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News Release: Gross Domestic Product

The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Also available: a brief summary of highlights.

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EST, FRIDAY, FEBRUARY 27, 2004


Virginia H. Mannering:  (202) 606-5304   (GDP)                                       BEA 04-08
Recorded message:       (202) 606-5306



               GROSS DOMESTIC PRODUCT:  FOURTH QUARTER 2003 (PRELIMINARY)


    Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 4.1 percent in the fourth quarter of 2003,
according to preliminary estimates released by the Bureau of Economic Analysis.  In the third quarter,
real GDP increased 8.2 percent. 

    The GDP estimates released today are based on more complete source data than were available for
the advance estimates issued last month.  In the advance estimates, the increase in real GDP was 4.0
percent (see "Revisions" on page 3).

    The major contributors to the increase in real GDP in the fourth quarter were personal
consumption expenditures (PCE), exports, equipment and software, private inventory investment, and
residential fixed investment.  Imports, which are a subtraction in the calculation of GDP, increased.
    
    The deceleration in real GDP growth in the fourth quarter primarily reflected a deceleration in
PCE, an acceleration in imports, and a deceleration in residential fixed investment that were partly offset
by an upturn in private inventory investment and an acceleration in exports.

    Final sales of computers contributed 0.28 percentage point to the fourth-quarter change in real
GDP after contributing 0.65 percentage point to the third-quarter change.  Motor vehicle output
contributed 0.10 percentage point to the fourth-quarter change in real GDP after contributing 0.82
percentage point to the third-quarter change.

    The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.1 percent in the fourth quarter, 0.1 percentage point more than the advance estimate; this
index increased 1.8 percent in the third quarter.  Excluding food and energy prices, the price index for
gross domestic purchases increased 1.2 percent in the fourth quarter, compared with an increase of 1.3
percent in the third.   


FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified.  Quarter-to-quarter dollar changes are differences between these published estimates.  Percent
changes are calculated from unrounded data and annualized. "Real" estimates are in chained (2000)
dollars.  Price indexes are chain-type measures.

                 This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.


    Real personal consumption expenditures increased 2.7 percent in the fourth quarter, compared
with an increase of 6.9 percent in the third.  Real nonresidential fixed investment increased 9.6 percent,
compared with an increase of 12.8 percent.  Nonresidential structures decreased 7.1 percent, compared
with a decrease of 1.8 percent.  Equipment and software increased 15.1 percent, compared with an
increase of 17.6 percent.  Real residential fixed investment increased 8.6 percent, compared with an
increase of 21.9 percent.

    Real exports of goods and services increased 21.0 percent in the fourth quarter, compared with an
increase of 9.9 percent in the third.  Real imports of goods and services increased 16.4 percent,
compared with an increase of 0.8 percent.

    Real federal government consumption expenditures and gross investment increased 1.6 percent in
the fourth quarter, compared with an increase of 1.2 percent in the third.  National defense increased 4.2
percent, in contrast to a decrease of 1.3 percent.  Nondefense decreased 3.3 percent, in contrast to an
increase of 6.5 percent.  Real state and local government consumption expenditures and gross
investment increased 0.4 percent, compared with an increase of 2.1 percent.

    The real change in private inventories added 0.92 percentage point to the fourth-quarter change in
real GDP, after subtracting 0.13 percentage point from the third-quarter change.  Private businesses
increased inventories $14.9 billion in the fourth quarter, following decreases of $9.1 billion in the third
quarter and $4.5 billion in the second.

    Real final sales of domestic product -- GDP less change in private inventories -- increased 3.2
percent in the fourth quarter, compared with an increase of 8.3 percent in the third.


Gross domestic purchases

    Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.2 percent in the fourth quarter, compared with an increase of 7.0 percent in the
third. 


Current-dollar GDP

    Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
5.3 percent, or $145.3 billion, in the fourth quarter to a level of $11,252.3 billion.  In the third quarter,
current-dollar GDP increased 10.0 percent, or $260.3 billion.


Revisions

    The preliminary estimate of the fourth-quarter increase in real GDP is 0.1 percentage point, or
$2.1 billion, higher than the advance estimate issued last month.  The upward revision to the percentage
change in real GDP primarily reflected upward revisions to equipment and software, to private inventory
investment, to exports, and to personal consumption expenditures for nondurable goods that were mostly
offset by an upward revision to imports. 


                                             Advance              Preliminary
                                         (Percent change from preceding quarter)

Real GDP...............................        4.0                   4.1
Current-dollar GDP.....................        5.1                   5.3
Gross domestic purchases price index...        1.0                   1.1


2003 GDP

    Real GDP increased 3.1 percent in 2003 (that is, from the 2002 annual level to the 2003 annual
level), compared with an increase of 2.2 percent in 2002.

    The major contributors to the increase in real GDP in 2003 were personal consumption
expenditures (PCE), federal government spending, equipment and software, and residential fixed
investment.  Imports, which are a subtraction in the calculation of GDP, increased in 2003.
    
    The acceleration in real GDP in 2003 primarily reflected an upturn in equipment and software, a
smaller decrease in nonresidential structures, and an upturn in exports that were partly offset by a
downturn in private inventory investment.

    The price index for gross domestic purchases increased 1.9 percent in 2003, compared with an
increase of 1.4 percent in 2002.

    Current-dollar GDP increased 4.8 percent, or $504.7 billion, in 2003.  Current-dollar GDP
increased 3.8 percent, or $380.0 billion, in 2002.

    During 2003 (that is, measured from the fourth quarter of 2002 to the fourth quarter of 2003), real
GDP increased 4.3 percent.  Real GDP increased 2.8 percent during 2002.  The price index for gross
domestic purchases increased 1.6 percent during 2003, compared with an increase of 1.7 percent during
2002.



    BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:

                             <www.bea.gov>


    Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:

               (202) 606-5306     Gross domestic product
               (202) 606-5303     Personal income and outlays
               (202) 606-5362     U.S. international transactions


    Most of BEA's estimates and analyses are published in the Survey of Current Business, BEA's
monthly journal.  Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office.  Internet:  <bookstore.gpo.gov>;
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.


                                   
                        *          *          *
                                  
                                  
                                  
             Next release -- March 25, 2004, at 8:30 A.M. EST for:
             Gross Domestic Product:  Fourth Quarter 2003 (Final)
             Corporate Profits:  Fourth Quarter 2003



                                    Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2001   2002   2003r  I 00  II 00 III 00  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).     .5    2.2    3.1    1.0    6.4    -.5    2.1    -.2    -.6   -1.3    2.0    4.7    1.9    3.4    1.3    2.0    3.1    8.2    4.1

Personal consumption expenditures...    2.5    3.4    3.1    6.5    2.5    3.9    3.4     .5    2.3    1.9    6.2    4.1    2.6    2.0    2.2    2.5    3.3    6.9    2.7
  Durable goods.....................    4.1    6.5    7.3   24.4   -9.5    6.0     .7    1.7    9.8     .7   27.3    1.6     .5    5.0     .3     .5   17.7   28.0    -.1
  Nondurable goods..................    1.9    3.0    3.8     .3    5.7    2.3    3.7     .4   -1.1    2.9    4.7    6.1     .4     .2    4.6    5.7    1.2    7.3    5.2
  Services..........................    2.4    3.0    2.0    6.0    3.9    4.3    3.9     .3    2.4    1.6    2.8    3.8    4.1    2.2    1.5    1.5    1.7    2.8    2.2

Gross private domestic investment...   -8.4   -1.2    4.3   -6.9   29.1   -9.9   -2.3  -11.1  -16.4   -8.5  -17.7   11.1    4.6   11.4    -.6   -3.5    4.7   14.8   15.8
  Fixed investment..................   -3.2   -3.7    4.4   11.5    9.5    -.6     .7   -2.7   -9.2   -5.2  -10.8   -2.5     .6     .6    2.1    1.1    6.1   15.8    9.3
    Nonresidential..................   -4.5   -7.2    2.9   14.3   14.8    2.2     .9   -4.5  -13.6   -8.4  -14.0   -7.0   -3.0   -1.1    -.1    -.6    7.0   12.8    9.6
      Structures....................   -2.5  -18.4   -5.0    7.0   18.0    9.6    1.2   -5.9   -5.6    2.2  -35.3  -23.9  -14.5  -14.6   -5.6   -4.0    3.9   -1.8   -7.1
      Equipment and software........   -5.2   -2.8    5.5   16.9   13.7    -.2     .8   -4.0  -16.4  -12.2   -4.1    -.2    1.2    3.7    1.7     .5    8.0   17.6   15.1
    Residential.....................     .4    4.9    7.5    4.1   -3.5   -8.0     .4    2.6    3.7    3.1   -2.5    8.7    8.9    4.2    6.8    4.5    4.5   21.9    8.6
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................   -5.2   -2.4    2.1    6.6   12.3   10.7   -2.7   -4.5  -13.4  -17.7   -9.8    4.4    8.7    4.3   -3.7   -2.0   -1.1    9.9   21.0
    Goods...........................   -6.1   -4.0    1.9    8.7   13.8   18.3   -5.4   -5.4  -18.1  -18.9   -7.6   -2.6   12.0    4.3   -9.1    1.9   -1.7    8.6   21.2
    Services........................   -3.1    1.4    2.4    1.4    8.5   -6.6    4.4   -2.0    -.6  -14.7  -15.0   22.8    1.6    4.5    9.4  -10.1     .2   12.7   20.7
  Imports...........................   -2.6    3.3    4.0   16.7   16.5   14.1   -1.6   -6.2   -8.6  -10.8   -3.8    8.4   17.1    4.1    8.2   -6.8    9.1     .8   16.4
    Goods...........................   -3.2    3.7    4.8   16.0   17.7   14.1   -1.6   -6.8  -12.2   -9.2   -3.2    6.3   21.9    4.8    7.4   -6.6   13.7   -1.5   18.1
    Services........................     .4    1.4     .0   20.8   10.7   14.1   -1.9   -3.1   12.5  -18.2   -6.9   19.2   -3.6     .7   12.2   -7.5  -10.9   13.4    8.6

