skip to Main Content
BEA Logo
News
 
 


News Release: Gross Domestic Product

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

Note: In the fourth quarter of 2004, the Microsoft Corporation paid a special dividend to its shareholders. The dividend payment affects the fourth-quarter estimate of personal income released on January 28, and also affected the estimates of corporate profits, national income, and government current receipts released on March 30. More information is available.

2005 Annual Revision of the National Income and Product Accounts
Table Headers and Stubs for the 2005 Annual Revision to the National Income and Product Accounts

envelope icon  Sign up for e-mail notifications. 

EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, APRIL 28, 2005


Virginia H. Mannering:  (202)  606-5304                                  BEA 05-18
Recorded message:       (202)  606-5306


                        GROSS DOMESTIC PRODUCT:  FIRST QUARTER 2005 (ADVANCE)


    Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 3.1 percent in the first quarter of 2005,
according to advance estimates released by the Bureau of Economic Analysis.  In the fourth quarter, real
GDP increased 3.8 percent.
 
    The Bureau emphasized that the first-quarter "advance" estimates are based on source data that are
incomplete or subject to further revision by the source agency (see the box on page 3).  The first-quarter
"preliminary" estimates, based on more comprehensive data, will be released on May 26, 2005.

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

    Final sales of computers contributed 0.56 percentage point to the first-quarter change in real GDP,
the same contribution as to the fourth-quarter change.  Motor vehicle output contributed 0.17 percentage
point to the first-quarter change in real GDP after contributing 0.86 percentage point to the fourth-
quarter change.  

    The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 3.0 percent in the first quarter, compared with an increase of 2.9 percent in the fourth. 
Excluding food and energy prices, the price index for gross domestic purchases increased 3.1 percent in
the first quarter, compared with an increase of 2.0 percent in the fourth.  About 0.2 percentage point of
the first-quarter increase in the index was accounted for by the pay raise for federal civilian and military
personnel, which is treated as an increase in the price index of employee services purchased by the
federal government.  



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

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



    Real personal consumption expenditures increased 3.5 percent in the first quarter, compared with
an increase of 4.2 percent in the fourth.  Durable goods purchases were unchanged, in contrast to an
increase of 3.9 percent.  Nondurable goods purchases increased 4.9 percent, compared with an increase
of 5.9 percent.  Services expenditures increased 3.6 percent, compared with an increase of 3.4 percent.

    Real nonresidential fixed investment increased 4.7 percent in the first quarter, compared with an
increase of 14.5 percent in the fourth.  Nonresidential structures decreased 2.6 percent, in contrast to an
increase of 2.1 percent.  Equipment and software increased 6.9 percent, compared with an increase of
18.4 percent.  Real residential fixed investment increased 5.7 percent, compared with an increase of 3.4
percent. 
                                                  
    Real exports of goods and services increased 7.0 percent in the first quarter, compared with an
increase of 3.2 percent in the fourth.  Real imports of goods and services increased 14.7 percent,
compared with an increase of 11.4 percent.

    Real federal government consumption expenditures and gross investment increased 0.6 percent in
the first quarter, compared with an increase of 1.2 percent in the fourth.  National defense increased 0.2
percent, in contrast to a decrease of 0.6 percent.  Nondefense increased 1.3 percent, compared with an
increase of 5.3 percent.  Real state and local government consumption expenditures and gross
investment increased 0.5 percent, compared with an increase of 0.6 percent.

    The real change in private inventories added 1.21 percentage points to the first-quarter change in
real GDP after adding 0.46 percentage point to the fourth-quarter change.  Private businesses increased
inventories $80.2 billion in the first quarter, following increases of $47.2 billion in the fourth quarter
and $34.5 billion in the third.

    Real final sales of domestic product -- GDP less change in private inventories -- increased 1.9
percent in the first quarter, compared with an increase of 3.4 percent in the fourth.


Gross domestic purchases

    Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.4 percent in the first quarter, compared with an increase of 5.0 percent in the
fourth. 


Disposition of personal income

    Current-dollar personal income increased $58.7 billion (2.4 percent) in the first quarter, compared
with an increase of $253.4 billion (10.9 percent) in the fourth.  Personal income in the fourth quarter had
been boosted by a special dividend payment made by the Microsoft Corporation.  (For more
information, see the FAQs on the Microsoft special dividend on BEA's Web site at www.bea.gov.)

    Personal current taxes increased $17.6 billion in the first quarter, compared with an increase of
$20.6 billion in the fourth.

    Disposable personal income increased $41.2 billion (1.9 percent) in the first quarter, compared
with an increase of $232.7 billion (11.2 percent) in the fourth.  Real disposable personal income
decreased 0.3 percent, in contrast to an increase of 8.3 percent.

    Personal outlays increased $134.2 billion (6.3 percent) in the first quarter, compared with an
increase of $151.2 billion (7.2 percent) in the fourth.  Personal saving -- disposable personal income less
personal outlays -- was $52.0 billion in the first quarter, compared with $145.0 billion in the fourth.  The
personal saving rate -- saving as a percentage of disposable personal income -- decreased from 1.6
percent in the fourth quarter to 0.6 percent in the first.


Current-dollar GDP

    Current-dollar GDP --  the market value of the nation's output of goods and services -- increased
6.4 percent, or $187.9 billion, in the first quarter to a level of $12,182.7 billion.  In the fourth quarter,
current-dollar GDP increased 6.2 percent, or $179.9 billion.



    Information on the assumptions used for unavailable source data is provided in a technical note
that is posted with the news release on BEA's Web site.  Within a few days after the release, a detailed
"Key Source Data and Assumptions" file is posted on the Web site.  In the middle of each month, an
analysis of the current quarterly estimates of GDP and related series is made available on the Web site;
click on Survey of Current Business, "Business Situation."  




                       *          *          *
                                  
                                  
                                  
    BEA's national, international, regional, and industry estimates; the Survey of Current Business;
and BEA news releases are available without charge on BEA's Web site at www.bea.gov.  By visiting
the site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.

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

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


                        *          *          *
                                  
                                  
                                  
              Next release -- May 26, 2005, at 8:30 A.M. EDT for:
              Gross Domestic Product:  First Quarter 2005 (Preliminary)
              Corporate Profits: First Quarter 2005




                    Comparisons of Revisions to GDP

    Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on
source data that are incomplete or subject to further revision by the source
agency, are released near the end of the first month after the end of
the quarter; as more detailed and more comprehensive data become available,
"preliminary" and "final" estimates are released near the end of the second and third months, respectively.  The
"latest" estimates reflect the results of both annual and comprehensive revisions.

    Annual revisions are usually carried out each summer and cover the quarters of the most recent calendar
year and of the 2 preceding years.  Comprehensive (or benchmark) revisions are carried out at about 5-year
intervals and incorporate definitional and classificational changes that update the accounts to portray more
accurately the evolving U.S. economy and statistical changes that update the accounts to reflect the introduction of
new and improved methodologies and the incorporation of newly available and revised source data.

    The table below shows comparisons of the revisions between quarterly percent changes of GDP for the
different vintages of the estimates.  These comparisons can be used to assess the likely size of future revisions.  For
example, two-thirds of the revisions between the quarterly change in the advance estimate of real GDP and that in
the final estimate were within a range of -0.6 to +0.9 percentage point.
Thus, based on past history, the first-quarter change in real GDP now
estimated at 3.1 percent at an annual rate, is not likely to be revised below
2.5 percent or above 4.0 percent in the next two releases.



Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
                           [Annual rates]


   Vintages                    Average without                     Range
   compared                    regard to sign           Two-thirds      Nine-tenths
                                                        of revisions    of revisions

                         Current-dollar GDP


Advance to preliminary.....      0.6                  -0.5 to 0.8       -0.9 to 1.4
Advance to final...........       .7                  - .6 to 1.0       -1.0 to 1.6
Preliminary to final.......       .3                  - .3 to  .4       - .6 to  .7
Advance to latest..........      1.3                  -1.0 to 1.8       -1.9 to 3.4
Preliminary to latest......      1.2                  - .9 to 1.7       -1.9 to 2.6
Final to latest............      1.3                  -1.0 to 1.9       -2.2 to 2.6

                                                             Real GDP

Advance to preliminary.....      0.5                  -0.5 to 0.7       -0.9 to 1.2
Advance to final...........       .6                  - .6 to  .9       -1.0 to 1.3
Preliminary to final.......       .3                  - .3 to  .4       - .5 to  .6
Advance to latest..........      1.5                  -1.1 to 2.1       -2.5 to 3.3
Preliminary to latest......      1.4                  -1.1 to 1.9       -2.0 to 2.9
Final to latest...........       1.5                  -1.2 to 2.1       -2.6 to 3.1

NOTE.--These comparisons are based on the period from 1978 through 2003 for the first three comparisons in each group and on the period from
1978 through 2001 for the last three comparisons in each group.


