.2 -628.8 -582.6 -597.8 1.2 46.2 -15.2
Exports......................... 1,466.2 1,405.4 1,448.1 1,488.3 1,523.0 1,531.7 1,302.8 1,269.3 1,288.5 1,310.0 1,343.5 1,339.3 106.7 33.5 -4.2
Goods......................... 1,035.4 989.3 1,019.1 1,055.8 1,077.4 1,085.5 931.4 906.2 919.5 940.4 959.5 957.6 88.2 19.1 -1.9
Services...................... 430.8 416.0 429.0 432.5 445.6 446.3 372.0 363.6 369.5 370.3 384.5 382.3 19.1 14.2 -2.2
Imports......................... 2,228.7 2,170.6 2,229.8 2,290.1 2,224.2 2,243.9 1,920.9 1,905.9 1,912.7 1,938.8 1,926.1 1,937.0 105.6 -12.7 10.9
Goods......................... 1,879.5 1,832.6 1,879.0 1,938.8 1,867.5 1,881.8 1,641.5 1,631.9 1,631.7 1,660.1 1,642.6 1,650.3 91.6 -17.5 7.7
Services...................... 349.2 338.1 350.8 351.3 356.6 362.1 281.6 276.6 283.2 281.3 285.5 288.7 14.1 4.2 3.2
Government consumption expenditures
and gross investment............. 2,527.7 2,479.6 2,513.9 2,542.1 2,575.1 2,618.3 1,998.4 1,987.1 1,991.2 1,999.4 2,016.1 2,020.8 40.4 16.7 4.7
Federal......................... 926.6 921.7 919.7 927.2 937.7 945.8 741.9 745.1 736.6 738.9 747.2 741.5 14.4 8.3 -5.7
National defense.............. 621.0 613.5 616.5 618.1 635.8 634.8 492.8 491.8 489.3 487.8 502.2 493.7 9.2 14.4 -8.5
Consumption expenditures.... 542.0 537.7 537.7 539.3 553.0 553.7 418.1 419.0 414.7 413.7 424.8 418.0 4.8 11.1 -6.8
Gross investment............ 79.0 75.8 78.8 78.8 82.7 81.1 76.4 74.0 76.5 75.9 79.4 77.6 5.2 3.5 -1.8
Nondefense.................... 305.6 308.2 303.2 309.0 301.9 311.0 248.9 253.1 247.0 250.9 244.7 247.5 5.2 -6.2 2.8
Consumption expenditures.... 266.1 265.9 264.6 269.8 264.0 273.2 211.2 212.8 210.1 213.4 208.5 211.4 3.9 -4.9 2.9
Gross investment............ 39.5 42.4 38.6 39.3 37.9 37.8 38.2 41.1 37.2 37.8 36.4 36.2 1.5 -1.4 -.2
State and local................. 1,601.1 1,557.9 1,594.2 1,614.9 1,637.4 1,672.6 1,256.4 1,242.0 1,254.4 1,260.3 1,268.7 1,278.9 26.0 8.4 10.2
Consumption expenditures.... 1,288.3 1,256.2 1,280.7 1,300.0 1,316.5 1,341.6 1,006.0 996.1 1,001.2 1,009.0 1,017.5 1,024.2 18.0 8.5 6.7
Gross investment............ 312.8 301.7 313.5 315.0 320.9 330.9 250.2 245.7 253.1 251.1 251.0 254.6 8.1 -.1 3.6
Residual.......................... ..... ..... ..... ..... ..... ..... -85.8 -78.7 -77.6 -88.3 -97.4 -118.9 ..... ..... .....
Addenda:
Final sales of domestic product. 13,197.0 12,961.2 13,135.1 13,258.4 13,433.3 13,616.9 11,365.8 11,269.0 11,328.0 11,381.6 11,484.5 11,529.2 340.6 102.9 44.7
Gross domestic purchases........ 14,009.1 13,773.6 13,979.1 14,124.3 14,159.4 14,344.8 12,027.3 11,946.3 12,005.9 12,066.6 12,090.6 12,141.5 367.6 24.0 50.9
Final sales to domestic
purchasers..................... 13,959.5 13,726.4 13,916.8 14,060.1 14,134.5 14,329.1 11,977.8 11,898.7 11,945.9 12,004.7 12,062.0 12,121.4 341.7 57.3 59.4
Gross domestic product.......... 13,246.6 13,008.4 13,197.3 13,322.6 13,458.2 13,632.6 11,415.3 11,316.4 11,388.1 11,443.5 11,513.0 11,549.1 366.7 69.5 36.1
Plus: Income receipts from
the rest of the world.......... 665.6 603.3 661.4 682.3 715.5 ..... 574.8 526.4 571.4 586.5 614.7 ..... 117.9 28.2 .....