Government consumption expenditures
 and gross investment...............    2.8    3.8    3.4   -3.0    5.5   -2.1    1.3    5.8    5.8   -4.1    7.4    4.6    4.0    2.5    7.1    -.4    7.4    1.8     .8
  Federal...........................    3.7    7.9    8.8  -13.9   17.2   -8.2   -1.0    8.9    6.7     .0    9.9    8.4   10.5    3.9   18.2    -.2   23.5    1.2    1.6
    National defense................    3.9    8.9   10.6  -21.3   17.0   -7.4    1.7    7.7    2.6    2.4   14.2    8.2    9.5    4.5   22.1   -5.6   41.9   -1.3    4.2
    Nondefense......................    3.5    6.2    5.3    1.2   17.6   -9.7   -5.7   11.2   14.4   -4.3    2.6    8.7   12.2    2.9   11.4   10.5   -5.0    6.5   -3.3
  State and local...................    2.2    1.8     .5    3.2     .1    1.3    2.5    4.3    5.3   -6.1    6.1    2.7     .7    1.7    1.5    -.5    -.8    2.1     .4

Addenda:
  Final sales of domestic product...    1.4    1.8    3.1    4.2    3.3    1.3    2.6    1.4     .7    -.7    3.2    2.6    1.3    1.8    1.7    2.7    3.3    8.3    3.2
  Gross domestic purchases..........     .7    2.8    3.3    2.5    7.2     .4    2.1    -.7    -.4    -.8    2.4    5.2    3.1    3.4    2.7    1.1    4.3    7.0    4.2
  Final sales to domestic
   purchasers.......................    1.6    2.4    3.4    5.6    4.2    2.1    2.6     .9     .9    -.3    3.6    3.2    2.5    1.8    3.1    1.8    4.5    7.2    3.3
  Gross national product (GNP)......     .5    2.1  .....     .8    6.6    -.7    3.0   -1.3    -.6   -1.9    4.6    2.6    1.3    3.8    2.0    1.5    3.3    8.3  .....
  Disposable personal income........    1.8    3.8    2.5    9.2    2.7    5.2     .6    -.3   -1.4   12.2   -4.4   10.6    4.1    -.9     .6    2.4    4.9    6.3     .0

  Current-dollar measures:
    GDP.............................    2.9    3.8    4.8    4.7    8.3    1.6    3.8    2.9    2.6     .3    3.9    5.4    3.9    4.4    3.1    4.3    4.2   10.0    5.3
    Final sales of domestic product.    3.9    3.3    4.9    7.8    5.4    3.2    4.5    4.5    4.0     .9    4.8    3.8    2.8    3.3    3.5    5.1    4.4   10.1    4.4
    Gross domestic purchases........    2.7    4.2    5.3    6.6    8.9    2.9    3.7    1.9    1.9     .2    3.3    5.8    6.1    4.6    4.5    4.5    4.7    8.9    5.3
    Final sales to domestic
     purchasers.....................    3.6    3.8    5.3    9.7    6.1    4.5    4.4    3.5    3.3     .7    4.1    4.2    5.0    3.5    4.8    5.3    4.8    9.1    4.4
    GNP.............................    2.8    3.6  .....    4.4    8.4    1.4    4.7    1.8    2.5    -.3    6.5    3.3    3.3    4.9    3.9    3.9    4.4   10.1  .....
    Disposable personal income......    3.8    5.2    4.4   13.0    4.7    7.2    2.4    2.9    1.1   12.8   -4.1   11.4    7.2    1.1    2.3    5.3    5.4    8.1     .6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.
  See "Explanatory Note" at the end of the tables.

                                                Table 2.--Contributions to Percent Change in Real Gross Domestic Product
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2001   2002   2003r  I 00  II 00 III 00  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........     .5    2.2    3.1    1.0    6.4    -.5    2.1    -.2    -.6   -1.3    2.0    4.7    1.9    3.4    1.3    2.0    3.1    8.2    4.1

Percentage points at annual rates:

  Personal consumption expenditures.   1.68   2.38   2.20   4.38   1.78   2.62   2.29    .28   1.52   1.27   4.20   2.92   1.81   1.39   1.57   1.80   2.34   4.89   1.93

    Durable goods...................    .36    .55    .61   1.96   -.89    .50    .06    .15    .80    .06   2.14    .14    .04    .43    .02    .04   1.38   2.23   -.01
      Motor vehicles and parts......    .19    .18    .17   1.31  -1.12    .28    .01    .04    .67   -.13   1.58   -.44   -.25    .29   -.33   -.16    .54   1.36   -.40
      Furniture and household
       equipment....................    .18    .30    .28    .45    .19    .19    .07    .18    .16    .23    .40    .45    .23    .12    .24    .04    .54    .65    .29
      Other.........................   -.01    .08    .16    .19    .04    .03   -.02   -.07   -.02   -.04    .16    .13    .05    .02    .11    .17    .30    .21    .10

    Nondurable goods................    .37    .60    .76    .06   1.11    .44    .72    .06   -.22    .57    .91   1.19    .07    .04    .90   1.13    .25   1.48   1.04
      Food..........................    .12    .22    .37    .16    .39    .09    .14    .22   -.03    .02    .14    .56    .19    .03    .22    .63    .23    .71    .37
      Clothing and shoes............    .06    .15    .13    .27    .21    .19    .04   -.08    .01    .15    .19    .33    .01   -.01    .21    .09    .21    .27    .02
      Gasoline, fuel oil, and other
       energy goods.................    .03    .04   -.01   -.13   -.06   -.05    .25    .12   -.37    .09    .32    .10   -.20   -.09    .21    .08   -.40    .07    .31
      Other.........................    .15    .20    .26   -.23    .56    .21    .29   -.19    .17    .31    .27    .22    .07    .11    .25    .33    .20    .43    .33

    Services........................    .96   1.23    .84   2.36   1.55   1.67   1.51    .07    .94    .64   1.15   1.58   1.70    .92    .65    .63    .71   1.19    .91
      Housing.......................    .28    .29    .24    .32    .31    .27    .28    .33    .26    .21    .25    .35    .33    .28    .25    .26    .20    .25    .18
      Household operation...........    .00    .04    .02    .12    .51    .16    .41   -.27   -.31   -.05   -.17    .18    .36   -.14    .04    .04   -.13    .14    .02
        Electricity and gas.........   -.02    .04    .00   -.05    .33    .07    .40   -.15   -.49   -.04   -.13    .20    .27   -.05    .09    .01   -.21    .06   -.02
        Other household operation...    .02    .00    .02    .18    .18    .08    .01   -.12    .17   -.01   -.04   -.02    .09   -.09   -.05    .03    .08    .08    .04
      Transportation................   -.02   -.05   -.06    .12    .08   -.01    .01    .03   -.01   -.15   -.14    .10   -.05   -.12   -.09    .01   -.11   -.06   -.06
      Medical care..................    .45    .63    .59    .37    .47    .41    .42    .35    .47    .62    .61    .75    .61    .51    .69    .59    .53    .60    .59
      Recreation....................    .06    .11    .06    .06    .14    .10    .04    .09   -.02    .06    .15    .19    .07    .05    .09    .00    .10    .08    .12
      Other.........................    .18    .20   -.01   1.37    .05    .75    .34   -.45    .56   -.06    .45    .00    .38    .34   -.33   -.28    .13    .19    .08

  Gross private domestic investment.  -1.47   -.18    .64  -1.30   4.65  -1.84   -.36  -1.96  -2.92  -1.39  -2.98   1.60    .69   1.66   -.09   -.57    .73   2.17   2.31