                                    Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2002   2003   2004  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    1.9    3.0    4.4    1.2   -1.4    1.6    3.4    2.4    2.6     .7    1.9    4.1    7.4    4.2    4.5    3.3    4.0    3.8    3.1

Personal consumption expenditures...    3.1    3.3    3.8    1.0    1.8    7.0    1.8    2.8    2.9    2.5    2.7    3.9    5.0    3.6    4.1    1.6    5.1    4.2    3.5
  Durable goods.....................    6.5    7.4    6.7    -.3    3.1   37.4   -8.5    4.4   14.0   -2.4    -.1   20.6   16.5    3.9    2.2    -.3   17.2    3.9     .0
  Nondurable goods..................    2.6    3.7    4.6    -.1    2.4    4.9    3.8     .8    -.6    5.3    5.0    1.6    6.9    5.1    6.7     .1    4.7    5.9    4.9
  Services..........................    2.6    2.2    2.8    1.8    1.2    2.3    3.3    3.5    2.4    2.2    2.1    1.8    1.9    2.8    3.3    2.7    3.0    3.4    3.6

Gross private domestic investment...   -2.4    4.4   13.2   -7.6  -10.5  -22.7   16.8     .3    4.1    -.5    -.8    3.5   22.4   13.9   12.3   19.0    2.4   13.3   12.5
  Fixed investment..................   -4.9    5.1   10.3   -8.7   -4.5  -10.6   -4.3   -3.5     .2    -.8    2.4   10.9   18.0   10.5    4.5   13.9    8.8   10.5    5.0
    Nonresidential..................   -8.9    3.3   10.6  -13.6   -6.8  -13.3   -9.7   -9.6   -1.1   -3.2    -.1   11.8   15.7   11.0    4.2   12.5   13.0   14.5    4.7
      Structures....................  -17.8   -5.6    1.4   -4.0    6.0  -33.2  -18.5  -22.6  -16.0   -6.6  -13.0   14.5   -1.3    7.9   -7.6    6.9   -1.1    2.1   -2.6
      Equipment and software........   -5.5    6.4   13.6  -16.9  -11.4   -4.2   -6.3   -4.5    4.6   -2.0    4.5   11.0   21.7   12.0    8.0   14.2   17.5   18.4    6.9
    Residential.....................    4.8    8.8    9.7    5.6    1.8   -3.7    9.3   11.3    2.8    4.2    7.5    9.1   22.4    9.6    5.0   16.5    1.6    3.4    5.7
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................   -2.3    1.9    8.6  -12.7  -18.2  -10.8    4.7   11.0    3.1   -4.2   -1.5   -1.6   11.3   17.5    7.3    7.3    6.0    3.2    7.0
    Goods...........................   -4.1    2.2    8.8  -17.1  -20.0   -8.8   -1.9   14.0    2.9  -10.2    4.0    -.8   10.1   16.1    9.1    6.0    9.5    1.9    9.3
    Services........................    1.8    1.4    8.0    -.7  -13.7  -15.3   21.7    4.5    3.5   10.5  -12.7   -3.4   14.1   20.6    3.4   10.2   -1.8    6.2    1.8
  Imports...........................    3.4    4.4    9.9  -12.6  -10.3   -3.4   12.5   11.4    5.4    9.6   -2.0    2.5    2.8   17.1   10.6   12.6    4.6   11.4   14.7
    Goods...........................    3.7    4.7   10.8  -16.9   -8.6   -2.0   10.1   15.3    5.9    8.2   -1.8    5.1     .0   18.4   12.7   13.0    5.0   14.9   16.1
    Services........................    1.9    3.1    5.8   12.8  -18.3  -10.4   24.7   -5.8    2.8   16.6   -2.6   -9.4   17.9   11.1    1.2   10.6    2.8   -5.2    7.5

Government consumption expenditures
 and gross investment...............    4.4    2.8    1.9    7.9   -1.5    8.5    4.7    4.4    2.1    4.0     .2    7.2     .1    1.6    2.5    2.2     .7     .9     .6
  Federal...........................    7.5    6.6    4.7    9.1     .0    8.8    8.2   12.8    2.9    9.1     .3   22.1   -3.3    4.8    7.1    2.7    4.8    1.2     .6
    National defense................    7.7    9.0    7.3    4.3    2.4   12.5    5.8   11.5    3.4   13.5   -2.7   38.4   -7.7   11.6   10.6    1.9   10.1    -.6     .2
    Nondefense......................    7.1    2.4    -.5   18.0   -3.9    2.3   12.6   15.0    1.9    1.6    6.2   -3.9    5.8   -7.5     .2    4.4   -5.3    5.3    1.3
  State and local...................    2.8     .7     .4    7.2   -2.3    8.4    2.9     .3    1.7    1.4     .1    -.4    2.2    -.1     .0    1.9   -1.7     .6     .5

Addenda:
  Final sales of domestic product...    1.4    3.1    4.0    1.0    -.4    3.8     .3    1.8    2.0     .7    2.4    5.2    6.8    3.7    3.3    2.5    5.0    3.4    1.9
  Gross domestic purchases..........    2.5    3.3    4.8     .7    -.8    2.2    4.4    2.8    2.9    2.4    1.7    4.4    6.4    4.7    5.0    4.2    3.9    5.0    4.4
  Final sales to domestic
   purchasers.......................    2.1    3.4    4.4     .5     .2    4.3    1.4    2.2    2.4    2.3    2.2    5.4    5.9    4.2    3.9    3.5    4.9    4.5    3.2
  Gross national product (GNP)......    1.7    3.3    4.3    1.5   -2.5    3.9    1.4    2.1    3.0    1.4    1.7    4.4    7.6    5.5    3.9    1.9    4.0    3.5  .....
  Disposable personal income........    3.1    2.3    3.5   -1.7   11.5   -5.6   10.8    2.7   -1.7     .2    1.8    4.3    8.2    1.4    2.4    2.8    2.9    8.3    -.3

  Current-dollar measures:
    GDP.............................    3.5    4.9    6.6    4.4     .2    3.6    4.5    4.2    3.9    2.7    4.9    5.3    8.8    5.7    7.4    6.6    5.5    6.2    6.4
    Final sales of domestic product.    3.1    5.1    6.2    4.2    1.2    5.5    1.7    3.3    3.7    2.7    5.3    6.3    8.4    5.4    6.1    5.8    6.5    5.7    5.2
    Gross domestic purchases........    4.0    5.4    7.3    3.0     .2    3.1    5.3    5.6    4.4    4.3    5.7    4.8    8.1    5.9    8.6    7.9    5.9    8.1    7.5
    Final sales to domestic
     purchasers.....................    3.6    5.5    6.9    2.8    1.2    4.9    2.6    4.7    4.2    4.3    6.0    5.8    7.7    5.7    7.4    7.1    6.9    7.6    6.3
    GNP.............................    3.4    5.2    6.5    4.6    -.8    6.0    2.4    3.9    4.3    3.4    4.6    5.6    9.0    7.0    6.8    5.2    5.6    5.9  .....
    Disposable personal income......    4.6    4.2    5.8     .8   12.1   -5.0   11.8    5.7     .2    1.5    5.1    5.0    9.9    2.6    5.8    6.0    4.2   11.2    1.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                                Table 2.--Contributions to Percent Change in Real Gross Domestic Product
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2002   2003   2004  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:

    Gross domestic product..........    1.9    3.0    4.4    1.2   -1.4    1.6    3.4    2.4    2.6     .7    1.9    4.1    7.4    4.2    4.5    3.3    4.0    3.8    3.1

Percentage points at annual rates:

  Personal consumption expenditures.   2.14   2.29   2.65    .67   1.20   4.71   1.32   1.98   2.02   1.74   1.84   2.72   3.58   2.50   2.90   1.10   3.57   2.92   2.45

    Durable goods...................    .56    .63    .57   -.03    .26   2.81   -.79    .37   1.16   -.21   -.01   1.64   1.38    .33    .19   -.02   1.37    .33    .00
      Motor vehicles and parts......    .22    .22    .12   -.17    .16   2.24  -1.34    .13   1.09   -.50   -.22    .86    .53   -.07   -.23   -.24    .98   -.02   -.42
      Furniture and household
       equipment....................    .26    .27    .34    .16    .15    .39    .41    .20    .04    .20    .07    .51    .62    .28    .32    .22    .33    .21    .31
      Other.........................    .08    .15    .11   -.03   -.06    .18    .14    .04    .03    .08    .14    .27    .23    .12    .10    .00    .06    .13    .11

    Nondurable goods................    .51    .73    .91   -.03    .47    .95    .76    .15   -.12   1.03    .97    .31   1.38   1.01   1.33    .03    .94   1.19    .98
      Food..........................    .18    .37    .47    .05    .09    .18    .26    .29   -.02    .31    .62    .26    .57    .25    .77    .22    .42    .74    .48
      Clothing and shoes............    .12    .12    .19    .05    .04    .27    .25   -.01   -.12    .30   -.02    .23    .27    .11    .43   -.15    .16    .27    .11
      Gasoline, fuel oil, and other
       energy goods.................    .02    .01   -.01   -.33    .11    .24    .00   -.14   -.01    .21    .01   -.29    .10    .33   -.04   -.29    .05   -.02    .16
      Other.........................    .17    .23    .26    .21    .23    .27    .24    .01    .03    .21    .37    .12    .43    .32    .17    .25    .30    .20    .23

    Services........................   1.08    .93   1.17    .73    .47    .95   1.36   1.46    .98    .93    .87    .77    .83   1.15   1.39   1.10   1.26   1.41   1.46
      Housing.......................    .29    .15    .19    .28    .21    .26    .42    .33    .19    .13    .12    .11    .16    .09    .23    .21    .25    .24    .26
      Household operation...........    .03    .06    .10   -.35    .03   -.15    .09    .24    .01    .16    .01   -.11    .08    .29    .13   -.03    .05    .21    .15
        Electricity and gas.........    .04    .03    .03   -.44    .00   -.07    .11    .19    .04    .19   -.04   -.19    .01    .25    .05   -.13   -.01    .18    .10
        Other household operation...   -.01    .04    .07    .09    .02   -.08   -.02    .05   -.03   -.03    .05    .08    .07    .04    .07    .09    .06    .02    .06
      Transportation................   -.08   -.02    .03   -.06   -.22   -.17    .01   -.04   -.10   -.01    .05   -.07   -.02   -.01    .05    .08    .04    .11    .05
      Medical care..................    .66    .46    .44    .49    .70    .67    .74    .63    .59    .55    .39    .40    .40    .36    .38    .52    .59    .50    .54
      Recreation....................    .07    .09    .09   -.03    .02    .07    .13    .05    .04    .11    .08    .13    .07    .11    .17    .01    .08   -.04    .13
      Other.........................    .11    .20    .32    .39   -.25    .28   -.03    .24    .25   -.02    .23    .31    .15    .31    .43    .32    .24    .39    .33