Less: Income payments to
the rest of the world.......... 635.7 574.3 638.6 665.7 664.4 ..... 547.7 499.7 550.3 570.9 569.7 ..... 120.5 -1.2 .....
Equals: Gross national product.. 13,276.5 13,037.4 13,220.1 13,339.2 13,509.3 ..... 11,441.7 11,342.7 11,408.5 11,458.5 11,557.3 ..... 363.8 98.8 .....
Net domestic product............ 11,669.8 11,460.3 11,624.6 11,740.6 11,853.6 12,020.9 9,983.1 9,896.5 9,959.8 10,007.3 10,068.9 10,097.9 425.9 61.6 29.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.8 3.0 2.9 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.9 1.7 4.0
Personal consumption expenditures... 2.6 2.9 2.7 .7 2.4 1.5 3.7 3.6 1.9 3.0 2.3 3.1 4.1 2.9 2.0 4.0 2.4 -1.0 3.4
Durable goods..................... -1.6 -.7 -1.3 -4.2 -4.0 -3.5 .0 .3 -2.3 .3 .3 -.6 -2.9 -1.3 -1.0 -.8 -1.1 -2.7 -1.8
Nondurable goods.................. 3.3 3.6 3.1 -2.9 3.9 .5 5.7 6.0 1.1 4.4 1.1 4.8 9.0 .6 1.1 8.3 2.3 -7.7 5.1
Services.......................... 3.2 3.2 3.4 3.5 3.0 3.0 3.5 3.2 3.1 3.0 3.2 3.1 3.2 5.0 3.1 2.9 3.0 2.9 3.5
Gross private domestic investment... 3.3 3.4 3.2 -.7 1.3 3.5 4.2 4.5 3.6 3.7 3.0 2.7 3.7 4.3 3.7 3.1 .6 3.4 1.8
Fixed investment.................. 3.4 3.5 3.3 -.8 1.3 3.5 4.3 4.6 3.6 3.7 3.1 2.7 4.0 4.6 3.8 3.0 .5 3.4 1.7
Nonresidential.................. 1.2 2.6 2.9 -1.3 .7 1.4 1.0 2.1 1.4 2.6 3.6 2.0 2.2 3.5 3.7 3.0 .9 3.1 1.8
Structures.................... 6.2 11.3 11.4 -.2 2.3 4.2 6.7 7.8 10.2 12.0 11.6 9.2 13.2 16.8 12.4 10.7 5.3 5.5 .3
Equipment and software........ -.4 -.4 -.2 -1.7 .1 .4 -.9 .2 -1.5 -.5 .9 -.4 -1.5 -1.0 .6 .1 -.9 2.1 2.5
Residential..................... 7.3 5.1 4.0 .2 2.6 7.7 10.5 9.0 7.4 5.6 2.3 3.8 6.9 6.3 3.8 2.9 -.1 3.9 1.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 3.7 3.6 3.3 1.1 .9 3.0 6.1 5.0 1.8 4.0 4.6 3.6 2.6 2.8 2.3 6.1 4.5 -.9 3.6
Goods........................... 3.7 3.1 3.3 1.6 -.7 4.1 6.5 5.2 1.1 3.6 4.4 3.0 1.3 2.3 2.8 6.2 5.3 .0 3.9
Services........................ 3.5 4.8 3.3 -.2 4.7 .7 5.0 4.5 3.5 5.0 5.1 4.9 5.6 4.2 1.2 6.0 2.5 -3.1 3.0
Imports........................... 5.0 6.3 4.3 -3.9 2.6 .4 9.7 7.3 5.5 6.7 2.6 9.2 10.2 4.3 -.7 9.8 5.4 -8.6 1.3
Goods........................... 5.0 6.5 4.5 -6.7 2.5 .5 10.1 7.9 5.4 6.8 1.8 10.1 11.3 5.1 -1.6 10.6 5.8 -10.2 1.2
Services........................ 5.1 5.4 3.4 11.8 3.1 .0 8.0 4.4 6.2 6.3 6.8 5.1 4.3 -.1 4.5 5.5 3.2 .1 1.7
Government consumption expenditures
and gross investment............... 4.4 5.6 4.4 1.3 2.5 2.2 6.8 5.3 4.6 5.7 7.0 4.6 5.9 4.7 4.4 4.8 2.8 1.8 5.9
Federal........................... 4.7 4.8 3.5 1.5 1.0 1.1 11.5 5.3 2.2 2.9 11.3 2.2 3.3 .4 7.6 3.8 2.0 .0 6.7
National defense................ 4.7 5.1 3.4 1.4 1.2 1.3 10.5 5.8 2.8 3.2 11.6 2.4 3.4 1.0 6.7 4.1 2.3 -.3 6.4
Nondefense...................... 4.7 4.1 3.5 1.6 .6 .6 13.7 4.3 .9 2.3 10.6 1.8 3.2 -.7 9.5 3.2 1.4 .8 7.4
State and local................... 4.3 6.2 4.9 1.1 3.3 2.9 4.1 5.3 6.1 7.4 4.6 6.1 7.4 7.3 2.6 5.4 3.4 2.9 5.5
Addenda:
Final sales of domestic product... 2.8 3.0 3.0 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.9 1.7 4.0