    Fixed investment................   -.54   -.60    .66   1.83   1.60   -.10    .13   -.45  -1.60   -.88  -1.83   -.41    .08    .08    .31    .16    .90   2.30   1.39
      Nonresidential................   -.56   -.82    .29   1.64   1.76    .28    .11   -.56  -1.76  -1.02  -1.71   -.81   -.33   -.12   -.01   -.06    .68   1.25    .95
        Structures..................   -.08   -.59   -.13    .21    .53    .29    .04   -.20   -.19    .07  -1.36   -.77   -.41   -.40   -.14   -.10    .09   -.04   -.17
        Equipment and software......   -.47   -.23    .42   1.44   1.23   -.02    .07   -.37  -1.57  -1.09   -.35   -.03    .09    .28    .13    .04    .59   1.30   1.12
          Information processing
           equipment and software...   -.10    .02    .54   1.13    .96    .33    .58   -.20   -.84   -.58   -.15    .09    .37    .53   -.06    .64    .64   1.05    .69
            Computers and peripheral
             equipment..............    .02    .11    .24    .22    .45    .12    .06    .16   -.22   -.26    .19    .22    .06    .28    .09    .21    .33    .39    .25
            Software................   -.04   -.04    .14    .17    .18    .02    .20   -.07   -.24   -.16   -.21   -.05    .09    .21   -.06    .18    .15    .24    .25
            Other...................   -.08   -.05    .16    .74    .33    .19    .32   -.28   -.39   -.16   -.14   -.08    .21    .05   -.10    .26    .15    .41    .19
          Industrial equipment......   -.14   -.09   -.05    .29    .14    .09   -.12    .04   -.53   -.30   -.22    .26   -.21    .00   -.04   -.10   -.02    .02   -.01
          Transportation equipment..   -.18   -.14   -.11   -.12    .04   -.31   -.36   -.27    .00   -.25    .24   -.34   -.24   -.26    .20   -.37   -.09   -.05    .24
          Other equipment...........   -.05   -.02    .04    .13    .09   -.13   -.03    .06   -.21    .04   -.21   -.04    .17    .00    .04   -.13    .05    .28    .20
      Residential...................    .02    .23    .36    .19   -.16   -.38    .02    .12    .16    .14   -.12    .40    .41    .20    .32    .22    .22   1.05    .44

    Change in private inventories...   -.93    .41   -.01  -3.13   3.05  -1.74   -.49  -1.51  -1.32   -.51  -1.15   2.01    .61   1.58   -.40   -.74   -.17   -.13    .92
      Farm..........................    .02   -.03    .02   -.51    .88   -.36    .34    .03   -.34    .14   -.26    .39   -.64    .34   -.02    .15   -.09   -.03    .10
      Nonfarm.......................   -.94    .44   -.04  -2.62   2.18  -1.38   -.83  -1.54   -.99   -.65   -.89   1.62   1.25   1.25   -.38   -.88   -.08   -.10    .82

  Net exports of goods and services.   -.19   -.70   -.35  -1.53   -.98   -.87   -.07    .46   -.25   -.42   -.50   -.65  -1.32   -.15  -1.47    .81  -1.34    .80   -.30

    Exports.........................   -.58   -.24    .20    .70   1.30   1.14   -.31   -.50  -1.54  -1.99  -1.02    .40    .80    .41   -.37   -.19   -.11    .92   1.85
      Goods.........................   -.48   -.29    .13    .65   1.03   1.36   -.45   -.44  -1.52  -1.50   -.54   -.19    .75    .28   -.64    .13   -.11    .56   1.28
      Services......................   -.10    .04    .07    .05    .26   -.22    .14   -.06   -.02   -.48   -.47    .59    .05    .13    .27   -.31    .01    .36    .57

    Imports.........................    .39   -.45   -.55  -2.23  -2.27  -2.01    .24    .96   1.29   1.57    .52  -1.05  -2.12   -.56  -1.10   1.00  -1.24   -.12  -2.15
      Goods.........................    .39   -.42   -.55  -1.79  -2.03  -1.70    .19    .88   1.57   1.10    .35   -.66  -2.20   -.55   -.83    .81  -1.51    .18  -1.95
      Services......................   -.01   -.03    .00   -.44   -.24   -.32    .04    .08   -.28    .47    .16   -.39    .09   -.02   -.27    .19    .27   -.30   -.20

  Government consumption expenditures
   and gross investment.............    .48    .69    .63   -.56    .96   -.37    .22    .99   1.00   -.74   1.28    .85    .72    .46   1.29   -.07   1.36    .34    .16

    Federal.........................    .22    .48    .56   -.93    .96   -.51   -.07    .50    .38    .00    .57    .52    .64    .26   1.11   -.01   1.46    .09    .11
      National defense..............    .15    .35    .44   -.92    .61   -.29    .06    .27    .10    .09    .53    .33    .38    .19    .85   -.25   1.58   -.06    .19
        Consumption expenditures....    .13    .29    .40   -.88    .60   -.30    .11    .29    .00    .03    .50    .32    .22    .09    .93   -.19   1.39   -.20    .17
        Gross investment............    .02    .06    .05   -.04    .01    .01   -.05   -.01    .10    .06    .02    .01    .15    .10   -.07   -.06    .19    .13    .02
      Nondefense....................    .07    .14    .12   -.01    .35   -.22   -.13    .23    .28   -.09    .04    .20    .27    .07    .26    .24   -.12    .15   -.08
       Consumption expenditures.....    .07    .12    .11    .21    .28   -.13   -.06    .19    .19   -.02    .06    .14    .15    .13    .26    .25   -.26    .23   -.16
       Gross investment.............    .00    .02    .02   -.22    .07   -.09   -.07    .04    .09   -.07   -.02    .06    .11   -.06    .00   -.01    .14   -.08    .08

    State and local.................    .26    .21    .06    .36    .01    .15    .29    .49    .62   -.74    .71    .33    .08    .20    .18   -.06   -.10    .25    .05
        Consumption expenditures....    .20    .13    .06    .09    .16    .10    .21    .29    .22    .13    .21    .01    .17    .11    .19    .06   -.05   -.02    .03
        Gross investment............    .06    .08    .00    .28   -.15    .05    .08    .20    .40   -.88    .50    .31   -.09    .09   -.01   -.12   -.05    .27    .02

Addenda:
    Goods...........................   -.71    .71   1.42   -.92   3.64  -1.19    .10  -1.17  -2.08  -1.40   1.38   2.54   -.37   2.12   -.92   1.37    .75   5.67   2.54
    Services........................   1.26   1.77   1.48   1.40   2.63    .80   1.95    .85   1.05    .77   1.61   2.25   2.38   1.37   2.02    .62   2.08   1.27   1.32
    Structures......................   -.04   -.29    .23    .51    .15   -.07    .03    .09    .38   -.65  -1.00   -.08   -.10   -.13    .19   -.02    .26   1.27    .25
    Motor vehicle output............   -.17    .38    .09    .21   -.62   -.73   -.47   -.53    .58    .05    .92    .39    .20    .37   -.18   -.23    .07    .82    .10
    Final sales of computers........    .14    .10    .31    .52    .47    .10    .19    .45   -.20   -.19    .22    .06    .06    .35    .26    .26    .25    .65    .28
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.
  See "Explanatory Note" at the end of the tables.

                                      Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Billions of current dollars                                      Billions of chained (2000) dollars
                                  ------------------------------------------------------  -------------------------------------------------------------------------------
                                                        Seasonally adjusted                                    Seasonally adjusted                Change from preceding
                                                          at annual rates                                        at annual rates                          period
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       2003r   IV 02     I 03    II 03   III 03    IV 03r    2003r   IV 02     I 03    II 03   III 03    IV 03r    2003r  III 03    IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product....... 10,985.5 10,623.7 10,735.8 10,846.7 11,107.0 11,252.3 10,397.7 10,160.8 10,210.4 10,288.3 10,493.1 10,599.2    314.7    204.8    106.1

Personal consumption expenditures.  7,753.2  7,501.2  7,600.7  7,673.6  7,836.3  7,902.3  7,362.9  7,198.9  7,244.1  7,304.0  7,426.6  7,476.9    222.5    122.6     50.3

  Durable goods...................    941.1    907.3    898.2    926.2    975.1    965.1  1,027.0    963.8    965.0  1,005.1  1,069.1  1,068.7     69.8     64.0      -.4
    Motor vehicles and parts......    423.6    410.4    402.1    414.5    447.2    430.7    441.5    419.0    414.5    429.5    466.9    455.1     18.2     37.4    -11.8
    Furniture and household
     equipment....................    334.1    325.3    321.8    329.9    339.9    344.8    400.2    373.5    374.7    391.7    412.4    422.2     35.5     20.7      9.8
    Other.........................    183.4    171.6    174.3    181.8    188.0    189.5    187.3    173.0    177.6    185.9    191.4    194.3     17.1      5.5      2.9