  Gross private domestic investment.   -.37    .66   2.00  -1.28  -1.76  -3.95   2.34    .05    .61   -.06   -.10    .54   3.16   2.04   1.86   2.85    .40   2.11   2.03

    Fixed investment................   -.80    .76   1.56  -1.51   -.75  -1.81   -.71   -.55    .02   -.13    .35   1.55   2.59   1.57    .69   2.07   1.37   1.65    .82
      Nonresidential................  -1.02    .33   1.05  -1.76   -.83  -1.63  -1.13  -1.06   -.12   -.33   -.01   1.10   1.50   1.07    .42   1.21   1.27   1.46    .49
        Structures..................   -.57   -.15    .03   -.14    .19  -1.27   -.59   -.70   -.45   -.17   -.33    .32   -.03    .18   -.19    .16   -.03    .05   -.06
        Equipment and software......   -.45    .48   1.01  -1.62  -1.02   -.35   -.53   -.36    .33   -.16    .32    .78   1.53    .89    .61   1.05   1.30   1.41    .56
          Information processing
           equipment and software...   -.18    .45    .62   -.93   -.53   -.21   -.29    .04    .38   -.15    .59    .51   1.04    .61    .62    .55    .30    .68    .93
            Computers and peripheral
             equipment..............    .09    .24    .22   -.22   -.26    .19    .18    .03    .25    .08    .25    .30    .39    .25    .06    .22    .18    .41    .41
            Software................   -.10    .07    .18   -.30   -.07   -.19   -.14   -.03    .11   -.16    .12    .07    .28    .14    .24    .13    .10    .30    .28
            Other...................   -.16    .14    .22   -.42   -.20   -.21   -.33    .04    .02   -.08    .23    .14    .36    .22    .33    .20    .02   -.03    .24
          Industrial equipment......   -.08    .00    .07   -.48   -.27   -.21    .24   -.21    .02   -.05    .09   -.02    .04   -.06    .08    .03    .31    .10    .04
          Transportation equipment..   -.17   -.04    .15   -.03   -.27    .26   -.39   -.38   -.09    .00   -.31    .25    .14    .14   -.20    .28    .41    .46   -.31
          Other equipment...........   -.02    .06    .19   -.19    .05   -.19   -.10    .18    .02    .04   -.06    .03    .31    .20    .10    .20    .28    .16   -.10
      Residential...................    .22    .43    .51    .25    .08   -.18    .42    .51    .13    .20    .36    .44   1.09    .50    .27    .86    .09    .19    .32

    Change in private inventories...    .42   -.10    .44    .23  -1.02  -2.14   3.05    .60    .59    .07   -.45  -1.01    .57    .47   1.17    .78   -.97    .46   1.21
      Farm..........................   -.01    .02    .04   -.28    .09   -.23    .37   -.47    .24    .02    .06   -.07    .06    .19    .06   -.10    .07   -.08   -.11
      Nonfarm.......................    .44   -.12    .41    .51  -1.11  -1.91   2.69   1.07    .36    .05   -.51   -.94    .52    .29   1.10    .88  -1.04    .54   1.33

  Net exports of goods and services.   -.70   -.43   -.59    .49   -.56   -.66  -1.10   -.46   -.43  -1.69    .14   -.50    .64   -.66   -.76  -1.06   -.10  -1.35  -1.49

    Exports.........................   -.24    .18    .82  -1.45  -2.04  -1.11    .43    .99    .29   -.42   -.15   -.15   1.02   1.55    .70    .70    .59    .32    .69
      Goods.........................   -.29    .14    .59  -1.43  -1.60   -.63   -.13    .87    .19   -.72    .25   -.06    .64   1.00    .60    .41    .64    .14    .64
      Services......................    .05    .04    .23   -.02   -.44   -.48    .56    .13    .10    .30   -.40   -.10    .39    .56    .10    .30   -.06    .18    .06

    Imports.........................   -.46   -.61  -1.40   1.94   1.48    .45  -1.53  -1.45   -.72  -1.27    .29   -.34   -.39  -2.22  -1.46  -1.77   -.69  -1.67  -2.19
      Goods.........................   -.42   -.54  -1.27   2.23   1.02    .21  -1.04  -1.59   -.65   -.91    .22   -.58    .00  -1.96  -1.43  -1.52   -.62  -1.80  -2.00
      Services......................   -.04   -.07   -.14   -.28    .47    .25   -.49    .14   -.06   -.36    .06    .24   -.39   -.26   -.03   -.25   -.07    .13   -.18

  Government consumption expenditures
   and gross investment.............    .79    .52    .37   1.35   -.28   1.48    .85    .81    .40    .75    .05   1.35    .03    .31    .48    .41    .13    .16    .10

    Federal.........................    .46    .43    .32    .52    .00    .51    .49    .78    .19    .58    .04   1.40   -.23    .33    .48    .18    .33    .09    .04
      National defense..............    .30    .38    .33    .16    .09    .46    .23    .45    .14    .54   -.11   1.49   -.36    .50    .47    .09    .45   -.03    .01
        Consumption expenditures....    .25    .33    .25    .06    .03    .45    .22    .29    .04    .63   -.16   1.39   -.40    .42    .29    .16    .38   -.20    .23
        Gross investment............    .06    .05    .08    .10    .06    .02    .00    .16    .11   -.09    .05    .10    .03    .09    .19   -.08    .07    .17   -.23
      Nondefense....................    .16    .06   -.01    .36   -.09    .05    .27    .33    .05    .04    .15   -.09    .13   -.18    .00    .10   -.12    .11    .03
       Consumption expenditures.....    .14    .05   -.03    .26    .01    .04    .19    .23    .12    .07    .14   -.23    .23   -.18   -.01   -.01   -.05    .08    .04
       Gross investment.............    .02    .01    .01    .10   -.10    .01    .07    .10   -.07   -.03    .00    .13   -.10    .01    .01    .11   -.07    .03   -.01

    State and local.................    .33    .09    .05    .83   -.28    .97    .36    .03    .21    .17    .02   -.05    .26   -.02    .00    .23   -.20    .07    .06
        Consumption expenditures....    .21    .07    .05    .24    .39    .38    .10    .16    .11    .14    .02    .04    .01    .08    .02    .00    .12    .11    .06
        Gross investment............    .12    .02    .00    .59   -.67    .59    .26   -.13    .09    .02    .00   -.09    .25   -.10   -.02    .23   -.32   -.03    .00

Addenda:
    Goods...........................    .41   1.41   2.38   -.41  -1.89    .88   1.38    .31   1.54  -1.05   1.39   1.32   5.45   1.90   2.65    .82   2.67   1.99   1.23
    Services........................   1.69   1.35   1.54    .98    .93   1.58   1.94   2.39   1.29   1.71    .54   2.11    .67   1.77   1.76   1.30   1.59   1.71   1.67
    Structures......................   -.24    .29    .52    .66   -.44   -.87    .09   -.32   -.23    .08    .00    .67   1.29    .52    .07   1.19   -.25    .14    .19
    Motor vehicle output............    .39    .19    .20   1.03   -.20    .69    .25    .35    .62    .22   -.46    .11    .84    .11    .30   -.58    .34    .86    .17
    Final sales of computers........    .08    .31    .20   -.13   -.21    .19   -.02    .10    .31    .23    .25    .28    .64    .26    .00    .00    .18    .56    .56
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                      Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                               Billions of current dollars                                      Billions of chained (2000) dollars
                                  ------------------------------------------------------  -------------------------------------------------------------------------------
                                                        Seasonally adjusted                                    Seasonally adjusted                Change from preceding
                                                          at annual rates                                        at annual rates                          period
                                            --------------------------------------------          --------------------------------------------  -------------------------
                                       2004     I 04    II 04   III 04    IV 04     I 05     2004     I 04    II 04   III 04    IV 04     I 05     2004    IV 04     I 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
     Gross domestic product....... 11,735.0 11,472.6 11,657.5 11,814.9 11,994.8 12,182.7 10,841.9 10,697.5 10,784.7 10,891.0 10,994.3 11,078.2    460.6    103.3     83.9

Personal consumption expenditures.  8,229.9  8,060.2  8,153.8  8,282.5  8,423.3  8,541.3  7,632.5  7,543.0  7,572.4  7,667.8  7,747.0  7,814.2    276.9     79.2     67.2

  Durable goods...................    993.9    976.3    975.5  1,007.0  1,017.0  1,019.2  1,099.3  1,075.5  1,074.7  1,118.3  1,129.0  1,129.0     68.7     10.7       .0
    Motor vehicles and parts......    447.8    438.4    432.5    458.4    461.8    455.3    465.9    456.7    449.6    478.9    478.3    465.3     13.8      -.6    -13.0
    Furniture and household
     equipment....................    351.3    345.0    348.6    353.8    357.8    363.7    439.4    425.6    433.3    445.4    453.3    465.1     45.9      7.9     11.8
    Other.........................    194.9    193.0    194.4    194.7    197.4    200.2    198.7    196.9    196.8    198.5    202.5    206.0     12.2      4.0      3.5