Gross domestic purchases.......... 3.1 3.5 3.1 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.2 .2 3.6
Final sales to domestic
purchasers....................... 3.1 3.5 3.1 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.2 .2 3.6
Gross national product (GNP)...... 2.8 3.0 2.9 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.2 3.3 3.3 1.9 1.7 .....
Implicit price deflators:
GDP............................. 2.8 3.0 2.9 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 1.9 1.6 4.0
Gross domestic purchases........ 3.1 3.5 3.1 .6 2.3 1.9 4.3 4.0 2.6 3.6 3.2 3.4 4.3 3.5 2.7 4.0 2.1 .2 3.6
GNP............................. 2.8 3.0 2.9 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 1.9 1.6 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2004 2005 2006 I 06 II 06 III 06 IV 06 I 07
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 109.031 112.546 116.281 115.274 116.004 116.569 117.277 117.644
Personal consumption expenditures.......... 112.430 116.349 120.062 118.761 119.521 120.355 121.612 122.765
Durable goods............................ 125.753 132.666 139.329 137.893 137.868 140.019 141.534 144.037
Nondurable goods......................... 111.913 116.924 121.301 120.313 120.742 121.204 122.947 123.829
Services................................. 110.055 112.925 115.822 114.398 115.440 116.234 117.215 118.275
Gross private domestic investment.......... 102.026 107.537 112.109 113.143 113.429 113.215 108.649 106.851
Fixed investment......................... 102.080 109.708 112.851 114.033 113.570 113.240 110.561 109.230
Nonresidential......................... 92.995 99.326 106.519 104.606 105.738 108.292 107.440 107.965
Structures........................... 79.418 80.302 87.496 82.893 86.819 90.044 90.228 90.717
Equipment and software............... 98.400 107.180 114.121 113.704 113.313 115.434 114.032 114.562
Residential............................ 125.281 136.050 130.283 138.391 134.368 127.601 120.770 115.269
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 102.201 109.105 118.841 115.783 117.536 119.495 122.549 122.166
Imports of goods and services.............. 115.962 123.007 130.162 129.146 129.608 131.378 130.516 131.257
Government consumption expenditures and
gross investment.......................... 112.720 113.731 116.081 115.423 115.657 116.136 117.107 117.378
Federal.................................. 123.813 125.701 128.191 128.728 127.262 127.669 129.106 128.115
State and local.......................... 107.094 107.660 109.934 108.682 109.762 110.277 111.016 111.910
Addenda:
Final sales of domestic product.......... 109.096 112.958 116.447 115.455 116.060 116.609 117.663 118.121
Gross domestic purchases................. 110.691 114.351 117.956 117.161 117.746 118.341 118.577 119.076
Final sales to domestic purchasers....... 110.761 114.755 118.125 117.345 117.810 118.390 118.955 119.541
Gross national product................... 109.039 112.399 116.090 115.085 115.753 116.260 117.263 .....
