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Virginia H. Mannering: (202) 606-5304 BEA 00-04
Recorded message: 606-5306
GROSS DOMESTIC PRODUCT: FOURTH QUARTER 1999 (PRELIMINARY)
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 6.9 percent in the fourth quarter of 1999, according to preliminary 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 advance estimates issued last month. In the advance estimates, the increase in real GDP was 5.8 percent (see "Revisions" on pages 2 and 3).
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 increase as in the advance 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. The price index for personal consumption expenditures increased 2.5 percent in the fourth quarter, compared with an increase of 1.8 percent in the third. Excluding food and energy prices, the price index for personal consumption expenditures increased 2.0 percent in the fourth quarter, compared with an increase of 1.2 percent in the third.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent changes are calculated from unrounded data and annualized. "Real" estimates are in chained (1996) dollars. Price indexes are chain-type measures.
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 2.5 percent, compared with an increase of 10.9 percent. Nonresidential structures decreased 4.3 percent, compared with a decrease of 3.8 percent. Equipment and software increased 4.7 percent, compared with an increase of 15.7 percent. Real residential fixed investment increased 1.0 percent, in contrast to a decrease of 3.8 percent.
Real exports of goods and services increased 8.7 percent in the fourth quarter, compared with an increase of 11.5 percent in the third. Real imports of goods and services increased 10.0 percent, compared with an increase of 14.9 percent.
Real federal government consumption expenditures and gross investment increased 14.2 percent in the fourth quarter, compared with an increase of 4.1 percent in the third. National defense increased 16.7 percent, compared with an increase of 11.2 percent. Nondefense increased 9.9 percent, in contrast to a decrease of 7.1 percent. Real state and local government consumption expenditures and gross investment increased 6.6 percent, compared with an increase of 4.8 percent.
The real change in private inventories added 1.33 percentage points to the fourth-quarter change in real GDP, after adding 1.09 percentage points to the third-quarter change. Businesses increased inventories $68.7 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 5.6 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 6.3 percent in the third.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 9.1 percent, or $203.8 billion, in the fourth quarter to a level of $9,501.6 billion. In the third quarter, current-dollar GDP increased 6.8 percent, or $151.6 billion.
Revisions The preliminary estimate of the fourth-quarter increase in real GDP is 1.1 percentage points, or $24.0 billion, higher than the advance estimate issued last month. The upward revision to the percent change in real GDP reflected upward revisions to personal consumption expenditures ($9.1 billion), to state and local government spending ($5.2 billion), to exports ($4.6 billion), to inventory investment ($3.3 billion), and to residential structures ($2.1 billion); there was a downward revision to federal government spending ($2.2 billion).
Advance Preliminary
(Percent change from preceding quarter)
Real GDP.............................. 5.8 6.9
Current-dollar GDP.................... 7.9 9.1
Gross domestic purchases price index.. 2.3 2.3
1999 GDP (Revised)
Real GDP increased 4.1 percent in 1999 (that is, from the 1998 annual level to the 1999 annual level), compared with an increase of 4.3 percent in 1998. In the advance estimates, the increase in real GDP was 4.0 percent in 1999.
The increase in real GDP in 1999 was more than accounted for by increases in personal consumption expenditures and in private fixed investment. The increase in GDP was moderated by an increase in imports.
The price index for gross domestic purchases increased 1.5 percent in 1999, compared with an increase of 0.7 percent in 1998.
Current-dollar GDP increased 5.6 percent, or $494.7 billion, in 1999. Current-dollar GDP increased 5.5 percent, or $459.1 billion, in 1998.
During 1999 (that is, measured from the fourth quarter of 1998 to the fourth quarter of 1999), real GDP increased 4.5 percent. Real GDP increased 4.6 percent during 1998. The price index for gross domestic purchases increased 1.9 percent during 1999, compared with an increase of 0.7 percent during 1998. The price index for personal consumption expenditures increased 2.0 percent during 1999, compared with an increase of 1.0 percent during 1998.
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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
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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 -- March 30, 2000, at 8:30 A.M. EST for:
Gross Domestic Product: Fourth Quarter 1999 (Final)
Corporate Profits: Fourth Quarter 1999
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999r 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 99r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.5 4.3 4.1 2.9 6.9 2.2 4.9 4.9 5.1 4.0 3.1 6.7 2.1 3.8 5.9 3.7 1.9 5.7 6.9
Personal consumption expenditures... 3.7 4.9 5.3 3.3 4.5 2.2 3.2 4.9 1.8 6.6 3.4 5.6 6.1 3.9 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 7.2
Services.......................... 3.6 4.0 4.0 3.7 3.0 2.9 2.4 4.3 3.5 4.5 4.6 3.3 4.8 4.7 1.5 4.2 5.2 5.0 3.8
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 8.0 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 2.1
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 2.5
Structures.................... 8.5 4.1 -2.6 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 -4.3
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 4.7
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 1.0
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 12.7 2.2 3.6 2.3 6.9 3.5 29.0 8.8 16.2 11.5 1.8 -1.5 -4.0 -1.7 16.1 -5.5 4.0 11.5 8.7
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 10.5
Services........................ 8.5 2.5 2.8 -4.0 13.5 -6.7 41.0 -3.5 11.1 7.6 -2.5 1.7 8.8 -8.8 8.6 4.1 3.2 .0 4.5
Imports........................... 13.7 11.6 11.8 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 10.0
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 9.3
Services........................ 11.2 10.8 7.6 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 13.9
Government consumption expenditures
and gross investment............... 2.3 1.7 3.7 3.3 7.5 -2.3 2.5 1.7 5.7 1.7 -.1 -1.0 6.0 1.3 2.9 5.1 1.3 4.5 9.2
Federal........................... -.1 -.9 2.8 9.6 8.7 -7.7 -1.3 -2.8 9.9 -1.3 -4.2 -9.8 11.9 -2.3 3.9 -.5 2.1 4.1 14.2
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 16.7
Nondefense...................... 4.6 1.0 4.7 14.9 10.8 -6.8 .8 16.0 10.3 -3.6 -7.7 5.4 13.2 -17.4 17.8 6.1 10.9 -7.1 9.9
State and local................... 3.8 3.2 4.2 -.3 6.9 1.1 4.9 4.4 3.4 3.5 2.4 4.1 3.0 3.3 2.3 8.2 .9 4.8 6.6
Addenda:
Final sales of domestic product... 4.0 4.3 4.5 3.6 5.7 1.2 5.8 4.0 3.1 5.8 2.4 5.1 5.1 2.4 6.2 4.6 3.4 4.5 5.6
Gross domestic purchases.......... 4.7 5.4 5.1 3.9 7.7 3.5 2.7 5.7 5.6 4.8 3.5 8.6 4.1 4.6 5.5 5.8 3.2 6.3 7.2
Final sales to domestic
purchasers....................... 4.2 5.4 5.5 4.6 6.4 2.5 3.5 4.8 3.5 6.5 2.9 7.0 7.1 3.2 5.8 6.7 4.7 5.2 5.8
Gross national product (GNP)...... 4.3 4.1 ..... 3.1 6.4 1.9 5.1 4.3 5.4 3.6 3.0 6.8 2.0 2.6 6.3 3.8 1.9 5.6 .....