  Nondurable goods................  2,377.0  2,316.6  2,354.6  2,387.2  2,449.7  2,486.5  2,208.5  2,187.3  2,188.0  2,213.2  2,245.3  2,272.2     96.1     32.1     26.9
    Food..........................  1,150.3  1,120.3  1,137.5  1,157.0  1,186.3  1,203.6  1,043.3  1,028.4  1,034.3  1,045.4  1,065.0  1,078.0     48.2     19.6     13.0
    Clothing and shoes............    326.5    325.0    322.9    325.2    332.9    337.0    352.4    351.2    346.5    351.6    360.2    363.9     22.2      8.6      3.7
    Gasoline, fuel oil, and other
     energy goods.................    244.9    229.7    243.2    245.4    261.4    267.1    197.3    202.1    195.0    196.3    195.8    199.3       .0      -.5      3.5
    Other.........................    655.3    641.5    651.0    659.6    669.0    678.8    617.1    606.6    613.4    621.4    626.8    633.2     27.5      5.4      6.4

  Services........................  4,859.0  4,767.3  4,823.8  4,888.2  4,956.6  5,035.6  4,338.3  4,291.7  4,320.0  4,352.4  4,389.2  4,427.8    118.0     36.8     38.6
    Housing.......................  1,239.0  1,215.4  1,232.7  1,247.3  1,260.5  1,277.4  1,094.9  1,086.0  1,091.5  1,097.9  1,104.1  1,111.0     18.8      6.2      6.9
    Household operation...........    452.0    445.6    447.6    453.5    461.2    470.9    410.6    409.3    408.4    409.7    415.1    419.2     10.4      5.4      4.1
      Electricity and gas.........    177.9    175.7    174.3    177.4    184.3    190.2    150.5    151.9    148.8    148.5    153.0    155.3      3.3      4.5      2.3
      Other household operation...    274.1    270.0    273.3    276.1    277.0    280.8    260.0    257.1    259.7    261.4    262.0    263.6      7.0       .6      1.6
    Transportation................    301.7    297.8    300.5    302.6    305.9    309.2    280.9    278.1    280.1    281.3    284.1    285.6      3.2      2.8      1.5
    Medical care..................  1,391.7  1,356.8  1,379.1  1,404.4  1,426.7  1,454.0  1,228.5  1,207.9  1,221.0  1,236.1  1,249.1  1,263.3     44.2     13.0     14.2
    Recreation....................    335.1    330.8    333.0    337.4    339.1    344.8    299.3    298.3    298.5    300.6    299.6    302.9      9.0     -1.0      3.3
    Other.........................  1,139.5  1,120.9  1,130.9  1,143.1  1,163.2  1,179.2  1,023.1  1,011.2  1,019.4  1,025.7  1,035.9  1,044.6     32.4     10.2      8.7

Gross private domestic investment.  1,927.3  1,819.7  1,920.7  1,947.0  2,021.9  2,098.5  1,843.5  1,764.5  1,842.9  1,853.9  1,912.6  1,969.7    214.7     58.7     57.1

  Fixed investment................  1,884.0  1,783.5  1,861.7  1,915.4  1,975.3  2,016.1  1,794.4  1,721.4  1,778.3  1,816.1  1,861.9  1,884.9    167.1     45.8     23.0
    Nonresidential................  1,220.5  1,158.8  1,198.5  1,238.5  1,286.3  1,310.0  1,228.6  1,173.0  1,207.9  1,245.3  1,288.3  1,303.0    117.8     43.0     14.7
      Structures..................    278.2    266.0    275.5    281.2    290.0    295.6    240.7    237.7    241.7    241.0    242.3    240.7      3.3      1.3     -1.6
      Equipment and software......    942.4    892.8    923.1    957.3    996.3  1,014.4    998.6    943.7    975.5  1,015.6  1,059.5  1,077.2    119.4     43.9     17.7
        Information processing
         equipment and software...    484.2    468.5    480.9    486.3    500.9    524.4    571.9    547.0    565.4    575.6    599.5    633.0     79.5     23.9     33.5
          Computers and peripheral
           equipment..............    111.0    104.4    108.8    111.1    119.8    126.3    .....    .....    .....    .....    .....    .....    .....    .....    .....
          Software................    182.4    176.8    180.0    182.9    190.0    199.3    192.4    185.6    189.5    192.7    201.9    210.8     21.2      9.2      8.9
          Other...................    190.7    187.4    192.2    192.2    191.1    198.7    204.8    200.2    206.2    206.8    205.9    213.5     25.4      -.9      7.6
        Industrial equipment......    150.7    143.1    145.0    155.2    159.6    162.7    144.6    139.0    139.7    148.5    151.3    152.3      7.0      2.8      1.0
        Transportation equipment..    149.6    134.5    143.2    153.0    167.5    158.9    136.8    122.7    130.0    141.0    153.5    145.1     15.2     12.5     -8.4
        Other equipment...........    157.9    146.6    153.9    162.7    168.3    168.3    151.1    142.1    147.5    155.2    159.7    156.8     19.9      4.5     -2.9
    Residential...................    663.4    624.6    663.2    677.0    688.9    706.1    560.7    542.5    563.6    565.9    570.6    578.6     49.5      4.7      8.0

  Change in private inventories...     43.4     36.2     59.0     31.6     46.7     82.4     45.7     40.0     61.1     34.5     47.2     80.2     46.5     12.7     33.0
    Farm..........................     -1.1      1.0     -2.4      -.2     -2.6     -6.4      3.4      5.1      3.0      3.8      1.7      -.8      3.1     -2.1     -2.5
    Nonfarm.......................     44.4     35.2     61.4     31.8     49.3     88.8     42.4     34.5     58.8     30.4     45.9     82.5     43.5     15.5     36.6

Net exports of goods and services.   -606.2   -546.8   -591.3   -611.8   -674.8   -717.6   -583.7   -550.1   -580.3   -583.2   -621.1   -663.2    -65.2    -37.9    -42.1

  Exports.........................  1,175.5  1,134.3  1,167.6  1,189.5  1,210.4  1,244.7  1,120.3  1,095.4  1,114.8  1,131.1  1,140.0  1,159.5     88.5      8.9     19.5
    Goods.........................    820.3    790.3    812.2    833.4    845.5    873.8    785.5    767.2    778.4    796.3    800.1    818.1     63.8      3.8     18.0
    Services......................    355.1    344.1    355.4    356.1    365.0    370.9    334.6    328.1    336.2    334.6    339.7    341.2     24.7      5.1      1.5

  Imports.........................  1,781.6  1,681.2  1,758.9  1,801.2  1,885.2  1,962.3  1,704.0  1,645.5  1,695.1  1,714.3  1,761.2  1,822.7    153.7     46.9     61.5
    Goods.........................  1,490.8  1,399.2  1,470.1  1,506.9  1,587.2  1,656.1  1,448.2  1,394.1  1,437.4  1,454.9  1,506.3  1,563.6    140.9     51.4     57.3
    Services......................    290.8    282.0    288.8    294.4    298.1    306.2    257.3    252.4    258.9    260.7    257.3    262.0     14.0     -3.4      4.7

Government consumption expenditures
 and gross investment.............  2,183.9  2,139.5  2,174.3  2,197.2  2,224.5  2,260.6  1,946.5  1,935.8  1,946.5  1,949.9  1,954.0  1,956.7     37.1      4.1      2.7

  Federal.........................    809.9    793.3    804.4    817.4    824.6    841.2    721.7    713.3    718.1    726.6    728.8    729.8     32.1      2.2      1.0
    National defense..............    547.9    534.1    541.2    557.0    559.4    570.3    484.9    477.6    479.9    491.5    490.7    491.0     33.1      -.8       .3
      Consumption expenditures....    477.5    465.2    473.6    487.1    484.0    501.4    415.0    408.5    412.5    422.1    417.0    423.0     24.7     -5.1      6.0
      Gross investment............     70.4     69.0     67.6     69.8     75.3     68.9     70.6     69.9     67.7     69.8     74.9     68.1      9.0      5.1     -6.8
    Nondefense....................    262.0    259.1    263.2    260.4    265.2    270.9    236.4    235.4    237.9    234.7    237.7    238.5     -1.2      3.0       .8
      Consumption expenditures....    227.0    225.9    226.6    225.9    229.5    235.3    201.4    201.8    201.5    200.2    202.3    203.2     -2.6      2.1       .9
      Gross investment............     35.0     33.2     36.5     34.5     35.7     35.6     35.2     33.6     36.8     34.6     35.6     35.4      1.7      1.0      -.2

  State and local.................  1,373.9  1,346.3  1,369.9  1,379.8  1,399.9  1,419.4  1,224.8  1,222.4  1,228.3  1,223.2  1,225.1  1,226.8      5.0      1.9      1.7
      Consumption expenditures....  1,099.7  1,079.8  1,091.8  1,105.5  1,121.6  1,135.6    973.7    971.5    971.5    974.6    977.3    978.9      4.7      2.7      1.6
      Gross investment............    274.3    266.4    278.0    274.3    278.3    283.7    251.1    251.0    257.1    248.6    247.8    247.9       .2      -.8       .1

Residual..........................    .....    .....    .....    .....    .....    .....    -42.2    -31.3    -35.6    -44.5    -57.1    -69.4    .....    .....    .....

