 |
The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
Many of the tables in our news releases are very wide. Printing tips are available.
Virginia H. Mannering: (202) 606-5304 (GDP) BEA 01-23
Recorded message: 606-5306
Brent Moulton: 606-9606 (Annual Revision)
Carol Moylan: 606-9715
NATIONAL INCOME AND PRODUCT ACCOUNTS
SECOND QUARTER 2001 GDP (ADVANCE)
REVISED ESTIMATES: 1998 THROUGH FIRST QUARTER 2001
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 0.7 percent in the second quarter of 2001,
according to advance estimates released by the Bureau of Economic Analysis. In the first quarter, real
GDP increased 1.3 percent.
The Bureau emphasized that the second-quarter "advance" estimates are based on source data that
are incomplete or subject to further revision by the source agency (see the box on page 3). The second-
quarter "preliminary" estimates, based on more comprehensive data, will be released on August 29, 2001.
BOX
The estimates released today reflect revisions in the national income and product accounts
(NIPA's) beginning with the first quarter of 1998. Revisions are usually made each July to incorporate
source data that are more complete, more detailed, and otherwise more appropriate than previously
available. This release includes the revised quarterly estimates of GDP, corporate profits, and personal
income and provides an overview of the effects of the revision.
The August 2001 Survey of Current Business will contain NIPA tables and an article describing
the revisions. The revised estimates will be available from BEA's Web site and from STAT-USA's Web
site (see page 8).
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 second quarter were: Personal
consumption expenditures (PCE), state and local government spending, and residential fixed investment.
The contributions of these components were partly offset by decreases in equipment and software, in
exports, and in nonresidential structures. Imports, which are a subtraction in the calculation of GDP,
decreased.
The deceleration in real GDP growth in the second quarter reflected larger decreases in equipment
and software and in exports, a downturn in nonresidential structures, and a deceleration in PCE that were
partly offset by a smaller drawdown in private inventory investment. There was also a larger decrease in
imports in the second quarter than in the first.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.5 percent in the second quarter, compared with an increase of 2.7 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.1 percent in
the second quarter, compared with an increase of 2.3 percent in the first.
Real personal consumption expenditures increased 2.1 percent in the second quarter, compared
with an increase of 3.0 percent in the first. Durable goods purchases increased 6.0 percent, compared
with an increase of 10.6 percent. Nondurable goods increased 0.4 percent, compared with an increase of
2.4 percent. Services expenditures increased 2.2 percent, compared with an increase of 1.8 percent.
Real nonresidential fixed investment decreased 13.6 percent in the second quarter, compared with a
decrease of 0.2 percent in the first. Nonresidential structures decreased 11.2 percent, in contrast to an
increase of 12.3 percent. Equipment and software decreased 14.5 percent, compared with a decrease of
4.1 percent. Real residential fixed investment increased 7.4 percent, compared with an increase of 8.5
percent.
Real exports of goods and services decreased 9.9 percent in the second quarter, compared with a
decrease of 1.2 percent in the first. Real imports of goods and services decreased 6.7 percent, compared
with a decrease of 5.0 percent.
Real federal government consumption expenditures and gross investment increased 1.6 percent in
the second quarter, compared with an increase of 3.2 percent in the first. National defense increased 1.9
percent, compared with an increase of 7.5 percent. Nondefense increased 0.9 percent, in contrast to a
decrease of 4.3 percent. Real state and local government consumption expenditures and gross investment
increased 7.5 percent, compared with an increase of 6.4 percent.
The real change in private inventories added 0.03 percentage point to the second-quarter change in
real GDP, after subtracting 2.61 percentage points from the first-quarter change. Private businesses
reduced inventories $26.9 billion in the second quarter, following a decrease of $27.1 billion in the first
quarter and an increase of $42.8 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- increased 0.7
percent in the second quarter, compared with an increase of 4.0 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 0.8 percent in the second quarter, compared with an increase of 0.7 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $81.1 billion in the second quarter, compared with an
increase of $120.6 billion in the first. Personal tax and nontax payments increased $5.2 billion, compared
with an increase of $15.4 billion.
Disposable personal income increased $76.0 billion in the second quarter, compared with an
increase of $105.2 billion in the first. Real disposable personal income increased 2.5 percent, compared
with an increase of 2.7 percent.
Personal outlays increased $67.2 billion in the second quarter, compared with an increase of $101.1
billion in the first. Personal saving -- disposable personal income less personal outlays -- was $87.5
billion in the second quarter, compared with $78.8 billion in the first. The personal saving rate -- saving
as a percentage of disposable personal income -- increased from 1.1 percent in the first quarter to 1.2
percent in the second.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 3.0
percent, or $75.9 billion, in the second quarter to a level of $10,217.6 billion. In the first quarter,
current-dollar GDP increased 4.6 percent, or $113.8 billion.
BOX
Information on the assumptions used for unavailable source data is provided in a technical note that
is posted with the news release on BEA's and STAT-USA's Web sites. Within a few days after the
release, a detailed "Key Source Data and Assumptions" file is posted on the Web sites. In the middle of
each month, an analysis of the current quarterly estimates of GDP and related series is made available on
the Web sites; click on Survey of Current Business, "Business Situation."
