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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 00-07
Kenneth A. Petrick: 606-9738 (Profits)
Recorded message: 606-5306
Brent Moulton: 606-9606 (Comprehensive revision)
GROSS DOMESTIC PRODUCT: FOURTH QUARTER 1999 (FINAL)
REVISED ESTIMATES, 1929-99
CORPORATE PROFITS: FOURTH QUARTER 1999
FIXED ASSETS and CONSUMER DURABLE GOODS: 1972-98
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 7.3 percent in the fourth quarter of 1999,
according to revised estimates released by the Commerce Department's Bureau of Economic Analysis. In
the third quarter, real GDP increased 5.7 percent.
The GDP estimates released today are based on more complete source data than were available for
the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was
6.9 percent (see "Revisions" on page 3).
BOX
Comprehensive Revision of the National Income and Product Accounts
With this release, the 11th comprehensive revision of the national income and product accounts
(NIPA's) nears its completion. Revised NIPA estimates for 1929-58 and estimates of fixed assets and
consumer durable goods for 1972-97 (revised) and 1998 (new) are being released. In addition, BEA is
providing revised NIPA estimates beginning with 1959 that incorporate several corrections. The
availability of the estimates and of additional information is described in a box on page 6.
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 (1996) dollars. Price
indexes are chain-type measures.
The major contributors to the increase in real GDP in the fourth quarter were: Personal
consumption expenditures, government spending, inventory investment, and exports. The contributions
of these components were partially offset by the effects of an increase in imports.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.3 percent in the fourth quarter, the same as in the preliminary estimate; this index increased
1.7 percent in the third quarter. Excluding food and energy prices, the price index for gross domestic
purchases increased 1.9 percent in the fourth quarter, compared with an increase of 1.2 percent in the
third.
Real personal consumption expenditures increased 5.9 percent in the fourth quarter, compared
with an increase of 4.9 percent in the third. Real nonresidential fixed investment increased 2.9 percent,
compared with an increase of 10.9 percent. Nonresidential structures decreased 0.5 percent, compared
with a decrease of 3.8 percent. Equipment and software increased 4.0 percent, compared with an
increase of 15.7 percent. Real residential fixed investment increased 1.8 percent, in contrast to a decrease
of 3.8 percent.
Real exports of goods and services increased 10.1 percent in the fourth quarter, compared with an
increase of 11.5 percent in the third. Real imports of goods and services increased 8.7 percent, compared
with an increase of 14.9 percent.
Real federal government consumption expenditures and gross investment increased 14.7 percent
in the fourth quarter, compared with an increase of 4.1 percent in the third. National defense increased
17.2 percent, compared with an increase of 11.2 percent. Nondefense increased 10.3 percent, in contrast
to a decrease of 7.1 percent. Real state and local government consumption expenditures and gross
investment increased 6.4 percent, compared with an increase of 4.8 percent.
The real change in private inventories added 1.24 percentage points to the fourth-quarter change
in real GDP, after adding 1.09 percentage points to the third-quarter change. Businesses increased
inventories $66.7 billion in the fourth quarter, following increases of $38.0 billion in the third quarter and
$14.0 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 6.0
percent in the fourth quarter, compared with an increase of 4.5 percent in the third.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 7.2 percent in the fourth quarter, compared with an increase of 6.2 percent in the
third.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 6.4 percent in the fourth quarter, compared with an increase of 5.6 percent
in the third. GNP includes, and GDP excludes, net receipts of income from the rest of the world.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
9.4 percent, or $210.1 billion, in the fourth quarter to a level of $9,507.9 billion. In the third quarter,
current-dollar GDP increased 6.8 percent, or $151.6 billion.
Revisions
The final estimate of the fourth-quarter increase in real GDP is 0.4 percentage point higher than
the preliminary estimate issued last month. The upward revision to the percentage change in real GDP
primarily reflected a downward revision to imports and upward revisions to exports and to nonresidential
structures.
Advance Preliminary Final
(Percent change from preceding quarter)
Real GDP............................... 5.8 6.9 7.3
Current-dollar GDP..................... 7.9 9.1 9.4
Gross domestic purchases price index... 2.3 2.3 2.3
Corporate Profits
Profits from current production (profits before tax with inventory valuation and capital
consumption adjustments) increased $35.3 billion in the fourth quarter. In the third quarter, profits
increased $3.6 billion. Current-production cash flow (net cash flow with inventory valuation and capital
consumption adjustments) -- the internal funds available to corporations for investment -- increased $20.9
billion in the fourth quarter, compared with an increase of $12.3 billion in the third.
The profits estimates reflect the effects of payments by tobacco companies related to out-of-court
settlements, which reduced fourth-quarter profits by $11.2 billion and third-quarter profits by $1.0 billion.
Profits in the third quarter were also reduced by about $10 billion due to the effects of Hurricane Floyd.
Domestic profits of financial corporations increased $19.5 billion in the fourth quarter, compared
with an increase of $4.4 billion in the third.
Domestic profits of nonfinancial corporations increased $26.3 billion in the fourth quarter, in
contrast to a decrease of $5.5 billion in the third. In the fourth quarter, both real gross corporate product
and profits per unit of real product increased. The increase in unit profits reflected an increase in the
prices corporations received and a decrease in the unit labor costs they incurred. A small increase in unit
nonlabor costs primarily reflected tobacco settlement payments in the fourth quarter.
The rest-of-the-world component of profits decreased $10.6 billion in the fourth quarter, in
contrast to an increase of $4.8 billion in the third. This measure is calculated as (1) receipts by U.S.
residents of earnings from their foreign affiliates plus dividends received by U.S. residents from
unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign parents
plus dividends paid by U.S. corporations to unaffiliated foreign residents. The fourth-quarter decrease
was accounted for by a larger increase in payments than in receipts.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. According to
this measure, domestic profits of both financial and nonfinancial corporations increased. Profit increases
for nonfinancial corporations were widespread among major industry groups. The largest increases
occurred in the transportation and public utilities group and in "other" nonmanufacturing. Profits
decreased in nondurable goods manufacturing.
Profits before tax increased $32.5 billion in the fourth quarter, compared with an increase of $18.0
billion in the third. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation and inventory withdrawals reported on an historical-cost basis to the replacement-cost
measures used in the national income and product accounts. The capital consumption adjustment
increased $1.0 billion in the fourth quarter (from $57.0 billion to $58.0 billion), in contrast to a decrease
of $1.2 billion in the third. The inventory valuation adjustment increased $1.8 billion (from -$26.7 billion
to -$24.9 billion), in contrast to a decrease of $13.1 billion.
Profits tax liability increased $16.3 billion in the fourth quarter, compared with an increase of $5.0
billion in the third. Profits after tax increased $16.3 billion, compared with an increase of $12.9 billion.
Dividends increased $6.2 billion, compared with an increase of $5.8 billion; undistributed profits
increased $10.1 billion, compared with an increase of $7.1 billion.
Corporate profits in 1999
Profits from current production increased $44.3 billion in 1999 (that is, from the 1998 annual level
to the 1999 level), compared with an increase of $9.9 billion in 1998. Domestic profits increased $41.0
billion, compared with an increase of $18.0 billion. The foreign component of profits increased $3.3
billion, in contrast to a decrease of $8.1 billion.
Profits before tax increased $66.6 billion in 1999, in contrast to a decrease of $14.0 billion in 1998.
The before-tax measure of profits does not reflect, as does profits from current production, the capital
consumption and inventory valuation adjustments. The smaller increase in 1999 profits from current
production, compared with the increase in profits before tax, resulted from a decrease in the inventory
valuation adjustment (-$33.9 billion) that more than offset an increase in the capital consumption
adjustment ($11.6 billion).
Profits tax liability increased $19.2 billion in 1999, compared with an increase of $1.9 billion in
1998. Profits after tax increased $47.4 billion, in contrast to a decrease of $15.9 billion. Dividends
increased $16.1 billion, compared with an increase of $14.9 billion; undistributed profits increased $31.3
billion, in contrast to a decrease of $30.8 billion.
Comprehensive Revision of the National Income and Product Accounts
Today BEA is releasing revised national income and product accounts (NIPA's) estimates for
1929-58 and estimates of fixed assets and consumer durable goods for 1972-97 (revised) and 1998
(new). These estimates incorporate the improvements that were introduced last October with the release
of revised estimates beginning with 1959. In addition, BEA is releasing revised estimates beginning with
1959 that incorporate three corrections and one previously announced methodology improvement.
In order to present additional information related to the comprehensive revision, several special
tables are included in this release: Appendix tables B-D show annual levels, percent changes, and
revisions in percent changes for current-dollar GDP, real GDP, and the chain-type price indexes for
1929-98. Appendix tables E and F show the net stock of fixed assets and consumer durable goods, which
is measured at current cost in table E and at real cost (expressed as a quantity index) in table F.
Revisions for 1929-58. -- For 1929-58, the average annual growth rate of real GDP was unrevised
at 3.4 percent. The largest revision to an annual growth rate of real GDP was for 1947, which was
revised up 0.5 percentage point, reflecting a revision to federal nondefense consumption expenditures and
gross investment. Other revisions to annual growth rates of real GDP were 0.4 percentage point or less
in absolute value, primarily reflecting revisions to the change in private inventories and to federal
government consumption expenditures and gross investment. The revisions to the change in private
inventories reflected the new methodology for construction inventories that eliminated a double-count of
construction work-in-progress and unsold finished structures. For 1939-47, revisions to real federal
nondefense consumption expenditures and gross investment reflected the use of additional information on
prices of Commodity Credit Corporation inventory changes.
Revisions for 1959-98. -- Beginning with 1959, the revisions reflected corrections to: (1) real
services furnished without payment by financial intermediaries, (2) private consumption of fixed capital
and the capital consumption adjustment, and (3) the allocation of indirect business tax and nontax
liabilities by legal form of organization and by industry. In addition, revisions to real gross product of
nonfinancial corporate business reflected a previously announced methodology improvement for
deflation.
The first correction affected real GDP and prices, but did not affect current-dollar GDP. The
average annual growth rate of real GDP over the period 1959-98 was unrevised. For specific years, the
revisions were more notable. The largest revision to the annual growth rate of GDP was for 1976, which
was revised up 0.4 percentage point; the growth rate for 1993 was revised up 0.3 percentage point. The
growth rates for 1974, 1991, 1992, and 1997 were each revised down 0.3 percentage point.
The second correction affected current-dollar and real net domestic product, as well as national
income, but it did not affect GDP. (Net domestic product is now shown as an addenda item in table 3 of
this release.) For 1959-98, corporate consumption of fixed capital (CFC) was revised down by small
amounts, and national income was revised up by offsetting amounts. The revisions to national income
reflected upward revisions to profits from current production, which, in turn, reflected upward revisions
to the corporate capital consumption adjustment. The largest revision in level to annual current-dollar
corporate CFC was -$2.3 billion for 1998.
The third correction affected current-dollar and real gross product of nonfinancial corporate
business, but did not affect GDP or national income. For 1959-98, current-dollar gross product of
nonfinancial corporate business was revised down by large amounts; the largest downward revision in
level to annual current-dollar gross product of nonfinancial corporate business was $68.2 billion for 1998.
The revisions to real gross product of nonfinancial corporate business also reflected a previously
announced methodology improvement in which a new industry-based price index is used for deflation.
The new index better reflects the changing industrial composition of this sector and provides better
measures of productivity, costs, and profits per unit of gross product. For 1977-98, the growth rate of
real gross product of nonfinancial corporate business was revised down from 4.1 percent to 3.7 percent,
primarily reflecting the methodology improvement.
Fixed assets and consumer durable goods. -- According to newly available estimates, at the end of
1998, the value of the net stock of fixed assets (structures, equipment, and software used by businesses
and by government in production) and consumer durable goods (motor vehicles, furniture, household
equipment, and other durable goods owned by consumers) was $26.2 trillion. The net stock of private
fixed assets owned by business was $18.6 trillion, the net stock of government fixed assets was $5.1
trillion, and the net stock of consumer durable goods was $2.4 trillion. From the end of 1996 to the end
of 1998, the real net stock of fixed assets and consumer durable goods (adjusted for price changes)
increased 6.1 percent. Real private fixed assets increased 6.3 percent, real government fixed assets
increased 3.3 percent, and the real net stock of consumer durable goods increased 10.1 percent.
BOX
Availability of Estimates and Related Information
Later this morning, the regular "selected NIPA tables" will be posted on BEA's Web site at
and on STAT-USA's Web site at . On April 3, 2000, the
selected NIPA tables beginning with 1959 will be posted. The selected NIPA tables for 1929-58 and
most annual-only tables beginning with 1929 will be posted later in April.
Lists of specific series and of specific lines and columns of the NIPA tables affected by the
corrections to the estimates beginning with 1959 have been posted on BEA's Web site and will be
published in the April issue of the Survey of Current Business.
The April Survey will include an article that discusses the revised NIPA estimates for 1929-98,
tables for GDP and other major aggregates beginning with 1929, and most of the NIPA tables (including
annual-only tables), beginning with 1997.
The April Survey will also present an article on the estimates of fixed assets and consumer durable
goods, including summary estimates for 1925-98 and detailed estimates for 1988-98. Additional
estimates will be posted on BEA's and STAT-USA's Web sites in late April.
The following issues of the Survey contain information about the comprehensive revision:
August 1999: Definitional and classificational changes.
September 1999: New and redesigned tables.
October 1999: Statistical changes.
December 1999: Improved estimates for 1959-98.
.
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:
STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current
Business, and BEA news releases. The information available through STAT-USA is often more detailed
and more timely than that available from other sources. For information about STAT-USA, go to
, or call (202) 482-1986. Subscriptions for single-user unlimited access to
STAT-USA's Internet information are $50.00 for 3 months or $150.00 for 1 year.
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
606-5303 Personal income and outlays
606-5362 U.S. international transactions
Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly
journal. The printed Survey of Current Business is available from the Superintendent of Documents, U.S.
Government Printing Office, Washington, DC 20402. First class mail: Annual subscription $120.00
domestic. Second class mail: Annual subscription $48.00 domestic, $60.00 foreign; single issue $17.25
domestic, $21.56 foreign.