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2004 2005 2006 I 06 II 06 III 06 IV 06 I 07
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 109.429 112.744 116.062 114.967 115.905 116.446 116.930 118.073
Personal consumption expenditures
(PCE)..................................... 108.373 111.493 114.556 113.445 114.573 115.241 114.966 115.917
Durable goods............................ 90.845 90.198 88.981 89.385 89.206 88.967 88.366 87.956
Nondurable goods......................... 107.617 111.530 114.959 113.484 115.769 116.442 114.141 115.557
Services................................. 112.863 116.529 120.509 119.194 120.059 120.960 121.824 122.890
Gross private domestic investment.......... 106.645 110.284 113.834 112.860 113.717 113.895 114.864 115.389
Fixed investment......................... 106.811 110.542 114.178 113.238 114.074 114.224 115.175 115.671
Nonresidential......................... 100.834 103.428 106.390 105.471 106.266 106.501 107.321 107.799
Structures........................... 120.951 134.647 149.972 145.684 149.432 151.372 153.402 153.499
Equipment and software............... 94.503 94.134 93.926 93.887 93.920 93.704 94.194 94.772
Residential............................ 120.618 126.714 131.757 130.765 131.696 131.655 132.911 133.443
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 105.151 108.949 112.537 110.737 112.400 113.631 113.379 114.387
Imports of goods and services.............. 104.678 111.268 116.043 113.918 116.608 118.143 115.503 115.868
Government consumption expenditures and
gross investment.......................... 114.718 121.183 126.484 124.791 126.262 127.150 127.731 129.578
Federal.................................. 115.249 120.726 124.892 123.721 124.871 125.482 125.495 127.553
State and local.......................... 114.417 121.463 127.434 125.434 127.095 128.147 129.061 130.785
Addenda:
PCE excluding food and energy............ 107.314 109.559 111.974 110.983 111.738 112.337 112.838 113.466
Market-based PCE\1\...................... 107.393 110.339 113.171 112.116 113.272 113.879 113.417 114.402
Market-based PCE excluding food
and energy\1\........................... 105.865 107.713 109.706 108.810 109.524 110.033 110.457 111.063
Final sales of domestic product.......... 109.455 112.783 116.115 115.025 115.961 116.498 116.978 118.117
Gross domestic purchases................. 109.210 112.981 116.498 115.313 116.455 117.080 117.145 118.180
Final sales to domestic purchasers....... 109.235 113.021 116.552 115.371 116.510 117.133 117.192 118.224
Gross national product................... 109.419 112.733 116.055 114.958 115.897 116.440 116.924 .....
Implicit price deflators:
Gross domestic product................. 109.426 112.737 116.043 114.951 115.887 116.420 116.895 118.041
Final sales of domestic product........ 109.455 112.783 116.112 115.017 115.952 116.490 116.969 118.109
Gross domestic purchases............... 109.207 112.975 116.477 115.296 116.435 117.053 117.110 118.147
Final sales to domestic purchasers..... 109.235 113.021 116.544 115.360 116.499 117.122 117.182 118.213
Gross national product................. 109.416 112.726 116.036 114.942 115.879 116.414 116.889 .....