Revision of the National Income and Product Accounts
The revised estimates, which begin with 1998, reflect the results of the regular annual revision of
the national income and product accounts (NIPA's). These revisions, usually made each July, incorporate
newly available and more comprehensive source data, as well as improved estimating methodologies.
Because of the additional data shown, tables 3, 10, and 11 are each divided into two separate tables -- 3A
and 3B, 10A and 10B, and 11A and 11B.
There are also a number of special tables that compare the revised and previously published
estimates for selected periods: Table 1A shows the percent change in real GDP and related measures;
table 1B shows revisions to current-dollar GDP, national income, and disposition of personal income;
table 4A shows the percent change in the chain-type price indexes for GDP and related measures; and
table 11C shows revisions to corporate profits by industry.
This section of the release describes the sources of the revisions and discusses the highlights.
New source data and changes in methodology
The newly incorporated source data that contributed the most to the revisions were the following:
Census Bureau annual surveys of manufactures, of merchant wholesale trade, and of retail trade for 1999,
of services for 1999 and 2000, and of state and local governments for 1998 and 1999; Census Bureau
monthly survey of construction put in place for 1998-2000; federal government budget data for fiscal
years 2000 and 2001; Internal Revenue Service tabulations of tax returns for corporations for 1998 and
1999 and for sole proprietorships and partnerships for 1999; Bureau of Labor Statistics tabulations of
wages and salaries of employees covered by state unemployment insurance for 2000; Department of
Agriculture farm statistics for 2000; and BEA international transactions accounts for 1998-2000. A table
showing the major current-dollar revisions and their sources for each component of GDP, national
income, and personal income will be published in the August issue of the Survey of Current Business.
The revised estimates also include several changes in methodology:
Industry classification: Most of the Census Bureau's monthly data that are used in the calculation
of GDP have been converted from a Standard Industrial Classification (SIC) basis to a North
American Industry Classification System (NAICS) basis. NAICS-based Census data are used to
estimate PCE for goods, private investment in equipment, and change in private inventories. The
incorporation of these data did not affect the estimates of GDP or of other aggregates, but it did
affect the detailed estimates of inventories by industry, which are now presented on a NAICS basis.
Tables 3A and 3B in this release show the inventory estimates for 1997 forward for the following
industries: farm; construction, mining, and utilities; manufacturing; wholesale trade; retail trade;
and other industries. The estimates of income, employment, fixed assets, gross state product, and
GDP by industry, as well as the estimates of corporate profits shown in tables 11A, 11B, and 11C in
this release, will remain on an SIC basis until the next comprehensive revision, which is scheduled
for 2003-04.
A newly available price index from the Federal Reserve Board that reflects quality improvements to
local area network (LAN) equipment -- routers, switches, and hubs -- has been used in the deflation
of the estimates of communication equipment within private fixed investment.
Quarterly estimates of fixed investment in prepackaged and custom software have been improved,
using data on receipts from company reports to the Securities and Exchange Commission (SEC)
and data on monthly retail sales of business software from a trade source.
Smoothing of irregular payments: quarterly payments of tobacco settlements (except the first
payment) and of emergency agricultural subsidies are smoothed across the quarters of the year
(rather than recorded in the quarter when paid), reflecting the accrual of these payments over time.
The tobacco settlements affect the estimates of corporate profits and of state and local government
indirect business tax and nontax accruals; the emergency agricultural subsidies affect the estimates
of farm proprietors' income, of rental income of persons, and of federal government subsidies.
Previously, certain tobacco settlement payments and the emergency agricultural subsidies were
recorded on a disbursements basis, a treatment generally reserved in the NIPA's for one-time or
unusual transactions.
Revisions to 1998-2000 estimates
The percent change from the preceding year in real GDP was revised down from 4.4 percent to 4.3
percent for 1998, was revised down from 4.2 percent to 4.1 percent for 1999, and was revised down
from 5.0 percent to 4.1 percent for 2000.
For 1998, the largest contributors to the downward revision to real GDP growth were fixed
investment in equipment and software and change in private inventories; the contributions of these
components were partly offset by an upward revision to PCE for services. For 1999, the largest
contributors to the downward revision to real GDP growth were equipment and software and PCE for
nondurable goods; the contributions of these components were partly offset by an upward revision to
change in private inventories. For 2000, the largest contributors to the downward revision to real GDP
growth were change in private inventories, equipment and software, PCE for services, nonresidential
structures, and PCE for nondurable goods; the contributions of these components were partly offset by
upward revisions to exports of services and to residential investment and by a downward revision to
imports of goods (which are subtracted in the calculation of GDP). The downward revisions to
equipment and software for all 3 years were largely accounted for by software.
In general, revisions to real GDP reflect four factors: (1) Revisions to current-dollar components of
GDP for which chained-dollar estimates are prepared by deflation, (2) revisions to the prices used in
deflation, (3) revisions to the quantities used to estimate components of real GDP by extrapolation or
direct valuation, and (4) revisions resulting from the use of revised and updated weights in the calculation
of real GDP. In this annual revision, the revisions to real GDP primarily reflected the first two factors.