* * *
Next release -- April 27, 2000, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2000 (Advance)
BOX
Three new lines have been added to the tables in this news release. In table 3, "Net domestic
product" is added as an addenda item. This item has previously been made available later on the day of
the release. In tables 6 and 7, "Personal consumption expenditures price index" is added as an addenda
item. This item currently appears in table 4 and appendix table A; the additions to tables 6 and 7 provide
more historical information.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.2 4.3 4.2 2.9 6.8 2.0 4.6 4.5 4.9 3.8 3.0 6.9 2.2 3.8 5.9 3.7 1.9 5.7 7.3
Personal consumption expenditures... 3.4 4.9 5.3 3.3 4.3 1.9 2.9 4.4 1.5 6.4 3.3 5.8 6.1 4.0 4.6 6.5 5.1 4.9 5.9
Durable goods..................... 6.6 11.3 11.5 4.1 13.0 -1.5 5.0 10.9 -1.5 20.2 5.0 16.9 11.2 4.1 20.4 12.4 9.1 7.7 13.0
Nondurable goods.................. 2.9 4.0 5.4 2.4 4.2 2.2 4.0 3.8 -.2 5.7 .3 5.8 6.7 2.4 5.0 8.9 3.3 3.6 7.6
Services.......................... 3.1 4.1 4.0 3.6 2.7 2.5 1.9 3.4 3.0 4.2 4.5 3.7 4.9 4.7 1.5 4.2 5.2 5.0 3.7
Gross private domestic investment... 11.5 11.7 5.8 7.1 22.5 16.5 .7 14.0 22.0 1.0 8.0 33.4 -4.7 10.4 11.5 3.6 -2.1 13.6 10.0
Fixed investment.................. 8.5 11.8 8.1 12.0 13.9 9.6 6.2 7.9 8.6 12.0 4.1 23.4 12.5 2.0 13.8 9.1 6.6 6.8 2.6
Nonresidential.................. 10.7 12.7 8.3 13.1 11.6 13.6 10.0 9.6 9.9 16.0 3.2 26.7 12.1 .0 15.3 7.8 7.0 10.9 2.9
Structures.................... 8.5 4.1 -2.4 10.8 10.5 7.5 23.0 8.0 -4.0 11.2 4.3 5.7 7.1 -6.6 5.8 -5.8 -5.3 -3.8 -.5
Equipment and software........ 11.5 15.8 12.0 14.0 12.0 15.7 5.9 10.1 15.2 17.7 2.8 34.7 13.8 2.4 18.6 12.5 11.2 15.7 4.0
Residential..................... 2.3 9.2 7.4 8.8 20.6 -1.0 -4.1 3.0 4.7 .6 6.6 14.0 13.6 8.0 9.8 12.9 5.5 -3.8 1.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 12.5 2.2 3.8 2.3 6.7 3.3 28.7 8.3 15.9 11.3 1.7 -1.5 -3.9 -1.6 16.3 -5.5 4.0 11.5 10.1
Goods........................... 14.5 2.1 4.0 4.9 4.3 7.9 24.3 14.4 18.3 13.0 3.5 -2.8 -8.8 1.6 19.4 -9.3 4.3 16.9 11.1
Services........................ 7.6 2.5 3.2 -4.0 12.9 -7.4 39.8 -4.9 10.4 7.2 -2.7 1.6 9.0 -8.5 9.2 4.1 3.2 .0 7.6
Imports........................... 13.7 11.6 11.7 10.8 13.3 14.4 6.3 15.5 19.1 17.6 5.2 14.4 13.0 5.2 10.8 12.5 14.4 14.9 8.7
Goods........................... 14.2 11.7 12.7 11.9 15.2 14.9 7.5 14.6 21.2 17.0 5.2 14.0 13.6 4.9 12.8 12.6 15.5 17.3 9.7
Services........................ 11.2 10.8 6.9 5.6 4.1 11.8 .0 20.6 8.6 20.7 5.3 16.7 9.7 6.4 1.6 11.9 8.9 3.6 3.4
Government consumption expenditures
and gross investment............... 2.2 1.7 3.7 3.3 7.5 -2.3 2.4 1.5 5.6 1.6 -.1 -1.0 6.0 1.3 2.9 5.1 1.3 4.5 9.3
Federal........................... -.2 -.9 2.8 9.6 8.6 -7.7 -1.4 -2.9 9.8 -1.4 -4.2 -9.8 11.9 -2.3 3.9 -.5 2.1 4.1 14.7
National defense................ -2.5 -1.9 1.8 7.0 7.7 -8.1 -2.4 -11.3 9.6 -.2 -2.4 -17.0 11.1 7.0 -2.9 -4.0 -2.6 11.2 17.2
Nondefense...................... 4.5 .9 4.7 14.9 10.7 -6.9 .7 15.8 10.2 -3.6 -7.7 5.4 13.2 -17.4 17.9 6.1 10.9 -7.1 10.3
State and local................... 3.7 3.2 4.2 -.3 6.8 1.0 4.8 4.1 3.3 3.4 2.3 4.1 3.0 3.3 2.4 8.2 .9 4.8 6.4
Addenda:
Final sales of domestic product... 3.8 4.3 4.5 3.6 5.5 1.0 5.5 3.5 2.9 5.6 2.4 5.2 5.1 2.4 6.3 4.6 3.4 4.5 6.0
Gross domestic purchases.......... 4.5 5.4 5.1 3.9 7.5 3.3 2.5 5.4 5.4 4.6 3.4 8.8 4.2 4.6 5.5 5.8 3.2 6.2 7.2
Final sales to domestic
purchasers....................... 4.0 5.4 5.5 4.6 6.3 2.3 3.3 4.4 3.3 6.4 2.8 7.2 7.1 3.2 5.8 6.7 4.7 5.1 5.9
Gross national product (GNP)...... 4.1 4.1 4.0 3.1 6.2 1.7 4.9 3.9 5.2 3.5 2.9 7.0 2.0 2.6 6.3 3.8 1.9 5.6 6.4
Disposable personal income........ 3.3 4.1 4.0 2.7 2.0 4.3 1.4 3.9 3.9 3.4 4.3 4.2 3.8 4.5 4.8 4.1 3.2 2.9 4.7
Current-dollar measures:
GDP............................. 6.2 5.5 5.7 5.4 8.3 4.0 6.4 7.4 6.7 5.2 4.3 7.7 3.4 5.4 7.0 5.7 3.3 6.8 9.4
Final sales of domestic product. 5.8 5.5 6.0 6.2 7.0 2.9 7.3 6.4 4.7 7.0 3.7 6.3 6.3 3.8 7.2 6.7 4.8 5.7 8.1
Gross domestic purchases........ 6.2 6.2 6.7 6.3 9.0 5.0 4.7 7.8 6.1 5.8 4.6 8.6 5.1 5.8 6.6 7.5 5.2 8.1 9.6
Final sales to domestic
purchasers..................... 5.7 6.2 7.1 7.1 7.7 4.0 5.6 6.8 4.2 7.6 4.0 7.2 8.0 4.3 6.8 8.5 6.7 7.0 8.4
GNP............................. 6.0 5.4 5.6 5.6 7.7 3.6 6.6 6.8 7.0 4.8 4.2 7.8 3.3 4.1 7.4 5.8 3.3 6.8 8.4
Disposable personal income...... 5.4 5.1 5.6 5.1 4.6 6.0 4.3 6.6 5.1 4.7 5.6 4.5 4.9 5.7 6.0 5.6 5.5 4.8 7.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 4.2 4.3 4.2 2.9 6.8 2.0 4.6 4.5 4.9 3.8 3.0 6.9 2.2 3.8 5.9 3.7 1.9 5.7 7.3
Percentage points at annual rates:
Personal consumption expenditures. 2.30 3.25 3.45 2.17 2.95 1.25 1.94 2.93 1.05 4.16 2.17 3.89 4.00 2.67 3.14 4.28 3.36 3.33 4.07
Durable goods................... .51 .86 .81 .32 .99 -.12 .39 .81 -.11 1.42 .38 1.24 .84 .33 1.51 .96 .71 .62 1.03
Nondurable goods................ .59 .79 1.05 .47 .86 .44 .79 .77 -.03 1.11 .06 1.15 1.28 .49 .98 1.69 .64 .73 1.51
Services........................ 1.20 1.59 1.59 1.38 1.10 .94 .76 1.34 1.19 1.63 1.73 1.51 1.88 1.85 .66 1.63 2.00 1.98 1.53
Gross private domestic investment. 1.82 1.93 .99 1.16 3.26 2.50 .15 2.12 3.32 .17 1.30 5.04 -.85 1.74 1.94 .64 -.36 2.26 1.72
Fixed investment................ 1.31 1.86 .97 1.74 2.04 1.43 .95 1.19 1.30 1.80 .63 3.45 1.95 .34 2.20 1.49 1.10 1.16 .48
Nonresidential................ 1.22 1.49 .83 1.41 1.28 1.47 1.12 1.07 1.12 1.77 .38 2.91 1.42 .01 1.79 .95 .86 1.33 .39
Structures.................. .25 .13 -.14 .28 .29 .21 .61 .24 -.12 .32 .13 .18 .22 -.21 .18 -.18 -.16 -.11 -.01
Equipment and software...... .97 1.37 .96 1.13 .99 1.27 .51 .83 1.24 1.45 .24 2.73 1.21 .22 1.61 1.13 1.02 1.44 .40
Residential................... .09 .37 .15 .33 .76 -.04 -.17 .12 .19 .03 .26 .54 .53 .33 .41 .54 .24 -.17 .09
Change in private inventories... .50 .07 .01 -.58 1.22 1.07 -.80 .94 2.02 -1.63 .66 1.59 -2.80 1.40 -.26 -.85 -1.46 1.09 1.24
Net exports of goods and services. -.28 -1.18 -1.09 -1.02 -.82 -1.31 2.10 -.85 -.47 -.79 -.45 -1.93 -2.01 -.82 .33 -2.13 -1.35 -.73 -.12
Exports......................... 1.37 .25 .48 .26 .75 .36 2.86 .92 1.73 1.27 .20 -.16 -.45 -.17 1.67 -.61 .42 1.19 1.08
Goods......................... 1.12 .17 .37 .40 .35 .61 1.75 1.09 1.39 1.03 .29 -.22 -.73 .12 1.38 -.74 .32 1.19 .83
Services...................... .25 .08 .10 -.14 .40 -.25 1.12 -.17 .34 .24 -.09 .06 .29 -.29 .29 .13 .10 .00 .24
Imports......................... -1.65 -1.43 -1.57 -1.28 -1.57 -1.66 -.76 -1.78 -2.20 -2.07 -.65 -1.77 -1.56 -.65 -1.34 -1.53 -1.77 -1.92 -1.20
Goods......................... -1.43 -1.21 -1.43 -1.17 -1.49 -1.44 -.76 -1.40 -2.03 -1.68 -.54 -1.44 -1.37 -.52 -1.30 -1.28 -1.59 -1.84 -1.12
Services...................... -.22 -.22 -.14 -.11 -.08 -.22 .00 -.38 -.17 -.39 -.11 -.33 -.20 -.13 -.04 -.24 -.19 -.08 -.08
Government consumption
expenditures and gross investment .41 .31 .80 .59 1.36 -.43 .45 .28 1.00 .30 -.01 -.16 1.03 .24 .53 .88 .23 .81 1.61
Federal......................... -.01 -.06 .28 .63 .59 -.54 -.09 -.19 .62 -.09 -.28 -.64 .69 -.14 .24 -.03 .13 .26 .87
National defense.............. -.11 -.08 .19 .32 .36 -.38 -.10 -.52 .40 -.01 -.10 -.76 .42 .27 -.12 -.16 -.10 .42 .65
Nondefense.................... .10 .02 .10 .31 .23 -.16 .02 .33 .23 -.08 -.18 .12 .28 -.41 .36 .13 .23 -.16 .22
State and local................. .42 .37 .52 -.04 .77 .11 .54 .47 .38 .39 .27 .48 .34 .38 .29 .91 .10 .55 .75
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 (1996) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
1999 IV 98 I 99 II 99 III 99 IV 99 1999 IV 98 I 99 II 99 III 99 IV 99 1999 III 99 IV 99
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)... 9,256.1 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9 8,848.2 8,639.5 8,717.6 8,758.3 8,879.8 9,037.2 352.5 121.5 157.4
Personal consumption expenditures. 6,257.3 5,973.7 6,090.8 6,200.8 6,303.7 6,434.1 5,983.6 5,779.3 5,871.3 5,944.5 6,015.7 6,102.9 301.8 71.2 87.2
Durable goods................... 758.6 722.8 739.0 751.6 761.8 782.1 815.7 766.0 788.8 806.1 821.2 846.7 84.2 15.1 25.5
Motor vehicles and parts...... 316.1 304.4 306.8 313.8 318.1 325.5 318.2 307.4 310.4 317.2 319.6 325.7 26.3 2.4 6.1
Furniture and household
equipment.................... 290.5 275.3 283.8 287.3 292.0 298.9 341.9 312.6 326.7 335.5 346.0 359.4 44.5 10.5 13.4
Other......................... 152.1 143.1 148.3 150.5 151.8 157.7 157.3 146.5 152.9 154.7 157.6 164.1 14.6 2.9 6.5
Nondurable goods................ 1,843.1 1,742.9 1,787.8 1,824.8 1,853.9 1,905.8 1,776.1 1,712.6 1,749.5 1,763.7 1,779.3 1,812.0 90.8 15.6 32.7
Food.......................... 904.1 875.6 885.4 893.4 903.9 933.8 851.8 835.4 839.5 844.6 850.0 873.1 31.2 5.4 23.1
Clothing and shoes............ 306.3 289.2 301.8 306.7 308.1 308.6 317.8 295.6 314.7 316.8 321.6 318.1 25.6 4.8 -3.5
Gasoline, fuel oil, and
other energy goods........... 138.7 120.9 120.1 136.3 144.6 153.6 144.3 141.9 142.9 143.9 144.5 146.0 2.2 .6 1.5
Gasoline and oil............ 123.8 108.3 106.5 121.7 129.3 137.7 128.3 127.7 127.1 127.5 128.2 130.4 .6 .7 2.2
Fuel oil and coal........... 14.9 12.6 13.7 14.6 15.4 15.9 16.0 14.2 15.8 16.4 16.3 15.6 1.5 -.1 -.7
Other......................... 494.0 457.2 480.5 488.4 497.3 509.8 462.2 439.4 452.6 458.6 463.5 474.1 31.6 4.9 10.6
Services........................ 3,655.6 3,508.0 3,564.0 3,624.3 3,688.0 3,746.2 3,400.1 3,305.9 3,339.8 3,382.3 3,423.4 3,454.7 132.1 41.1 31.3
Housing....................... 902.5 874.3 885.6 897.3 907.6 919.6 826.0 812.0 818.4 823.1 828.5 834.1 20.4 5.4 5.6
Household operation........... 362.2 347.3 356.2 360.3 366.8 365.3 359.5 345.4 354.0 358.8 364.4 361.0 15.2 5.6 -3.4
Electricity and gas......... 130.2 122.9 128.3 129.4 133.8 129.3 132.3 125.7 131.1 132.2 135.4 130.2 2.7 3.2 -5.2
Other household operation... 231.9 224.5 227.9 230.9 233.0 236.0 227.1 219.6 222.8 226.4 228.9 230.5 12.4 2.5 1.6
Transportation................ 255.0 247.7 250.3 254.0 256.5 259.1 241.0 236.1 237.7 239.9 242.4 243.9 6.8 2.5 1.5
Medical care.................. 941.3 910.5 922.5 933.0 948.1 961.7 876.9 862.2 865.6 872.0 880.9 889.1 22.5 8.9 8.2
Recreation.................... 246.2 226.1 233.1 241.0 252.1 258.7 228.0 212.8 218.4 225.0 232.4 236.3 19.2 7.4 3.9
Other......................... 948.4 902.1 916.4 938.8 956.8 981.8 868.1 836.8 845.3 863.1 874.6 889.4 47.8 11.5 14.8
Gross private domestic investment. 1,622.7 1,580.3 1,594.3 1,585.4 1,635.0 1,675.8 1,637.7 1,593.9 1,608.2 1,599.8 1,651.6 1,691.4 90.3 51.8 39.8
Fixed investment................ 1,578.0 1,508.9 1,543.3 1,567.8 1,594.2 1,606.8 1,590.5 1,522.5 1,555.9 1,581.0 1,607.3 1,617.8 118.7 26.3 10.5
Nonresidential................ 1,166.7 1,121.4 1,139.9 1,155.4 1,181.6 1,190.0 1,215.8 1,160.8 1,182.7 1,202.9 1,234.3 1,243.2 93.3 31.4 8.9
Structures.................. 273.4 278.0 274.7 272.5 272.1 274.1 248.1 255.7 251.9 248.5 246.1 245.8 -6.0 -2.4 -.3
Nonresidential buildings,
including farm........... 199.9 203.3 204.0 199.8 197.5 198.2 180.4 187.4 186.6 181.2 177.2 176.5 -4.2 -4.0 -.7
Utilities................. 39.5 40.1 39.2 39.1 39.9 39.6 38.2 38.7 38.1 38.0 38.5 38.0 .2 .5 -.5
Mining exploration,
shafts, and wells........ 27.1 28.0 25.2 26.0 28.0 29.4 23.4 23.6 21.6 22.6 24.3 25.3 -2.0 1.7 1.0
Other structures.......... 6.9 6.6 6.4 7.6 6.8 6.8 6.4 6.2 6.0 7.1 6.3 6.2 .2 -.8 -.1
Equipment and software...... 893.4 843.4 865.2 882.9 909.5 916.0 974.9 908.5 935.7 960.9 996.6 1,006.4 104.3 35.7 9.8
Information processing
equipment and software... 406.9 369.7 382.3 401.7 416.8 426.8 509.8 448.5 470.4 501.0 526.0 541.7 91.3 25.0 15.7
Computers and
peripheral equipment... 97.8 90.5 92.3 96.4 100.8 101.6 220.8 178.3 193.4 212.9 233.5 243.3 66.6 20.6 9.8
Software................ 143.5 131.2 135.5 140.7 145.8 152.0 149.3 137.8 141.6 147.0 152.0 156.6 20.1 5.0 4.6
Other................... 165.6 148.0 154.5 164.6 170.2 173.2 169.9 150.9 157.8 168.4 174.7 178.6 22.8 6.3 3.9
Industrial equipment...... 152.0 151.4 147.9 149.3 153.0 157.9 149.0 148.9 145.0 146.6 150.0 154.3 .9 3.4 4.3
Transportation equipment.. 197.1 187.0 193.1 193.6 204.9 196.9 195.7 185.8 190.8 191.6 204.0 196.4 20.4 12.4 -7.6
Other..................... 137.3 135.3 142.0 138.3 134.7 134.3 132.6 131.0 137.0 133.3 130.1 129.9 .3 -3.2 -.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See note at the end of the table.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period--Continued
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (1996) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
1999 IV 98 I 99 II 99 III 99 IV 99 1999 IV 98 I 99 II 99 III 99 IV 99 1999 III 99 IV 99
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Residential................... 411.3 387.5 403.4 412.4 412.7 416.7 376.1 362.6 373.7 378.8 375.1 376.8 25.9 -3.7 1.7
Structures.................. 402.4 379.1 394.6 403.6 403.6 407.7 367.0 354.0 364.8 369.7 365.9 367.5 25.2 -3.8 1.6