Disposable personal income........ 3.6 4.1 4.0 2.7 2.1 4.6 1.7 4.4 4.2 3.6 4.3 4.0 3.8 4.5 4.8 4.1 3.2 2.9 4.5
Current-dollar measures:
GDP............................. 6.2 5.5 5.6 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 9.1
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 7.7
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 8.3
GNP............................. 6.0 5.4 ..... 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 .....
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 7.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999r 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 99r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 4.5 4.3 4.1 2.9 6.9 2.2 4.9 4.9 5.1 4.0 3.1 6.7 2.1 3.8 5.9 3.7 1.9 5.7 6.9
Percentage points at annual rates:
Personal consumption expenditures. 2.51 3.24 3.54 2.17 3.06 1.41 2.14 3.28 1.24 4.29 2.22 3.75 3.96 2.64 3.13 4.27 3.36 3.33 4.03
Durable goods................... .51 .86 .90 .32 .99 -.12 .39 .81 -.11 1.42 .38 1.24 .84 .33 1.51 .96 .71 .62 1.02
Nondurable goods................ .59 .79 1.05 .47 .86 .44 .79 .78 -.02 1.11 .06 1.15 1.28 .49 .98 1.68 .64 .73 1.44
Services........................ 1.41 1.59 1.59 1.39 1.22 1.09 .96 1.69 1.38 1.76 1.78 1.37 1.85 1.83 .64 1.63 2.01 1.97 1.57
Gross private domestic investment. 1.82 1.93 1.01 1.16 3.26 2.50 .15 2.13 3.33 .17 1.30 5.04 -.85 1.74 1.94 .67 -.36 2.25 1.72
Fixed investment................ 1.31 1.86 1.33 1.74 2.04 1.43 .95 1.19 1.30 1.80 .63 3.45 1.95 .34 2.20 1.48 1.10 1.16 .39
Nonresidential................ 1.22 1.49 1.02 1.41 1.28 1.47 1.12 1.07 1.12 1.78 .38 2.91 1.42 .01 1.79 .94 .86 1.33 .34
Structures.................. .25 .13 -.08 .28 .29 .21 .61 .24 -.12 .32 .13 .18 .22 -.21 .18 -.18 -.16 -.11 -.12
Equipment and software...... .97 1.37 1.10 1.13 .99 1.27 .51 .83 1.24 1.45 .24 2.73 1.21 .22 1.61 1.12 1.02 1.44 .46
Residential................... .09 .37 .31 .33 .76 -.04 -.17 .12 .19 .03 .26 .54 .53 .33 .41 .53 .24 -.17 .05
Change in private inventories... .50 .07 -.32 -.58 1.22 1.07 -.80 .94 2.02 -1.63 .66 1.59 -2.80 1.40 -.26 -.80 -1.46 1.09 1.33
Net exports of goods and services. -.25 -1.18 -1.09 -1.03 -.79 -1.29 2.13 -.79 -.44 -.77 -.44 -1.90 -2.01 -.82 .33 -2.13 -1.35 -.72 -.43
Exports......................... 1.40 .25 .39 .26 .77 .38 2.89 .98 1.75 1.29 .21 -.16 -.45 -.18 1.65 -.61 .42 1.19 .93
Goods......................... 1.12 .17 .30 .40 .35 .61 1.75 1.09 1.39 1.04 .29 -.22 -.73 .12 1.38 -.74 .32 1.19 .79
Services...................... .28 .08 .09 -.14 .42 -.23 1.14 -.12 .36 .25 -.08 .06 .28 -.30 .27 .13 .10 .00 .15
Imports......................... -1.65 -1.43 -1.49 -1.29 -1.55 -1.67 -.76 -1.77 -2.19 -2.06 -.64 -1.74 -1.56 -.65 -1.32 -1.52 -1.77 -1.91 -1.37
Goods......................... -1.43 -1.21 -1.32 -1.18 -1.47 -1.45 -.76 -1.39 -2.02 -1.67 -.54 -1.42 -1.36 -.51 -1.29 -1.28 -1.59 -1.83 -1.07
Services...................... -.22 -.22 -.16 -.11 -.08 -.22 .00 -.38 -.17 -.39 -.11 -.32 -.20 -.13 -.03 -.24 -.19 -.08 -.30
Government consumption
expenditures and gross investment .42 .31 .65 .59 1.37 -.41 .47 .32 1.02 .31 -.01 -.16 1.03 .23 .51 .87 .23 .81 1.61
Federal......................... -.01 -.06 .17 .63 .60 -.54 -.08 -.18 .63 -.08 -.28 -.64 .69 -.14 .24 -.03 .13 .26 .84
National defense.............. -.11 -.08 .07 .32 .36 -.38 -.10 -.52 .40 -.01 -.10 -.76 .42 .27 -.12 -.16 -.10 .42 .63
Nondefense.................... .10 .02 .10 .31 .24 -.16 .02 .34 .23 -.08 -.17 .12 .27 -.42 .36 .13 .23 -.16 .21
State and local................. .43 .37 .48 -.04 .78 .13 .55 .50 .39 .40 .27 .48 .33 .37 .28 .90 .10 .55 .76
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (1996) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
1999r IV 98 I 99 II 99 III 99 IV 99r 1999r IV 98 I 99 II 99 III 99 IV 99r 1999r III 99 IV 99r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)... 9,254.6 8,947.6 9,072.7 9,146.2 9,297.8 9,501.6 8,867.0 8,659.2 8,737.9 8,778.6 8,900.6 9,050.9 350.7 122.0 150.3
Personal consumption expenditures. 6,257.3 5,973.7 6,090.8 6,200.8 6,303.7 6,434.2 6,000.9 5,795.8 5,888.4 5,961.8 6,033.3 6,120.3 302.3 71.5 87.0
Durable goods................... 758.6 722.8 739.0 751.6 761.8 782.0 815.7 766.0 788.8 806.1 821.2 846.6 84.2 15.1 25.4
Motor vehicles and parts...... 316.1 304.4 306.8 313.8 318.1 325.6 318.2 307.4 310.4 317.2 319.6 325.8 26.3 2.4 6.2