  Nondurable goods................  2,209.4  2,119.2  2,175.7  2,170.8  2,230.0  2,261.3  2,120.8  2,061.8  2,090.5  2,096.9  2,134.3  2,161.5     77.2     37.4     27.2
    Food..........................  1,064.4  1,016.4  1,037.4  1,049.7  1,074.9  1,095.5    995.0    963.9    979.6    985.4  1,002.8  1,012.1     36.8     17.4      9.3
    Clothing and shoes............    311.1    306.4    304.8    307.5    315.1    317.0    334.4    323.4    325.7    331.9    339.5    340.2     15.3      7.6       .7
    Gasoline, fuel oil, and other
     energy goods.................    209.8    193.0    222.4    196.9    209.2    210.6    198.3    201.0    203.1    192.9    194.7    202.7     -1.0      1.8      8.0
    Other.........................    624.2    603.4    611.1    616.7    630.8    638.1    593.7    573.8    582.2    587.4    598.3    607.0     26.4     10.9      8.7

  Services........................  4,602.7  4,474.7  4,526.8  4,576.6  4,631.2  4,676.0  4,224.1  4,175.4  4,190.7  4,208.4  4,237.2  4,260.0     82.3     28.8     22.8
    Housing.......................  1,198.6  1,167.7  1,181.5  1,191.4  1,204.9  1,216.6  1,085.6  1,071.7  1,078.0  1,082.8  1,088.7  1,093.1     23.7      5.9      4.4
    Household operation...........    425.7    412.9    422.6    424.2    428.5    427.5    396.0    395.6    396.6    393.4    396.8    397.3      1.5      3.4       .5
      Electricity and gas.........    164.0    156.0    163.1    163.9    165.8    163.1    144.9    147.9    148.0    143.1    144.5    144.1      -.3      1.4      -.4
      Other household operation...    261.7    256.9    259.5    260.3    262.7    264.4    251.2    247.6    248.5    250.5    252.4    253.4      2.0      1.9      1.0
    Transportation................    293.8    291.5    292.3    292.8    295.3    294.6    278.3    281.3    281.6    278.8    277.2    275.5     -6.5     -1.6     -1.7
    Medical care..................  1,302.5  1,239.8  1,263.1  1,289.2  1,315.1  1,342.5  1,190.1  1,154.8  1,169.3  1,182.4  1,196.9  1,211.5     58.0     14.5     14.6
    Recreation....................    319.2    309.7    312.6    317.2    321.3    325.7    291.1    287.5    287.5    290.1    291.9    294.8      6.3      1.8      2.9
    Other.........................  1,063.0  1,053.0  1,054.7  1,061.9  1,066.2  1,069.1    981.7    983.5    976.6    979.7    984.3    986.3     -1.5      4.6      2.0

Gross private domestic investment.  1,671.4  1,614.7  1,605.3  1,624.3  1,689.1  1,767.0  1,638.9  1,595.8  1,581.6  1,599.9  1,656.1  1,718.0     66.9     56.2     61.9

  Fixed investment................  1,672.3  1,594.6  1,606.2  1,630.1  1,699.5  1,753.3  1,634.6  1,573.5  1,577.7  1,601.4  1,661.0  1,698.3     68.8     59.6     37.3
    Nonresidential................  1,109.7  1,074.3  1,071.8  1,086.9  1,124.4  1,155.5  1,124.6  1,088.9  1,087.3  1,105.8  1,139.5  1,165.9     32.0     33.7     26.4
      Structures..................    258.3    256.3    256.1    259.2    259.8    258.0    236.6    239.0    236.5    238.8    237.7    233.4    -12.4     -1.1     -4.3
      Equipment and software......    851.4    817.9    815.8    827.7    864.6    897.5    893.6    853.9    855.0    871.6    907.7    940.1     46.9     36.1     32.4
        Information processing
         equipment and software...    463.8    424.1    436.2    451.2    477.0    490.8    522.7    468.2    487.2    506.4    537.7    559.4     63.4     31.3     21.7
          Computers and peripheral
           equipment..............     97.2     84.9     86.8     93.5    101.8    106.8    .....    .....    .....    .....    .....    .....    .....    .....    .....
          Software................    181.2    169.8    173.4    177.6    185.1    188.5    182.5    169.7    174.4    178.6    185.0    191.9     15.0      6.4      6.9
          Other...................    185.4    169.3    175.9    180.1    190.2    195.5    194.7    177.1    184.3    188.6    200.2    205.8     17.6     11.6      5.6
        Industrial equipment......    133.7    135.6    133.4    133.2    134.1    134.0    131.2    133.9    131.4    131.0    131.4    131.1     -4.9       .4      -.3
        Transportation equipment..    121.1    128.8    119.8    115.3    117.8    131.7    116.5    127.2    117.4    115.1    113.7    119.9    -11.7     -1.4      6.2
        Other equipment...........    132.7    129.4    126.3    128.1    135.7    141.0    128.5    126.1    122.6    123.9    131.1    136.4      4.2      7.2      5.3
    Residential...................    562.6    520.3    534.4    543.2    575.1    597.8    505.6    481.0    486.4    491.7    516.7    527.5     35.3     25.0     10.8

  Change in private inventories...      -.9     20.2      -.9     -5.8    -10.5     13.7       .7     21.5      1.6     -4.5     -9.1     14.9     -5.0     -4.6     24.0
    Farm..........................     -2.3     -4.8       .2     -2.7     -4.3     -2.3     -1.0     -3.5      1.2     -2.0     -2.8      -.6      2.3      -.8      2.2
    Nonfarm.......................      1.4     25.0     -1.2     -3.0     -6.2     16.0      2.0     25.4       .3     -2.4     -5.9     15.9     -7.3     -3.5     21.8

Net exports of goods and services.   -494.9   -476.1   -487.6   -505.5   -490.6   -495.9   -508.9   -511.5   -490.0   -526.0   -505.2   -514.4    -38.3     20.8     -9.2

  Exports.........................  1,049.0  1,017.2  1,021.0  1,020.2  1,048.5  1,106.3  1,035.0  1,017.5  1,012.4  1,009.6  1,033.7  1,084.1     20.8     24.1     50.4
    Goods.........................    725.4    698.3    707.6    707.7    722.1    764.4    720.4    703.2    706.5    703.5    718.2    753.5     13.2     14.7     35.3
    Services......................    323.6    318.8    313.3    312.5    326.4    341.9    314.3    314.0    305.7    305.9    315.2    330.3      7.5      9.3     15.1

  Imports.........................  1,543.9  1,493.3  1,508.5  1,525.7  1,539.0  1,602.2  1,543.9  1,529.0  1,502.5  1,535.7  1,538.9  1,598.6     59.2      3.2     59.7
    Goods.........................  1,283.2  1,240.8  1,254.2  1,272.4  1,275.6  1,330.7  1,308.5  1,288.1  1,266.2  1,307.4  1,302.4  1,357.8     60.1     -5.0     55.4
    Services......................    260.6    252.5    254.3    253.3    263.5    271.5    236.4    241.2    236.5    229.8    237.2    242.1       .0      7.4      4.9

Government consumption expenditures
 and gross investment.............  2,055.7  1,983.9  2,017.4  2,054.2  2,072.1  2,079.0  1,899.5  1,870.8  1,869.0  1,902.8  1,911.1  1,915.1     62.6      8.3      4.0

  Federal.........................    757.6    710.0    723.0    764.7    769.6    773.1    704.7    675.8    675.5    712.0    714.3    717.1     56.7      2.3      2.8
    National defense..............    497.7    461.1    463.3    507.3    507.2    512.9    463.3    439.5    433.2    472.8    471.2    476.1     44.5     -1.6      4.9
      Consumption expenditures....    437.2    404.6    408.6    447.5    443.7    448.9    401.8    382.0    377.3    411.8    406.9    411.2     39.6     -4.9      4.3
      Gross investment............     60.5     56.6     54.7     59.8     63.5     64.0     61.6     57.4     55.7     60.8     64.5     65.1      5.0      3.7       .6
    Nondefense....................    259.9    248.9    259.7    257.4    262.4    260.2    241.4    236.4    242.4    239.3    243.1    241.1     12.2      3.8     -2.0
      Consumption expenditures....    225.4    216.1    227.3    221.4    228.5    224.3    206.9    203.6    209.9    203.4    209.3    205.2     10.6      5.9     -4.1
      Gross investment............     34.5     32.7     32.4     36.0     33.8     35.9     34.5     32.7     32.4     36.0     33.8     36.0      1.6     -2.2      2.2

  State and local.................  1,298.1  1,273.9  1,294.5  1,289.6  1,302.5  1,305.8  1,195.3  1,195.3  1,193.8  1,191.4  1,197.4  1,198.6      6.2      6.0      1.2
      Consumption expenditures....  1,045.3  1,024.2  1,045.8  1,040.9  1,046.3  1,048.2    956.8    956.4    957.8    956.6    956.0    956.7      6.3      -.6       .7
      Gross investment............    252.8    249.7    248.7    248.7    256.2    257.6    238.5    239.0    236.0    234.7    241.5    242.0      -.1      6.8       .5

Residual..........................    .....    .....    .....    .....    .....    .....    -18.8     -2.5     -4.5    -11.5    -27.4    -31.7    .....    .....    .....