Addenda:
  Final sales of domestic product. 11,691.6 11,436.4 11,598.5 11,783.3 11,948.2 12,100.3 10,794.6 10,655.8 10,722.3 10,854.7 10,945.5 10,996.2    414.7     90.8     50.7
  Gross domestic purchases........ 12,341.1 12,019.4 12,248.8 12,426.6 12,669.7 12,900.4 11,418.8 11,241.9 11,358.1 11,467.4 11,607.6 11,732.7    523.1    140.2    125.1
  Final sales to domestic
   purchasers..................... 12,297.8 11,983.2 12,189.8 12,395.1 12,623.0 12,818.0 11,371.3 11,200.1 11,295.5 11,430.9 11,558.6 11,650.6    477.1    127.7     92.0

  Gross domestic product.......... 11,735.0 11,472.6 11,657.5 11,814.9 11,994.8 12,182.7 10,841.9 10,697.5 10,784.7 10,891.0 10,994.3 11,078.2    460.6    103.3     83.9
  Plus: Income receipts from
   the rest of the world..........    405.8    373.8    388.0    406.8    454.7    .....    375.5    349.6    359.8    375.5    416.9    .....     63.6     41.4    .....
  Less: Income payments to
   the rest of the world..........    361.9    300.3    351.9    368.6    426.7    .....    334.3    280.3    325.8    339.9    391.0    .....     75.1     51.1    .....
  Equals: Gross national product.. 11,778.9 11,546.1 11,693.6 11,853.0 12,022.8    ..... 10,883.0 10,766.7 10,818.7 10,926.5 11,020.1    .....    449.1     93.6    .....

  Net domestic product............ 10,327.6 10,117.6 10,282.3 10,316.9 10,593.6 10,775.1  9,452.8  9,344.1  9,424.1  9,426.4  9,616.7  9,691.1    407.0    190.3     74.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series.  For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
  See "Explanatory Note" at the end of the tables.

                              Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2002   2003   2004  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP).    1.7    1.8    2.2    3.1    1.6    1.7    1.4    1.5    1.7    2.0    2.7    1.1    1.4    1.6    2.8    3.2    1.4    2.3    3.3

Personal consumption expenditures...    1.4    1.9    2.2    2.6     .6     .6     .9    2.9    2.0    1.4    3.2     .7    1.6    1.2    3.3    3.1    1.3    2.7    2.1
  Durable goods.....................   -2.7   -3.4   -2.0   -3.1   -2.8   -1.6   -3.8   -2.5   -2.1   -2.8   -3.7   -3.8   -4.4   -4.3     .0    -.1   -3.1     .1     .9
  Nondurable goods..................     .6    2.0    3.3    3.5    -.9   -4.0     .0    5.4    1.3    1.2    5.1   -2.2    3.5     .5    5.3    6.6     .9    4.7    1.2
  Services..........................    2.7    3.0    2.5    3.4    2.0    3.3    2.3    2.8    3.2    2.4    3.8    3.1    2.0    2.7    3.0    2.1    2.3    2.2    2.9

Gross private domestic investment...     .2    1.1    2.5    1.5    2.1     .2   -1.0    -.1    -.5    2.6    1.4    -.1    1.2    2.7    2.1    4.4    2.9    2.4    3.3
  Fixed investment..................     .2    1.2    2.5    1.8    2.2     .1   -1.1    -.1    -.4    2.7    1.9    -.3    1.2    2.8    2.0    4.3    3.0    2.4    3.3
    Nonresidential..................    -.8    -.4     .8     .6     .3   -1.0   -1.3   -1.1   -1.3     .6    -.5   -1.3     .3    1.2     .3    1.7     .9    1.6    2.8
      Structures....................    2.4    2.1    4.9    6.5    6.6    2.1     .0    2.1    1.6    3.0    3.9     .0    1.3    1.4    4.8    7.6    9.8   10.9   10.7
      Equipment and software........   -1.9   -1.2    -.4   -1.5   -2.0   -2.2   -1.7   -2.2   -2.2    -.1   -1.9   -1.7     .0    1.2   -1.1     .1   -1.6    -.9     .6
    Residential.....................    2.5    4.4    5.7    5.0    6.9    2.8    -.8    2.1    1.6    7.1    6.8    1.7    3.1    5.8    5.4    9.1    6.8    3.8    4.4
  Change in private inventories.....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....

Net exports of goods and services...  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....  .....
  Exports...........................    -.4    2.1    3.5   -1.3   -2.0   -3.5   -1.2    3.0    3.0     .4    4.1    1.0     .8    3.2    5.7    4.6    1.6    3.9    4.5
    Goods...........................    -.7    2.0    3.8   -1.6   -2.6   -3.8   -1.4    2.2    3.3     .5    3.5    1.6    -.6    4.2    6.4    5.3    1.2    3.9    4.4
    Services........................     .4    2.4    2.8    -.7    -.6   -2.8    -.6    4.8    2.4     .3    5.4    -.6    4.0     .9    4.0    3.2    2.7    3.9    4.7
  Imports...........................   -1.2    3.4    4.9   -5.9   -5.3  -10.0   -1.9   10.5    3.4     .5   11.3   -4.3    2.6     .9    9.6    6.4    5.1    7.7    2.3
    Goods...........................   -1.8    2.9    4.9   -6.6   -6.5  -11.3   -2.0   10.8    2.6     .4   12.0   -6.7    2.4     .4    9.9    7.8    5.2    7.1    2.1
    Services........................    1.7    5.9    4.9   -2.2    1.2   -3.3   -1.2    8.8    7.7     .9    7.9    8.4    3.6    3.5    8.3    -.5    5.0   10.9    3.6

Government consumption expenditures
 and gross investment...............    2.7    3.2    3.2    1.8    1.6    1.1    4.2    3.1    2.7    3.3    7.4    -.5    2.2    1.0    5.1    4.3    3.6    4.2    6.1
  Federal...........................    3.3    3.6    2.9    1.1    2.2    1.8    7.4    1.4    1.8    5.1    8.5     .3    1.1    1.0    6.6    3.0    1.7    2.3    7.7
    National defense................    3.4    4.2    2.8     .7    2.5     .8    7.1    1.6    2.9    7.7    8.6    -.3    1.1    1.3    5.7    3.5    1.9    2.4    7.8
    Nondefense......................    3.1    2.6    3.0    1.8    1.6    3.4    8.0    1.1    -.2     .5    8.2    1.4    1.0     .3    8.3    1.9    1.3    2.2    7.5
  State and local...................    2.4    3.0    3.4    2.1    1.3     .8    2.5    4.0    3.2    2.4    6.8   -1.0    2.9    1.0    4.2    5.2    4.7    5.3    5.1

Addenda:
  Final sales of domestic product...    1.7    1.8    2.2    3.2    1.6    1.7    1.3    1.5    1.7    2.0    2.8    1.1    1.4    1.6    2.7    3.2    1.4    2.3    3.3
  Gross domestic purchases..........    1.5    2.0    2.4    2.3    1.0     .6    1.2    2.5    1.8    1.9    3.7     .4    1.7    1.4    3.4    3.5    1.9    2.9    3.0
  Final sales to domestic
   purchasers.......................    1.5    2.0    2.4    2.3    1.0     .6    1.1    2.5    1.8    1.9    3.8     .3    1.7    1.4    3.4    3.5    1.9    2.9    3.0
  Gross national product (GNP)......    1.6    1.8    2.2    3.1    1.6    1.7    1.3    1.5    1.7    2.0    2.7    1.1    1.5    1.6    2.8    3.2    1.4    2.3  .....

  Implicit price deflators:
    GDP.............................    1.7    1.8    2.1    3.1    1.7    2.0    1.0    1.8    1.3    2.0    2.9    1.1    1.3    1.4    2.7    3.2    1.4    2.3    3.2
    Gross domestic purchases........    1.5    2.0    2.4    2.2    1.1     .9     .8    2.8    1.4    1.9    3.9     .4    1.6    1.2    3.4    3.5    2.0    2.9    3.0
    GNP.............................    1.6    1.8    2.1    3.1    1.7    2.0    1.0    1.8    1.3    2.0    2.9    1.1    1.3    1.4    2.7    3.2    1.5    2.3  .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                      Table 5.--Real Gross Domestic Product, Quantity Indexes
                                                     [Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Seasonally adjusted
                                                                                ---------------------------------------------------
                                                  2002       2003       2004       I 04      II 04     III 04      IV 04       I 05
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    102.626    105.749    110.440    108.969    109.858    110.941    111.993    112.847

Personal consumption expenditures..........    105.698    109.143    113.253    111.925    112.360    113.776    114.951    115.949
  Durable goods............................    111.150    119.378    127.338    124.572    124.482    129.529    130.768    130.774
  Nondurable goods.........................    104.630    108.481    113.417    112.331    112.367    113.659    115.310    116.692
  Services.................................    105.085    107.418    110.423    109.237    109.955    110.782    111.717    112.701

Gross private domestic investment..........     89.928     93.852    106.223    101.672    106.191    106.823    110.207    113.498
  Fixed investment.........................     92.253     96.924    106.877    102.529    105.913    108.170    110.897    112.267
    Nonresidential.........................     87.302     90.157     99.720     95.204     98.041    101.075    104.560    105.757
      Structures...........................     80.346     75.810     76.844     75.886     77.171     76.958     77.359     76.859
      Equipment and software...............     89.947     95.679    108.670    102.699    106.157    110.524    115.299    117.226
    Residential............................    105.178    114.392    125.457    121.400    126.122    126.628    127.680    129.472
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............     92.343     94.116    102.195     99.924    101.690    103.176    103.991    105.763

Imports of goods and services..............    100.585    105.048    115.468    111.504    114.862    116.167    119.340    123.507

Government consumption expenditures and
 gross investment..........................    107.918    110.906    113.066    112.443    113.062    113.259    113.500    113.656
  Federal..................................    111.725    119.140    124.695    123.249    124.068    125.539    125.922    126.098
  State and local..........................    105.999    106.739    107.171    106.965    107.482    107.033    107.202    107.348

Addenda:
  Final sales of domestic product..........    103.102    106.346    110.595    109.173    109.854    111.211    112.141    112.660
  Gross domestic purchases.................    103.414    106.858    111.988    110.253    111.393    112.465    113.840    115.067
  Final sales to domestic purchasers.......    103.876    107.438    112.143    110.455    111.396    112.731    113.991    114.898
  Gross national product...................    102.494    105.865    110.421    109.241    109.769    110.863    111.812      .....
-----------------------------------------------------------------------------------------------------------------------------------
  See "Explanatory Note" at the end of the tables.