Furniture and household
equipment.................... 290.4 275.3 283.8 287.3 292.0 298.7 341.8 312.6 326.7 335.5 346.0 359.2 44.4 10.5 13.2
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................ 1,842.7 1,742.9 1,787.8 1,824.8 1,853.9 1,904.3 1,775.8 1,712.6 1,749.5 1,763.7 1,779.3 1,810.6 90.5 15.6 31.3
Food.......................... 904.1 875.6 885.4 893.4 903.9 933.9 851.8 835.4 839.5 844.6 850.0 873.2 31.2 5.4 23.2
Clothing and shoes............ 306.3 289.2 301.8 306.7 308.1 308.5 317.8 295.6 314.7 316.8 321.6 318.0 25.6 4.8 -3.6
Gasoline, fuel oil, and
other energy goods........... 138.3 120.9 120.1 136.3 144.6 152.3 144.1 141.9 142.9 143.9 144.5 144.9 2.0 .6 .4
Gasoline and oil............ 123.5 108.3 106.5 121.7 129.3 136.5 128.0 127.7 127.1 127.5 128.2 129.3 .3 .7 1.1
Fuel oil and coal........... 14.9 12.6 13.7 14.6 15.4 15.8 16.0 14.2 15.8 16.4 16.3 15.5 1.5 -.1 -.8
Other......................... 493.9 457.2 480.5 488.4 497.3 509.6 462.1 439.4 452.6 458.6 463.5 473.9 31.5 4.9 10.4
Services........................ 3,656.0 3,508.0 3,564.0 3,624.3 3,688.0 3,747.9 3,417.3 3,322.0 3,356.5 3,399.2 3,440.6 3,473.0 132.8 41.4 32.4
Housing....................... 902.5 874.3 885.6 897.3 907.6 919.6 826.0 812.0 818.4 823.1 828.5 834.2 20.4 5.4 5.7
Household operation........... 362.3 347.3 356.2 360.3 366.8 365.7 359.6 345.4 354.0 358.8 364.4 361.4 15.3 5.6 -3.0
Electricity and gas......... 130.3 122.9 128.3 129.4 133.8 129.7 132.3 125.7 131.1 132.2 135.4 130.6 2.7 3.2 -4.8
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.................. 941.3 910.5 922.5 933.0 948.1 961.8 877.0 862.2 865.6 872.0 880.9 889.5 22.6 8.9 8.6
Recreation.................... 246.4 226.1 233.1 241.0 252.1 259.5 228.2 212.8 218.4 225.0 232.4 237.1 19.4 7.4 4.7
Other......................... 948.5 902.1 916.4 938.8 956.8 982.1 885.8 853.6 862.7 880.8 892.6 907.2 48.5 11.8 14.6
Gross private domestic investment. 1,622.9 1,580.3 1,594.3 1,585.4 1,635.0 1,676.9 1,637.7 1,593.9 1,608.2 1,599.8 1,651.6 1,691.5 90.3 51.8 39.9
Fixed investment................ 1,577.8 1,508.9 1,543.3 1,567.8 1,594.2 1,605.8 1,590.0 1,522.5 1,555.9 1,581.0 1,607.3 1,615.8 118.2 26.3 8.5
Nonresidential................ 1,166.5 1,121.4 1,139.9 1,155.4 1,181.6 1,189.2 1,215.4 1,160.8 1,182.7 1,202.9 1,234.3 1,242.0 92.9 31.4 7.7
Structures.................. 272.7 278.0 274.7 272.5 272.1 271.5 247.5 255.7 251.9 248.5 246.1 243.4 -6.6 -2.4 -2.7
Nonresidential buildings,
including farm........... 199.9 203.3 204.0 199.8 197.5 198.4 180.4 187.4 186.6 181.2 177.2 176.5 -4.2 -4.0 -.7
Utilities................. 39.3 40.1 39.2 39.1 39.9 39.0 38.0 38.7 38.1 38.0 38.5 37.4 .0 .5 -1.1
Mining exploration,
shafts, and wells........ 26.6 28.0 25.2 26.0 28.0 27.4 23.0 23.6 21.6 22.6 24.3 23.5 -2.4 1.7 -.8
Other structures.......... 6.9 6.6 6.4 7.6 6.8 6.7 6.4 6.2 6.0 7.1 6.3 6.2 .2 -.8 -.1
Equipment and software...... 893.8 843.4 865.2 882.9 909.5 917.7 975.3 908.5 935.7 960.9 996.6 1,008.0 104.7 35.7 11.4
Information processing
equipment and software... 406.3 369.7 382.3 401.7 416.8 424.5 509.0 448.5 470.4 501.0 526.0 538.5 90.5 25.0 12.5
Computers and
peripheral equipment... 97.7 90.5 92.3 96.4 100.8 101.1 220.5 178.3 193.4 212.9 233.5 242.0 66.3 20.6 8.5
Software................ 143.2 131.2 135.5 140.7 145.8 150.9 149.0 137.8 141.6 147.0 152.0 155.5 19.8 5.0 3.5
Other................... 165.5 148.0 154.5 164.6 170.2 172.5 169.6 150.9 157.8 168.4 174.7 177.6 22.5 6.3 2.9
Industrial equipment...... 152.1 151.4 147.9 149.3 153.0 158.3 149.1 148.9 145.0 146.6 150.0 154.7 1.0 3.4 4.7
Transportation equipment.. 198.2 187.0 193.1 193.6 204.9 201.2 196.7 185.8 190.8 191.6 204.0 200.6 21.4 12.4 -3.4
Other..................... 137.2 135.3 142.0 138.3 134.7 133.7 132.4 131.0 137.0 133.3 130.1 129.4 .1 -3.2 -.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
-------------------------------------------- -------------------------------------------- -------------------------
1999r IV 98 I 99 II 99 III 99 IV 99r 1999r IV 98 I 99 II 99 III 99 IV 99r 1999r III 99 IV 99r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Residential................... 411.3 387.5 403.4 412.4 412.7 416.6 375.9 362.6 373.7 378.8 375.1 376.1 25.7 -3.7 1.0