Single family............. 213.9 202.2 211.8 213.7 211.7 218.3 195.0 189.3 195.8 195.8 191.7 196.5 14.7 -4.1 4.8
Multifamily............... 27.7 24.8 27.7 27.5 27.8 27.6 22.9 21.1 23.3 22.9 22.9 22.6 1.1 .0 -.3
Other..................... 160.8 152.1 155.1 162.4 164.1 161.8 149.2 143.7 145.7 151.1 151.5 148.4 9.4 .4 -3.1
Equipment................... 8.9 8.5 8.7 8.9 9.0 9.1 9.1 8.5 8.9 9.1 9.2 9.3 .7 .1 .1
Change in private inventories... 44.6 71.4 51.0 17.6 40.8 69.1 42.2 70.7 50.1 14.0 38.0 66.7 -32.1 24.0 28.7
Farm.......................... 3.4 15.2 10.1 4.8 .7 -2.2 -.6 12.8 7.4 .9 -3.8 -6.7 -1.5 -4.7 -2.9
Nonfarm....................... 41.3 56.2 40.9 12.8 40.1 71.3 42.4 58.2 43.1 13.1 41.2 72.3 -30.8 28.1 31.1
Manufacturing............... .4 11.5 .0 -7.8 1.6 7.8 .4 12.0 .0 -8.3 1.7 8.2 -24.7 10.0 6.5
Wholesale trade............. 14.6 16.3 8.8 10.7 24.2 14.7 15.2 17.2 9.5 11.1 25.1 15.0 -8.2 14.0 -10.1
Retail trade................ 20.7 15.6 17.5 5.9 14.3 45.2 20.5 15.5 17.5 5.9 14.1 44.4 9.4 8.2 30.3
Other....................... 5.6 12.8 14.7 4.0 .0 3.6 5.9 13.6 15.7 4.1 .1 3.6 -8.0 -4.0 3.5
Net exports of goods and services. -253.9 -161.2 -201.6 -245.8 -278.2 -290.1 -323.0 -234.4 -286.6 -321.1 -340.4 -344.1 -105.4 -19.3 -3.7
Exports......................... 998.3 981.8 966.9 978.2 1,008.5 1,039.5 1,042.3 1,028.7 1,014.3 1,024.3 1,052.6 1,078.2 37.7 28.3 25.6
Goods......................... 699.0 693.3 674.3 680.5 708.8 732.3 751.9 744.2 726.4 734.1 763.3 783.7 29.1 29.2 20.4
Foods, feeds, and beverages. 45.5 47.5 43.2 45.3 47.1 46.5 56.7 57.8 52.9 56.1 59.1 58.8 1.6 3.0 -.3
Industrial supplies and
materials.................. 142.0 139.7 133.6 137.0 142.6 154.8 153.0 152.3 147.1 150.1 152.7 162.1 1.5 2.6 9.4
Capital goods, except
automotive................. 311.2 309.2 301.7 299.5 319.3 324.2 341.7 337.2 329.6 328.4 352.1 356.7 17.2 23.7 4.6
Automotive vehicles,
engines, and parts......... 74.8 74.7 71.4 75.0 76.0 76.8 73.7 73.9 70.5 74.0 74.8 75.3 1.2 .8 .5
Consumer goods, except
automotive................. 80.8 79.2 79.6 79.1 80.6 83.7 80.4 78.8 79.3 78.9 80.3 83.2 1.7 1.4 2.9
Other....................... 44.7 43.0 44.8 44.5 43.2 46.3 46.8 44.9 46.9 46.8 45.3 48.1 5.9 -1.5 2.8
Services...................... 299.3 288.6 292.6 297.7 299.7 307.2 290.9 285.0 287.9 290.1 290.2 295.5 8.9 .1 5.3
Imports......................... 1,252.2 1,143.1 1,168.5 1,224.0 1,286.6 1,329.6 1,365.4 1,263.1 1,300.9 1,345.4 1,393.0 1,422.3 143.2 47.6 29.3
Goods......................... 1,049.1 952.6 974.3 1,022.3 1,079.3 1,120.5 1,162.5 1,069.7 1,102.0 1,142.5 1,188.9 1,216.8 130.9 46.4 27.9
Foods, feeds, and beverages. 43.6 41.6 41.7 43.8 44.2 44.8 46.1 42.8 43.7 46.0 47.2 47.6 3.9 1.2 .4
Industrial supplies and
materials, except
petroleum and products..... 148.7 140.3 140.0 143.8 151.6 159.4 157.3 151.1 151.1 154.5 159.0 164.7 7.1 4.5 5.7
Petroleum and products...... 67.5 45.8 42.4 63.7 78.3 85.6 81.3 79.2 80.6 85.3 82.7 76.6 -.1 -2.6 -6.1
Capital goods, except
automotive................. 296.8 274.2 279.1 291.7 302.2 314.2 378.7 339.6 347.5 370.5 390.0 406.9 50.4 19.5 16.9
Automotive vehicles,
engines, and parts......... 180.1 161.2 171.6 175.1 186.2 187.5 178.3 160.7 170.4 173.4 184.1 185.2 29.7 10.7 1.1
Consumer goods, except
automotive................. 239.9 221.1 229.2 232.8 243.0 254.3 247.8 227.3 235.7 240.8 251.6 263.1 25.5 10.8 11.5
Other....................... 72.5 68.5 70.3 71.4 73.7 74.7 73.1 68.1 70.7 72.2 74.3 75.1 12.7 2.1 .8
Services...................... 203.1 190.4 194.2 201.7 207.4 209.0 203.9 193.8 199.4 203.7 205.5 207.2 13.2 1.8 1.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See note at the end of the table.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period--Continued
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (1996) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
1999 IV 98 I 99 II 99 III 99 IV 99 1999 IV 98 I 99 II 99 III 99 IV 99 1999 III 99 IV 99
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Government consumption
expenditures and
gross investment................. 1,630.1 1,554.8 1,589.1 1,605.9 1,637.2 1,688.0 1,534.1 1,494.7 1,513.4 1,518.3 1,535.3 1,569.6 55.3 17.0 34.3
Federal......................... 570.6 546.7 557.4 561.6 569.8 593.6 540.8 531.9 531.2 534.1 539.5 558.3 14.9 5.4 18.8
National defense.............. 364.5 352.9 355.8 354.3 365.4 382.6 347.8 344.9 341.4 339.2 348.3 362.4 6.1 9.1 14.1
Consumption expenditures.... 310.7 303.4 304.6 300.8 312.1 325.5 293.3 293.6 289.5 284.9 294.0 304.9 1.9 9.1 10.9
Gross investment............ 53.8 49.5 51.2 53.5 53.4 57.1 54.7 51.4 52.1 54.6 54.5 57.8 4.4 -.1 3.3
Nondefense.................... 206.1 193.8 201.6 207.3 204.4 211.1 192.9 186.9 189.7 194.7 191.1 195.9 8.7 -3.6 4.8
Consumption expenditures.... 164.1 156.5 162.4 164.4 162.9 166.5 151.0 149.0 150.6 151.9 149.7 152.0 3.9 -2.2 2.3
Gross investment............ 42.0 37.2 39.2 42.9 41.5 44.6 42.2 38.1 39.4 43.2 41.9 44.5 5.0 -1.3 2.6
State and local................. 1,059.4 1,008.1 1,031.8 1,044.3 1,067.4 1,094.4 993.1 962.6 981.8 984.0 995.5 1,011.1 40.4 11.5 15.6
Consumption expenditures.... 857.4 822.2 832.4 848.4 866.5 882.4 800.0 782.7 789.3 796.2 803.8 810.7 26.1 7.6 6.9
Gross investment............ 202.0 185.9 199.4 195.8 200.8 212.0 193.2 179.9 192.7 187.8 191.7 200.7 14.4 3.9 9.0
Residual.......................... ..... ..... ..... ..... ..... ..... -39.1 -28.8 -31.8 -32.6 -44.9 -47.1 -24.7 -12.3 -2.2
Addenda:
Final sales of domestic product. 9,211.5 8,876.2 9,021.6 9,128.6 9,257.0 9,438.8 8,800.5 8,568.7 8,665.0 8,737.5 8,835.0 8,964.6 379.7 97.5 129.6
Gross domestic purchases........ 9,510.0 9,108.8 9,274.2 9,392.0 9,575.9 9,798.0 9,151.2 8,863.7 8,988.8 9,059.5 9,197.8 9,358.6 446.4 138.3 160.8
Final sales to domestic
purchasers..................... 9,465.4 9,037.4 9,223.2 9,374.4 9,535.1 9,728.9 9,103.6 8,792.7 8,936.2 9,039.0 9,153.1 9,286.0 473.8 114.1 132.9
Gross domestic product.......... 9,256.1 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9 8,848.2 8,639.5 8,717.6 8,758.3 8,879.8 9,037.2 352.5 121.5 157.4
Plus: Income receipts from
the rest of the world.......... 302.3 280.8 283.8 296.1 307.7 321.7 291.8 274.0 276.0 286.6 296.5 308.2 12.6 9.9 11.7
Less: Income payments to
the rest of the world.......... 322.3 297.9 298.2 310.4 323.2 357.3 309.2 289.1 288.5 298.8 309.4 340.1 22.3 10.6 30.7
Equals: Gross national product.. 9,236.2 8,930.5 9,058.2 9,131.9 9,282.3 9,472.3 8,830.8 8,624.4 8,705.1 8,746.0 8,866.8 9,005.2 343.0 120.8 138.4
Net domestic product............ 8,120.4 7,858.3 7,968.8 8,024.9 8,141.8 8,346.1 7,698.6 7,541.0 7,604.1 7,623.9 7,716.0 7,850.2 275.0 92.1 134.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Note.--Users are cautioned that particularly for components
for which relative prices are changing rapidly, the use of
chained-dollar estimates to calculate component shares or component
contributions to real growth may be misleading even just a few years
from the base year. 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.--Chain-Type Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.9 1.2 1.4 2.5 1.4 2.0 1.6 2.8 1.8 1.3 1.3 .9 1.1 1.3 .8 2.0 1.3 1.1 2.0
Personal consumption expenditures... 2.0 .9 1.6 2.4 2.6 1.6 2.8 2.6 1.1 1.3 1.2 .3 1.1 1.1 1.1 1.5 2.2 1.8 2.5
Durable goods..................... -2.2 -2.4 -2.6 .2 -2.5 -1.4 -1.8 -1.1 -3.7 -3.3 -2.5 -1.5 -2.0 -2.3 -3.9 -2.8 -1.9 -2.0 -1.7
Nondurable goods.................. 1.3 .0 2.3 3.2 3.6 .2 3.6 1.7 -.6 .6 .9 -1.4 -.2 1.2 1.3 1.6 5.1 2.8 3.8
Services.......................... 3.2 2.1 2.1 2.5 3.1 3.0 3.3 3.9 3.0 2.5 2.2 1.5 2.4 1.8 2.1 2.3 1.7 2.1 2.7
Gross private domestic investment... -.2 -.9 -.2 -1.1 -.8 1.1 -.3 -.3 -.6 .4 -.6 -2.2 -1.0 -.2 -.2 .1 -.4 -.3 .4
Fixed investment.................. -.1 -.8 .0 -.8 -.8 1.0 -.1 -.2 -.3 .5 -.7 -1.9 -.9 .1 -.2 .3 -.1 .1 .5
Nonresidential.................. -1.0 -1.8 -1.3 -1.6 -1.7 -.2 -.8 -1.0 -1.1 -.7 -1.7 -2.6 -2.2 -1.4 -1.8 -.9 -1.4 -1.3 .0
Structures.................... 4.1 3.1 2.6 2.0 2.2 4.2 3.4 4.3 4.6 5.3 3.9 1.0 2.8 3.6 3.5 1.3 2.2 3.4 3.5
Equipment and software........ -2.6 -3.4 -2.5 -2.8 -3.0 -1.7 -2.2 -2.8 -3.0 -2.7 -3.6 -3.8 -3.8 -2.9 -3.5 -1.6 -2.5 -2.7 -1.1
Residential..................... 2.7 2.6 3.9 1.5 1.8 4.4 2.0 2.3 2.1 4.2 2.4 .3 3.0 4.4 4.5 4.0 3.6 4.1 2.2
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -1.5 -2.3 -.5 -.7 -1.2 -2.8 -3.8 -.8 .3 -1.2 -1.7 -4.2 -1.9 -3.0 -1.5 -.5 .7 1.3 2.6
Goods........................... -2.7 -3.1 -1.4 -2.6 -1.9 -4.9 -6.5 -.8 -1.1 -1.3 -2.7 -4.6 -3.0 -4.2 -2.3 -1.4 -.6 .7 2.6
Services........................ 1.4 -.3 1.7 4.1 .3 2.6 3.0 -.6 3.8 -.9 1.0 -3.1 .8 .0 .6 1.5 3.8 2.7 2.6
Imports........................... -3.6 -5.3 .4 -1.6 -1.8 -4.4 .6 -4.6 -7.3 -2.4 -2.5 -10.7 -4.0 -4.6 -.3 -3.0 5.2 6.2 4.9
Goods........................... -4.1 -5.9 .0 -2.3 -2.4 -5.5 .2 -4.9 -8.7 -2.1 -2.6 -11.1 -5.6 -5.4 -1.2 -2.9 4.9 5.9 5.9
Services........................ -.5 -2.2 2.4 1.9 1.4 1.5 2.5 -2.8 .6 -4.2 -2.0 -8.9 4.4 -.6 4.4 -3.3 6.7 8.0 -.2
Government consumption expenditures
and gross investment............... 1.9 1.5 2.7 5.0 -1.4 2.5 1.9 3.2 .7 1.5 2.6 .9 1.4 1.9 1.3 3.8 2.9 3.3 3.4
Federal........................... 1.3 1.1 3.0 5.1 -3.2 1.9 1.7 3.5 .2 -.2 1.5 2.0 .9 .4 1.4 8.6 .9 1.8 2.7
National defense................ 1.2 .8 2.7 7.8 -1.6 2.2 1.7 2.9 -.1 -.4 1.5 1.6 -.1 .9 1.0 7.6 1.0 1.8 2.5
Nondefense...................... 1.6 1.6 3.6 -.4 -6.4 1.4 1.6 4.9 .8 .2 1.6 2.7 2.6 -.4 2.1 10.4 .7 1.8 3.1
State and local................... 2.2 1.8 2.5 4.9 -.3 2.8 2.1 3.1 1.0 2.5 3.2 .3 1.7 2.7 1.2 1.4 4.0 4.2 3.8
Addenda:
Final sales of domestic product... 1.9 1.2 1.4 2.5 1.4 1.9 1.7 2.8 1.8 1.4 1.3 1.0 1.1 1.4 .8 2.1 1.4 1.1 2.0
Gross domestic purchases.......... 1.6 .7 1.5 2.3 1.3 1.7 2.1 2.3 .8 1.2 1.2 -.1 .8 1.0 .9 1.6 1.9 1.7 2.3
Final sales to domestic
purchasers....................... 1.6 .8 1.5 2.4 1.3 1.7 2.2 2.3 .8 1.2 1.2 .0 .8 1.1 .9 1.7 2.0 1.8 2.3
Gross national product (GNP)...... 1.9 1.2 1.4 2.5 1.4 1.9 1.6 2.7 1.7 1.3 1.3 .9 1.1 1.3 .9 2.0 1.3 1.1 1.9
Implicit price deflators:
GDP............................. 1.9 1.2 1.5 2.5 1.4 1.9 1.7 2.8 1.7 1.3 1.2 .8 1.2 1.5 1.0 2.0 1.4 1.1 1.9
Gross domestic purchases........ 1.6 .7 1.5 2.3 1.3 1.7 2.1 2.3 .7 1.1 1.1 -.2 .9 1.2 1.1 1.6 1.9 1.7 2.3
GNP............................. 1.9 1.2 1.5 2.5 1.4 1.9 1.6 2.8 1.7 1.3 1.2 .8 1.2 1.5 1.0 2.0 1.4 1.1 1.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1996=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1997 1998 1999 IV 98 I 99 II 99 III 99 IV 99
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product:
Chain-type quantity index........ 104.25 108.74 113.25 110.58 111.58 112.10 113.65 115.67
Chain-type price index........... 101.91 103.11 104.55 103.51 104.03 104.37 104.65 105.16
Implicit price deflator.......... 101.91 103.11 104.61 103.57 104.07 104.43 104.71 105.21
Personal consumption expenditures:
Chain-type quantity index................ 103.43 108.48 114.25 110.35 112.10 113.50 114.86 116.52
Chain-type price index................... 101.98 102.93 104.57 103.37 103.74 104.32 104.79 105.43
Durable goods:
Chain-type quantity index.............. 106.63 118.66 132.32 124.26 127.95 130.76 133.21 137.35
Chain-type price index................. 97.79 95.45 93.00 94.34 93.67 93.22 92.75 92.35
Nondurable goods:
Chain-type quantity index.............. 102.92 107.07 112.84 108.80 111.15 112.05 113.04 115.12
Chain-type price index................. 101.35 101.40 103.76 101.78 102.19 103.47 104.20 105.18
Services:
Chain-type quantity index.............. 103.06 107.26 111.59 108.50 109.61 111.01 112.36 113.38
Chain-type price index................. 103.17 105.31 107.51 106.12 106.72 107.16 107.73 108.45
Private fixed investment:
Chain-type quantity index................ 108.52 121.37 131.15 125.55 128.30 130.37 132.54 133.40
Chain-type price index................... 99.95 99.20 99.22 99.11 99.19 99.17 99.19 99.32
Nonresidential:
Chain-type quantity index.............. 110.71 124.80 135.17 129.06 131.49 133.74 137.23 138.23
Chain-type price index................. 99.04 97.22 95.97 96.60 96.38 96.04 95.72 95.71
Residential:
Chain-type quantity index.............. 102.35 111.78 120.06 115.74 119.30 120.91 119.75 120.27
Chain-type price index................. 102.68 105.30 109.40 106.93 107.97 108.93 110.04 110.65
Exports of goods and services:
Chain-type quantity index................ 112.46 114.92 119.24 117.68 116.03 117.17 120.42 123.34
Chain-type price index................... 98.47 96.19 95.76 95.44 95.33 95.49 95.80 96.41
Imports of goods and services:
Chain-type quantity index................ 113.72 126.89 141.77 131.14 135.07 139.69 144.63 147.68
Chain-type price index................... 96.45 91.31 91.64 90.48 89.81 90.96 92.35 93.46
Government consumption expenditures