                                        Table 6.--Price Indexes for Gross Domestic Product
                                                     [Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                                   Seasonally adjusted
                                                                                ---------------------------------------------------
                                                  2002       2003       2004       I 04      II 04     III 04      IV 04       I 05
-----------------------------------------------------------------------------------------------------------------------------------
        Gross domestic product.............    104.097    106.003    108.298    107.314    108.169    108.551    109.159    110.038

Personal consumption expenditures
 (PCE).....................................    103.548    105.511    107.824    106.860    107.683    108.021    108.734    109.309
  Durable goods............................     95.475     92.244     90.378     90.741     90.725     90.008     90.039     90.235
  Nondurable goods.........................    102.097    104.154    107.626    105.914    107.616    107.869    109.106    109.436
  Services.................................    106.083    109.237    111.999    111.085    111.667    112.314    112.932    113.729

Gross private domestic investment..........    101.221    102.304    104.898    103.514    104.644    105.405    106.029    106.892
  Fixed investment.........................    101.232    102.435    104.978    103.618    104.709    105.482    106.101    106.974
    Nonresidential.........................     98.909     98.546     99.328     98.793     99.220     99.449     99.850    100.537
      Structures...........................    107.908    110.176    115.578    111.926    113.984    116.677    119.726    122.815
      Equipment and software...............     95.868     94.754     94.382     94.611     94.626     94.256     94.034     94.169
    Residential............................    107.246    111.951    118.338    115.179    117.710    119.674    120.787    122.082
  Change in private inventories............      .....      .....      .....      .....      .....      .....      .....      .....

Exports of goods and services..............     99.275    101.395    104.919    103.565    104.746    105.175    106.189    107.362

Imports of goods and services..............     96.326     99.615    104.508    102.163    103.760    105.066    107.042    107.658

Government consumption expenditures and
 gross investment..........................    105.313    108.702    112.187    110.522    111.703    112.682    113.841    115.530
  Federal..................................    105.288    109.081    112.213    111.203    112.020    112.491    113.138    115.257
  State and local..........................    105.317    108.485    112.180    110.131    111.524    112.802    114.265    115.698

Addenda:
  PCE excluding food and energy............    103.707    105.072    106.643    106.081    106.523    106.753    107.217    107.814
  Market-based PCE\1\......................    103.113    105.040    107.427    106.334    107.292    107.674    108.406    108.966
  Market-based PCE excluding food
   and energy\1\...........................    103.186    104.388    105.905    105.261    105.798    106.060    106.500    107.082
  Final sales of domestic product..........    104.100    106.025    108.310    107.332    108.178    108.561    109.168    110.048
  Gross domestic purchases.................    103.489    105.571    108.131    106.980    107.913    108.429    109.203    110.014
  Final sales to domestic purchasers.......    103.491    105.592    108.143    106.997    107.923    108.440    109.214    110.025
  Gross national product...................    104.087    105.997    108.295    107.308    108.164    108.549    109.158      .....

  Implicit price deflators:
    Gross domestic product.................    104.092    105.998    108.237    107.246    108.093    108.482    109.100    109.971
    Final sales of domestic product........    104.100    106.025    108.310    107.325    108.172    108.555    109.161    110.042
    Gross domestic purchases...............    103.484    105.566    108.077    106.916    107.842    108.364    109.149    109.952
    Final sales to domestic purchasers.....    103.491    105.592    108.148    106.992    107.917    108.435    109.208    110.020
    Gross national product.................    104.082    105.992    108.232    107.240    108.087    108.479    109.099      .....
-----------------------------------------------------------------------------------------------------------------------------------
  1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.  Percentage changes for these series are
included in the addenda to table 8 and appendix table A.
  See "Explanatory Note" at the end of the tables.

                                               Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                           1989    1990    1991    1992    1993    1994    1995    1996    1997    1998    1999    2000    2001    2002    2003    2004
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....     3.5     1.9     -.2     3.3     2.7     4.0     2.5     3.7     4.5     4.2     4.5     3.7      .8     1.9     3.0     4.4

Personal consumption expenditures......     2.8     2.0      .2     3.3     3.3     3.7     2.7     3.4     3.8     5.0     5.1     4.7     2.5     3.1     3.3     3.8
  Durable goods........................     2.2     -.3    -5.6     5.9     7.8     8.4     4.4     7.8     8.6    11.3    11.7     7.3     4.3     6.5     7.4     6.7
  Nondurable goods.....................     2.8     1.6     -.2     2.0     2.7     3.5     2.2     2.6     2.7     4.0     4.6     3.8     2.0     2.6     3.7     4.6
  Services.............................     3.0     2.9     1.7     3.5     2.8     2.9     2.6     2.9     3.3     4.2     4.0     4.5     2.4     2.6     2.2     2.8

Gross private domestic investment......     4.0    -3.4    -8.1     8.1     8.9    13.6     3.1     8.9    12.4     9.8     7.8     5.7    -7.9    -2.4     4.4    13.2
  Fixed investment.....................     3.0    -2.1    -6.5     5.9     8.6     9.3     6.5     9.0     9.2    10.2     8.3     6.5    -3.0    -4.9     5.1    10.3
    Nonresidential.....................     5.6      .5    -5.4     3.2     8.7     9.2    10.5     9.3    12.1    11.1     9.2     8.7    -4.2    -8.9     3.3    10.6
      Structures.......................     2.0     1.5   -11.1    -6.0     -.7     1.8     6.4     5.6     7.3     5.1     -.4     6.8    -2.3   -17.8    -5.6     1.4
      Equipment and software...........     7.3      .0    -2.6     7.3    12.5    11.9    12.0    10.6    13.8    13.3    12.7     9.4    -4.9    -5.5     6.4    13.6
    Residential........................    -3.0    -8.6    -9.6    13.8     8.2     9.6    -3.2     8.0     1.9     7.6     6.0      .8      .4     4.8     8.8     9.7
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................    11.5     9.0     6.6     6.9     3.2     8.7    10.1     8.4    11.9     2.4     4.3     8.7    -5.4    -2.3     1.9     8.6
    Goods..............................    11.9     8.4     6.9     7.5     3.3     9.7    11.7     8.8    14.3     2.2     3.8    11.2    -6.1    -4.1     2.2     8.8
    Services...........................    10.3    10.5     6.0     5.5     3.2     6.3     6.3     7.2     5.9     2.9     5.6     2.9    -3.7     1.8     1.4     8.0
  Imports..............................     4.4     3.6     -.6     7.0     8.8    11.9     8.0     8.7    13.6    11.6    11.5    13.1    -2.7     3.4     4.4     9.9
    Goods..............................     4.3     3.0     -.1     9.3    10.1    13.3     9.0     9.3    14.4    11.7    12.4    13.5    -3.2     3.7     4.7    10.8
    Services...........................     4.9     6.5    -2.6    -2.6     2.9     5.7     3.3     5.5     9.4    11.4     6.9    11.1     -.3     1.9     3.1     5.8

Government consumption expenditures
 and gross investment..................     2.6     3.2     1.1      .5     -.9      .0      .5     1.0     1.9     1.9     3.9     2.1     3.4     4.4     2.8     1.9
  Federal..............................     1.5     2.0     -.2    -1.7    -4.2    -3.7    -2.7    -1.2    -1.0    -1.1     2.2      .9     3.9     7.5     6.6     4.7
    National defense...................     -.5      .0    -1.1    -5.0    -5.6    -4.9    -3.8    -1.4    -2.8    -2.1     1.9     -.5     3.9     7.7     9.0     7.3
    Nondefense.........................     8.3     8.3     2.4     6.9     -.7    -1.2     -.4     -.7     2.6      .7     2.8     3.5     3.9     7.1     2.4     -.5
  State and local......................     3.4     4.1     2.1     2.2     1.4     2.6     2.6     2.3     3.6     3.6     4.7     2.7     3.2     2.8      .7      .4

Addenda:
  Final sales of domestic product......     3.4     2.1      .1     3.0     2.6     3.4     3.0     3.7     4.0     4.2     4.5     3.8     1.6     1.4     3.1     4.0
  Gross domestic purchases.............     3.0     1.4     -.8     3.3     3.2     4.4     2.4     3.8     4.8     5.3     5.3     4.4      .9     2.5     3.3     4.8
  Final sales to domestic purchasers...     2.8     1.6     -.6     3.1     3.2     3.8     2.8     3.8     4.3     5.3     5.4     4.5     1.8     2.1     3.4     4.4
  Gross national product...............     3.5     2.0     -.3     3.3     2.7     3.9     2.6     3.7     4.4     4.0     4.6     3.7      .8     1.7     3.3     4.3
  Real disposable personal income......     2.8     1.9      .5     3.4     1.0     2.7     2.8     3.0     3.5     5.8     3.0     4.8     1.9     3.1     2.3     3.5