Structures.................. 402.3 379.1 394.6 403.6 403.6 407.5 366.8 354.0 364.8 369.7 365.9 366.9 25.0 -3.8 1.0
Single family............. 213.8 202.2 211.8 213.7 211.7 218.0 194.8 189.3 195.8 195.8 191.7 195.9 14.5 -4.1 4.2
Multifamily............... 27.7 24.8 27.7 27.5 27.8 27.9 23.0 21.1 23.3 22.9 22.9 22.8 1.2 .0 -.1
Other..................... 160.8 152.1 155.1 162.4 164.1 161.6 149.1 143.7 145.7 151.1 151.5 148.1 9.3 .4 -3.4
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... 45.1 71.4 51.0 17.6 40.8 71.1 42.7 70.7 50.1 14.0 38.0 68.7 -31.6 24.0 30.7
Farm.......................... 3.4 15.2 10.1 4.8 .7 -1.8 -.5 12.8 7.4 .9 -3.8 -6.4 -1.4 -4.7 -2.6
Nonfarm....................... 41.7 56.2 40.9 12.8 40.1 73.0 42.8 58.2 43.1 13.1 41.2 74.0 -30.4 28.1 32.8
Manufacturing............... .9 11.5 .0 -7.8 1.6 9.7 .9 12.0 .0 -8.3 1.7 10.2 -24.2 10.0 8.5
Wholesale trade............. 15.0 16.3 8.8 10.7 24.2 16.4 15.6 17.2 9.5 11.1 25.1 16.7 -7.8 14.0 -8.4
Retail trade................ 20.1 15.6 17.5 5.9 14.3 42.9 19.9 15.5 17.5 5.9 14.1 42.1 8.8 8.2 28.0
Other....................... 5.7 12.8 14.7 4.0 .0 4.0 6.0 13.6 15.7 4.1 .1 3.9 -7.9 -4.0 3.8
Net exports of goods and services. -255.5 -161.2 -201.6 -245.8 -278.2 -296.4 -322.9 -232.3 -284.5 -319.0 -338.2 -349.7 -107.8 -19.2 -11.5
Exports......................... 997.4 981.8 966.9 978.2 1,008.5 1,036.2 1,043.6 1,030.8 1,016.4 1,026.4 1,054.8 1,077.0 36.5 28.4 22.2
Goods......................... 698.8 693.3 674.3 680.5 708.8 731.5 751.6 744.2 726.4 734.1 763.3 782.6 28.8 29.2 19.3
Foods, feeds, and beverages. 45.5 47.5 43.2 45.3 47.1 46.4 56.7 57.8 52.9 56.1 59.1 58.7 1.6 3.0 -.4
Industrial supplies and
materials.................. 141.9 139.7 133.6 137.0 142.6 154.5 152.9 152.3 147.1 150.1 152.7 161.9 1.4 2.6 9.2
Capital goods, except
automotive................. 311.1 309.2 301.7 299.5 319.3 323.9 341.6 337.2 329.6 328.4 352.1 356.2 17.1 23.7 4.1
Automotive vehicles,
engines, and parts......... 74.8 74.7 71.4 75.0 76.0 76.7 73.6 73.9 70.5 74.0 74.8 75.2 1.1 .8 .4
Consumer goods, except
automotive................. 80.7 79.2 79.6 79.1 80.6 83.7 80.4 78.8 79.3 78.9 80.3 83.1 1.7 1.4 2.8
Other....................... 44.7 43.0 44.8 44.5 43.2 46.2 46.8 44.9 46.9 46.8 45.3 48.0 5.9 -1.5 2.7
Services...................... 298.7 288.6 292.6 297.7 299.7 304.7 292.4 287.0 289.9 292.2 292.2 295.4 8.0 .0 3.2
Imports......................... 1,252.9 1,143.1 1,168.5 1,224.0 1,286.6 1,332.6 1,366.5 1,263.1 1,300.9 1,345.4 1,393.0 1,426.7 144.3 47.6 33.7
Goods......................... 1,048.8 952.6 974.3 1,022.3 1,079.3 1,119.2 1,162.2 1,069.7 1,102.0 1,142.5 1,188.9 1,215.6 130.6 46.4 26.7
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..... 148.5 140.3 140.0 143.8 151.6 158.6 157.1 151.1 151.1 154.5 159.0 163.9 6.9 4.5 4.9
Petroleum and products...... 67.6 45.8 42.4 63.7 78.3 85.9 81.4 79.2 80.6 85.3 82.7 76.9 .0 -2.6 -5.8
Capital goods, except
automotive................. 296.8 274.2 279.1 291.7 302.2 314.1 378.7 339.6 347.5 370.5 390.0 406.7 50.4 19.5 16.7
Automotive vehicles,
engines, and parts......... 179.9 161.2 171.6 175.1 186.2 186.8 178.1 160.7 170.4 173.4 184.1 184.5 29.5 10.7 .4
Consumer goods, except
automotive................. 239.9 221.1 229.2 232.8 243.0 254.3 247.9 227.3 235.7 240.8 251.6 263.2 25.6 10.8 11.6
Other....................... 72.5 68.5 70.3 71.4 73.7 74.7 73.1 68.1 70.7 72.2 74.3 75.2 12.7 2.1 .9
Services...................... 204.2 190.4 194.2 201.7 207.4 213.4 205.2 193.8 199.4 203.7 205.5 212.3 14.5 1.8 6.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
1999r IV 98 I 99 II 99 III 99 IV 99r 1999r IV 98 I 99 II 99 III 99 IV 99r 1999r III 99 IV 99r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Government consumption
expenditures and
gross investment................. 1,629.8 1,554.8 1,589.1 1,605.9 1,637.2 1,687.0 1,535.4 1,495.9 1,514.6 1,519.5 1,536.5 1,570.8 55.1 17.0 34.3
Federal......................... 570.5 546.7 557.4 561.6 569.8 593.2 540.8 532.0 531.4 534.2 539.7 557.9 14.7 5.5 18.2
National defense.............. 364.5 352.9 355.8 354.3 365.4 382.3 347.7 344.9 341.4 339.2 348.3 362.0 6.0 9.1 13.7
Consumption expenditures.... 310.8 303.4 304.6 300.8 312.1 325.6 293.4 293.6 289.5 284.9 294.0 305.0 2.0 9.1 11.0
Gross investment............ 53.7 49.5 51.2 53.5 53.4 56.7 54.6 51.4 52.1 54.6 54.5 57.3 4.3 -.1 2.8