-----------------------------------------------------------------------------------------------------------------------------------
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 in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.9 3.2 3.3
Personal consumption expenditures...... .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.9 3.5 3.2
Durable goods........................ -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.4 5.5 5.0
Nondurable goods..................... -.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 3.6 4.5 3.7
Services............................. 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.5 2.6 2.6
Gross private domestic investment...... -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.6 9.8 5.4 4.3
Fixed investment..................... -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.4 7.3 7.5 2.9
Nonresidential..................... -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.0 5.9 6.8 7.2
Structures....................... -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.1 2.2 1.1 9.0
Equipment and software........... -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 2.8 7.3 8.9 6.5
Residential........................ -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 9.9 8.6 -4.2
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.3 9.2 6.8 8.9
Goods.............................. 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 9.0 7.5 10.5
Services........................... 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 .0 9.7 5.1 5.4
Imports.............................. -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.1 10.8 6.1 5.8
Goods.............................. -.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 10.9 6.7 5.9
Services........................... -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 .0 10.0 2.8 5.3
Government consumption expenditures
and gross investment.................. 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.9 .9 2.1
Federal.............................. -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.8 4.3 1.5 2.0
National defense................... -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.7 5.9 1.7 1.9
Nondefense......................... 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.2 1.1 2.1
State and local...................... 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .2 .5 .5 2.1
Addenda:
Final sales of domestic product...... .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.5 3.5 3.1
Gross domestic purchases............. -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 2.8 4.4 3.3 3.2
Final sales to domestic purchasers... -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 4.0 3.6 2.9
Gross national product............... -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.1 3.3
Real disposable personal income...... .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.2 2.6
Price indexes:
Gross domestic purchases........... 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.3 3.1 3.5 3.1
Gross domestic purchases excluding
food and energy................... 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 2.8 2.7
GDP................................ 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.8 3.0 2.9
GDP excluding food and energy...... 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.0 2.9
Personal consumption expenditures.. 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.7
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.8 3.1 3.7 4.3 4.5 3.4 3.4 3.3 3.1 3.4 3.1 3.7 3.5 3.0 3.1 2.1
Personal consumption expenditures
(PCE)................................. 2.3 3.2 3.4 4.1 3.9 3.5 4.0 3.5 3.8 3.8 2.9 3.4 3.0 2.7 3.6 3.4
Durable goods........................ 5.5 6.7 8.3 9.8 6.1 4.2 5.6 4.7 7.4 7.5 2.5 6.6 3.4 2.8 7.4 4.5
Nondurable goods..................... 2.5 4.3 3.9 4.0 3.8 2.9 3.8 4.0 4.8 4.7 4.4 4.5 3.6 3.2 3.7 2.9
Services............................. 1.6 2.0 2.2 3.0 3.5 3.6 3.7 3.0 2.6 2.6 2.3 2.3 2.6 2.5 2.9 3.4