Addenda:
  Final sales of domestic product. 10,986.3 10,603.6 10,736.7 10,852.4 11,117.4 11,238.7 10,393.4 10,138.9 10,206.4 10,289.5 10,497.7 10,580.0    316.5    208.2     82.3
  Gross domestic purchases........ 11,480.3 11,099.9 11,223.4 11,352.2 11,597.5 11,748.3 10,903.2 10,668.0 10,697.6 10,809.9 10,995.4 11,109.9    351.7    185.5    114.5
  Final sales to domestic
   purchasers..................... 11,481.2 11,079.7 11,224.3 11,357.9 11,608.0 11,734.6 10,898.9 10,646.1 10,693.5 10,811.1 11,000.1 11,090.7    353.5    189.0     90.6

  Gross domestic product.......... 10,985.5 10,623.7 10,735.8 10,846.7 11,107.0 11,252.3 10,397.7 10,160.8 10,210.4 10,288.3 10,493.1 10,599.2    314.7    204.8    106.1
  Plus: Income receipts from
   the rest of the world..........    .....    304.8    296.8    299.5    312.1    .....    .....    293.7    283.4    285.6    296.1    .....    .....     10.5    .....
  Less: Income payments to
   the rest of the world..........    .....    266.9    269.0    266.2    274.3    .....    .....    256.1    256.4    253.8    260.7    .....    .....      6.9    .....
  Equals: Gross national product..    ..... 10,661.6 10,763.7 10,880.0 11,144.8    .....    ..... 10,198.5 10,237.6 10,320.2 10,528.6    .....    .....    208.4    .....

  Net domestic product............  9,677.7  9,323.3  9,430.1  9,543.3  9,797.9  9,939.4  9,088.1  8,858.4  8,903.4  8,983.4  9,181.7  9,283.7    289.6    198.3    102.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.
  Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series.  For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
  See "Explanatory Note" at the end of the tables.

                              Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2001   2002   2003r  I 00  II 00 III 00  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    2.4    1.5    1.7    3.4    2.0    1.9    1.8    3.2    3.2    1.6    1.6    1.1    1.5    1.5    1.7    2.3    1.1    1.6    1.2

Personal consumption expenditures...    2.0    1.4    1.8    3.5    2.0    1.9    1.8    3.2    2.5     .5     .4     .7    2.9    2.0    1.7    2.8     .5    1.8     .7
  Durable goods.....................   -1.9   -2.9   -3.7   -1.8    -.5   -2.5   -1.0   -1.3   -3.1   -2.8   -2.2   -3.5   -2.9   -3.0   -3.0   -4.4   -3.9   -4.0   -3.9
  Nondurable goods..................    1.5     .5    2.1    5.2    3.7    3.4    1.4    1.3    3.7    -.9   -4.3    -.1    5.7    1.4    1.0    5.1   -2.1    3.8     .5
  Services..........................    3.2    2.7    2.9    3.9    1.7    2.1    2.6    5.1    3.2    1.8    3.3    2.0    2.8    3.4    3.1    3.2    2.7    2.0    1.7

Gross private domestic investment...    1.1     .0     .9    2.0    1.2    1.9     .8     .3    1.3    2.3     .0    -.7    -.7   -1.0    1.6    1.3     .0    2.0    3.5
  Fixed investment..................    1.1     .1    1.1    2.3    1.2    1.9     .9     .1    1.6    2.4     .0    -.8    -.7    -.7    1.7    1.9     .0    2.1    3.7
    Nonresidential..................    -.2    -.9    -.2     .6     .3    1.4     .0   -1.8     .2     .6   -1.2   -1.3   -1.5   -1.5     .4    -.3   -1.2    1.6    1.7
      Structures....................    5.5    1.4    2.0    4.8    3.6    4.5    5.0    6.5    6.9    6.3    1.2    -.9     .5     .3    1.1    3.8    1.1    2.7    4.7
      Equipment and software........   -2.2   -1.7    -.9    -.8    -.8     .4   -1.7   -4.7   -2.1   -1.6   -2.1   -1.4   -2.1   -2.1     .2   -1.6   -1.8    1.2     .9
    Residential.....................    4.6    2.4    3.9    7.1    3.9    3.2    3.4    5.3    5.1    7.0    2.9     .3    1.1     .9    4.5    6.4    2.2    3.1    7.5
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    -.4    -.4    2.1    2.7    2.1     .9     .4     .1   -1.2   -2.1   -3.6   -1.2    2.9    3.3     .6    3.6     .8    1.6    2.4
    Goods...........................    -.7    -.7    2.0    1.3    1.6     .3     .4    -.1   -1.6   -2.6   -3.8   -1.4    2.1    3.3     .6    3.5    1.7    -.2    3.7
    Services........................     .4     .3    2.2    6.2    3.5    2.5     .6     .6    -.3   -1.0   -3.0    -.9    4.6    3.2     .6    3.8   -1.3    5.7    -.3
  Imports...........................   -2.5   -1.0    3.6    5.9     .7    4.2     .7   -2.8   -6.0   -5.3   -9.8   -1.6   10.5    3.7     .8   11.7   -4.1    2.7     .9
    Goods...........................   -3.0   -1.7    2.9    6.8    1.2    4.5     .8   -3.7   -6.6   -6.6  -11.1   -2.1   10.7    2.7     .5   11.8   -6.8    2.6     .3
    Services........................     .2    2.5    7.4    1.3   -2.0    2.5     .3    2.1   -3.0    1.4   -2.9     .7    9.3    8.6    2.0   11.3   10.4    3.3    3.8

Government consumption expenditures
 and gross investment...............    2.6    2.6    2.9    6.6    1.7    4.5    2.7    2.7    2.2    2.0    1.4    3.6    3.3    2.2    1.8    7.3     .1    1.7     .5
  Federal...........................    2.1    2.7    2.5    7.2   -1.1    5.0    1.6    2.0    1.6    2.4    1.7    5.9    2.3    1.2    -.5    7.7    1.4    1.3     .2
    National defense................    2.2    2.5    2.6    8.2    -.2    3.6     .9    3.6    1.6    2.4     .8    5.2    2.3    1.8    -.6    8.0    1.2    1.3     .4
    Nondefense......................    1.9    3.2    2.3    5.4   -2.6    7.5    2.7    -.7    1.8    2.3    3.6    7.3    2.1     .2    -.4    7.2    1.6    1.3     .0
  State and local...................    2.9    2.5    3.1    6.3    3.2    4.2    3.2    3.0    2.5    1.8    1.3    2.4    3.8    2.7    3.0    7.1    -.7    2.0     .6

Addenda:
  Final sales of domestic product...    2.4    1.5    1.7    3.4    2.0    1.9    1.8    3.1    3.2    1.6    1.6    1.1    1.4    1.5    1.8    2.4    1.1    1.6    1.2
  Gross domestic purchases..........    2.0    1.4    1.9    3.8    1.8    2.3    1.8    2.6    2.3    1.0     .5    1.0    2.4    1.6    1.7    3.4     .4    1.8    1.1
  Final sales to domestic
   purchasers.......................    2.0    1.4    1.9    3.8    1.8    2.3    1.8    2.6    2.3    1.0     .5     .9    2.4    1.6    1.7    3.5     .4    1.8    1.1
  Gross national product (GNP)......    2.4    1.5  .....    3.3    2.0    1.9    1.8    3.2    3.1    1.6    1.6    1.1    1.5    1.5    1.7    2.3    1.1    1.7  .....

  Implicit price deflators:
    GDP.............................    2.4    1.5    1.6    3.6    1.7    2.1    1.6    3.1    3.2    1.6    1.9     .7    1.9    1.0    1.8    2.3    1.1    1.6    1.2
    Gross domestic purchases........    2.0    1.4    1.9    4.1    1.6    2.5    1.6    2.6    2.3    1.0     .8     .6    2.9    1.2    1.8    3.4     .4    1.8    1.0
    GNP.............................    2.4    1.5  .....    3.6    1.7    2.1    1.6    3.1    3.2    1.6    1.9     .7    2.0    1.0    1.8    2.3    1.1    1.6  .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.
  See "Explanatory Note" at the end of the tables.