Nondefense.................... 206.1 193.8 201.6 207.3 204.4 210.9 193.0 187.1 189.9 194.9 191.3 195.9 8.6 -3.6 4.6
Consumption expenditures.... 164.0 156.5 162.4 164.4 162.9 166.3 151.2 149.1 150.8 152.1 149.8 152.0 3.9 -2.3 2.2
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................. 1,059.3 1,008.1 1,031.8 1,044.3 1,067.4 1,093.8 994.3 963.6 982.9 985.1 996.6 1,012.7 40.4 11.5 16.1
Consumption expenditures.... 857.4 822.2 832.4 848.4 866.5 882.2 801.1 783.7 790.4 797.3 804.9 811.9 26.0 7.6 7.0
Gross investment............ 201.9 185.9 199.4 195.8 200.8 211.5 193.3 179.9 192.7 187.8 191.7 201.1 14.5 3.9 9.4
Residual.......................... ..... ..... ..... ..... ..... ..... -39.0 -29.0 -32.2 -33.4 -45.3 -47.1 -24.4 -11.9 -1.8
Addenda:
Final sales of domestic product. 9,209.4 8,876.2 9,021.6 9,128.6 9,257.0 9,430.5 8,818.8 8,588.3 8,685.2 8,757.9 8,855.8 8,976.3 377.5 97.9 120.5
Gross domestic purchases........ 9,510.1 9,108.8 9,274.2 9,392.0 9,575.9 9,798.1 9,170.0 8,881.5 9,007.4 9,078.2 9,216.9 9,377.5 446.8 138.7 160.6
Final sales to domestic
purchasers..................... 9,464.9 9,037.4 9,223.2 9,374.4 9,535.1 9,726.9 9,121.9 8,810.6 8,954.8 9,057.8 9,172.2 9,302.9 473.8 114.4 130.7
Gross domestic product.......... 9,254.6 8,947.6 9,072.7 9,146.2 9,297.8 9,501.6 8,867.0 8,659.2 8,737.9 8,778.6 8,900.6 9,050.9 350.7 122.0 150.3
Plus: Income receipts from
the rest of the world.......... ..... 280.8 283.8 296.1 307.7 ..... ..... 274.0 276.0 286.6 296.5 ..... ..... 9.9 .....
Less: Income payments to
the rest of the world.......... ..... 297.9 298.2 310.4 323.2 ..... ..... 291.3 290.7 301.1 311.8 ..... ..... 10.7 .....
Equals: Gross national product.. ..... 8,930.5 9,058.2 9,131.9 9,282.3 ..... ..... 8,641.9 8,723.3 8,764.3 8,885.5 ..... ..... 121.2 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
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 1999r 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 99r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.7 1.2 1.4 2.5 1.3 1.8 1.4 2.4 1.5 1.2 1.3 1.0 1.1 1.4 .9 2.0 1.3 1.1 2.0
Personal consumption expenditures... 1.7 .9 1.6 2.4 2.4 1.4 2.5 2.1 .8 1.1 1.2 .5 1.1 1.2 1.2 1.4 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.......................... 2.6 2.1 2.1 2.4 2.8 2.6 2.8 3.0 2.5 2.2 2.0 1.8 2.5 1.8 2.2 2.2 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 .7
Fixed investment.................. -.1 -.8 .0 -.8 -.8 1.0 -.1 -.2 -.3 .5 -.7 -1.9 -.9 .1 -.2 .3 -.1 .1 .8
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 .1
Structures.................... 4.1 3.1 2.7 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 3.6
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 -.9
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 2.8
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -1.8 -2.3 -.4 -.7 -1.4 -3.0 -4.0 -1.2 .1 -1.3 -1.7 -4.2 -1.8 -2.9 -1.3 -.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 2.7
Services........................ .6 -.3 1.9 4.1 -.2 1.9 2.2 -2.1 3.1 -1.4 .8 -3.1 1.0 .3 1.1 1.5 3.8 2.7 2.2
Imports........................... -3.6 -5.3 .3 -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 4.6
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 5.8
Services........................ -.5 -2.2 2.3 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 -1.5
Government consumption expenditures
and gross investment............... 1.8 1.5 2.7 5.0 -1.5 2.4 1.8 3.1 .7 1.4 2.6 .9 1.4 2.0 1.3 3.8 2.9 3.3 3.2
Federal........................... 1.3 1.1 3.0 5.1 -3.3 1.9 1.6 3.5 .2 -.2 1.5 2.0 .9 .4 1.4 8.6 .9 1.8 2.8
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 2.6
Nondefense...................... 1.4 1.6 3.6 -.4 -6.5 1.4 1.5 4.7 .7 .1 1.6 2.7 2.6 -.4 2.1 10.4 .7 1.8 3.2
State and local................... 2.1 1.8 2.5 4.9 -.4 2.7 2.0 2.8 .9 2.4 3.2 .3 1.7 2.8 1.3 1.4 4.0 4.2 3.4
Addenda:
Final sales of domestic product... 1.7 1.2 1.5 2.5 1.3 1.7 1.4 2.4 1.6 1.2 1.3 1.1 1.2 1.4 .9 2.0 1.4 1.1 2.0
Gross domestic purchases.......... 1.4 .7 1.5 2.3 1.2 1.5 1.9 1.9 .6 1.0 1.1 .1 .8 1.1 1.0 1.6 1.9 1.7 2.3
Final sales to domestic
purchasers....................... 1.4 .8 1.5 2.4 1.2 1.5 2.0 1.9 .6 1.0 1.1 .2 .8 1.1 1.0 1.7 2.0 1.8 2.3
Gross national product (GNP)...... 1.7 1.2 ..... 2.5 1.3 1.8 1.4 2.4 1.5 1.2 1.2 1.1 1.1 1.4 .9 2.0 1.3 1.1 .....