and gross investment:
Chain-type quantity index................ 102.24 104.00 107.89 105.11 106.43 106.78 107.97 110.39
Chain-type price index................... 101.87 103.44 106.24 104.03 105.01 105.77 106.64 107.55
Federal:
Chain-type quantity index.............. 99.84 98.94 101.73 100.05 99.94 100.46 101.49 105.02
Chain-type price index................. 101.33 102.42 105.51 102.79 104.93 105.16 105.63 106.34
State and local:
Chain-type quantity index.............. 103.66 107.00 111.54 108.11 110.27 110.51 111.81 113.56
Chain-type price index................. 102.19 104.03 106.67 104.73 105.09 106.14 107.23 108.24
Addenda:
Final sales of domestic product:
Chain-type quantity index.............. 103.76 108.19 113.07 110.09 111.33 112.26 113.51 115.18
Chain-type price index................. 101.94 103.18 104.67 103.59 104.12 104.48 104.78 105.29
Implicit price deflator................ 101.94 103.18 104.67 103.59 104.12 104.48 104.78 105.29
Gross domestic purchases:
Chain-type quantity index.............. 104.48 110.16 115.81 112.17 113.75 114.65 116.40 118.43
Chain-type price index................. 101.61 102.35 103.86 102.72 103.13 103.62 104.06 104.65
Implicit price deflator................ 101.61 102.35 103.92 102.77 103.18 103.67 104.11 104.70
Final sales to domestic purchasers:
Chain-type quantity index.............. 103.99 109.62 115.64 111.69 113.52 114.82 116.27 117.96
Chain-type price index................. 101.64 102.42 103.97 102.79 103.22 103.72 104.18 104.78
Implicit price deflator................ 101.64 102.42 103.97 102.78 103.21 103.71 104.17 104.77
Gross national product:
Chain-type quantity index.............. 104.08 108.38 112.76 110.13 111.16 111.68 113.22 114.99
Chain-type price index................. 101.89 103.09 104.53 103.50 104.01 104.36 104.63 105.14
Implicit price deflator................ 101.89 103.09 104.59 103.55 104.06 104.41 104.69 105.19
-----------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Real Gross Domestic Product: Historical Perspective
[Percent change from preceding year]
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 7.3 3.8 3.4 3.4 4.2 3.5 1.8 -.5 3.0 2.7 4.0 2.7 3.6 4.2 4.3 4.2
Personal consumption expenditures...... 5.4 5.0 4.2 3.3 4.0 2.7 1.8 -.2 2.9 3.4 3.8 3.0 3.2 3.4 4.9 5.3
Durable goods........................ 14.6 9.9 9.1 1.7 5.8 2.1 -.9 -6.6 5.3 8.2 7.6 4.6 5.6 6.6 11.3 11.5
Nondurable goods..................... 4.0 2.7 3.6 2.4 3.2 2.7 1.4 -.4 1.9 2.9 3.8 3.0 2.9 2.9 4.0 5.4
Services............................. 4.2 5.2 3.3 4.3 4.1 2.8 2.8 1.4 2.9 2.7 3.0 2.7 2.8 3.1 4.1 4.0
Gross private domestic investment...... 29.3 -.9 -.7 2.5 2.7 3.7 -3.1 -8.6 8.5 8.7 13.2 3.0 9.0 11.5 11.7 5.8
Fixed investment..................... 16.8 5.3 1.2 .0 3.6 2.7 -1.8 -6.9 6.5 8.1 9.1 6.0 9.3 8.5 11.8 8.1
Nonresidential..................... 17.6 6.7 -2.7 -.1 5.4 5.5 .7 -4.9 3.4 8.4 8.9 9.8 10.0 10.7 12.7 8.3
Structures....................... 14.3 7.3 -10.8 -3.6 1.3 2.5 1.5 -11.0 -6.1 .8 .8 4.8 7.1 8.5 4.1 -2.4
Equipment and software........... 19.5 6.4 2.0 1.7 7.5 7.0 .4 -2.0 7.4 11.3 11.9 11.5 11.0 11.5 15.8 12.0
Residential........................ 14.6 1.4 12.0 .2 -.5 -4.1 -8.6 -12.8 16.3 7.3 9.7 -3.6 7.4 2.3 9.2 7.4
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 8.4 2.7 7.4 11.2 16.1 11.8 8.7 6.5 6.2 3.3 8.9 10.3 8.2 12.5 2.2 3.8
Goods.............................. 7.9 3.4 5.1 11.1 18.8 12.6 8.2 7.1 6.8 3.0 9.7 11.9 8.7 14.5 2.1 4.0
Services........................... 9.7 .9 13.3 11.6 9.3 9.6 10.0 5.1 4.6 4.1 7.2 6.4 6.8 7.6 2.5 3.2
Imports.............................. 24.3 6.5 8.4 6.1 3.8 3.9 3.8 -.5 6.6 9.1 12.0 8.2 8.6 13.7 11.6 11.7
Goods.............................. 24.2 6.2 10.3 4.6 4.1 4.2 3.0 -.1 9.3 10.1 13.3 9.0 9.4 14.2 11.7 12.7
Services........................... 25.1 7.6 .3 12.6 2.7 2.8 7.6 -2.3 -4.0 4.7 5.8 4.1 4.8 11.2 10.8 6.9
Government consumption expenditures
and gross investment.................. 3.5 6.5 5.4 3.0 1.2 2.8 3.3 1.2 .5 -.8 .1 .5 1.1 2.2 1.7 3.7
Federal.............................. 3.1 7.6 5.5 3.7 -1.8 1.3 2.0 -.3 -1.6 -3.9 -3.6 -2.7 -.9 -.2 -.9 2.8
National defense................... 4.8 8.4 6.3 4.7 -.8 -.8 .0 -1.1 -4.9 -5.4 -4.8 -3.7 -1.3 -2.5 -1.9 1.8
Nondefense......................... -1.6 5.4 3.1 .5 -5.2 8.4 8.3 1.8 7.1 -.3 -1.0 -.5 .0 4.5 .9 4.7
State and local...................... 3.8 5.4 5.4 2.3 3.7 3.9 4.2 2.3 2.0 1.4 2.6 2.5 2.3 3.7 3.2 4.2
Addenda:
Final sales of domestic product...... 5.3 5.0 3.8 3.0 4.3 3.3 2.0 -.2 2.8 2.6 3.4 3.1 3.6 3.8 4.3 4.5
Gross domestic purchases............. 8.7 4.2 3.6 3.1 3.2 2.9 1.4 -1.1 3.1 3.3 4.4 2.5 3.7 4.5 5.4 5.1
Final sales to domestic purchasers... 6.8 5.3 3.9 2.7 3.4 2.7 1.6 -.9 2.8 3.2 3.8 3.0 3.7 4.0 5.4 5.5
Gross national product............... 7.1 3.5 3.2 3.3 4.2 3.5 1.9 -.5 3.0 2.6 3.9 2.7 3.5 4.1 4.1 4.0
Real disposable personal income...... 7.7 3.3 3.2 2.1 4.4 2.6 2.2 .4 3.1 1.4 2.6 2.6 2.5 3.3 4.1 4.0
Gross domestic purchases price
index............................... 3.5 2.9 2.3 3.3 3.4 3.8 4.1 3.4 2.5 2.3 2.0 2.2 1.8 1.6 .7 1.5
GDP price index...................... 3.7 3.2 2.2 3.0 3.4 3.8 3.9 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.4
Personal consumption expenditures
price index......................... 3.7 3.5 2.4 3.8 3.9 4.4 4.6 3.8 3.1 2.4 2.0 2.3 2.1 2.0 .9 1.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 2.5 4.0 3.7 4.1 4.5 4.0 4.5 4.1 4.6 4.0 3.9 4.7 3.9 3.8 4.3 4.6
Personal consumption expenditures...... 3.2 3.4 3.0 3.1 3.4 2.7 3.8 3.9 4.2 5.4 4.8 5.1 5.3 5.0 5.3 5.6
Durable goods........................ 5.5 7.5 4.6 5.0 6.7 3.1 8.4 8.4 9.8 13.2 9.2 13.0 11.9 11.4 12.3 10.5
Nondurable goods..................... 2.6 2.9 3.1 3.2 3.6 2.4 3.3 2.4 2.8 4.6 3.8 5.0 5.7 4.9 5.2 5.8
Services............................. 3.1 2.8 2.7 2.7 2.6 2.7 3.1 3.8 3.8 4.3 4.4 3.7 3.8 3.9 4.0 4.5
Gross private domestic investment...... .9 9.3 14.5 11.4 13.2 13.0 9.1 11.0 15.4 8.5 11.0 11.9 5.0 5.7 6.5 6.1
Fixed investment..................... 5.7 9.9 11.2 10.4 9.3 8.1 8.6 8.1 11.8 12.8 10.2 12.7 9.2 7.8 9.0 6.3
Nonresidential..................... 6.8 9.1 11.9 12.1 11.2 10.8 11.3 9.6 13.6 14.2 10.1 13.1 8.6 7.4 10.2 7.1
Structures....................... 3.7 4.9 6.9 12.8 12.1 8.2 9.1 4.7 4.2 7.1 2.5 2.9 -.1 -3.1 -2.4 -3.9
Equipment and software........... 7.9 10.6 13.7 11.8 10.8 11.6 12.1 11.3 17.1 16.7 12.7 16.8 11.7 11.0 14.5 10.8
Residential........................ 2.6 12.2 9.3 5.6 4.2 .6 1.0 3.7 6.4 8.6 10.5 11.3 11.0 9.0 5.9 3.9
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 8.4 9.0 5.5 9.8 11.3 13.7 15.8 9.2 6.6 1.7 -1.4 2.0 1.0 3.0 6.3 4.8
Goods.............................. 9.0 8.8 7.0 10.1 12.5 16.1 17.4 12.2 7.7 .9 -1.8 1.8 .1 3.5 7.2 5.3
Services........................... 7.0 9.5 1.8 8.9 8.6 8.0 12.0 2.3 4.0 3.7 -.3 2.6 3.2 1.8 4.1 3.7
Imports.............................. 5.5 7.2 10.5 11.2 12.3 13.7 14.5 14.2 13.9 12.5 9.4 10.8 10.3 10.7 13.2 12.6
Goods.............................. 6.1 7.7 11.2 12.3 13.0 14.4 15.0 14.3 14.2 12.4 9.4 11.3 11.0 11.4 14.5 13.8
Services........................... 2.4 4.7 6.9 5.3 8.9 10.0 12.1 13.6 12.7 12.9 9.4 8.5 7.3 7.1 6.4 6.9
Government consumption expenditures
and gross investment.................. -.2 1.2 .8 2.7 2.2 1.8 2.8 2.2 1.5 1.6 1.5 2.3 3.8 2.6 3.5 5.0
Federal.............................. -2.8 -.8 -2.0 2.0 -1.0 -.7 .9 .2 -1.6 -1.2 -1.4 .6 3.1 .8 2.4 5.0
National defense................... -2.9 -1.1 -2.2 .8 -3.8 -3.3 -1.3 -1.3 -3.0 -2.6 -.9 -1.1 2.6 -.7 .2 5.1
Nondefense......................... -2.5 -.1 -1.7 4.5 4.7 4.6 5.5 3.2 .8 1.5 -2.3 3.8 4.0 3.5 6.6 4.8
State and local...................... 1.4 2.4 2.5 3.0 4.2 3.3 3.9 3.3 3.3 3.2 3.2 3.2 4.2 3.7 4.0 5.0
Addenda:
Final sales of domestic product...... 3.3 4.1 3.2 3.9 3.9 3.2 4.4 3.6 4.0 4.6 3.8 4.7 4.6 4.1 4.7 4.6
Gross domestic purchases............. 2.2 3.8 4.3 4.3 4.7 4.1 4.4 4.7 5.5 5.2 5.2 5.7 5.0 4.8 5.2 5.6
Final sales to domestic purchasers... 3.0 3.9 3.8 4.1 4.1 3.3 4.4 4.2 4.9 5.9 5.1 5.8 5.7 5.1 5.6 5.6
Gross national product............... 2.6 3.9 3.7 4.0 4.2 3.9 4.4 3.9 4.6 3.8 3.6 4.5 3.7 3.6 4.4 4.4
Real disposable personal income...... 1.9 2.5 2.9 2.6 2.9 3.4 3.2 3.9 3.9 3.9 4.2 4.3 4.3 4.1 3.7 3.7
Gross domestic purchases price
index............................... 2.0 1.7 1.8 1.9 1.8 1.7 1.6 1.3 .8 .8 .7 .7 1.1 1.4 1.5 1.9
GDP price index...................... 2.0 1.9 2.0 1.9 1.9 2.0 1.9 1.8 1.3 1.2 1.2 1.0 1.3 1.4 1.3 1.6
Personal consumption expenditures
price index......................... 2.1 2.1 2.1 2.3 2.4 2.0 1.9 1.6 1.0 1.0 .9 .9 1.2 1.5 1.7 2.0
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1997 1998 1999 IV 98 I 99 II 99 III 99 IV 99
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 8,300.8 8,759.9 9,256.1 8,947.6 9,072.7 9,146.2 9,297.8 9,507.9
Plus: Income receipts from
the rest of the world..................... 282.6 285.3 302.3 280.8 283.8 296.1 307.7 321.7
Less: Income payments to
the rest of the world..................... 278.4 295.2 322.3 297.9 298.2 310.4 323.2 357.3
Equals: Gross national product............. 8,305.0 8,750.0 9,236.2 8,930.5 9,058.2 9,131.9 9,282.3 9,472.3
Less: Consumption of fixed capital......... 1,009.1 1,064.6 1,135.8 1,089.2 1,103.9 1,121.3 1,156.0 1,161.8
Less: Indirect business tax and
nontax liability.......................... 645.8 677.0 716.3 697.8 696.6 706.7 718.3 743.7
Less: Business transfer payments........... 36.9 38.1 39.4 38.6 38.8 39.3 39.5 40.0
Less: Statistical discrepancy.............. -3.2 -47.6 -125.1 -62.4 -99.4 -135.5 -141.2 -124.5
Plus: Subsidies less current
surplus of government enterprises......... 19.0 20.8 26.5 31.4 21.0 27.9 17.3 39.7
Equals: National income.................... 6,635.5 7,038.8 7,496.3 7,198.6 7,339.4 7,428.1 7,527.0 7,690.9
Compensation of employees................ 4,675.7 5,011.2 5,331.7 5,134.7 5,217.7 5,287.1 5,373.6 5,448.3
Wage and salary accruals............... 3,884.7 4,189.5 4,472.3 4,300.8 4,371.5 4,432.6 4,509.4 4,575.6
Supplements to wages and salaries...... 791.0 821.7 859.4 833.9 846.2 854.5 864.2 872.7
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 578.6 606.1 658.5 637.1 639.9 655.3 654.0 685.0
Rental income of persons with
capital consumption adjustment.......... 130.2 137.4 145.9 147.0 148.6 148.8 139.0 147.3
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 838.5 848.4 892.7 839.0 886.9 880.5 884.1 919.4
Net interest............................. 412.5 435.7 467.5 440.8 446.3 456.4 476.3 491.0
Addendum:
Gross domestic income.................... 8,303.9 8,807.5 9,381.3 9,009.9 9,172.0 9,281.7 9,439.0 9,632.4
-----------------------------------------------------------------------------------------------------------------------------------
Table 9.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1997 1998 1999 IV 98 I 99 II 99 III 99 IV 99
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 6,951.1 7,358.9 7,791.8 7,530.8 7,630.2 7,732.6 7,831.4 7,972.9
Wage and salary disbursements............ 3,888.9 4,186.0 4,472.3 4,297.3 4,371.5 4,432.6 4,509.4 4,575.6
Other labor income....................... 500.9 515.7 535.8 522.1 528.0 533.0 538.5 543.7
Proprietors' income with
inventory valuation and capital
consumption adjustments................. 578.6 606.1 658.5 637.1 639.9 655.3 654.0 685.0
Farm................................... 29.5 25.1 31.3 41.1 32.5 34.1 21.0 37.6
Nonfarm................................ 549.1 581.0 627.3 596.0 607.5 621.2 633.0 647.4
Rental income of persons with
capital consumption adjustment.......... 130.2 137.4 145.9 147.0 148.6 148.8 139.0 147.3
Personal dividend income................. 333.4 348.3 364.3 351.9 356.1 361.2 367.0 373.1
Personal interest income................. 854.9 897.8 931.3 906.4 907.4 920.5 938.8 958.5
Transfer payments to persons............. 962.4 983.6 1,018.2 991.0 1,007.8 1,013.6 1,021.3 1,030.2
Less: Personal contributions for
social insurance........................ 298.1 315.9 334.6 322.0 328.9 332.3 336.7 340.4
Less: Personal tax and nontax payments..... 968.3 1,072.6 1,152.1 1,113.0 1,124.8 1,139.4 1,160.4 1,183.8
Equals: Disposable personal income......... 5,982.8 6,286.2 6,639.7 6,417.8 6,505.4 6,593.2 6,671.0 6,789.1
Less: Personal outlays..................... 5,711.7 6,056.6 6,483.3 6,190.3 6,310.3 6,425.2 6,531.5 6,666.3
Equals: Personal saving.................... 271.1 229.7 156.3 227.5 195.1 168.0 139.5 122.8
Addenda:
Disposable personal income,
billions of chained (1996) dollars\2\... 5,866.7 6,107.1 6,349.4 6,209.0 6,271.0 6,320.7 6,366.2 6,439.6
Personal saving as a percentage of
disposable personal income.............. 4.5 3.7 2.4 3.5 3.0 2.5 2.1 1.8
-----------------------------------------------------------------------------------------------------------------------------------
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
net interest, contributions for social insurance, and wage accruals