  Price indexes:
    Gross domestic purchases...........     3.8     4.1     3.3     2.3     2.2     2.1     2.1     1.8     1.4      .6     1.6     2.5     2.0     1.5     2.0     2.4
    Gross domestic purchases excluding
     food and energy...................     3.6     3.7     3.5     2.6     2.3     2.2     2.2     1.5     1.3     1.0     1.4     1.9     1.9     1.8     1.6     1.9
    GDP................................     3.8     3.9     3.5     2.3     2.3     2.1     2.0     1.9     1.7     1.1     1.4     2.2     2.4     1.7     1.8     2.2
    GDP excluding food and energy......     3.6     3.7     3.6     2.5     2.4     2.2     2.1     1.7     1.7     1.2     1.5     2.0     2.1     2.0     1.6     1.9
    Personal consumption expenditures..     4.4     4.6     3.6     2.9     2.3     2.1     2.1     2.2     1.7      .9     1.7     2.5     2.1     1.4     1.9     2.2
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------

                                            Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                          II 01  III 01   IV 01    I 02   II 02  III 02   IV 02    I 03   II 03  III 03   IV 03    I 04   II 04  III 04   IV 04    I 05
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
       Gross domestic product (GDP)....      .6      .4      .2     1.2     1.5     2.5     2.3     1.9     2.3     3.5     4.4     5.0     4.8     4.0     3.9     3.6

Personal consumption expenditures
 (PCE).................................     2.5     2.0     2.8     2.9     3.3     3.6     2.5     2.7     3.0     3.5     3.8     4.2     3.6     3.6     3.8     3.6
  Durable goods........................     3.2     2.5    10.8     6.6     7.8    10.6     1.5     3.8     7.6     8.2     9.9    10.5     5.4     5.5     5.5     5.0
  Nondurable goods.....................     1.6     1.6     1.9     2.7     3.0     2.2     2.3     2.6     2.8     4.7     4.6     5.1     4.7     4.1     4.3     3.9
  Services.............................     2.8     2.0     1.6     2.2     2.6     2.9     2.9     2.6     2.1     2.0     2.2     2.5     2.7     2.9     3.1     3.2

Gross private domestic investment......    -8.5    -8.6   -13.8    -7.1    -5.1    -1.5     5.0      .7     1.5     5.7     9.4    12.8    16.8    11.7    11.6    11.6
  Fixed investment.....................    -2.9    -3.8    -6.7    -7.1    -5.8    -4.6    -2.1     -.4     3.1     7.4    10.3    10.9    11.6     9.4     9.4     9.5
    Nonresidential.....................    -3.9    -6.1    -9.6   -10.9    -9.9    -8.5    -6.0    -3.6     1.7     5.8     9.4    10.6    10.8    10.1    11.0    11.1
      Structures.......................     -.6    -1.4   -11.1   -13.7   -18.3   -22.9   -16.1   -14.8    -6.0    -2.1     1.5     3.0     1.3     1.3     -.1     1.3
      Equipment and software...........    -5.1    -7.8    -9.0    -9.8    -6.7    -2.7    -2.2      .5     4.4     8.4    12.1    13.1    13.9    12.9    14.5    14.1
    Residential........................     -.1     2.5     1.4     3.1     4.5     4.7     6.9     6.4     5.9    10.6    12.0    11.3    13.2     8.0     6.5     6.6
  Change in private inventories........   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....

Net exports of goods and services......   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....   .....
  Exports..............................    -2.9    -9.9   -11.9    -9.6    -4.0     1.7     3.5     1.9    -1.1      .8     6.1     8.4    10.8     9.4     5.9     5.8
    Goods..............................    -3.2   -12.2   -13.0   -12.2    -5.0     1.2      .8     2.3    -1.2      .5     7.1     8.5    10.3    10.1     6.6     6.6
    Services...........................    -2.0    -4.0    -8.9    -3.1    -1.8     2.7     9.8     1.0     -.9     1.5     3.8     8.3    11.9     7.8     4.4     4.0
  Imports..............................    -1.4    -7.2    -7.6    -3.9     2.1     6.3     9.7     6.0     3.8     3.2     4.9     8.1    10.7    11.1     9.8    10.8
    Goods..............................    -2.6    -7.8    -7.9    -4.8     3.3     7.1     9.8     6.7     4.3     2.8     5.1     8.8    10.8    12.1    11.3    12.2
    Services...........................     4.7    -3.7    -5.9      .7    -3.7     2.0     8.9     2.4     1.4     5.0     3.7     4.7    10.0     6.3     2.2     3.8

Government consumption expenditures
 and gross investment..................     3.0     3.2     5.0     4.8     4.0     4.9     3.8     2.7     3.3     2.8     2.2     2.8     1.6     1.8     1.6     1.1
  Federal..............................     1.7     4.0     6.4     6.4     7.3     8.1     8.2     6.1     8.3     6.6     5.5     7.3     2.7     4.8     3.9     2.3
    National defense...................     1.3     3.8     6.5     6.2     8.0     8.2     8.5     6.2    12.1     9.0     8.5    12.1     3.8     8.5     5.4     2.8
    Nondefense.........................     2.6     4.2     6.3     6.9     6.2     7.8     7.6     6.1     1.4     2.4      .0    -1.5      .6    -2.2     1.0     1.3
  State and local......................     3.7     2.8     4.2     4.0     2.2     3.3     1.6      .9      .7      .8      .4      .4     1.0      .0      .2      .4

Addenda:
  Final sales of domestic product......     1.6     1.2     1.5     1.2     1.4     2.0     1.2     1.7     2.6     3.8     4.5     4.7     4.1     3.6     3.6     3.2
  Gross domestic purchases.............      .7      .4      .4     1.6     2.1     3.1     3.1     2.4     2.8     3.7     4.3     5.1     5.1     4.5     4.5     4.4
  Final sales to domestic purchasers...     1.7     1.2     1.6     1.6     2.0     2.6     2.1     2.3     3.1     3.9     4.4     4.9     4.4     4.1     4.2     4.0
  Gross national product...............      .7      .2      .4     1.0     1.2     2.6     2.0     2.0     2.6     3.7     4.8     5.3     4.7     3.8     3.3   .....
  Real disposable personal income......     1.3     2.8     1.2     3.5     4.6     1.4     2.9      .7     1.1     3.5     3.9     4.0     3.7     2.4     4.1     3.4

  Price indexes:
    Gross domestic purchases...........     2.3     1.9     1.6     1.3     1.3     1.5     1.8     2.5     1.9     1.9     1.8     1.7     2.5     2.6     2.9     2.8
    Gross domestic purchases excluding
     food and energy...................     1.8     1.9     2.1     1.9     1.8     1.8     1.6     1.8     1.6     1.5     1.4     1.5     1.9     2.1     2.2     2.3
    GDP................................     2.5     2.4     2.4     1.9     1.5     1.5     1.6     2.0     1.9     1.8     1.7     1.7     2.3     2.3     2.4     2.5
    GDP excluding food and energy......     2.0     2.1     2.3     2.2     2.0     1.9     1.7     1.9     1.6     1.5     1.4     1.4     1.9     2.1     2.2     2.4
    PCE................................     2.4     2.0     1.7     1.1     1.2     1.6     1.8     2.4     1.8     1.7     1.7     1.7     2.3     2.2     2.6     2.3
    PCE excluding food and energy......     1.8     2.0     2.2     1.8     1.8     1.9     1.5     1.6     1.4     1.1     1.2     1.4     1.5     1.5     1.6     1.6
    Market-based PCE\1\................     2.3     1.9     1.3      .8      .9     1.2     1.7     2.3     1.8     1.8     1.6     1.7     2.4     2.3     2.8     2.5
    Market-based PCE excluding food
     and energy\1\.....................     1.7     1.8     1.8     1.5     1.6     1.5     1.4     1.4     1.2     1.1     1.0     1.3     1.5     1.4     1.6     1.7
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
  1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.

                     Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2002       2003       2004       I 04      II 04     III 04      IV 04       I 05
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product.....................   10,487.0   11,004.0   11,735.0   11,472.6   11,657.5   11,814.9   11,994.8   12,182.7

Plus: Income receipts from the rest of the
 world.....................................      301.8      329.0      405.8      373.8      388.0      406.8      454.7      .....
Less: Income payments to the rest of the
 world.....................................      274.7      273.9      361.9      300.3      351.9      368.6      426.7      .....

Equals: Gross national product.............   10,514.1   11,059.2   11,778.9   11,546.1   11,693.6   11,853.0   12,022.8      .....

Less: Consumption of fixed capital.........    1,303.9    1,353.9    1,407.3    1,355.0    1,375.2    1,497.9    1,401.2    1,407.7
Less: Statistical discrepancy..............      -15.3       25.6       50.9       63.0       56.4       60.4       24.0      .....