Implicit price deflators:
GDP............................. 1.7 1.2 1.5 2.5 1.3 1.7 1.4 2.4 1.5 1.1 1.2 .9 1.3 1.5 1.0 2.0 1.4 1.1 2.0
Gross domestic purchases........ 1.4 .7 1.5 2.3 1.2 1.5 1.9 1.9 .5 1.0 1.0 -.1 .9 1.2 1.1 1.6 1.9 1.7 2.3
GNP............................. 1.7 1.2 ..... 2.5 1.3 1.7 1.4 2.4 1.5 1.2 1.2 .9 1.3 1.5 1.0 2.0 1.4 1.0 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
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 1999r IV 98 I 99 II 99 III 99 IV 99r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product:
Chain-type quantity index........ 104.50 109.00 113.49 110.83 111.84 112.36 113.92 115.84
Chain-type price index........... 101.66 102.86 104.31 103.28 103.79 104.13 104.41 104.93
Implicit price deflator.......... 101.66 102.86 104.37 103.33 103.83 104.19 104.46 104.98
Personal consumption expenditures:
Chain-type quantity index................ 103.75 108.80 114.58 110.66 112.43 113.83 115.19 116.86
Chain-type price index................... 101.67 102.63 104.27 103.08 103.44 104.01 104.49 105.13
Durable goods:
Chain-type quantity index.............. 106.63 118.66 132.31 124.26 127.95 130.76 133.21 137.33
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.............. 102.92 107.07 112.82 108.80 111.15 112.05 113.04 115.03
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.............. 103.60 107.80 112.16 109.03 110.16 111.56 112.92 113.98
Chain-type price index................. 102.63 104.78 106.98 105.60 106.19 106.63 107.19 107.92
Private fixed investment:
Chain-type quantity index................ 108.52 121.37 131.11 125.55 128.30 130.37 132.54 133.24
Chain-type price index................... 99.95 99.20 99.23 99.11 99.19 99.17 99.19 99.38
Nonresidential:
Chain-type quantity index.............. 110.71 124.80 135.14 129.06 131.49 133.74 137.23 138.09
Chain-type price index................. 99.04 97.22 95.97 96.60 96.38 96.04 95.72 95.74
Residential:
Chain-type quantity index.............. 102.35 111.78 120.00 115.74 119.30 120.91 119.75 120.06
Chain-type price index................. 102.68 105.30 109.44 106.93 107.97 108.93 110.04 110.81
Exports of goods and services:
Chain-type quantity index................ 112.73 115.21 119.39 117.92 116.27 117.41 120.66 123.20
Chain-type price index................... 98.23 95.95 95.56 95.25 95.13 95.30 95.61 96.21
Imports of goods and services:
Chain-type quantity index................ 113.72 126.89 141.88 131.14 135.07 139.69 144.63 148.13
Chain-type price index................... 96.45 91.31 91.63 90.48 89.81 90.96 92.35 93.39
Government consumption expenditures
and gross investment:
Chain-type quantity index................ 102.33 104.10 107.98 105.20 106.52 106.86 108.06 110.47
Chain-type price index................... 101.78 103.34 106.14 103.94 104.93 105.69 106.56 107.40
Federal:
Chain-type quantity index.............. 99.88 98.97 101.73 100.08 99.97 100.49 101.52 104.95
Chain-type price index................. 101.30 102.38 105.49 102.76 104.89 105.13 105.60 106.33
State and local:
Chain-type quantity index.............. 103.79 107.14 111.68 108.23 110.39 110.64 111.93 113.74
Chain-type price index................. 102.06 103.89 106.53 104.62 104.98 106.02 107.11 108.01
Addenda:
Final sales of domestic product:
Chain-type quantity index.............. 104.02 108.46 113.31 110.34 111.59 112.52 113.78 115.33
Chain-type price index................. 101.69 102.93 104.43 103.36 103.88 104.24 104.54 105.07
Implicit price deflator................ 101.69 102.93 104.43 103.35 103.87 104.23 104.53 105.06
Gross domestic purchases:
Chain-type quantity index.............. 104.71 110.39 116.05 112.39 113.99 114.88 116.64 118.67
Chain-type price index................. 101.39 102.14 103.65 102.51 102.92 103.40 103.85 104.44
Implicit price deflator................ 101.39 102.14 103.71 102.56 102.96 103.46 103.90 104.49
Final sales to domestic purchasers:
Chain-type quantity index.............. 104.22 109.86 115.88 111.92 113.75 115.06 116.52 118.18
Chain-type price index................. 101.42 102.20 103.76 102.58 103.00 103.50 103.96 104.56
Implicit price deflator................ 101.42 102.20 103.76 102.57 103.00 103.50 103.96 104.56
Gross national product:
Chain-type quantity index.............. 104.31 108.62 ..... 110.35 111.39 111.91 113.46 .....
Chain-type price index................. 101.67 102.87 ..... 103.29 103.79 104.14 104.41 .....
Implicit price deflator................ 101.67 102.87 ..... 103.34 103.84 104.19 104.47 .....