                                      Table 5.--Real Gross Domestic Product, Quantity Indexes
                                                     [Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Seasonally adjusted
                                                                                ---------------------------------------------------
                                                  2001       2002       2003r     IV 02       I 03      II 03     III 03      IV 03r
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    100.506    102.710    105.916    103.502    104.008    104.801    106.887    107.968

Personal consumption expenditures..........    102.452    105.951    109.251    106.819    107.489    108.378    110.197    110.943
  Durable goods............................    104.144    110.868    118.957    111.638    111.779    116.420    123.834    123.793
  Nondurable goods.........................    101.852    104.949    108.913    105.885    107.358    107.685    109.607    111.003
  Services.................................    102.382    105.420    107.515    106.276    106.664    107.115    107.849    108.430

Gross private domestic investment..........     91.650     90.580     94.435     91.953     91.135     92.186     95.424     98.996
  Fixed investment.........................     96.826     93.258     97.357     93.718     93.968     95.378     98.932    101.149
    Nonresidential.........................     95.517     88.683     91.278     88.378     88.248     89.751     92.485     94.630
      Structures...........................     97.465     79.492     75.547     76.304     75.523     76.244     75.906     74.514
      Equipment and software...............     94.825     92.144     97.246     92.927     93.047     94.851     98.779    102.309
    Residential............................    100.351    105.228    113.124    107.629    108.828    110.021    115.616    118.031
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............     94.773     92.512     94.409     92.818     92.353     92.097     94.290     98.893

Imports of goods and services..............     97.377    100.609    104.617    103.610    101.810    104.059    104.277    108.322

Government consumption expenditures and
 gross investment..........................    102.750    106.697    110.334    108.666    108.563    110.527    111.008    111.240
  Federal..................................    103.746    111.958    121.761    116.764    116.713    123.025    123.406    123.900
  State and local..........................    102.248    104.047    104.592    104.593    104.463    104.248    104.779    104.880

Addenda:
  Final sales of domestic product..........    101.441    103.242    106.484    103.877    104.569    105.420    107.553    108.396
  Gross domestic purchases.................    100.672    103.482    106.932    104.625    104.915    106.016    107.836    108.959
  Final sales to domestic purchasers.......    101.575    103.998    107.484    104.992    105.459    106.619    108.483    109.376
  Gross national product...................    100.462    102.527      .....    103.476    103.873    104.711    106.825      .....
-----------------------------------------------------------------------------------------------------------------------------------
  r Revised.
  See "Explanatory Note" at the end of the tables.

                                        Table 6.--Price Indexes for Gross Domestic Product
                                                     [Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Seasonally adjusted
                                                                                ---------------------------------------------------
                                                  2001       2002       2003r     IV 02       I 03      II 03     III 03      IV 03r
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    102.376    103.949    105.665    104.571    105.163    105.440    105.870    106.187

Personal consumption expenditures..........    102.039    103.429    105.302    104.203    104.927    105.065    105.522    105.695
  Durable goods............................     98.086     95.208     91.682     94.136     93.074     92.147     91.207     90.298
  Nondurable goods.........................    101.530    102.075    104.180    102.789    104.079    103.529    104.488    104.623
  Services.................................    103.168    105.946    108.966    107.174    108.028    108.758    109.306    109.771

Gross private domestic investment..........    101.070    101.119    102.062    101.259    101.586    101.589    102.093    102.981
  Fixed investment.........................    101.087    101.155    102.291    101.341    101.808    101.796    102.319    103.241
    Nonresidential.........................     99.770     98.859     98.664     98.658     98.579     98.293     98.678     99.106
      Structures...........................    105.518    106.974    109.165    107.274    108.268    108.559    109.288    110.547
      Equipment and software...............     97.786     96.121     95.270     95.781     95.404     94.961     95.251     95.464
    Residential............................    104.628    107.105    111.257    108.184    109.881    110.485    111.321    113.343
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............     99.628     99.273    101.342     99.964    100.842    101.044    101.434    102.049

Imports of goods and services..............     97.537     96.519    100.030     97.694    100.435     99.381    100.042    100.261

Government consumption expenditures and
 gross investment..........................    102.587    105.207    108.229    106.055    107.951    107.966    108.433    108.564
  Federal..................................    102.065    104.858    107.501    105.066    107.032    107.399    107.755    107.818
  State and local..........................    102.853    105.382    108.603    106.580    108.435    108.246    108.778    108.951

Addenda:
  Final sales of domestic product..........    102.381    103.955    105.702    104.585    105.198    105.474    105.906    106.228
  Gross domestic purchases.................    101.974    103.374    105.308    104.065    104.934    105.031    105.496    105.772
  Final sales to domestic purchasers.......    101.978    103.379    105.343    104.077    104.968    105.062    105.531    105.811
  Gross national product...................    102.372    103.936      .....    104.556    105.156    105.438    105.872      .....

  Implicit price deflators:
    Gross domestic product.................    102.373    103.945    105.652    104.556    105.146    105.427    105.851    106.162
    Final sales of domestic product........    102.381    103.955    105.705    104.583    105.196    105.471    105.904    106.226
    Gross domestic purchases...............    101.971    103.370    105.293    104.048    104.915    105.017    105.476    105.745
    Final sales to domestic purchasers.....    101.978    103.379    105.343    104.072    104.964    105.058    105.526    105.806
    Gross national product.................    102.368    103.932      .....    104.541    105.138    105.425    105.853      .....
-----------------------------------------------------------------------------------------------------------------------------------
  r Revised.
  See "Explanatory Note" at the end of the tables.

                                               Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           1988    1989    1990    1991    1992    1993    1994    1995    1996    1997    1998    1999    2000    2001    2002    2003r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     4.1     3.5     1.9     -.2     3.3     2.7     4.0     2.5     3.7     4.5     4.2     4.5     3.7      .5     2.2     3.1

Personal consumption expenditures......     4.1     2.8     2.0      .2     3.3     3.3     3.7     2.7     3.4     3.8     5.0     5.1     4.7     2.5     3.4     3.1
  Durable goods........................     6.0     2.2     -.3    -5.6     5.9     7.8     8.4     4.4     7.8     8.6    11.3    11.7     7.3     4.1     6.5     7.3
  Nondurable goods.....................     3.3     2.8     1.6     -.2     2.0     2.7     3.5     2.2     2.6     2.7     4.0     4.6     3.8     1.9     3.0     3.8
  Services.............................     4.0     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     3.0     2.0

Gross private domestic investment......     2.4     4.0    -3.4    -8.1     8.1     8.9    13.6     3.1     8.9    12.4     9.8     7.8     5.7    -8.4    -1.2     4.3
  Fixed investment.....................     3.3     3.0    -2.1    -6.5     5.9     8.6     9.3     6.5     9.0     9.2    10.2     8.3     6.5    -3.2    -3.7     4.4
    Nonresidential.....................     5.2     5.6      .5    -5.4     3.2     8.7     9.2    10.5     9.3    12.1    11.1     9.2     8.7    -4.5    -7.2     2.9
      Structures.......................      .6     2.0     1.5   -11.1    -6.0     -.7     1.8     6.4     5.6     7.3     5.1     -.4     6.8    -2.5   -18.4    -5.0
      Equipment and software...........     7.5     7.3      .0    -2.6     7.3    12.5    11.9    12.0    10.6    13.8    13.3    12.7     9.4    -5.2    -2.8     5.5
    Residential........................    -1.0    -3.0    -8.6    -9.6    13.8     8.2     9.6    -3.2     8.0     1.9     7.6     6.0      .8      .4     4.9     7.5
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................    16.0    11.5     9.0     6.6     6.9     3.2     8.7    10.1     8.4    11.9     2.4     4.3     8.7    -5.2    -2.4     2.1
    Goods..............................    18.8    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     1.9
    Services...........................     9.0    10.3    10.5     6.0     5.5     3.2     6.3     6.3     7.2     5.9     2.9     5.6     2.9    -3.1     1.4     2.4
  Imports..............................     3.9     4.4     3.6     -.6     7.0     8.8    11.9     8.0     8.7    13.6    11.6    11.5    13.1    -2.6     3.3     4.0
    Goods..............................     4.0     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     4.8
    Services...........................     3.4     4.9     6.5    -2.6    -2.6     2.9     5.7     3.3     5.5     9.4    11.4     6.9    11.1      .4     1.4      .0

Government consumption expenditures
 and gross investment..................     1.3     2.6     3.2     1.1      .5     -.9      .0      .5     1.0     1.9     1.9     3.9     2.1     2.8     3.8     3.4
  Federal..............................    -1.6     1.5     2.0     -.2    -1.7    -4.2    -3.7    -2.7    -1.2    -1.0    -1.1     2.2      .9     3.7     7.9     8.8
    National defense...................     -.5     -.5      .0    -1.1    -5.0    -5.6    -4.9    -3.8    -1.4    -2.8    -2.1     1.9     -.5     3.9     8.9    10.6
    Nondefense.........................    -5.1     8.3     8.3     2.4     6.9     -.7    -1.2     -.4     -.7     2.6      .7     2.8     3.5     3.5     6.2     5.3
  State and local......................     3.7     3.4     4.1     2.1     2.2     1.4     2.6     2.6     2.3     3.6     3.6     4.7     2.7     2.2     1.8      .5