Equals: National income....................    9,225.4    9,679.6   10,320.6   10,128.1   10,262.0   10,294.7   10,597.6      .....
  Compensation of employees................    6,069.5    6,289.0    6,632.0    6,489.4    6,578.5    6,687.4    6,772.5    6,868.7
    Wage and salary accruals...............    4,976.3    5,103.6    5,355.7    5,240.7    5,311.4    5,403.0    5,467.8    5,539.8
    Supplements to wages and salaries......    1,093.2    1,185.5    1,276.3    1,248.8    1,267.2    1,284.4    1,304.7    1,328.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      769.6      834.1      902.8      872.1      901.4      902.9      934.9      961.8
  Rental income of persons with capital
   consumption adjustment..................      170.9      153.8      165.1      172.8      172.6      153.8      161.3      151.5
  Corporate profits with inventory
   valuation and capital consumption
   adjustments.............................      874.6    1,021.1    1,181.6    1,165.6    1,173.9    1,118.0    1,268.8      .....
  Net interest and miscellaneous payments..      532.9      543.0      549.5      554.5      548.5      546.7      548.2      556.5
  Taxes on production and imports less
   subsidies...............................      724.4      751.3      800.6      782.9      796.3      803.5      819.9      828.3
  Business current transfer payments.......       80.9       77.7       82.1       82.7       83.5       76.0       86.3       87.2
  Current surplus of government
   enterprises.............................        2.8        9.5        6.9        8.1        7.4        6.5        5.7        3.3

Addendum:
  Gross domestic income....................   10,502.3   10,978.5   11,684.0   11,409.6   11,601.1   11,754.5   11,970.9      .....
-----------------------------------------------------------------------------------------------------------------------------------

                                          Table 10.--Personal Income and Its Disposition
                                                       [Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
                                                                                         Seasonally adjusted at annual rates
                                                                                ---------------------------------------------------
                                                  2002       2003       2004       I 04      II 04     III 04      IV 04       I 05
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\.........................    8,878.9    9,161.8    9,673.0    9,445.0    9,592.7    9,700.4    9,953.8   10,012.5

  Compensation of employees, received......    6,069.5    6,289.0    6,632.0    6,487.9    6,580.0    6,687.4    6,772.5    6,868.7
    Wage and salary disbursements..........    4,976.3    5,103.6    5,355.7    5,239.2    5,312.8    5,403.0    5,467.8    5,539.8
    Supplements to wages and salaries......    1,093.2    1,185.5    1,276.3    1,248.8    1,267.2    1,284.4    1,304.7    1,328.9
  Proprietors' income with inventory
   valuation and capital consumption
   adjustments.............................      769.6      834.1      902.8      872.1      901.4      902.9      934.9      961.8
    Farm...................................        9.7       21.8       18.2       17.9       18.9       13.6       22.4       26.5
    Nonfarm................................      759.9      812.3      884.6      854.2      882.5      889.3      912.5      935.3
  Rental income of persons with capital
   consumption adjustment..................      170.9      153.8      165.1      172.8      172.6      153.8      161.3      151.5
  Personal income receipts on assets.......    1,334.6    1,322.7    1,387.3    1,337.1    1,352.3    1,367.8    1,491.9    1,416.3
    Personal interest income...............      946.7      929.9      946.2      936.2      941.7      946.5      960.5      976.2
    Personal dividend income...............      387.9      392.8      441.1      400.9      410.6      421.3      531.4      440.1
  Personal current transfer receipts.......    1,282.7    1,335.4    1,405.9    1,379.0    1,400.4    1,415.4    1,428.9    1,469.6

  Less: Contributions for government
   social insurance........................      748.3      773.2      820.2      803.9      814.0      826.9      835.7      855.4

Less: Personal current taxes...............    1,051.2    1,001.9    1,038.9    1,006.6    1,030.6    1,048.9    1,069.5    1,087.1

Equals: Disposable personal income.........    7,827.7    8,159.9    8,634.0    8,438.4    8,562.1    8,651.5    8,884.2    8,925.4

Less: Personal outlays.....................    7,668.5    8,049.3    8,531.9    8,351.6    8,448.7    8,588.1    8,739.3    8,873.5

Equals: Personal saving....................      159.2      110.6      102.1       86.8      113.4       63.4      145.0       52.0

  Personal saving as a percentage of
   disposable personal income..............        2.0        1.4        1.2        1.0        1.3         .7        1.6         .6

Addendum:
  Disposable personal income, billions of
   chained (2000) dollars\2\...............    7,559.5    7,733.8    8,007.3    7,897.0    7,951.5    8,009.5    8,170.9    8,165.6
-----------------------------------------------------------------------------------------------------------------------------------
  1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
  2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.

                      Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
                                                             [Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                       2002   2003   2004  II 01 III 01  IV 01   I 02  II 02 III 02  IV 02   I 03  II 03 III 03  IV 03   I 04  II 04 III 04  IV 04   I 05
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
 related aggregates:
  GDP...............................    1.9    3.0    4.4    1.2   -1.4    1.6    3.4    2.4    2.6     .7    1.9    4.1    7.4    4.2    4.5    3.3    4.0    3.8    3.1

  Goods.............................    1.2    4.3    7.4   -1.3   -5.5    2.6    4.1     .9    4.7   -3.2    4.3    4.1   17.7    5.8    8.2    2.5    8.3    6.1    3.7
  Services..........................    3.0    2.3    2.7    1.8    1.7    2.8    3.4    4.2    2.2    3.0     .9    3.6    1.1    3.1    3.0    2.3    2.8    3.0    2.9
  Structures........................   -2.4    3.0    5.3    7.0   -4.3   -8.5     .9   -3.3   -2.4     .9     .0    7.3   13.9    5.4     .7   12.7   -2.5    1.4    1.8

  Motor vehicle output..............   11.6    4.2    5.6   36.3   -5.7   22.0    7.3   10.3   18.4    6.0  -12.4    3.0   26.3    2.9    8.8  -15.2   10.4   27.6    4.9
  GDP excluding motor vehicle
   output...........................    1.5    3.0    4.4     .2   -1.2     .9    3.3    2.1    2.1     .5    2.5    4.1    6.8    4.2    4.3    4.0    3.8    3.1    3.0

  Final sales of computers\1\.......    8.8   41.0   22.7  -11.2  -19.4   23.7   -3.7   12.2   46.0   30.9   35.1   37.8   93.7   29.0     .1     .1   20.7   74.6   68.0
  GDP excluding final sales of
   computers........................    1.8    2.8    4.3    1.4   -1.2    1.4    3.4    2.3    2.3     .5    1.7    3.8    6.8    4.0    4.5    3.3    3.9    3.3    2.5

  Farm gross value added\2\.........    6.5    4.0   -9.8  -31.0  -20.4   94.2  -39.2   69.9   26.1  -19.5  -13.9   52.3     .5  -30.6  -31.3  -21.3   36.4   77.1    2.0

  Nonfarm business gross value
   added\3\.........................    1.8    3.8    5.3    1.2   -2.9    1.2    4.0    1.7    3.6    1.4    2.4    5.3    9.3    4.6    5.7    4.2    4.2    3.7    3.6

Price indexes:
  GDP...............................    1.7    1.8    2.2    3.1    1.6    1.7    1.4    1.5    1.7    2.0    2.7    1.1    1.4    1.6    2.8    3.2    1.4    2.3    3.3
  GDP excluding food and energy.....    2.0    1.6    1.9    2.3    2.1    2.6    1.7    1.8    1.6    1.7    2.3     .8    1.1    1.5    2.3    2.7    1.8    2.1    3.2
  GDP excluding final sales of
   computers........................    1.9    2.0    2.3    3.3    1.8    1.9    1.6    1.7    1.9    2.2    2.9    1.2    1.6    1.7    2.9    3.3    1.5    2.5    3.6

  Gross domestic purchases..........    1.5    2.0    2.4    2.3    1.0     .6    1.2    2.5    1.8    1.9    3.7     .4    1.7    1.4    3.4    3.5    1.9    2.9    3.0
  Gross domestic purchases excluding
   food and energy..................    1.8    1.6    1.9    2.0    1.8    2.3    1.5    1.7    1.6    1.6    2.2    1.0    1.2    1.5    2.5    2.5    1.7    2.0    3.1
  Gross domestic purchases excluding
   final sales of computers to
   domestic purchasers..............    1.7    2.2    2.6    2.6    1.3     .9    1.4    2.6    2.0    2.1    4.0     .5    1.9    1.5    3.6    3.7    2.1    3.1    3.3

  Personal consumption expenditures
   (PCE)............................    1.4    1.9    2.2    2.6     .6     .6     .9    2.9    2.0    1.4    3.2     .7    1.6    1.2    3.3    3.1    1.3    2.7    2.1
  Personal consumption expenditures
   excluding food and energy........    1.8    1.3    1.5    2.1    1.4    2.6    1.2    2.0    2.0     .9    1.5    1.1     .9    1.3    2.1    1.7     .9    1.7    2.2
  Market-based PCE\4\...............    1.1    1.9    2.3    2.1     .8    -.5     .6    2.9    1.8    1.5    3.0     .6    2.0     .8    3.2    3.7    1.4    2.7    2.1
  Market-based PCE excluding food
   and energy\4\....................    1.5    1.2    1.5    1.3    1.9    1.6    1.0    1.8    1.7    1.1     .9    1.1    1.3     .8    1.8    2.1    1.0    1.7    2.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
  1. For some components of final sales of computers, includes
computer parts.
  2. Farm output less intermediate goods and services purchased.
  3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
  4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures.  It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
  See "Explanatory Note" at the end of the tables.



     Explanatory Note: NIPA Measures of Quantities and Prices


     Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period.  Changes in current-dollar GDP can be decomposed into quantity and
price components.  Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100. 

     Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years.  (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.)  For example, the 2002-03
annual percent change in real GDP uses prices for 2002 and 2003 as weights, and the 2002-03 annual
percent change in GDP prices uses quantities for 2002 and 2003 as weights.  These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes.  Percent changes in
Fisher indexes are not affected by the choice of reference year.  (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100.  The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)

     Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.  

     Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates."  For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100.  For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.  

     Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table.  For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates.  For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth.  Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth.  In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.

Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.