less disbursements, plus personal interest income, personal dividend
income, government transfer payments to persons, and business
transfer payments to persons.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 10.--Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
1997 1998 1999 IV 98 I 99 II 99 III 99 IV 99 1998 1999 I 99 II 99 III 99 IV 99 IV 99
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 838.5 848.4 892.7 839.0 886.9 880.5 884.1 919.4 1.2 5.2 5.7 -.7 .4 4.0 9.6
Profits before tax................. 795.9 781.9 848.5 766.7 818.1 835.8 853.8 886.3 -1.8 8.5 6.7 2.2 2.1 3.8 15.6
Profits tax liability............ 238.3 240.2 259.4 235.6 248.0 254.4 259.4 275.7 .8 8.0 5.3 2.6 2.0 6.3 17.0
Profits after tax................ 557.6 541.7 589.1 531.0 570.1 581.4 594.3 610.6 -2.9 8.8 7.4 2.0 2.2 2.7 15.0
Dividends...................... 333.7 348.6 364.7 352.2 356.4 361.5 367.3 373.5 4.5 4.6 1.2 1.4 1.6 1.7 6.0
Undistributed profits.......... 223.9 193.1 224.4 178.8 213.7 219.9 227.0 237.1 -13.8 16.2 19.5 2.9 3.2 4.4 32.6
Inventory valuation adjustment..... 7.4 20.9 -13.0 20.8 13.3 -13.6 -26.7 -24.9 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 35.3 45.6 57.2 51.6 55.5 58.2 57.0 58.0 29.3 25.4 7.5 5.0 -2.1 1.7 12.4
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments........... 600.2 608.2 633.3 603.4 638.9 626.0 624.7 643.6 1.3 4.1 5.9 -2.0 -.2 3.0 6.7
Net cash flow with inventory
valuation and capital
consumption adjustments........... 845.3 876.5 929.7 883.6 923.4 916.7 929.0 949.9 3.7 6.1 4.5 -.7 1.3 2.2 7.5
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 266.6 259.6 268.6 251.2 282.5 264.5 257.4 270.1 -2.6 3.5 12.5 -6.4 -2.7 5.0 7.5
Consumption of fixed capital..... 578.8 616.9 661.1 632.4 640.9 652.2 671.6 679.7 6.6 7.2 1.3 1.8 3.0 1.2 7.5
Less: Inventory valuation
adjustment........................ 7.4 20.9 -13.0 20.8 13.3 -13.6 -26.7 -24.9 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 838.0 855.5 942.7 862.8 910.1 930.3 955.6 974.8 2.1 10.2 5.5 2.2 2.7 2.0 13.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 11.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
1997 1998 1999 IV 98 I 99 II 99 III 99 IV 99 1998 1999 I 99 II 99 III 99 IV 99
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with IVA and CCAdj..... 838.5 848.4 892.7 839.0 886.9 880.5 884.1 919.4 9.9 44.3 47.9 -6.4 3.6 35.3
Domestic industries.......................... 730.4 748.4 789.4 740.7 782.6 777.1 776.0 821.9 18.0 41.0 41.9 -5.5 -1.1 45.9
Financial.................................. 167.3 171.7 186.6 168.0 185.4 177.6 182.0 201.5 4.4 14.9 17.4 -7.8 4.4 19.5
Nonfinancial............................... 563.1 576.7 602.8 572.7 597.2 599.5 594.0 620.3 13.6 26.1 24.5 2.3 -5.5 26.3
Rest of the world............................ 108.1 100.0 103.3 98.3 104.3 103.3 108.1 97.5 -8.1 3.3 6.0 -1.0 4.8 -10.6
Receipts from the rest of the world........ 159.7 148.4 166.2 146.8 157.0 164.1 169.5 174.0 -11.3 17.8 10.2 7.1 5.4 4.5
Less: Payments to the rest of the world.... 51.6 48.4 62.8 48.5 52.7 60.8 61.4 76.5 -3.2 14.4 4.2 8.1 .6 15.1
Corporate profits with IVA............... 803.2 802.8 835.6 787.4 831.4 822.2 827.1 861.4 -.4 32.8 44.0 -9.2 4.9 34.3
Domestic industries.......................... 695.1 702.8 732.2 689.1 727.1 718.9 719.0 763.9 7.7 29.4 38.0 -8.2 .1 44.9
Financial.................................. 184.2 191.3 208.1 188.6 205.3 198.3 203.9 224.9 7.1 16.8 16.7 -7.0 5.6 21.0
Federal Reserve banks.................... 23.3 24.6 25.6 24.7 24.3 24.5 25.5 28.1 1.3 1.0 -.4 .2 1.0 2.6
Other.................................... 160.9 166.7 182.5 163.9 180.9 173.7 178.4 196.8 5.8 15.8 17.0 -7.2 4.7 18.4
Nonfinancial............................... 510.9 511.5 524.2 500.6 521.9 520.6 515.1 539.0 .6 12.7 21.3 -1.3 -5.5 23.9
Manufacturing............................ 185.6 168.4 165.6 161.7 171.0 167.8 163.1 160.3 -17.2 -2.8 9.3 -3.2 -4.7 -2.8
Durable goods.......................... 93.3 95.1 98.6 106.3 100.5 100.7 94.4 99.0 1.8 3.5 -5.8 .2 -6.3 4.6
Primary metal industries............. 5.1 5.4 .9 5.0 1.7 1.2 .4 .5 .3 -4.5 -3.3 -.5 -.8 .1
Fabricated metal products............ 16.7 17.3 18.9 17.0 19.4 19.0 19.4 17.6 .6 1.6 2.4 -.4 .4 -1.8
Industrial machinery and equipment... 13.5 14.6 17.9 19.4 16.6 18.6 17.1 19.3 1.1 3.3 -2.8 2.0 -1.5 2.2
Electronic and other electric
equipment........................... 22.1 18.2 20.7 21.4 20.5 19.6 20.8 21.9 -3.9 2.5 -.9 -.9 1.2 1.1
Motor vehicles and equipment......... 4.9 7.5 10.2 9.8 10.7 10.4 9.5 10.1 2.6 2.7 .9 -.3 -.9 .6
Other................................ 30.9 32.2 30.1 33.7 31.6 32.0 27.2 29.5 1.3 -2.1 -2.1 .4 -4.8 2.3
Nondurable goods....................... 92.3 73.3 66.9 55.5 70.5 67.0 68.7 61.4 -19.0 -6.4 15.0 -3.5 1.7 -7.3
Food and kindred products............ 22.1 17.0 16.0 7.1 17.2 18.6 18.7 9.2 -5.1 -1.0 10.1 1.4 .1 -9.5
Chemicals and allied products........ 26.0 20.6 19.9 20.0 25.1 20.8 17.4 16.2 -5.4 -.7 5.1 -4.3 -3.4 -1.2
Petroleum and coal products.......... 16.0 8.3 1.5 4.1 -.9 -.3 3.6 3.7 -7.7 -6.8 -5.0 .6 3.9 .1
Other................................ 28.2 27.3 29.6 24.2 29.0 28.0 29.0 32.2 -.9 2.3 4.8 -1.0 1.0 3.2
Transportation and public utilities...... 104.7 109.0 116.3 106.9 111.9 107.9 117.3 128.0 4.3 7.3 5.0 -4.0 9.4 10.7
Transportation......................... 18.5 19.4 18.1 19.7 18.3 17.2 17.7 19.3 .9 -1.3 -1.4 -1.1 .5 1.6
Communications......................... 47.4 49.3 55.4 46.8 52.2 52.5 56.4 60.7 1.9 6.1 5.4 .3 3.9 4.3
Electric, gas, and sanitary services... 38.8 40.2 42.7 40.5 41.5 38.2 43.2 48.0 1.4 2.5 1.0 -3.3 5.0 4.8
Wholesale trade.......................... 46.8 47.2 42.4 41.2 43.4 44.3 39.1 42.8 .4 -4.8 2.2 .9 -5.2 3.7
Retail trade............................. 63.7 69.8 72.9 69.0 75.7 75.4 67.7 72.6 6.1 3.1 6.7 -.3 -7.7 4.9
Other.................................... 110.1 117.1 127.1 121.7 119.8 125.2 127.9 135.3 7.0 10.0 -1.9 5.4 2.7 7.4
Rest of the world............................ 108.1 100.0 103.3 98.3 104.3 103.3 108.1 97.5 -8.1 3.3 6.0 -1.0 4.8 -10.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------
IVA Inventory valuation adjustment
CCAdj. Capital consumption adjustment
Table 12.--Gross Product of Nonfinancial Corporate Business
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1997 1998 1999 IV 98 I 99 II 99 III 99 IV 99
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross product of nonfinancial
corporate business.................... 4,464.4 4,766.4 5,072.5 4,878.6 4,956.7 5,022.8 5,102.5 5,207.9
Consumption of fixed capital............... 490.9 520.6 554.7 532.5 539.0 547.5 563.8 568.5
Net product................................ 3,973.5 4,245.9 4,517.8 4,346.1 4,417.6 4,475.3 4,538.8 4,639.4
Indirect business tax and nontax
liability plus business transfer
payments less subsidies................. 430.7 455.3 484.4 474.7 470.5 477.6 484.5 504.9
Domestic income.......................... 3,542.8 3,790.6 4,033.4 3,871.4 3,947.2 3,997.7 4,054.3 4,134.5
Compensation of employees.............. 2,860.1 3,090.4 3,298.7 3,174.6 3,223.8 3,270.0 3,326.3 3,374.7
Wage and salary accruals............. 2,408.4 2,618.7 2,805.2 2,695.5 2,737.9 2,779.4 2,830.1 2,873.6
Supplements to wages and salaries.... 451.7 471.7 493.5 479.0 486.0 490.7 496.2 501.1
Corporate profits with IVA and CCAdj... 563.1 576.7 602.8 572.7 597.2 599.5 594.0 620.3
Profits before tax................... 503.6 490.6 537.1 479.8 508.6 534.2 541.8 563.9
Profits tax liability.............. 158.8 152.5 167.6 148.8 157.9 166.9 169.3 176.1
Profits after tax.................. 344.7 338.1 369.6 331.0 350.6 367.3 372.5 387.8
Dividends........................ 219.8 245.4 259.7 256.9 241.5 267.9 264.6 264.8
Undistributed profits............ 124.9 92.7 109.9 74.0 109.1 99.4 108.0 123.1
Inventory valuation adjustment....... 7.4 20.9 -13.0 20.8 13.3 -13.6 -26.7 -24.9
Capital consumption adjustment....... 52.2 65.2 78.6 72.2 75.4 78.8 78.8 81.3
Net interest........................... 119.6 123.5 131.9 124.1 126.1 128.1 134.0 139.4
----------------------------------------------------------------------------------------
Billions of chained (1996) dollars
----------------------------------------------------------------------------------------
Gross product of nonfinancial
corporate business.................... 4,439.6 4,736.6 5,013.9 4,842.5 4,911.0 4,964.2 5,044.0 5,136.5
Consumption of fixed capital\1\............ 493.7 530.0 577.1 545.3 554.1 566.9 587.3 600.0
Net product\2\............................. 3,945.8 4,206.6 4,436.9 4,297.1 4,356.9 4,397.4 4,456.7 4,536.5
----------------------------------------------------------------------------------------
Dollars
----------------------------------------------------------------------------------------
Price, costs, and profits per unit of
real gross product of nonfinancial
corporate business:
Price per unit of real gross product
of nonfinancial corporate business\3\... 1.006 1.006 1.012 1.007 1.009 1.012 1.012 1.014
Compensation of employees
(unit labor cost)....................... .644 .652 .658 .656 .656 .659 .659 .657
Unit nonlabor cost....................... .235 .232 .234 .234 .232 .232 .235 .236
Consumption of fixed capital........... .111 .110 .111 .110 .110 .110 .112 .111
Indirect business tax and nontax
liability plus business transfer
payments less subsidies............... .097 .096 .097 .098 .096 .096 .096 .098
Net interest........................... .027 .026 .026 .026 .026 .026 .027 .027
Corporate profits with IVA and CCADj.
(unit profits from current production).. .127 .122 .120 .118 .122 .121 .118 .121
Profits tax liability.................. .036 .032 .033 .031 .032 .034 .034 .034
Profits after tax with IVA and CCAdj... .091 .090 .087 .088 .089 .087 .084 .086
-----------------------------------------------------------------------------------------------------------------------------------
1. Chained-dollar consumption of fixed capital of nonfinancial corporate
business is calculated as the product of the chain-type quantity index and the
1996 current-dollar value of the corresponding series, divided by 100.
2. Chained-dollar net product of nonfinancial corporate business is the
difference between the gross product and the consumption of fixed capital.
3. The deflator for gross product of nonfinancial corporate business divided
by 100.
IVA Inventory valuation adjustment
CCAdj. Capital consumption adjustment
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 I 96 II 96 III 96 IV 96 I 97 II 97 III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP and related aggregates:
GDP............................... 4.2 4.3 4.2 2.9 6.8 2.0 4.6 4.5 4.9 3.8 3.0 6.9 2.2 3.8 5.9 3.7 1.9 5.7 7.3
Goods............................. 6.4 6.0 5.4 2.7 9.0 4.7 4.2 8.8 7.9 4.9 3.7 14.0 -3.0 5.7 11.7 2.9 .5 9.5 11.5
Services.......................... 2.7 2.9 3.4 2.2 3.9 .4 4.6 1.3 3.6 3.0 2.6 1.6 5.1 2.7 2.2 3.1 3.7 4.4 4.8
Structures........................ 4.4 5.5 3.7 8.1 15.1 .6 6.7 5.6 .1 4.8 2.5 9.7 7.6 2.7 5.0 10.2 -2.8 -2.0 4.7
Motor vehicle output.............. 6.6 7.5 9.3 -33.7 69.6 -2.4 -19.2 11.4 4.0 28.7 13.7 -4.4 -8.2 6.3 69.2 -20.7 8.4 26.2 5.1
GDP less motor vehicle output..... 4.2 4.2 4.0 4.5 5.0 2.2 5.6 4.2 4.9 3.0 2.6 7.3 2.6 3.7 4.1 4.7 1.6 5.0 7.4
Final sales of computers\1\....... 45.4 53.9 44.1 73.4 36.6 45.4 33.0 56.1 51.2 53.6 19.9 66.8 62.2 77.5 44.4 31.6 44.2 53.2 15.4
GDP less final sales of computers. 3.9 3.9 3.8 2.4 6.5 1.6 4.4 4.0 4.5 3.4 2.8 6.3 1.7 3.2 5.6 3.4 1.5 5.2 7.2
Farm product\2\................... 12.0 -2.5 -1.2 21.7 14.5 -.1 4.3 28.2 11.0 18.6 -8.6 -9.1 -11.5 7.2 3.4 -4.8 5.9 -21.1 21.2
Nonfarm business less housing
product\3\....................... 5.1 5.3 4.8 4.0 7.7 2.4 5.8 5.1 5.9 4.6 4.1 8.7 2.4 4.5 7.4 4.1 1.9 6.9 8.6
Price indexes:
GDP............................... 1.9 1.2 1.4 2.5 1.4 2.0 1.6 2.8 1.8 1.3 1.3 .9 1.1 1.3 .8 2.0 1.3 1.1 2.0
GDP less food and energy.......... 2.0 1.3 1.5 2.2 .8 2.1 2.0 2.7 1.9 1.2 1.4 1.0 1.3 1.4 1.0 1.9 1.4 1.2 2.2
GDP less final sales of computers. 2.3 1.6 1.8 2.9 1.8 2.3 2.0 3.2 2.1 1.7 1.6 1.3 1.5 1.9 1.2 2.4 1.5 1.3 2.2
Gross domestic purchases.......... 1.6 .7 1.5 2.3 1.3 1.7 2.1 2.3 .8 1.2 1.2 -.1 .8 1.0 .9 1.6 1.9 1.7 2.3
Gross domestic purchases less
food and energy.................. 1.6 1.0 1.3 1.9 .5 1.7 1.7 2.2 1.6 1.0 1.1 .6 1.1 1.2 1.1 1.7 1.2 1.2 1.9
Gross domestic purchases less
final sales of computers......... 2.0 1.2 1.9 2.8 1.8 2.0 2.5 2.7 1.1 1.6 1.5 .4 1.3 1.6 1.5 2.0 2.2 2.1 2.6
Personal consumption expenditures. 2.0 .9 1.6 2.4 2.6 1.6 2.8 2.6 1.1 1.3 1.2 .3 1.1 1.1 1.1 1.5 2.2 1.8 2.5
Personal consumption expenditures
less food and energy............. 2.0 1.3 1.4 1.8 1.7 1.6 2.2 2.5 2.3 1.0 1.1 1.1 1.6 1.3 1.3 1.5 1.3 1.2 2.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 product of farm, of housing,
of households and institutions, and of general government.
See "Explanatory Note" at the end of the tables.