Gross private domestic investment...... 1.6 4.4 7.0 8.6 13.2 9.2 8.2 9.0 2.8 3.6 6.3 6.2 7.4 5.9 -2.1 -5.6
Fixed investment..................... 1.9 5.4 7.2 7.9 8.2 6.7 6.6 8.0 7.7 7.4 6.8 6.9 3.9 2.0 -1.1 -4.2
Nonresidential..................... .1 2.9 4.9 6.1 5.2 5.5 6.9 8.0 7.4 6.3 5.6 7.4 7.2 8.3 6.1 3.2
Structures....................... -3.9 .1 .2 2.9 1.1 2.0 2.7 3.2 1.0 -1.6 1.8 2.6 8.0 14.1 11.2 9.4
Equipment and software........... 1.5 3.9 6.6 7.2 6.7 6.7 8.3 9.7 9.8 9.3 7.0 9.2 6.8 6.0 4.0 .8
Residential........................ 5.7 10.6 11.7 11.4 13.7 9.0 6.1 8.1 8.1 9.1 9.0 6.1 -1.5 -8.1 -12.8 -16.7
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. -1.9 .1 5.8 9.1 11.2 9.6 7.0 6.4 7.2 6.8 6.7 9.0 8.2 9.1 9.4 5.5
Goods.............................. -1.6 -.1 7.1 8.4 10.4 10.3 7.0 6.6 8.1 7.0 8.3 11.2 9.5 11.0 10.2 5.7
Services........................... -2.4 .5 3.0 10.9 13.2 7.9 7.1 5.9 5.0 6.3 3.1 4.0 5.2 4.9 7.5 5.1
Imports.............................. 3.3 2.8 4.8 8.8 11.7 11.9 10.6 9.0 5.4 4.9 5.2 6.4 6.4 7.2 3.3 1.6
Goods.............................. 4.7 3.2 5.3 9.0 11.2 12.3 11.2 9.8 6.0 5.5 5.8 6.9 6.4 7.5 2.9 1.1
Services........................... -3.3 1.0 2.2 7.9 14.7 10.1 7.6 4.8 2.5 2.0 1.9 3.7 6.6 5.6 5.1 4.4
Government consumption expenditures
and gross investment.................. 2.9 2.7 1.7 2.8 1.8 1.8 1.1 .8 .5 1.0 1.2 2.1 2.0 1.6 2.7 1.7
Federal.............................. 8.0 7.3 5.5 7.4 3.3 4.4 2.3 1.3 .8 1.9 2.1 3.4 2.1 .1 2.4 -.5
National defense................... 11.7 9.1 7.5 11.1 3.3 7.0 2.5 1.4 1.6 2.1 1.9 2.9 1.7 -1.3 4.3 .4
Nondefense......................... 1.3 4.0 1.9 .6 3.2 -.5 1.8 1.2 -.7 1.5 2.4 4.2 2.9 2.9 -1.4 -2.2
State and local...................... .2 .3 -.4 .3 1.0 .3 .4 .5 .3 .5 .8 1.3 1.9 2.4 2.8 3.0
Addenda:
Final sales of domestic product...... 1.8 3.2 3.7 4.2 3.7 3.0 3.1 3.1 3.9 4.0 3.2 3.8 2.9 2.3 3.3 2.3
Gross domestic purchases............. 2.3 3.3 3.6 4.5 4.9 4.0 4.1 3.8 3.0 3.3 3.1 3.6 3.5 3.0 2.5 1.6
Final sales to domestic purchasers... 2.4 3.4 3.7 4.4 4.2 3.6 3.8 3.6 3.8 3.8 3.2 3.7 3.0 2.4 2.7 1.9
Gross national product............... 2.2 3.3 3.9 4.6 4.3 3.3 2.9 3.0 3.0 3.4 3.0 3.6 3.4 2.7 3.4 .....
Real disposable personal income...... 1.3 3.3 3.7 4.2 3.6 2.7 4.1 2.1 1.6 .8 .3 2.5 2.0 2.9 2.9 2.9
Price indexes:
Gross domestic purchases........... 2.1 2.3 2.2 2.2 3.1 3.2 3.7 3.4 3.2 3.6 3.6 3.5 3.6 3.1 2.3 2.5
Gross domestic purchases excluding
food and energy................... 1.8 1.9 1.9 2.1 2.6 2.8 3.0 3.0 2.8 2.8 2.8 2.7 2.9 2.8 2.6 2.6
GDP................................ 2.1 2.2 2.2 2.3 2.9 2.9 3.2 3.1 2.8 3.1 3.1 3.1 3.3 2.9 2.5 2.7
GDP excluding food and energy...... 1.9 1.9 1.9 2.1 2.6 2.9 3.1 3.1 2.9 2.9 3.0 2.9 3.1 2.9 2.7 2.6
PCE................................ 1.8 1.9 1.9 2.0 2.8 2.7 3.0 2.7 2.6 3.1 3.1 3.0 3.3 2.8 1.9 2.2
PCE excluding food and energy...... 1.4 1.3 1.4 1.8 2.1 2.1 2.2 2.2 2.0 2.0 2.1 2.0 2.2 2.4 2.2 2.2
Market-based PCE\1\................ 1.7 1.8 1.6 1.7 2.4 2.3 2.7 2.5 2.4 3.1 3.0 2.9 3.2 2.6 1.6 2.0
Market-based PCE excluding food
and energy\1\..................... 1.2 1.1 1.0 1.3 1.5 1.4 1.7 1.8 1.7 1.7 1.8 1.6 1.9 2.0 1.9 2.1
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2004 2005 2006 I 06 II 06 III 06 IV 06 I 07
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 11,712.5 12,455.8 13,246.6 13,008.4 13,197.3 13,322.6 13,458.2 13,632.6
Plus: Income receipts from the rest of the
world..................................... 410.2 513.3 665.6 603.3 661.4 682.3 715.5 .....
Less: Income payments to the rest of the
world..................................... 363.9 481.5 635.7 574.3 638.6 665.7 664.4 .....
Equals: Gross national product............. 11,758.7 12,487.7 13,276.5 13,037.4 13,220.1 13,339.2 13,509.3 .....
Less: Consumption of fixed capital......... 1,436.2 1,604.8 1,576.9 1,548.0 1,572.8 1,582.0 1,604.6 1,611.8
Less: Statistical discrepancy.............. 66.7 71.0 -2.5 -61.9 35.8 23.5 -7.2 .....
Equals: National income.................... 10,255.9 10,811.8 11,702.1 11,551.3 11,611.5 11,733.7 11,911.9 .....