-----------------------------------------------------------------------------------------------------------------------------------
r revised
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 1999r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 7.3 3.9 3.4 3.5 4.2 3.5 1.7 -.2 3.3 2.4 4.0 2.7 3.7 4.5 4.3 4.1
Personal consumption expenditures...... 5.4 5.0 4.2 3.5 4.1 2.6 1.8 .1 3.2 3.0 3.8 3.0 3.3 3.7 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............................. 4.3 5.3 3.4 4.6 4.2 2.7 2.7 1.9 3.5 2.0 3.0 2.8 3.0 3.6 4.0 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 8.0
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 -2.6
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 2.8 7.4 11.4 16.1 11.7 8.7 6.8 6.4 3.0 8.9 10.3 8.3 12.7 2.2 3.6
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........................... 9.8 1.0 13.4 12.2 9.5 9.4 10.0 6.1 5.5 3.1 7.2 6.6 7.1 8.5 2.5 2.8
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 11.8
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 7.6
Government consumption expenditures
and gross investment.................. 3.5 6.5 5.4 3.0 1.2 2.7 3.3 1.2 .6 -.9 .1 .5 1.1 2.3 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 -.1 -.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 .6 -5.2 8.3 8.3 2.0 7.2 -.4 -1.0 -.5 .0 4.6 1.0 4.7
State and local...................... 3.8 5.4 5.4 2.4 3.7 3.9 4.2 2.4 2.2 1.3 2.6 2.5 2.4 3.8 3.2 4.2
Addenda:
Final sales of domestic product...... 5.3 5.0 3.8 3.1 4.4 3.3 2.0 .0 3.1 2.3 3.4 3.2 3.7 4.0 4.3 4.5
Gross domestic purchases............. 8.7 4.2 3.6 3.2 3.3 2.8 1.3 -.9 3.4 3.0 4.4 2.6 3.8 4.7 5.4 5.1
Final sales to domestic purchasers... 6.8 5.3 4.0 2.8 3.4 2.6 1.6 -.6 3.1 2.9 3.8 3.0 3.8 4.2 5.4 5.5
Gross national product............... 7.1 3.6 3.2 3.4 4.3 3.5 1.9 -.3 3.3 2.4 3.9 2.8 3.6 4.3 4.1 .....
Real disposable personal income...... 7.7 3.4 3.2 2.3 4.4 2.5 2.2 .7 3.5 1.0 2.6 2.7 2.6 3.6 4.1 4.0
Gross domestic purchases price
index............................... 3.5 2.9 2.2 3.2 3.4 3.9 4.1 3.2 2.2 2.5 2.1 2.2 1.7 1.4 .7 1.5
GDP price index...................... 3.7 3.1 2.2 2.9 3.4 3.9 3.9 3.4 2.2 2.7 2.1 2.1 1.8 1.7 1.2 1.4
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
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 99r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 2.6 4.1 3.8 4.2 4.7 4.3 4.7 4.3 4.7 4.0 3.9 4.6 3.9 3.8 4.3 4.5
Personal consumption expenditures...... 3.3 3.4 3.2 3.3 3.7 3.0 4.1 4.2 4.3 5.4 4.7 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 5.7
Services............................. 3.2 2.9 2.9 3.0 3.2 3.3 3.7 4.2 4.0 4.3 4.3 3.6 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 6.1
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 7.0
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 -4.8
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 11.0
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 3.7
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 8.5 9.1 5.6 9.9 11.6 14.0 16.1 9.4 6.7 1.8 -1.4 1.9 .9 2.9 6.2 4.5
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 5.2
Services........................... 7.2 9.8 2.2 9.4 9.6 9.0 12.9 3.0 4.3 3.8 -.4 2.3 2.9 1.6 3.9 2.9
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 13.0
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 13.6
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 9.5
Government consumption expenditures
and gross investment.................. -.2 1.2 .8 2.7 2.3 1.9 2.9 2.2 1.5 1.6 1.5 2.2 3.8 2.6 3.4 5.0
Federal.............................. -2.8 -.7 -2.0 2.0 -1.0 -.7 1.0 .2 -1.6 -1.2 -1.4 .6 3.1 .8 2.4 4.9
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 5.0
Nondefense......................... -2.5 .0 -1.7 4.6 4.8 4.7 5.6 3.3 .9 1.5 -2.3 3.8 4.0 3.5 6.6 4.7
State and local...................... 1.5 2.4 2.6 3.1 4.3 3.4 4.0 3.4 3.3 3.2 3.2 3.2 4.2 3.6 4.0 5.1
Addenda:
Final sales of domestic product...... 3.3 4.1 3.3 4.0 4.1 3.5 4.6 3.8 4.1 4.6 3.7 4.7 4.6 4.1 4.7 4.5
Gross domestic purchases............. 2.3 3.9 4.4 4.4 4.9 4.4 4.7 4.9 5.6 5.2 5.2 5.7 5.0 4.7 5.2 5.6
Final sales to domestic purchasers... 3.0 4.0 3.9 4.2 4.3 3.6 4.6 4.4 5.0 5.9 5.0 5.8 5.7 5.1 5.6 5.6
Gross national product............... 2.6 3.9 3.8 4.1 4.4 4.2 4.6 4.1 4.7 3.8 3.6 4.4 3.7 3.6 4.4 .....
Real disposable personal income...... 2.0 2.6 3.1 2.8 3.2 3.7 3.5 4.1 4.0 3.9 4.1 4.2 4.3 4.1 3.7 3.7
Gross domestic purchases price
index............................... 1.9 1.7 1.7 1.7 1.6 1.5 1.3 1.1 .7 .8 .8 .7 1.1 1.4 1.6 1.9
GDP price index...................... 1.9 1.8 1.8 1.7 1.7 1.8 1.6 1.6 1.3 1.2 1.2 1.1 1.3 1.4 1.3 1.6
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1997 1998 1999r IV 98 I 99 II 99 III 99 IV 99r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 8,300.8 8,759.9 9,254.6 8,947.6 9,072.7 9,146.2 9,297.8 9,501.6
Plus: Income receipts from
the rest of the world..................... 282.6 285.3 ..... 280.8 283.8 296.1 307.7 .....
Less: Income payments to
the rest of the world..................... 278.4 295.2 ..... 297.9 298.2 310.4 323.2 .....
Equals: Gross national product............. 8,305.0 8,750.0 ..... 8,930.5 9,058.2 9,131.9 9,282.3 .....
Less: Consumption of fixed capital......... 1,009.7 1,066.9 1,141.2 1,094.0 1,108.8 1,126.3 1,160.9 1,168.7
Less: Indirect business tax and
nontax liability.......................... 645.8 677.0 716.3 697.8 696.6 706.7 718.3 743.5
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 ..... -62.4 -99.4 -135.5 -141.2 .....
Plus: Subsidies less current
surplus of government enterprises......... 19.0 20.8 26.5 31.4 21.0 27.9 17.3 39.6
Equals: National income.................... 6,634.9 7,036.4 ..... 7,193.8 7,334.5 7,423.1 7,522.1 .....