Appendix Table B.--Gross Domestic Product: Levels, Percent Change from Previous Period, and Revision to Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period Revision to percent
change from previous period\2\
---------------------------------------------- ---------------------------------------------- ----------------------------------------------
GDP PCE Gross Exports Imports Govern- GDP PCE Gross Exports Imports Govern- GDP PCE Gross Exports Imports Govern-
private of of ment\1\ private of of ment\1\ private of of ment\1\
domes- goods goods domes- goods goods domes- goods goods
tic in- and and tic in- and and tic in- and and
vest ser- ser- vest ser- ser- vest ser- ser-
ment vices vices ment vices vices ment vices vices
-------------------------------------------------------------------------------------------------------------------------------------------------------
1929... 103.7 77.5 16.5 5.9 5.6 9.4 ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
1930... 91.3 70.2 10.8 4.4 4.1 10.0 -12.0 -9.4 -34.7 -25.2 -25.8 6.7 .3 .0 1.5 .0 .0 -.1
1931... 76.6 60.7 5.9 2.9 2.9 9.9 -16.1 -13.5 -44.9 -34.6 -29.5 -1.0 .0 .0 -.4 .0 .0 .0
1932... 58.8 48.7 1.3 2.0 1.9 8.8 -23.2 -19.7 -78.6 -32.0 -33.5 -11.9 .2 .0 2.1 .0 .0 .0
1933... 56.4 45.9 1.7 2.0 1.9 8.7 -4.0 -5.8 37.4 .6 -.2 -.5 .0 .0 -9.7 .0 .0 .2
1934... 66.0 51.5 3.7 2.6 2.2 10.6 16.9 12.0 111.9 28.8 16.1 21.2 -.2 .0 -8.3 .0 .0 -.1
1935... 73.3 55.9 6.7 2.8 3.0 10.9 11.0 8.7 81.5 8.0 33.2 3.3 .0 .0 .9 .0 .0 -.1
1936... 83.7 62.2 8.6 3.0 3.2 13.1 14.2 11.2 28.9 8.2 5.8 20.0 -.1 .0 -1.1 .0 .0 -.2
1937... 91.9 66.8 12.2 4.0 4.0 12.8 9.7 7.5 40.7 33.6 25.6 -1.9 .0 .0 .1 .0 .0 -.1
1938... 86.1 64.2 7.1 3.8 2.8 13.8 -6.3 -3.9 -41.8 -5.6 -28.2 7.5 .1 .0 .3 .0 .0 .0
1939... 92.0 67.2 9.3 3.9 3.1 14.7 6.9 4.6 32.0 3.7 10.2 6.8 -.1 .0 -.3 .0 .0 .0
1940... 101.3 71.2 13.6 4.8 3.4 15.1 10.1 6.0 46.0 23.0 9.2 2.2 .0 .0 -.2 .0 .0 -.1
1941... 126.7 81.0 18.1 5.4 4.4 26.6 25.0 13.8 32.8 12.2 29.9 76.5 -.2 .0 -.8 .0 .0 -.5
1942... 161.8 88.9 10.4 4.3 4.6 62.8 27.7 9.7 -42.4 -20.5 4.0 136.1 .1 .0 .2 .0 .0 -.5
1943... 198.4 99.7 6.1 3.9 6.3 94.9 22.7 12.2 -41.3 -8.6 35.7 51.2 .0 .0 .6 .0 .0 -.2
1944... 219.7 108.5 7.8 4.8 6.9 105.5 10.7 8.8 27.3 21.0 9.9 11.2 -.1 .0 -1.7 .0 .0 -.1
1945... 223.0 119.8 10.8 6.7 7.5 93.2 1.5 10.5 39.0 40.6 9.3 -11.7 -.1 .0 .1 .0 .0 -.1
1946... 222.3 144.2 31.1 14.1 7.0 39.8 -.3 20.4 187.3 110.6 -7.6 -57.3 .0 .0 -.6 .0 .0 -.1
1947... 244.4 162.3 35.0 18.7 7.9 36.4 10.0 12.5 12.2 32.7 13.8 -8.5 .1 .0 .3 .0 .0 .1
1948... 269.6 175.4 48.1 15.5 10.1 40.6 10.3 8.1 37.6 -17.1 26.8 11.5 .0 .0 .3 .0 .0 -.3
1949... 267.7 178.8 36.9 14.4 9.2 46.8 -.7 2.0 -23.4 -6.9 -8.1 15.1 .0 .0 .2 .0 .0 .0
1950... 294.3 192.7 54.1 12.3 11.6 46.9 10.0 7.7 46.6 -14.9 25.5 .3 .0 .0 -.9 .0 .0 .1
1951... 339.5 208.6 60.2 17.0 14.6 68.3 15.4 8.3 11.3 38.6 25.6 45.6 .1 .0 .0 .0 .0 .4
1952... 358.6 219.7 54.0 16.3 15.3 83.9 5.6 5.3 -10.2 -3.9 4.9 22.8 .1 .0 .2 .0 .0 .1
1953... 379.9 233.4 56.4 15.2 16.0 90.8 5.9 6.3 4.5 -6.9 4.7 8.3 .0 .0 .3 .0 .0 .0
1954... 381.1 240.5 53.8 15.7 15.4 86.5 .3 3.0 -4.6 3.5 -3.6 -4.8 -.1 -.1 -.2 .0 .0 .0
1955... 415.2 259.0 69.0 17.6 17.2 86.8 9.0 7.7 28.3 11.7 11.5 .4 .1 .1 .2 .0 .0 .1
1956... 438.0 271.9 72.0 21.2 18.9 91.8 5.5 5.0 4.3 20.5 10.0 5.7 .0 .0 -.4 .0 .0 .0
1957... 461.5 287.0 70.5 23.9 19.9 100.1 5.4 5.6 -2.2 12.8 5.4 9.0 .1 .2 .0 .0 .0 .0
1958... 467.9 296.6 64.5 20.4 20.0 106.5 1.4 3.3 -8.5 -14.5 .4 6.4 .0 -.1 .1 .0 .0 .1
1959... 507.4 318.1 78.5 20.6 22.3 112.5 8.4 7.3 21.8 1.0 11.5 5.6 ..... ..... ..... ..... ..... .....
1960... 527.4 332.3 78.9 25.3 22.8 113.8 3.9 4.5 .5 22.3 2.3 1.2 .0 .0 .0 .0 .0 .0
1961... 545.7 342.7 78.2 26.0 22.7 121.5 3.5 3.1 -.9 3.1 -.7 6.8 .0 .0 .0 .0 .0 .0
1962... 586.5 363.8 88.1 27.4 25.0 132.2 7.5 6.2 12.8 5.3 10.0 8.8 .0 .0 .0 .0 .0 .0
1963... 618.7 383.1 93.8 29.4 26.1 138.5 5.5 5.3 6.4 7.4 4.7 4.8 .0 .0 .0 .0 .0 .0
1964... 664.4 411.7 102.1 33.6 28.1 145.1 7.4 7.5 8.9 14.1 7.5 4.8 .0 .0 .0 .0 .0 .0
1965... 720.1 444.3 118.2 35.4 31.5 153.7 8.4 7.9 15.9 5.4 12.2 5.9 .0 .0 .0 .0 .0 .0
1966... 789.3 481.8 131.3 38.9 37.1 174.3 9.6 8.4 11.0 10.0 17.5 13.4 .0 .0 .0 .0 .0 .0
1967... 834.1 508.7 128.6 41.4 39.9 195.3 5.7 5.6 -2.1 6.2 7.7 12.0 .0 .0 .0 .0 .0 .0
1968... 911.5 558.7 141.2 45.3 46.6 212.8 9.3 9.8 9.8 9.5 16.6 8.9 .0 .0 .0 .0 .0 .0
1969... 985.3 605.5 156.4 49.3 50.5 224.6 8.1 8.4 10.8 8.8 8.5 5.5 .0 .0 .0 .0 .0 .0
1970... 1,039.7 648.9 152.4 57.0 55.8 237.1 5.5 7.2 -2.6 15.6 10.4 5.6 .0 .0 .0 .0 .0 .0
1971... 1,128.6 702.4 178.2 59.3 62.3 251.0 8.6 8.2 16.9 4.1 11.8 5.9 .0 .0 .0 .0 .0 .0
1972... 1,240.4 770.7 207.6 66.2 74.2 270.1 9.9 9.7 16.5 11.6 19.0 7.6 .0 .0 .0 .0 .0 .0
1973... 1,385.5 852.5 244.5 91.8 91.2 287.9 11.7 10.6 17.8 38.6 22.8 6.6 .0 .0 .0 .0 .0 .0
1974... 1,501.0 932.4 249.4 124.3 127.5 322.4 8.3 9.4 2.0 35.5 39.8 12.0 .0 .0 .0 .0 .0 .0
1975... 1,635.2 1,030.3 230.2 136.3 122.7 361.1 8.9 10.5 -7.7 9.6 -3.7 12.0 .0 .0 .0 .0 .0 .0
1976... 1,823.9 1,149.8 292.0 148.9 151.1 384.5 11.5 11.6 26.8 9.2 23.2 6.5 .0 .0 .0 .0 .0 .0
1977... 2,031.4 1,278.4 361.3 158.8 182.4 415.3 11.4 11.2 23.8 6.7 20.7 8.0 .0 .0 .0 .0 .0 .0
1978... 2,295.9 1,430.4 436.0 186.1 212.3 455.6 13.0 11.9 20.7 17.2 16.3 9.7 .0 .0 .0 .0 .0 .0
1979... 2,566.4 1,596.3 490.6 228.7 252.7 503.5 11.8 11.6 12.5 22.9 19.0 10.5 .0 .0 .0 .0 .0 .0
1980... 2,795.6 1,762.9 477.9 278.9 293.8 569.7 8.9 10.4 -2.6 22.0 16.3 13.2 .0 .0 .0 .0 .0 .0
1981... 3,131.3 1,944.2 570.8 302.8 317.8 631.4 12.0 10.3 19.5 8.5 8.1 10.8 .0 .0 .0 .0 .0 .0
1982... 3,259.2 2,079.3 516.1 282.6 303.2 684.4 4.1 7.0 -9.6 -6.7 -4.6 8.4 .0 .0 .0 .0 .0 .0
1983... 3,534.9 2,286.4 564.2 277.0 328.6 735.9 8.5 10.0 9.3 -2.0 8.4 7.5 .0 .0 .0 .0 .0 .0
1984... 3,932.7 2,498.4 735.5 303.1 405.1 800.8 11.3 9.3 30.4 9.4 23.3 8.8 .0 .0 .0 .0 .0 .0
1985... 4,213.0 2,712.6 736.3 303.0 417.2 878.3 7.1 8.6 .1 .0 3.0 9.7 .0 .0 .0 .0 .0 .0
1986... 4,452.9 2,895.2 747.2 320.3 452.2 942.3 5.7 6.7 1.5 5.7 8.4 7.3 .0 .0 .0 .0 .0 .0
1987... 4,742.5 3,105.3 781.5 365.6 507.9 997.9 6.5 7.3 4.6 14.1 12.3 5.9 .0 .0 .0 .0 .0 .0
1988... 5,108.3 3,356.6 821.1 446.9 553.2 1,036.9 7.7 8.1 5.1 22.2 8.9 3.9 .0 .0 .0 .0 .0 .0
1989... 5,489.1 3,596.7 872.9 509.0 589.7 1,100.2 7.5 7.2 6.3 13.9 6.6 6.1 .0 .0 .0 .0 .0 .0
1990... 5,803.2 3,831.5 861.7 557.2 628.6 1,181.4 5.7 6.5 -1.3 9.5 6.6 7.4 .0 .0 .0 .0 .0 .0
1991... 5,986.2 3,971.2 800.2 601.6 622.3 1,235.5 3.2 3.6 -7.1 8.0 -1.0 4.6 .0 .0 .0 .0 .0 .0
1992... 6,318.9 4,209.7 866.6 636.8 664.6 1,270.5 5.6 6.0 8.3 5.8 6.8 2.8 .0 .0 .0 .0 .0 .0
1993... 6,642.3 4,454.7 955.1 658.0 718.5 1,293.0 5.1 5.8 10.2 3.3 8.1 1.8 .0 .0 .0 .0 .0 .0
1994... 7,054.3 4,716.4 1,097.1 725.1 812.1 1,327.9 6.2 5.9 14.9 10.2 13.0 2.7 .0 .0 .0 .0 .0 .0
1995... 7,400.5 4,969.0 1,143.8 818.6 902.8 1,372.0 4.9 5.4 4.2 12.9 11.2 3.3 .0 .0 .0 .0 .0 .0
1996... 7,813.2 5,237.5 1,242.7 874.2 963.1 1,421.9 5.6 5.4 8.7 6.8 6.7 3.6 .0 .0 .0 .0 .0 .0
1997... 8,300.8 5,524.4 1,383.7 968.0 1,056.3 1,481.0 6.2 5.5 11.3 10.7 9.7 4.2 .0 .0 .0 .0 .0 .0
1998... 8,759.9 5,848.6 1,531.2 966.3 1,115.9 1,529.7 5.5 5.9 10.7 -.2 5.6 3.3 .0 .0 .0 .0 .0 .0
-------------------------------------------------------------------------------------------------------------------------------------------------------
GDP Gross domestic product.
PCE Personal consumption expenditures.
1. Government consumption expenditures and gross investment.
2. Revised percent change less the previously published percent change.
Appendix Table C.--Real Gross Domestic Product: Levels, Percent Change from Previous Period, and Revision to Percent Change
---------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (1996) dollars Percent change from preceding period Revision to percent
change from previous period\2\
------------------------------------------------------ ---------------------------------------------- ----------------------------------------------
GDP PCE Gross Exports Imports Govern- Resid- GDP PCE Gross Exports Imports Govern- GDP PCE Gross Exports Imports Govern-
private of of ment\1\ ual private of of ment\1\ private of of ment\1\
domes- goods goods domes- goods goods domes- goods goods
tic in- and and tic in- and and tic in- and and
vest ser- ser- vest ser- ser- vest ser- ser-
ment vices vices ment vices vices ment vices vices
---------------------------------------------------------------------------------------------------------------------------------------------------------------
1929... 822.2 625.7 93.6 35.8 46.3 110.1 3.3 ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
1930... 751.5 592.3 62.5 29.6 40.3 121.3 -13.9 -8.6 -5.3 -33.3 -17.3 -13.0 10.2 .4 .1 2.0 .1 .0 -.1
1931... 703.6 574.3 39.2 24.6 35.1 126.6 -26.0 -6.4 -3.0 -37.2 -16.9 -12.8 4.3 .0 .1 -.1 -.1 .0 .0
1932... 611.8 523.0 11.8 19.3 29.2 122.4 -35.5 -13.0 -8.9 -69.8 -21.7 -17.0 -3.3 .3 .0 3.9 .0 .0 .1
1933... 603.3 511.0 17.5 19.4 30.4 118.0 -32.2 -1.4 -2.3 47.5 .5 4.2 -3.6 -.2 .0 -18.6 .0 .0 .0
1934... 668.3 546.9 31.6 21.5 31.0 133.0 -33.7 10.8 7.0 80.6 11.2 2.2 12.8 -.2 -.1 -11.2 .0 .0 .0
1935... 728.3 580.6 58.4 22.7 40.7 137.0 -29.7 9.0 6.2 85.1 5.5 31.0 3.0 .1 .1 1.1 .0 .0 -.1
1936... 822.5 639.6 74.9 23.9 40.2 158.9 -34.6 12.9 10.2 28.2 5.0 -1.2 16.0 -.2 .0 -1.9 .0 .0 -.1
1937... 865.8 663.5 93.6 30.1 45.2 153.2 -29.4 5.3 3.7 25.0 26.0 12.5 -3.6 .1 -.1 .5 .0 .0 .0
1938... 835.6 652.6 61.9 29.8 35.2 164.6 -38.1 -3.5 -1.6 -33.9 -1.0 -22.3 7.5 .1 .0 .9 .0 .0 .2
1939... 903.5 689.0 79.6 31.4 36.9 179.7 -39.3 8.1 5.6 28.6 5.6 5.0 9.1 .0 .0 -1.0 .0 .0 .3
1940... 980.7 724.9 110.9 35.7 37.8 182.4 -35.4 8.5 5.2 39.3 13.5 2.4 1.5 -.1 .0 -.7 .0 .0 .0
1941... 1,148.8 776.7 135.4 36.7 46.5 303.0 -56.5 17.1 7.2 22.2 2.7 22.9 66.1 .0 .1 -1.1 .0 -.1 .7
1942... 1,360.0 758.3 71.6 24.1 42.2 711.1 -162.9 18.4 -2.4 -47.2 -34.3 -9.2 134.7 -.4 .0 .3 .0 .0 -5.6
1943... 1,583.7 779.1 42.3 20.1 53.2 1,059.9 -264.5 16.5 2.7 -41.0 -16.6 26.1 49.1 .2 -.1 .9 -.1 .0 -.1
1944... 1,714.1 801.7 52.2 21.6 55.7 1,195.6 -301.3 8.2 2.9 23.6 7.5 4.6 12.8 .2 .0 -1.1 .0 .0 .6
1945... 1,693.3 851.8 69.0 30.5 59.2 1,041.0 -239.8 -1.2 6.3 32.1 41.5 6.3 -12.9 -.1 .1 .5 .0 .0 -.3
1946... 1,505.5 956.9 175.0 66.5 49.1 359.7 -3.5 -11.1 12.3 153.7 117.7 -17.1 -65.5 -.1 .0 -3.4 .0 .0 .0
1947... 1,495.1 976.4 168.6 75.9 46.6 307.1 13.7 -.7 2.0 -3.6 14.2 -5.0 -14.6 .5 .0 .3 .0 .1 2.2
1948... 1,560.0 998.1 215.3 59.8 54.4 328.9 12.3 4.3 2.2 27.7 -21.3 16.7 7.1 .1 .0 .6 -.1 .0 .2
1949... 1,550.9 1,025.3 164.3 59.2 52.5 367.3 -12.7 -.6 2.7 -23.7 -1.0 -3.5 11.7 .2 .0 .7 -.1 .0 .3
1950... 1,686.6 1,090.9 232.5 51.8 62.0 367.4 6.0 8.7 6.4 41.5 -12.5 18.2 .0 -.2 .0 -1.9 .0 .0 .3
1951... 1,815.1 1,107.1 233.2 63.5 64.5 500.0 -24.2 7.6 1.5 .3 22.6 3.9 36.1 .0 .0 -.2 .0 .0 .1
1952... 1,887.3 1,142.4 211.1 60.6 70.1 605.1 -61.8 4.0 3.2 -9.5 -4.7 8.8 21.0 .3 .0 1.0 .0 .0 .2
1953... 1,973.9 1,197.2 221.0 56.5 76.7 647.5 -71.6 4.6 4.8 4.7 -6.7 9.4 7.0 .0 -.1 .1 -.1 .0 .1
1954... 1,960.5 1,221.9 210.8 59.3 72.9 602.9 -61.5 -.7 2.1 -4.6 4.9 -4.9 -6.9 .0 .0 .1 .0 .0 .1
1955... 2,099.5 1,310.4 262.1 65.6 81.7 580.4 -37.3 7.1 7.2 24.4 10.6 12.1 -3.7 .0 .0 -.3 .0 .1 .1
1956... 2,141.1 1,348.8 258.6 76.5 88.4 580.8 -35.2 2.0 2.9 -1.3 16.6 8.1 .1 .0 .0 .2 .0 .0 -.2
1957... 2,183.9 1,381.8 247.4 83.1 92.1 606.7 -43.0 2.0 2.5 -4.3 8.7 4.2 4.4 .1 .1 .3 .0 .0 .0
1958... 2,162.8 1,393.0 226.5 71.8 96.4 626.2 -58.3 -1.0 .8 -8.4 -13.7 4.7 3.2 .0 .0 .4 .0 -.1 .0
1959... 2,319.0 1,470.7 272.9 72.4 106.6 661.4 -51.8 7.2 5.6 20.5 .9 10.5 5.6 ..... ..... ..... ..... ..... .....