Addenda:
  Final sales of domestic product......     4.3     3.4     2.1      .1     3.0     2.6     3.4     3.0     3.7     4.0     4.2     4.5     3.8     1.4     1.8     3.1
  Gross domestic purchases.............     3.2     3.0     1.4     -.8     3.3     3.2     4.4     2.4     3.8     4.8     5.3     5.3     4.4      .7     2.8     3.3
  Final sales to domestic purchasers...     3.4     2.8     1.6     -.6     3.1     3.2     3.8     2.8     3.8     4.3     5.3     5.4     4.5     1.6     2.4     3.4
  Gross national product...............     4.2     3.5     2.0     -.3     3.3     2.7     3.9     2.6     3.7     4.4     4.0     4.6     3.7      .5     2.1   .....
  Real disposable personal income......     4.3     2.8     1.9      .5     3.4     1.0     2.7     2.8     3.0     3.5     5.8     3.0     4.8     1.8     3.8     2.5

  Price indexes:
    Gross domestic purchases...........     3.4     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     1.4     1.9
    Gross domestic purchases excluding
     food and energy...................     3.7     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     1.7     1.4
    GDP................................     3.4     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     1.5     1.7
    GDP excluding food and energy......     3.4     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     1.8     1.4
    Personal consumption expenditures..     4.0     4.4     4.6     3.6     2.9     2.3     2.1     2.1     2.2     1.7      .9     1.7     2.5     2.0     1.4     1.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.

                                            Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           I 00   II 00  III 00   IV 00    I 01   II 01  III 01   IV 01    I 02   II 02  III 02   IV 02    I 03   II 03  III 03   IV 03r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     4.1     4.8     3.5     2.2     1.9      .2      .0      .0     1.2     1.8     3.0     2.8     2.1     2.4     3.6     4.3

Personal consumption expenditures......     5.5     4.6     4.5     4.1     2.6     2.5     2.0     2.7     3.6     3.7     3.7     2.7     2.3     2.5     3.7     3.9
  Durable goods........................    13.7     5.9     5.2     4.7     -.4     4.5     3.2     9.4     9.3     7.0     8.1     1.8     1.5     5.6    11.0    10.9
  Nondurable goods.....................     3.7     4.1     4.3     3.0     3.0     1.3     1.5     1.7     3.1     3.5     2.8     2.8     2.7     2.9     4.7     4.8
  Services.............................     4.7     4.5     4.4     4.5     3.1     2.7     2.0     1.8     2.6     3.1     3.2     2.9     2.3     1.7     1.9     2.0

Gross private domestic investment......     4.4    11.2     5.8     1.4      .3   -10.1    -9.7   -13.5    -8.6    -3.3     1.6     6.5     2.8     2.8     3.6     7.7
  Fixed investment.....................     7.8     7.7     5.5     5.1     1.6    -3.0    -4.2    -7.0    -7.0    -4.6    -3.1      .2     1.1     2.4     6.1     7.9
    Nonresidential.....................     9.4     9.9     7.9     7.8     3.1    -4.0    -6.5   -10.2   -10.8    -8.2    -6.4    -2.8    -1.2     1.3     4.6     7.1
      Structures.......................     2.7     6.3     9.6     8.8     5.3     -.4    -2.1   -12.4   -17.0   -19.0   -22.6   -14.9    -9.8    -5.3    -1.9    -2.3
      Equipment and software...........    11.7    11.1     7.3     7.5     2.4    -5.2    -8.2    -9.4    -8.5    -4.0      .1     1.6     1.8     3.4     6.7    10.1
    Residential........................     3.7     1.9     -.7    -1.9    -2.2     -.4     2.4     1.7     3.2     4.4     4.7     7.1     6.1     5.0     9.2     9.7
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................     8.2    10.2    10.1     6.5     3.7    -2.8    -9.8   -11.5    -9.5    -4.2     1.6     3.3     1.7     -.7      .6     6.5
    Goods..............................    10.2    12.6    13.7     8.5     4.8    -3.5   -12.2   -12.7   -12.1    -4.9     1.2      .8     2.0    -1.3     -.3     7.2
    Services...........................     3.6     4.5     1.6     1.8      .9    -1.3    -3.5    -8.3    -3.0    -2.5     2.6     9.3     1.1      .7     2.6     5.2
  Imports..............................    13.6    14.0    13.8    11.2     5.2     -.9    -6.8    -7.4    -4.0     2.2     6.2     9.4     5.3     3.5     2.6     4.5
    Goods..............................    14.3    14.6    14.1    11.3     5.3    -2.1    -7.5    -7.9    -4.8     3.3     7.1     9.9     6.4     4.6     2.9     5.4
    Services...........................    10.1    11.1    12.4    10.6     4.7     5.1    -3.3    -4.5      .5    -3.3     1.9     6.7      .2    -1.8     1.2      .4

Government consumption expenditures
 and gross investment..................     2.7     3.5     1.7      .4     2.6     2.7     2.1     3.6     3.3     2.9     4.6     4.5     3.3     4.1     3.9     2.4
  Federal..............................      .9     4.6      .3    -2.2     3.8     1.4     3.6     6.3     6.2     7.1     8.2    10.1     7.9    10.9    10.2     6.1
    National defense...................     -.4     3.6    -1.6    -3.5     4.4     1.0     3.6     6.6     6.8     8.5     9.1    10.9     7.2    14.4    12.7     8.3
    Nondefense.........................     3.4     6.3     3.9      .3     2.7     2.0     3.5     5.7     5.1     4.6     6.5     8.7     9.2     4.7     5.6     2.0
  State and local......................     3.6     2.9     2.4     1.7     2.0     3.3     1.4     2.3     1.9      .8     2.8     1.6      .8      .5      .5      .3

Addenda:
  Final sales of domestic product......     4.6     4.2     3.5     2.9     2.2     1.5     1.0     1.1     1.4     1.6     2.2     1.8     1.9     2.4     4.0     4.4
  Gross domestic purchases.............     4.9     5.5     4.2     3.0     2.2      .3      .0      .1     1.6     2.5     3.5     3.6     2.6     2.8     3.8     4.1
  Final sales to domestic purchasers...     5.4     4.9     4.2     3.6     2.4     1.6     1.0     1.3     1.8     2.2     2.8     2.7     2.3     2.8     4.1     4.2
  Gross national product...............     4.1     4.8     3.5     2.4     1.8      .1     -.2      .2     1.1     1.6     3.1     2.4     2.2     2.7     3.8   .....
  Real disposable personal income......     4.4     4.9     5.7     4.4     2.0     1.0     2.6     1.3     4.0     5.4     2.2     3.5     1.6     1.7     3.5     3.4

  Price indexes:
    Gross domestic purchases...........     2.6     2.5     2.5     2.4     2.1     2.3     1.9     1.6     1.2     1.2     1.4     1.7     2.3     1.8     1.8     1.6
    Gross domestic purchases excluding
     food and energy...................     1.9     1.8     1.9     1.8     1.7     1.8     1.9     2.1     1.8     1.7     1.6     1.4     1.6     1.4     1.3     1.3
    GDP................................     2.1     2.1     2.3     2.2     2.2     2.5     2.4     2.4     1.9     1.4     1.4     1.4     1.7     1.6     1.7     1.5
    GDP excluding food and energy......     2.1     2.0     2.1     2.0     1.8     2.0     2.1     2.3     2.1     1.9     1.8     1.5     1.6     1.4     1.3     1.2
    Personal consumption expenditures..     2.7     2.5     2.4     2.3     2.2     2.3     2.0     1.6     1.0     1.1     1.5     1.8     2.4     1.8     1.7     1.4
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.

                     Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2001       2002       2003r     IV 02       I 03      II 03     III 03      IV 03r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.....................   10,100.8   10,480.8   10,985.5   10,623.7   10,735.8   10,846.7   11,107.0   11,252.3

Plus: Income receipts from the rest of the
 world.....................................      319.0      299.1      .....      304.8      296.8      299.5      312.1      .....
Less: Income payments to the rest of the
 world.....................................      283.8      277.6      .....      266.9      269.0      266.2      274.3      .....

Equals: Gross national product.............   10,135.9   10,502.3      .....   10,661.6   10,763.7   10,880.0   11,144.8      .....

Less: Consumption of fixed capital.........    1,266.9    1,288.6    1,307.8    1,300.4    1,305.7    1,303.4    1,309.1    1,312.9
Less: Statistical discrepancy..............     -112.2      -77.2      .....      -15.7       23.2       -8.3       54.0      .....