Compensation of employees................ 4,675.7 5,011.2 5,331.8 5,134.7 5,217.7 5,287.1 5,373.6 5,448.8
Wage and salary accruals............... 3,884.7 4,189.5 4,472.4 4,300.8 4,371.5 4,432.6 4,509.4 4,576.0
Supplements to wages and salaries...... 791.0 821.7 859.4 833.9 846.2 854.5 864.2 872.8
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 578.6 606.1 658.5 637.1 639.9 655.3 654.0 684.8
Rental income of persons with
capital consumption adjustment.......... 130.2 137.4 145.9 147.0 148.6 148.8 139.0 147.1
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 837.9 846.1 ..... 834.3 882.0 875.5 879.2 .....
Net interest............................. 412.5 435.7 ..... 440.8 446.3 456.4 476.3 .....
Addendum:
Gross domestic income.................... 8,303.9 8,807.5 ..... 9,009.9 9,172.0 9,281.7 9,439.0 .....
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r revised
Table 9.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
1997 1998 1999r IV 98 I 99 II 99 III 99 IV 99r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 6,951.1 7,358.9 7,791.0 7,530.8 7,630.2 7,732.6 7,831.4 7,969.6
Wage and salary disbursements............ 3,888.9 4,186.0 4,472.4 4,297.3 4,371.5 4,432.6 4,509.4 4,576.0
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................. 578.6 606.1 658.5 637.1 639.9 655.3 654.0 684.8
Farm................................... 29.5 25.1 31.4 41.1 32.5 34.1 21.0 38.2
Nonfarm................................ 549.1 581.0 627.1 596.0 607.5 621.2 633.0 646.6
Rental income of persons with
capital consumption adjustment.......... 130.2 137.4 145.9 147.0 148.6 148.8 139.0 147.1
Personal dividend income................. 333.4 348.3 364.3 351.9 356.1 361.2 367.0 373.1
Personal interest income................. 854.9 897.8 930.5 906.4 907.4 920.5 938.8 955.5
Transfer payments to persons............. 962.4 983.6 1,018.1 991.0 1,007.8 1,013.6 1,021.3 1,029.8
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 1,151.9 1,113.0 1,124.8 1,139.4 1,160.4 1,183.2
Equals: Disposable personal income......... 5,982.8 6,286.2 6,639.0 6,417.8 6,505.4 6,593.2 6,671.0 6,786.5
Less: Personal outlays..................... 5,711.7 6,056.6 6,483.5 6,190.3 6,310.3 6,425.2 6,531.5 6,666.8
Equals: Personal saving.................... 271.1 229.7 155.5 227.5 195.1 168.0 139.5 119.6
Addenda:
Disposable personal income,
billions of chained (1996) dollars\2\... 5,884.7 6,125.1 6,367.2 6,226.6 6,289.3 6,339.1 6,384.8 6,455.4
Personal saving as a percentage of
disposable personal income.............. 4.5 3.7 2.3 3.5 3.0 2.5 2.1 1.8
-----------------------------------------------------------------------------------------------------------------------------------
r revised
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.
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 1999r 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 99r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP and related aggregates:
GDP............................... 4.5 4.3 4.1 2.9 6.9 2.2 4.9 4.9 5.1 4.0 3.1 6.7 2.1 3.8 5.9 3.7 1.9 5.7 6.9
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 11.7
Services.......................... 3.2 2.9 3.3 2.2 4.2 .7 5.1 2.2 4.1 3.3 2.8 1.3 5.0 2.6 2.1 3.1 3.7 4.4 4.3
Structures........................ 4.4 5.5 3.6 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 3.2
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 5.2
GDP less motor vehicle output..... 4.4 4.2 3.9 4.5 5.1 2.4 5.9 4.7 5.2 3.2 2.7 7.1 2.5 3.7 4.0 4.8 1.6 5.0 7.0
Final sales of computers\1\....... 45.4 53.9 43.9 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 12.9
GDP less final sales of computers. 4.1 3.9 3.7 2.4 6.6 1.8 4.6 4.5 4.7 3.6 2.9 6.2 1.6 3.2 5.5 3.4 1.5 5.2 6.9
Farm product\2\................... 11.8 -2.5 -1.0 21.7 14.4 -.2 4.1 27.6 10.8 18.5 -8.6 -9.1 -11.4 7.3 3.6 -4.4 5.9 -21.1 22.1
Nonfarm business less housing
product\3\....................... 5.4 5.3 4.8 4.0 7.9 2.6 6.1 5.7 6.2 4.8 4.2 8.5 2.4 4.4 7.3 4.1 1.9 6.9 8.2
Price indexes:
GDP............................... 1.7 1.2 1.4 2.5 1.3 1.8 1.4 2.4 1.5 1.2 1.3 1.0 1.1 1.4 .9 2.0 1.3 1.1 2.0
GDP less food and energy.......... 1.7 1.3 1.5 2.2 .6 1.9 1.7 2.2 1.7 1.1 1.3 1.2 1.3 1.5 1.0 1.9 1.4 1.2 2.3
GDP less final sales of computers. 2.0 1.6 1.8 2.9 1.7 2.1 1.8 2.7 1.9 1.5 1.5 1.4 1.5 2.0 1.3 2.4 1.5 1.3 2.3
Gross domestic purchases.......... 1.4 .7 1.5 2.3 1.2 1.5 1.9 1.9 .6 1.0 1.1 .1 .8 1.1 1.0 1.6 1.9 1.7 2.3
Gross domestic purchases less
food and energy.................. 1.3 1.0 1.4 1.9 .3 1.5 1.4 1.8 1.4 .9 1.0 .8 1.2 1.3 1.1 1.7 1.2 1.2 1.9
Gross domestic purchases less
final sales of computers......... 1.8 1.2 1.9 2.8 1.7 1.8 2.3 2.3 .9 1.4 1.5 .5 1.3 1.6 1.5 2.0 2.2 2.1 2.6
Personal consumption expenditures. 1.7 .9 1.6 2.4 2.4 1.4 2.5 2.1 .8 1.1 1.2 .5 1.1 1.2 1.2 1.4 2.2 1.8 2.5
Personal consumption expenditures
less food and energy............. 1.6 1.3 1.4 1.8 1.5 1.3 1.9 1.9 1.9 .8 1.0 1.3 1.7 1.4 1.4 1.4 1.3 1.2 2.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r revised
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross product of farm, of housing,
of households and institutions, and of general government.
See "Explanatory Note" at the end of the tables.
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