1960... 2,376.7 1,510.8 272.8 87.5 108.0 661.3 -47.7 2.5 2.7 .0 20.8 1.3 .0 .0 .0 .0 .0 .0 .0
1961... 2,432.0 1,541.2 271.0 88.9 107.3 693.2 -55.0 2.3 2.0 -.7 1.7 -.7 4.8 .0 .0 .0 .0 .0 .0
1962... 2,578.9 1,617.3 305.3 93.7 119.5 735.0 -52.9 6.0 4.9 12.7 5.4 11.3 6.0 .0 .0 .0 .1 .0 .0
1963... 2,690.4 1,684.0 325.7 100.7 122.7 752.4 -49.7 4.3 4.1 6.7 7.5 2.7 2.4 .0 .0 .0 -.1 .0 .0
1964... 2,846.5 1,784.8 352.6 114.2 129.2 767.1 -43.0 5.8 6.0 8.3 13.3 5.3 2.0 .0 .0 .0 .0 .0 .0
1965... 3,028.5 1,897.6 402.0 116.5 142.9 791.1 -35.8 6.4 6.3 14.0 2.0 10.6 3.1 .0 .0 .0 .0 .0 .0
1966... 3,227.5 2,006.1 437.3 124.3 164.2 862.1 -38.1 6.6 5.7 8.8 6.7 14.9 9.0 .0 .0 .0 .0 .0 .0
1967... 3,308.3 2,066.2 417.2 127.0 176.2 927.1 -53.0 2.5 3.0 -4.6 2.2 7.3 7.5 .0 .0 .0 .0 .0 .0
1968... 3,466.1 2,184.2 441.3 136.3 202.4 956.6 -49.9 4.8 5.7 5.8 7.3 14.9 3.2 .0 .0 .0 .0 .0 .0
1969... 3,571.4 2,264.8 466.9 143.7 213.9 952.5 -42.6 3.0 3.7 5.8 5.4 5.7 -.4 -.1 -.1 .0 -.1 .0 -.1
1970... 3,578.0 2,317.5 436.2 159.3 223.1 931.1 -43.0 .2 2.3 -6.6 10.8 4.3 -2.3 .0 .0 .0 .0 .0 .0
1971... 3,697.7 2,405.2 485.8 160.4 235.0 913.8 -32.5 3.3 3.8 11.4 .7 5.3 -1.9 .2 .3 .0 .2 .0 .1
1972... 3,898.4 2,550.5 543.0 173.5 261.3 914.9 -22.2 5.4 6.0 11.8 8.1 11.2 .1 .1 .1 .0 .1 .0 .1
1973... 4,123.4 2,675.9 606.5 211.4 273.4 908.3 -5.3 5.8 4.9 11.7 21.9 4.6 -.7 .1 .1 .0 .1 .0 .1
1974... 4,099.0 2,653.7 561.7 231.6 267.2 924.8 -5.6 -.6 -.8 -7.4 9.5 -2.3 1.8 -.3 -.4 .0 -.3 .0 -.3
1975... 4,084.4 2,710.9 462.2 230.0 237.5 942.5 -23.7 -.4 2.2 -17.7 -.7 -11.1 1.9 -.1 -.1 .0 -.1 .0 -.1
1976... 4,311.7 2,868.9 555.5 243.6 284.0 943.3 -15.6 5.6 5.8 20.2 5.9 19.6 .1 .4 .4 .0 .3 .0 .2
1977... 4,511.8 2,992.1 639.4 249.7 315.0 952.7 -7.1 4.6 4.3 15.1 2.5 10.9 1.0 .1 .1 .0 .1 .0 .1
1978... 4,760.6 3,124.7 713.0 275.9 342.3 982.2 7.1 5.5 4.4 11.5 10.5 8.7 3.1 -.2 -.3 .0 -.1 .0 -.1
1979... 4,912.1 3,203.2 735.4 302.4 347.9 1,001.1 17.9 3.2 2.5 3.1 9.6 1.7 1.9 -.2 -.3 .0 -.2 .0 -.1
1980... 4,900.9 3,193.0 655.3 334.8 324.8 1,020.9 21.7 -.2 -.3 -10.9 10.7 -6.6 2.0 -.2 -.3 .0 -.2 .0 -.1
1981... 5,021.0 3,236.0 715.6 338.6 333.4 1,030.0 34.2 2.5 1.3 9.2 1.1 2.6 .9 .0 -.1 .0 -.1 .0 .0
1982... 4,919.3 3,275.5 615.2 314.6 329.2 1,046.0 -2.8 -2.0 1.2 -14.0 -7.1 -1.3 1.5 -.1 -.2 .0 -.1 .0 -.1
1983... 5,132.3 3,454.3 673.7 306.9 370.7 1,081.0 -12.9 4.3 5.5 9.5 -2.4 12.6 3.3 .1 .2 .0 .2 .0 .0
1984... 5,505.2 3,640.6 871.5 332.6 461.0 1,118.4 3.1 7.3 5.4 29.3 8.4 24.3 3.5 .0 .0 .0 .0 .0 .0
1985... 5,717.1 3,820.9 863.4 341.6 490.7 1,190.5 -8.6 3.8 5.0 -.9 2.7 6.5 6.5 -.1 .0 .0 -.1 .0 .0
1986... 5,912.4 3,981.2 857.7 366.8 531.9 1,255.2 -16.6 3.4 4.2 -.7 7.4 8.4 5.4 .0 .0 .0 .0 .0 .0
1987... 6,113.3 4,113.4 879.3 408.0 564.2 1,292.5 -15.7 3.4 3.3 2.5 11.2 6.1 3.0 -.1 -.2 .0 -.2 .0 .0
1988... 6,368.4 4,279.5 902.8 473.5 585.6 1,307.5 -9.3 4.2 4.0 2.7 16.1 3.8 1.2 .0 -.1 .0 .0 .0 .0
1989... 6,591.8 4,393.7 936.5 529.4 608.8 1,343.5 -2.5 3.5 2.7 3.7 11.8 3.9 2.8 .0 .1 .0 .1 .0 .1
1990... 6,707.9 4,474.5 907.3 575.7 632.2 1,387.3 -4.7 1.8 1.8 -3.1 8.7 3.8 3.3 .1 .0 .0 .0 .0 .0
1991... 6,676.4 4,466.6 829.5 613.2 629.0 1,403.4 -7.3 -.5 -.2 -8.6 6.5 -.5 1.2 -.3 -.3 .0 -.3 .0 .0
1992... 6,880.0 4,594.5 899.8 651.0 670.8 1,410.0 -4.5 3.0 2.9 8.5 6.2 6.6 .5 -.3 -.3 .0 -.2 .0 -.1
1993... 7,062.6 4,748.9 977.9 672.7 731.8 1,398.8 -3.9 2.7 3.4 8.7 3.3 9.1 -.8 .3 .4 .0 .3 .0 .1
1994... 7,347.7 4,928.1 1,107.0 732.8 819.4 1,400.1 -.9 4.0 3.8 13.2 8.9 12.0 .1 .0 .0 .0 .0 .0 .0
1995... 7,543.8 5,075.6 1,140.6 808.2 886.6 1,406.4 -.4 2.7 3.0 3.0 10.3 8.2 .5 .0 .0 .0 .0 .0 .0
1996... 7,813.2 5,237.5 1,242.7 874.2 963.1 1,421.9 .0 3.6 3.2 9.0 8.2 8.6 1.1 -.1 -.1 .0 -.1 .0 .0
1997... 8,144.8 5,417.3 1,385.8 983.1 1,095.2 1,453.7 .1 4.2 3.4 11.5 12.5 13.7 2.2 -.3 -.3 .0 -.2 .0 -.1
1998... 8,495.7 5,681.8 1,547.4 1,004.6 1,222.2 1,478.8 5.3 4.3 4.9 11.7 2.2 11.6 1.7 .0 .0 .0 .0 .0 .0
---------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP Gross domestic product.
PCE Personal consumption expenditures.
1. Government consumption expenditures and gross investment.
2. Revised percent change less the previously published percent change.
Note.--Users are cautioned that particularly for components for which relative
prices are changing rapidly, the use of chained-dollar estimates to calculate co
shares or component contributions to real growth may be misleading, even just a
years from the base year. For accurate estimates of the contributions to percent
changes in real GDP, use table 2.
Appendix Table D.--Chain-Type Price Indexes for Gross Domestic Product, Percent Change from Previous Period, and Revision to Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Chain-type price indexes, 1996=100 Percent change from preceding period Revision to percent change from previous period\2\
------------------------------------------------------ ------------------------------------------------------ ------------------------------------------------------
GDP PCE Gross Exports Imports Govern- Gross GDP PCE Gross Exports Imports Govern- Gross GDP PCE Gross Exports Imports Govern- Gross
private of of ment\1\ domes- private of of ment\1\ domes- private of of ment\1\ domes-
domes- goods goods tic domes- goods goods tic domes- goods goods tic
tic in- and and pur- tic in- and and pur- tic in- and and pur-
vest ser- ser- chases vest ser- ser- chases vest ser- ser- chases
ment vices vices ment vices vices ment vices vices
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1929... 12.62 12.38 17.26 16.60 12.00 8.72 12.33 ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
1930... 12.13 11.85 16.52 15.02 10.23 8.45 11.82 -3.9 -4.3 -4.3 -9.5 -14.7 -3.1 -4.2 .0 .0 .0 .0 .0 .0 .0
1931... 10.91 10.57 15.10 11.82 8.27 8.01 10.65 -10.0 -10.8 -8.6 -21.4 -19.2 -5.1 -9.9 .0 .0 .1 .0 .0 .0 .0
1932... 9.67 9.32 12.60 10.25 6.63 7.30 9.41 -11.4 -11.8 -16.6 -13.2 -19.8 -8.9 -11.6 .0 .0 .7 .0 .0 -.1 .0
1933... 9.42 8.99 11.42 10.26 6.35 7.54 9.15 -2.6 -3.5 -9.3 .1 -4.2 3.2 -2.7 .0 .1 1.6 .0 .0 .2 .1
1934... 9.89 9.41 11.37 11.89 7.21 8.10 9.60 4.9 4.6 -.4 15.9 13.6 7.5 4.9 .0 .0 .1 .0 .0 .1 .1
1935... 10.07 9.63 11.19 12.18 7.33 8.13 9.77 1.9 2.4 -1.6 2.4 1.7 .4 1.8 .0 .0 .1 .0 .0 .1 .0
1936... 10.19 9.72 11.30 12.55 7.85 8.41 9.90 1.2 .9 1.0 3.0 7.0 3.4 1.3 .0 .0 .0 .0 .0 .0 .0
1937... 10.56 10.07 12.16 13.30 8.76 8.56 10.28 3.6 3.6 7.5 6.0 11.6 1.8 3.8 .0 .0 .0 .0 .0 -.1 .0
1938... 10.35 9.84 11.76 12.68 8.09 8.57 10.07 -1.9 -2.3 -3.2 -4.6 -7.6 .0 -2.0 .0 .0 .1 .0 .0 -.2 .0
1939... 10.21 9.75 11.67 12.46 8.49 8.38 9.96 -1.4 -1.0 -.8 -1.8 5.0 -2.2 -1.1 -.1 .0 .1 .0 .0 -.4 .0
1940... 10.29 9.83 11.95 13.49 9.06 8.26 10.02 .8 .8 2.4 8.3 6.7 -1.4 .6 -.3 .0 -.1 .0 .0 -2.2 -.4
1941... 10.96 10.43 12.83 14.75 9.57 8.77 10.66 6.5 6.2 7.3 9.3 5.6 6.2 6.4 .0 .0 -.1 .0 .0 .5 .1
1942... 11.86 11.72 14.20 17.86 10.96 8.82 11.51 8.2 12.3 10.7 21.1 14.5 .6 8.0 .2 .0 .1 .0 .0 .9 .2
1943... 12.52 12.80 14.76 19.56 11.80 8.95 12.15 5.5 9.2 4.0 9.5 7.6 1.4 5.5 -.1 .0 .0 .0 .0 -.1 -.1
1944... 12.81 13.53 15.20 22.02 12.39 8.82 12.41 2.3 5.7 3.0 12.6 5.0 -1.4 2.2 -.3 .0 .0 .0 .0 -.6 -.3
1945... 13.15 14.07 15.60 21.88 12.74 8.95 12.76 2.7 4.0 2.6 -.6 2.8 1.4 2.8 .1 .0 .0 .0 .0 .2 .1
1946... 14.71 15.07 17.31 21.17 14.21 11.06 14.36 11.8 7.2 11.0 -3.2 11.5 23.6 12.5 -.1 .0 .0 .0 .0 -.5 -.1
1947... 16.32 16.62 20.53 24.61 17.02 11.86 15.92 11.0 10.3 18.6 16.2 19.8 7.2 10.9 -.3 .0 1.6 .0 .0 -2.7 -.3
1948... 17.26 17.57 22.23 25.91 18.50 12.35 16.86 5.8 5.7 8.3 5.3 8.7 4.2 5.9 -.1 .0 -.1 .0 .0 -.4 -.1
1949... 17.27 17.44 22.54 24.34 17.63 12.73 16.89 .0 -.7 1.4 -6.1 -4.7 3.1 .2 -.1 .0 -.1 .0 .0 -.2 .0
1950... 17.41 17.66 23.00 23.70 18.73 12.76 17.10 .8 1.3 2.1 -2.6 6.2 .2 1.2 -.1 .0 .0 .1 .0 -.3 -.1
1951... 18.60 18.85 24.97 26.78 22.63 13.65 18.31 6.8 6.7 8.6 13.0 20.9 7.0 7.1 .0 .0 -.3 .0 .0 .2 .0
1952... 18.98 19.23 25.45 26.98 21.81 13.85 18.65 2.1 2.0 1.9 .7 -3.6 1.5 1.9 .0 .0 -.1 .0 .0 .0 .0
1953... 19.24 19.50 25.49 26.90 20.88 14.02 18.87 1.3 1.4 .2 -.3 -4.3 1.2 1.2 .0 .0 .3 .0 .0 -.1 .1
1954... 19.45 19.68 25.66 26.56 21.16 14.33 19.10 1.1 .9 .7 -1.3 1.4 2.2 1.2 -.1 -.1 -.1 .0 .0 -.2 -.1
1955... 19.74 19.76 26.03 26.81 21.05 14.95 19.37 1.5 .4 1.4 .9 -.5 4.3 1.4 .0 .0 .0 .0 .0 .0 .0
1956... 20.41 20.16 27.54 27.71 21.42 15.79 20.02 3.4 2.0 5.8 3.4 1.8 5.7 3.4 -.1 .0 -.8 .0 .0 .3 -.1
1957... 21.13 20.77 28.47 28.76 21.66 16.49 20.70 3.5 3.0 3.4 3.8 1.1 4.4 3.4 .1 .0 .2 .0 .0 .0 .1
1958... 21.64 21.29 28.56 28.50 20.76 16.99 21.18 2.4 2.5 .3 -.9 -4.2 3.0 2.3 -.1 .0 -.3 .0 .0 .0 .0
1959... 21.88 21.63 28.78 28.53 20.95 16.99 21.41 1.1 1.6 .8 .1 .9 .0 1.1 ..... ..... ..... ..... ..... ..... .....