Compensation of employees................ 6,650.3 7,030.3 7,489.5 7,400.3 7,425.5 7,489.3 7,642.9 7,708.9
Wage and salary accruals............... 5,377.1 5,664.8 6,035.2 5,970.1 5,980.9 6,027.6 6,162.3 6,202.3
Supplements to wages and salaries...... 1,273.2 1,365.5 1,454.3 1,430.3 1,444.5 1,461.6 1,480.6 1,506.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.1 970.7 1,015.1 1,008.3 1,011.9 1,014.8 1,025.3 1,037.5
Rental income of persons with capital
consumption adjustment.................. 127.0 72.8 77.4 76.8 71.4 78.3 83.1 86.1
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,182.6 1,330.7 1,615.7 1,569.1 1,591.8 1,653.3 1,648.4 .....
Net interest and miscellaneous payments.. 485.1 483.4 509.3 514.8 513.2 498.6 510.4 494.6
Taxes on production and imports less
subsidies............................... 819.4 865.1 912.5 897.4 914.0 916.8 921.9 931.9
Business current transfer payments....... 85.5 74.2 92.6 93.8 93.1 92.8 90.8 95.1
Current surplus of government
enterprises............................. -5.0 -15.4 -9.9 -9.2 -9.4 -10.2 -10.9 -13.6
Addendum:
Gross domestic income.................... 11,645.8 12,384.8 13,249.1 13,070.3 13,161.6 13,299.1 13,465.4 .....
-----------------------------------------------------------------------------------------------------------------------------------
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2004 2005 2006 I 06 II 06 III 06 IV 06 I 07
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,731.4 10,239.2 10,883.4 10,721.4 10,807.3 10,939.4 11,065.5 11,311.2
Compensation of employees, received...... 6,665.3 7,030.3 7,477.0 7,400.3 7,425.5 7,489.3 7,592.9 7,758.9
Wage and salary disbursements.......... 5,392.1 5,664.8 6,022.7 5,970.1 5,980.9 6,027.6 6,112.3 6,252.3
Supplements to wages and salaries...... 1,273.2 1,365.5 1,454.3 1,430.3 1,444.5 1,461.6 1,480.6 1,506.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.1 970.7 1,015.1 1,008.3 1,011.9 1,014.8 1,025.3 1,037.5
Farm................................... 36.2 30.2 22.6 23.9 17.5 21.7 27.3 31.7
Nonfarm................................ 874.9 940.4 992.5 984.4 994.3 993.2 998.0 1,005.8
Rental income of persons with capital
consumption adjustment.................. 127.0 72.8 77.4 76.8 71.4 78.3 83.1 86.1
Personal income receipts on assets....... 1,427.9 1,519.4 1,656.3 1,602.3 1,647.7 1,683.6 1,691.6 1,729.5
Personal interest income............... 890.8 945.0 1,016.7 989.1 1,019.2 1,035.8 1,022.8 1,040.1
Personal dividend income............... 537.1 574.4 639.6 613.2 628.5 647.8 668.8 689.4
Personal current transfer receipts....... 1,426.5 1,526.6 1,602.2 1,570.4 1,589.7 1,618.6 1,629.9 1,685.4
Less: Contributions for government
social insurance........................ 826.4 880.6 944.5 936.7 938.8 945.2 957.2 986.3
Less: Personal current taxes............... 1,049.8 1,203.1 1,360.6 1,332.6 1,361.0 1,362.5 1,386.5 1,444.3
Equals: Disposable personal income......... 8,681.6 9,036.1 9,522.8 9,388.8 9,446.2 9,577.0 9,679.0 9,867.0
Less: Personal outlays..................... 8,507.2 9,070.9 9,625.5 9,418.5 9,577.0 9,710.0 9,796.5 9,969.8
Equals: Personal saving.................... 174.3 -34.8 -102.8 -29.7 -130.8 -133.0 -117.5 -102.8
Personal saving as a percentage of