Equals: National income....................    8,981.2    9,290.8      .....    9,376.9    9,434.8    9,584.9    9,781.7      .....
  Compensation of employees................    5,940.4    6,019.1    6,187.9    6,058.0    6,115.8    6,164.8    6,213.6    6,257.2
    Wage and salary accruals...............    4,942.9    4,974.6    5,086.6    4,999.1    5,034.6    5,070.8    5,104.1    5,136.8
    Supplements to wages and salaries......      997.6    1,044.5    1,101.3    1,058.8    1,081.2    1,093.9    1,109.6    1,120.4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      770.6      797.7      847.3      812.2      813.5      838.8      860.9      875.9
  Rental income of persons with capital
   consumption adjustment..................      163.1      173.0      163.7      159.0      163.2      153.4      157.0      181.0
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................      770.4      904.2      .....      934.9      927.1    1,022.8    1,124.2      .....
  Net interest and miscellaneous payments..      568.4      582.4      580.7      589.7      589.3      581.7      579.9      571.7
  Taxes on production and imports less
   subsidies...............................      674.5      721.8      740.7      732.8      729.4      725.2      745.2      763.1
  Business current transfer payments.......       92.5       89.8       95.2       86.2       90.1       92.5       97.1      101.2
  Current surplus of government
   enterprises.............................        1.2        2.8        5.0        4.1        6.3        5.8        3.7        4.2

Addendum:
  Gross domestic income....................   10,213.0   10,558.0      .....   10,639.4   10,712.7   10,855.0   11,053.0      .....
-----------------------------------------------------------------------------------------------------------------------------------
  r Revised.

                                          Table 10.--Personal Income and Its Disposition
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2001       2002       2003r     IV 02       I 03      II 03     III 03      IV 03r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................    8,713.1    8,910.3    9,191.6    8,981.3    9,048.7    9,145.9    9,242.5    9,329.3

  Compensation of employees, received......    5,940.4    6,019.1    6,187.9    6,058.0    6,114.4    6,166.2    6,213.6    6,257.2
    Wage and salary disbursements..........    4,942.9    4,974.6    5,086.6    4,999.1    5,033.2    5,072.2    5,104.1    5,136.8
    Supplements to wages and salaries......      997.6    1,044.5    1,101.3    1,058.8    1,081.2    1,093.9    1,109.6    1,120.4
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      770.6      797.7      847.3      812.2      813.5      838.8      860.9      875.9
    Farm...................................       25.0       14.3       19.5       16.3       13.0       20.0       21.5       23.4
    Nonfarm................................      745.6      783.4      827.8      795.9      800.5      818.8      839.4      852.4
  Rental income of persons with capital
   consumption adjustment..................      163.1      173.0      163.7      159.0      163.2      153.4      157.0      181.0
  Personal income receipts on assets.......    1,374.9    1,378.5    1,390.5    1,392.0    1,388.6    1,390.2    1,389.2    1,394.2
    Personal interest income...............    1,003.7      982.4      961.8      981.2      970.6      964.9      957.0      954.7
    Personal dividend income...............      371.2      396.2      428.7      410.8      418.0      425.3      432.2      439.5
  Personal current transfer receipts.......    1,192.6    1,292.2    1,377.2    1,315.6    1,337.6    1,369.7    1,398.7    1,402.8

  Less: Contributions for government
   social insurance........................      728.5      750.3      774.9      755.5      768.7      772.3      776.9      781.7

Less: Personal current taxes...............    1,243.7    1,053.1      988.7    1,045.6    1,009.4    1,000.2      936.0    1,009.4

Equals: Disposable personal income.........    7,469.4    7,857.2    8,202.9    7,935.6    8,039.2    8,145.8    8,306.6    8,320.0

Less: Personal outlays.....................    7,342.2    7,674.0    8,037.3    7,789.2    7,888.3    7,956.7    8,118.5    8,185.5

Equals: Personal saving....................      127.2      183.2      165.6      146.4      151.0      189.0      188.1      134.4

  Personal saving as a percentage of
   disposable personal income..............        1.7        2.3        2.0        1.8        1.9        2.3        2.3        1.6

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............    7,320.2    7,596.7    7,789.9    7,615.8    7,662.0    7,753.5    7,872.3    7,872.0
-----------------------------------------------------------------------------------------------------------------------------------
  r Revised.
  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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2001   2002   2003r  I 00  II 00 III 00  IV 00   I 01  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
 related aggregates:
  GDP...............................     .5    2.2    3.1    1.0    6.4    -.5    2.1    -.2    -.6   -1.3    2.0    4.7    1.9    3.4    1.3    2.0    3.1    8.2    4.1

  Goods.............................   -2.0    2.1    4.4   -2.4   10.5   -3.3     .2   -3.4   -6.0   -4.1    4.1    7.7   -1.1    6.5   -2.8    4.3    2.2   18.3    7.8
  Services..........................    2.3    3.1    2.6    2.5    4.8    1.5    3.6    1.6    1.9    1.4    2.9    3.9    4.2    2.4    3.5    1.0    3.6    2.1    2.3
  Structures........................    -.4   -3.0    2.4    5.9    1.6    -.7     .4    1.0    4.0   -6.4   -9.6   -1.0   -1.1   -1.4    2.1    -.3    2.8   13.9    2.6

  Motor vehicle output..............   -4.8   11.4    2.6    5.2  -14.7  -18.1  -12.6  -14.6   19.1    1.5   30.2   11.3    5.5   10.8   -4.9   -6.4    2.1   26.6    2.9
  GDP excluding motor vehicle
   output...........................     .7    1.9    3.1     .9    7.4     .3    2.7     .3   -1.3   -1.4    1.1    4.5    1.8    3.1    1.5    2.3    3.1    7.6    4.2

  Final sales of computers\1\.......   13.6   11.1   40.9   62.4   49.6    9.2   18.6   52.2  -17.1  -17.9   27.2    5.0    6.6   50.9   34.8   34.6   32.8   93.4   31.5
  GDP excluding final sales of
   computers........................     .4    2.1    2.8     .5    6.0    -.6    1.9    -.7    -.4   -1.1    1.8    4.7    1.8    3.0    1.0    1.7    2.8    7.6    3.9

  Farm gross value added\2\.........   -4.2    1.9    3.2   65.1    5.2    4.8  -18.2   -2.0  -15.8  -16.6  100.1  -64.2   94.9   50.5   -1.5  -39.5   59.0   -3.2  -16.6

  Nonfarm business gross value
   added\3\.........................     .1    2.3    3.7    -.1    7.5    -.8    2.2    -.8   -1.0   -2.5    1.6    6.7     .8    4.0    1.6    2.4    3.8   10.4    4.1

Price indexes:
  GDP...............................    2.4    1.5    1.7    3.4    2.0    1.9    1.8    3.2    3.2    1.6    1.6    1.1    1.5    1.5    1.7    2.3    1.1    1.6    1.2
  GDP excluding food and energy.....    2.1    1.8    1.4    3.0    1.6    1.7    1.7    2.3    2.3    2.1    2.6    1.4    1.6    1.5    1.6    1.7     .7    1.3    1.1
  GDP excluding final sales of
   computers........................    2.7    1.8    1.8    3.6    2.2    2.1    1.9    3.7    3.4    1.8    1.8    1.4    1.6    1.7    1.9    2.5    1.2    1.8    1.3

  Gross domestic purchases..........    2.0    1.4    1.9    3.8    1.8    2.3    1.8    2.6    2.3    1.0     .5    1.0    2.4    1.6    1.7    3.4     .4    1.8    1.1
  Gross domestic purchases excluding
   food and energy..................    1.9    1.7    1.4    2.9    1.3    1.6    1.4    2.3    2.0    1.9    2.3    1.2    1.5    1.5    1.5    1.8     .9    1.3    1.2
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers..............    2.3    1.6    2.1    4.0    2.1    2.5    2.0    3.2    2.6    1.3     .8    1.2    2.6    1.8    2.0    3.6     .5    2.0    1.2

  Personal consumption expenditures.    2.0    1.4    1.8    3.5    2.0    1.9    1.8    3.2    2.5     .5     .4     .7    2.9    2.0    1.7    2.8     .5    1.8     .7
  Personal consumption expenditures
   excluding food and energy........    1.9    1.7    1.2    2.4    1.3     .9    1.5    2.8    1.9    1.3    2.5    1.0    1.9    2.0    1.5     .9     .8    1.0     .7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  r Revised.
  1. For some components of final sales of computers, includes
computer parts.
  2. Farm output less intermediate goods and services purchased.
  3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
  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 2001-02
annual percent change in real GDP uses prices for 2001 and 2002 as weights, and the 2001-02 annual
percent change in GDP prices uses quantities for 2001 and 2002 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.