1960... 22.19 22.00 28.92 28.88 21.15 17.19 21.71 1.4 1.7 .5 1.2 .9 1.2 1.4 .0 .0 .0 .0 .0 .0 .0
1961... 22.43 22.23 28.84 29.29 21.15 17.51 21.94 1.1 1.1 -.3 1.4 .0 1.9 1.1 .0 .0 .0 .0 .0 .0 .0
1962... 22.74 22.49 28.87 29.27 20.90 17.97 22.23 1.4 1.2 .1 -.1 -1.2 2.6 1.3 .0 .0 .0 .0 .0 .0 .0
1963... 22.99 22.75 28.78 29.22 21.30 18.39 22.50 1.1 1.2 -.3 -.2 1.9 2.4 1.2 .0 .0 .0 .0 .0 .0 .0
1964... 23.34 23.07 28.95 29.42 21.75 18.90 22.85 1.5 1.4 .6 .7 2.1 2.8 1.6 .0 .0 .0 .0 .0 .0 .0
1965... 23.77 23.41 29.42 30.38 22.06 19.41 23.26 1.9 1.5 1.6 3.3 1.4 2.7 1.8 .0 .0 .0 .0 .0 .0 .0
1966... 24.45 24.02 30.03 31.32 22.57 20.20 23.91 2.8 2.6 2.1 3.1 2.3 4.1 2.8 -.1 .0 .0 .0 .0 .0 .0
1967... 25.21 24.62 30.83 32.56 22.66 21.05 24.61 3.1 2.5 2.7 3.9 .4 4.2 2.9 .0 .0 .0 .0 .0 .0 .0
1968... 26.29 25.58 31.99 33.23 23.00 22.23 25.66 4.3 3.9 3.8 2.1 1.5 5.6 4.3 .0 .0 .0 .0 .0 .0 .0
1969... 27.59 26.74 33.51 34.29 23.60 23.56 26.92 4.9 4.5 4.8 3.2 2.6 6.0 4.9 .1 .1 .0 .1 .0 .1 .1
1970... 29.05 28.00 34.93 35.77 25.00 25.44 28.37 5.3 4.7 4.2 4.3 5.9 8.0 5.4 .0 -.1 .0 .0 .0 .0 .0
1971... 30.52 29.20 36.69 36.98 26.53 27.44 29.84 5.0 4.3 5.0 3.4 6.1 7.8 5.2 -.3 -.3 .0 -.2 .0 -.2 -.2
1972... 31.81 30.22 38.24 38.17 28.40 29.49 31.17 4.2 3.5 4.2 3.2 7.0 7.5 4.5 -.2 -.1 .0 -.2 .0 -.1 -.1
1973... 33.60 31.86 40.31 43.40 33.34 31.67 32.99 5.6 5.4 5.4 13.7 17.4 7.4 5.8 -.1 -.1 .0 -.1 .0 -.1 -.1
1974... 36.60 35.14 44.33 53.68 47.70 34.83 36.35 9.0 10.3 10.0 23.7 43.1 10.0 10.2 .4 .4 .0 .4 .0 .3 .4
1975... 40.03 38.01 49.80 59.24 51.67 38.28 39.69 9.4 8.2 12.3 10.3 8.3 9.9 9.2 .1 .1 .0 .0 .0 .0 .1
1976... 42.29 40.08 52.57 61.11 53.22 40.72 41.93 5.7 5.4 5.6 3.2 3.0 6.4 5.7 -.3 -.5 .0 -.3 .0 -.1 -.3
1977... 45.02 42.73 56.51 63.58 57.92 43.55 44.80 6.4 6.6 7.5 4.0 8.8 7.0 6.8 -.1 -.2 .0 -.1 .0 .0 -.1
1978... 48.22 45.78 61.15 67.48 62.01 46.37 48.02 7.1 7.1 8.2 6.1 7.1 6.5 7.2 .2 .2 .0 .1 .0 .1 .2
1979... 52.24 49.83 66.71 75.63 72.62 50.28 52.26 8.3 8.9 9.1 12.1 17.1 8.4 8.8 .2 .3 .0 .2 .0 .1 .2
1980... 57.05 55.21 73.01 83.32 90.45 55.80 57.79 9.2 10.8 9.5 10.2 24.6 11.0 10.6 .3 .4 .0 .3 .0 .2 .3
1981... 62.37 60.08 79.77 89.41 95.32 61.30 63.05 9.3 8.8 9.3 7.3 5.4 9.8 9.1 .0 .0 .0 .0 .0 .0 .0
1982... 66.26 63.48 83.91 89.83 92.10 65.43 66.71 6.2 5.7 5.2 .5 -3.4 6.7 5.8 .1 .2 .0 .2 .0 .0 .1
1983... 68.87 66.19 83.73 90.24 88.65 68.08 69.05 3.9 4.3 -.2 .5 -3.7 4.0 3.5 -.2 -.2 .0 -.1 .0 -.1 -.1
1984... 71.44 68.63 84.40 91.13 87.89 71.61 71.46 3.7 3.7 .8 1.0 -.9 5.2 3.5 .0 .0 .0 .0 .0 .0 .0
1985... 73.69 70.99 85.30 88.70 85.02 73.78 73.56 3.2 3.5 1.1 -2.7 -3.3 3.0 2.9 .1 .1 .0 .0 .0 .0 .0
1986... 75.32 72.72 87.19 87.33 85.01 75.08 75.22 2.2 2.4 2.2 -1.5 .0 1.8 2.3 .0 .0 .0 .1 .0 .1 .1
1987... 77.58 75.49 88.86 89.62 90.02 77.21 77.70 3.0 3.8 1.9 2.6 5.9 2.8 3.3 .1 .1 .0 .1 .0 .0 .1
1988... 80.22 78.44 90.96 94.39 94.46 79.30 80.36 3.4 3.9 2.4 5.3 4.9 2.7 3.4 .0 .0 .0 .0 .0 .0 .0
1989... 83.27 81.86 93.22 96.15 96.87 81.89 83.45 3.8 4.4 2.5 1.9 2.5 3.3 3.8 -.1 .0 .0 .0 .0 .0 -.1
1990... 86.53 85.63 95.08 96.79 99.43 85.16 86.85 3.9 4.6 2.0 .7 2.6 4.0 4.1 .0 .0 .0 .0 .0 .0 .0
1991... 89.66 88.91 96.46 98.10 98.93 88.04 89.81 3.6 3.8 1.5 1.4 -.5 3.4 3.4 .2 .3 .0 .3 .0 .1 .2
1992... 91.85 91.62 96.32 97.82 99.09 90.11 92.03 2.4 3.1 -.1 -.3 .2 2.4 2.5 .2 .4 .0 .3 .0 .1 .3
1993... 94.05 93.81 97.70 97.82 98.18 92.44 94.14 2.4 2.4 1.4 .0 -.9 2.6 2.3 -.3 -.3 .0 -.3 .0 -.1 -.2
1994... 96.01 95.70 99.11 98.94 99.12 94.84 96.06 2.1 2.0 1.4 1.1 1.0 2.6 2.0 .0 .0 .0 -.1 .0 .0 -.1
1995... 98.10 97.90 100.29 101.29 101.83 97.56 98.20 2.2 2.3 1.2 2.4 2.7 2.9 2.2 .1 .1 .0 .1 .0 .1 .0
1996... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 1.9 2.1 -.3 -1.3 -1.8 2.5 1.8 .1 .1 .0 .1 .0 .0 .1
1997... 101.91 101.98 99.84 98.47 96.45 101.87 101.61 1.9 2.0 -.2 -1.5 -3.6 1.9 1.6 .2 .3 .0 .3 .0 .1 .2
1998... 103.11 102.93 98.96 96.19 91.31 103.44 102.35 1.2 .9 -.9 -2.3 -5.3 1.5 .7 .0 .0 .0 .0 .0 .0 .0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP Gross domestic product.
PCE Personal consumption expenditures.
1. Government consumption expenditures and gross investment.
2. Revised percent change less the previously published percent change.
Appendix Table E.--Current-Cost Net Stock of Fixed Assets and Consumer Durable Goods, 1972-98
[Billions of dollars; yearend estimates]
-----------------------------------------------------------------------------------------------------------
: Private fixed assets : Government fixed assets : Consumer
:-------------------------------------------------:-----------------------------: durable
: : Nonresidential : Resi- : Total Federal State: goods
Year Total : Total :-----------------------------: dential: and :
: : Total Equipment Struc-: : local:
: : and tures: : :
: : software : : :
-----------------------------------------------------------------------------------------------------------
1972... 3,946.4 2,613.5 1,334.6 468.4 866.2 1,278.9 940.3 338.2 602.1 392.5
1973... 4,456.4 2,968.2 1,500.4 525.2 975.1 1,467.8 1,054.0 363.9 690.2 434.2
1974... 5,276.0 3,489.4 1,821.7 648.8 1,172.9 1,667.7 1,286.5 411.4 875.2 500.0
1975... 5,717.5 3,815.2 2,010.1 740.5 1,269.6 1,805.1 1,352.2 436.5 915.7 550.1
1976... 6,235.8 4,207.5 2,204.0 818.9 1,385.1 2,003.4 1,426.0 470.4 955.6 602.3
1977... 6,969.6 4,787.4 2,449.0 920.3 1,528.7 2,338.5 1,513.8 493.2 1,020.6 668.4
1978... 7,877.5 5,473.0 2,772.7 1,048.0 1,724.8 2,700.2 1,650.4 528.4 1,122.0 754.1
1979... 9,064.2 6,339.9 3,202.6 1,220.9 1,981.7 3,137.3 1,877.0 586.7 1,290.2 847.3
1980... 10,297.3 7,212.7 3,675.9 1,420.1 2,255.8 3,536.8 2,150.7 652.7 1,497.9 934.0
1981... 11,324.8 7,949.7 4,145.8 1,575.6 2,570.2 3,804.0 2,371.3 709.1 1,662.2 1,003.7
1982... 11,931.8 8,376.1 4,402.7 1,665.7 2,737.0 3,973.4 2,508.5 752.5 1,756.0 1,047.2
1983... 12,349.8 8,667.6 4,532.8 1,724.2 2,808.5 4,134.8 2,567.2 791.3 1,775.9 1,115.1
1984... 13,033.9 9,163.5 4,794.6 1,814.4 2,980.2 4,368.9 2,668.6 826.5 1,842.1 1,201.9
1985... 13,731.3 9,657.8 5,056.4 1,920.6 3,135.8 4,601.3 2,782.1 855.6 1,926.5 1,291.5
1986... 14,635.5 10,266.6 5,298.8 2,035.1 3,263.7 4,967.8 2,948.6 895.5 2,053.1 1,420.3
1987... 15,493.9 10,857.3 5,574.0 2,130.6 3,443.4 5,283.3 3,102.6 929.5 2,173.2 1,534.0
1988... 16,464.7 11,540.9 5,934.8 2,264.9 3,669.9 5,606.1 3,262.2 985.9 2,276.3 1,661.6
1989... 17,404.4 12,197.2 6,285.1 2,400.2 3,884.8 5,912.2 3,438.7 1,039.5 2,399.3 1,768.5
1990... 18,224.8 12,760.3 6,622.7 2,541.9 4,080.7 6,137.7 3,611.6 1,087.1 2,524.5 1,852.9
1991... 18,648.6 13,021.5 6,760.5 2,622.8 4,137.7 6,261.0 3,732.4 1,129.8 2,602.6 1,894.7
1992... 19,410.8 13,582.6 6,986.8 2,708.2 4,278.6 6,595.8 3,894.6 1,176.0 2,718.6 1,933.5
1993... 20,417.8 14,318.0 7,327.1 2,828.6 4,498.5 6,991.0 4,085.6 1,229.0 2,856.7 2,014.1
1994... 21,636.8 15,203.7 7,731.5 2,992.4 4,739.1 7,472.2 4,322.4 1,279.2 3,043.2 2,110.7
1995... 22,630.2 15,908.5 8,124.2 3,182.8 4,941.4 7,784.2 4,533.0 1,314.4 3,218.6 2,188.7
1996... 23,706.5 16,722.5 8,527.2 3,352.2 5,175.0 8,195.3 4,724.8 1,343.2 3,381.5 2,259.2
1997... 24,825.9 17,573.4 8,954.9 3,517.5 5,437.4 8,618.5 4,928.1 1,363.5 3,564.5 2,324.5
1998... 26,179.2 18,642.9 9,449.9 3,736.2 5,713.7 9,193.0 5,117.5 1,380.1 3,737.4 2,418.8
-----------------------------------------------------------------------------------------------------------
Appendix Table F.--Chain-Type Quantity Indexes for Net Stock of Fixed Assets and Consumer Durable Goods,
1972-98
[Index numbers, 1996=100; yearend estimates]
-----------------------------------------------------------------------------------------------------------
: Private fixed assets : Government fixed assets : Consumer
:-------------------------------------------------:-----------------------------: durable
: : Nonresidential : Resi- : Total Federal State: goods
Year Total : Total :-----------------------------: dential: and :
: : Total Equipment Struc-: : local:
: : and tures: : :
: : software : : :
-----------------------------------------------------------------------------------------------------------
1972... 51.99 51.64 48.97 37.97 57.08 54.64 64.27 79.68 58.15 33.79
1973... 54.10 53.93 51.29 40.88 58.90 56.90 65.28 78.87 59.89 36.38
1974... 55.80 55.81 53.43 43.60 60.57 58.47 66.37 78.37 61.59 37.97
1975... 57.12 57.16 54.89 45.23 61.87 59.69 67.50 78.18 63.22 39.36
1976... 58.69 58.76 56.40 47.02 63.16 61.38 68.56 78.00 64.76 41.49
1977... 60.61 60.82 58.31 49.60 64.52 63.61 69.48 77.89 66.10 44.07
1978... 62.84 63.24 60.75 53.00 66.19 66.01 70.59 77.91 67.67 46.77
1979... 65.09 65.74 63.48 56.64 68.23 68.24 71.87 78.24 69.34 49.04
1980... 66.85 67.73 65.92 59.33 70.46 69.75 73.19 78.75 70.97 50.09
1981... 68.54 69.67 68.46 61.85 73.00 71.03 74.34 79.53 72.27 51.20
1982... 69.87 71.10 70.41 63.24 75.35 71.86 75.37 80.43 73.34 52.43
1983... 71.56 72.75 72.10 64.80 77.12 73.47 76.53 81.83 74.41 55.18
1984... 73.88 75.07 74.69 67.71 79.48 75.48 78.01 83.60 75.77 58.87
1985... 76.38 77.48 77.48 70.54 82.23 77.48 79.85 86.01 77.38 62.95
1986... 78.94 79.80 79.73 72.94 84.36 79.86 81.87 88.68 79.15 67.95
1987... 81.33 81.94 81.67 74.71 86.42 82.22 83.95 91.52 80.93 72.42
1988... 83.71 84.09 83.71 76.88 88.36 84.50 85.83 93.37 82.82 77.09
1989... 86.00 86.21 85.81 79.24 90.28 86.63 87.72 95.05 84.79 81.15
1990... 88.06 88.14 87.82 81.17 92.34 88.47 89.82 96.80 87.02 84.05
1991... 89.51 89.52 89.24 82.58 93.76 89.82 91.77 98.05 89.25 84.95
1992... 91.06 90.99 90.55 84.27 94.79 91.46 93.64 99.08 91.44 86.50
1993... 92.97 92.88 92.32 86.91 95.94 93.47 95.22 99.47 93.51 89.12
1994... 95.08 94.99 94.39 90.51 96.97 95.62 96.66 99.42 95.55 92.57
1995... 97.37 97.30 96.96 94.90 98.31 97.66 98.23 99.40 97.76 96.14
1996... 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
1997... 102.79 102.93 103.48 105.86 101.97 102.35 101.62 99.60 102.42 104.29
1998... 106.09 106.35 107.65 113.28 104.14 105.01 103.31 99.45 104.83 110.13
----------------------------------------------------------------------------------------------------------- Explanatory Note: Measures of Output and Prices
This note describes the calculation of chain-type quantity and price indexes used in the NIPA's.
Changes in current-dollar GDP measure changes in the market value of goods, services, and structures produced in the
economy in a particular period. These changes 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 1996--equal to
100.
The 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 1997-98 annual percent change in real GDP uses prices for 1997 and 1998 as weights,
and the 1997-98 annual percent change in GDP prices uses quantities for 1997 and 1998 as weights. These annual
changes are "chained" (multiplied) together to form time series of quantity and price indexes. The Fisher formula also
produces percent changes in quantities and prices that are not affected by the choice of reference years. In addition,
because the changes in quantities and prices calculated in this way are symmetric, in general, the product of a quantity
index and the corresponding price index equals the current-dollar index. (BEA also publishes a measure of the price level
known as the "implicit price deflator (IPD)," which is calculated as the ratio of 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 for all periods.)
Chain-type quantity and price indexes for GDP and its major components are presented in this release as index
numbers in table 5 and in the form of percentage changes from the preceding period in tables 1, 4, 6A, and 6B.
Contributions by major components to changes in real GDP are presented in table 2. BEA also prepares measures of real
GDP and its components in a dollar-denominated form, designated "chained (1996) dollar estimates." For GDP and most
other series, these estimates, which are presented in table 3, are computed by multiplying the 1996 current-dollar value by
a corresponding quantity index number and then dividing by 100. For example, if a current-dollar GDP component
equaled $100 in 1996 and if real output for this component increased 10 percent in 1997, then the chained (1996) dollar
value of this component in 1997 would be $110 ($100 x 1.10).
For analyses of changes over time in an aggregate or in a component, the percentage changes calculated from the
chained-dollar estimates and from the chain-type quantity indexes are the same; any differences will be small and due to
rounding. However, because the relative prices used as weights for any period other than the reference year differ from
those used for the reference year, the chained-dollar values for the detailed GDP components will not necessarily sum to
the chained-dollar estimate of GDP or to any intermediate aggregate. A measure of the extent of such differences is
provided by a "residual" line, which indicates the difference between GDP (or another 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 for the chain-type index, the residuals tend to be small, and the
chained (1996) dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed
estimates. As one moves further from the reference year, the residual tends to become larger, and the chained-dollar
estimates become 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.
References: "A Preview of the 1999 Comprehensive Revision of the NIPA's: Statistical Changes," October 1999 Survey,
pp. 6-17; "A Guide to the NIPA's," March 1998 Survey, pp. 36-40;"BEA's Chain Indexes, Time Series, and Measures of
Long-Term Economic Growth," May 1997 Survey, pp. 58-68.
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