disposable personal income.............. 2.0 -.4 -1.1 -.3 -1.4 -1.4 -1.2 -1.0
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 8,010.8 8,104.6 8,313.0 8,276.8 8,245.4 8,311.0 8,419.7 8,512.8
-----------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06 I 07
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 3.9 3.2 3.3 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.0 2.5 1.3
Goods............................. 4.9 4.6 6.2 1.6 16.2 2.5 3.7 3.0 5.0 4.6 4.9 3.5 6.7 3.1 12.8 3.6 3.8 4.0 2.1
Services.......................... 3.2 2.3 2.3 3.6 1.9 2.8 4.5 3.0 2.5 2.5 1.8 1.8 3.5 .8 2.4 2.4 2.8 4.1 2.5
Structures........................ 5.2 4.6 .5 9.2 14.1 2.2 .5 13.6 .6 -2.7 8.0 11.1 .7 3.1 2.9 .3 -7.4 -9.9 -7.6
Motor vehicle output.............. 3.5 5.9 -1.7 10.9 8.9 -6.5 9.9 -7.1 16.6 1.9 12.0 -.7 22.6 -19.1 3.8 -9.4 27.4 -32.0 3.3
GDP excuding motor vehicle
output........................... 3.9 3.1 3.5 3.2 7.4 3.0 3.6 4.5 2.7 2.6 3.1 3.4 3.6 2.6 5.6 3.0 1.2 3.8 1.2
Final sales of computers\1\....... 8.2 24.5 16.8 -2.5 90.4 20.0 -16.0 -17.4 23.0 42.8 24.3 31.5 11.6 33.8 9.5 6.7 11.7 40.9 6.7
GDP excluding final sales of
computers........................ 3.9 3.1 3.2 3.5 7.0 2.5 4.0 4.2 3.0 2.4 3.3 3.1 4.1 1.6 5.6 2.5 1.9 2.2 1.2
Farm gross value added\2\......... 7.4 1.0 4.8 26.6 -34.7 -36.1 120.0 -17.4 19.4 23.7 -2.0 -24.6 11.3 8.1 14.1 3.9 -2.0 -.9 -13.3
Nonfarm business gross value
added\3\......................... 4.3 3.8 3.8 4.3 11.0 1.6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 1.8 6.7 2.7 1.9 2.9 1.4
Price indexes:
GDP............................... 2.8 3.0 2.9 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.9 1.7 4.0
GDP excluding food and energy..... 2.7 3.0 2.9 1.1 1.7 2.1 3.4 3.4 2.6 3.1 3.4 2.4 2.8 3.3 3.1 3.0 2.2 2.3 3.0
GDP excluding final sales of
computers........................ 2.9 3.2 3.1 1.4 2.2 2.3 3.8 3.7 2.2 3.4 3.7 2.6 3.4 3.4 3.4 3.5 2.0 1.8 4.1
Gross domestic purchases.......... 3.1 3.5 3.1 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.2 .2 3.6
Gross domestic purchases excluding
food and energy.................. 2.7 2.8 2.7 1.3 1.8 2.0 3.5 3.3 2.5 2.9 3.4 2.3 2.5 3.0 3.0 2.9 2.2 2.4 2.8
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 3.2 3.7 3.3 .7 2.4 2.0 4.4 4.2 2.8 3.8 3.4 3.5 4.6 3.7 2.9 4.2 2.3 .3 3.7
Personal consumption expenditures
(PCE)............................ 2.6 2.9 2.7 .7 2.4 1.5 3.7 3.6 1.9 3.0 2.3 3.1 4.1 2.9 2.0 4.0 2.4 -1.0 3.4
Personal consumption expenditures
excluding food and energy........ 2.0 2.1 2.2 1.3 1.8 1.6 2.5 2.5 1.7 2.3 2.4 1.9 1.6 2.5 2.1 2.7 2.2 1.8 2.2
Market-based PCE\4\............... 2.3 2.7 2.6 .3 2.2 .9 3.3 3.4 1.5 2.9 2.1 3.1 4.3 2.5 1.7 4.2 2.2 -1.6 3.5
Market-based PCE excluding food
and energy\4\.................... 1.5 1.7 1.9 1.0 1.4 .9 1.7 1.9 1.2 1.8 2.2 1.7 1.2 1.9 1.6 2.7 1.9 1.6 2.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Some components of final sales of computers include
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 2004-05
annual percent change in real GDP uses prices for 2004 and 2005 as weights, and the 2004-05 annual
percent change in GDP prices uses quantities for 2004 and 2005 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.