The percent change from fourth quarter to fourth quarter in real GDP was revised up from 4.6
percent to 4.8 percent for 1998, was revised down from 5.0 percent to 4.4 percent for 1999, and was
revised down from 3.4 percent to 2.8 percent for 2000. During 2000, the downward revision was mainly
accounted for by downward revisions to change in private inventories, to investment in equipment and
software, and to PCE for services.
The percent changes in real GDP for the quarters of 1998-2000 were revised down for seven
quarters, revised up for four quarters, and unrevised for one quarter. The largest downward revision was
2.5 percentage points (first quarter of 2000); the largest upward revision was 1.1 percentage points
(fourth quarter of 1998).
The percent change from the preceding year in the price index for gross domestic purchases was
unrevised at 0.8 percent for 1998, revised down from 1.6 percent to 1.5 percent for 1999, and revised up
from 2.4 percent to 2.6 percent for 2000.
Changes in the chain-type price index for gross domestic purchases were revised up for four
quarters, revised down for four quarters, and unrevised for four quarters. The largest upward revision
was 0.4 percentage point (first quarter of 2000); the largest downward revision was 0.4 percentage point
(first quarter of 1999).
Current-dollar GDP was revised down for all 3 years: $8.7 billion, or 0.1 percent, for 1998; $30.6
billion, or 0.3 percent, for 1999; and $90.2 billion, or 0.9 percent, for 2000. The percent change from the
preceding year was revised down from 5.7 percent to 5.6 percent for 1998, was revised down from 5.8
percent to 5.5 percent for 1999, and was revised down from 7.1 percent to 6.5 percent for 2000.
Current-dollar GNP (GDP plus net income receipts from the rest of the world) was revised down for all 3
years: $8.6 billion, or 0.1 percent, for 1998; $26.4 billion, or 0.3 percent, for 1999; and $97.9 billion, or
1.0 percent, for 2000. Net income receipts was revised less than $0.1 billion for 1998, was revised up
$4.3 billion for 1999, and was revised down $7.8 billion for 2000. The revisions to net income receipts --
which affect GNP, national income, corporate profits, net interest, and personal interest income -- stem
from the revisions to BEA's international transactions accounts (ITA's) that were released in June.
Although the revisions to the ITA's extended back to 1989, the revisions prior to 1998 are not
incorporated into the NIPA's at this time. (An article describing the revisions to the ITA's was published
in the July 2001 Survey of Current Business.)
National income was revised up $3.3 billion, or less than 0.1 percent, for 1998; was revised down
$7.6 billion, or 0.1 percent, for 1999; and was revised down $21.1 billion, or 0.3 percent, for 2000. For
1998, upward revisions, notably, a large upward revision to net interest and a smaller upward revision to
other labor income, were mostly offset by a downward revision to corporate profits. For 1999, a
downward revision to corporate profits was partly offset by upward revisions to other labor income, to
nonfarm proprietors' income (primarily the capital consumption adjustment), and to rental income of
persons. For 2000, downward revisions to corporate profits and to net interest were partly offset by a
large upward revision to wage and salary accruals and by smaller upward revisions to other labor income
and to farm proprietors' income.
Corporate profits from current production -- profits before tax with inventory valuation and capital
consumption adjustments -- was revised down for all 3 years: $37.6 billion for 1998, $30.8 billion for
1999, and $69.8 billion for 2000. Most of the downward revisions were accounted for by profits before
tax. For 1999, the downward revision to profits before tax was partly offset by upward revisions to the
inventory valuation adjustment and to the capital consumption adjustment. For 2000, the downward
revision to profits before tax was partly offset by an upward revision to the capital consumption
adjustment. For 1998, profits of nonfinancial corporations accounted for most of the downward revision.
For 1999 and 2000, downward revisions to profits of nonfinancial corporations were partly offset by
upward revisions to profits of financial corporations.
Personal income was revised up $35.0 billion, or 0.5 percent, for 1998; was revised down $12.3
billion, or 0.2 percent, for 1999; and was revised up $37.5 billion, or 0.5 percent, for 2000. For 1998, the
upward revision was mostly accounted for by a large upward revision to personal interest income. For
1999, downward revisions to personal dividend income and to personal interest income were partly offset
by upward revisions to other labor income, to proprietors' income, and to rental income of persons. For
2000, upward revisions to wage and salary disbursements, to other labor income, and to proprietors'
income were partly offset by downward revisions to personal interest income and to personal dividend
income. The large upward revision to wage and salary disbursements for 2000 reflected the
incorporation of newly available BLS tabulations of wages and salaries of employees covered by state
unemployment insurance.
Disposable personal income (DPI) (personal income less personal tax and nontax payments) was
revised up $35.6 billion for 1998, was revised down $19.7 billion for 1999, and was revised up $41.2
billion for 2000. For all 3 years, the revisions were similar to those to personal income. The percent
change from the preceding year in real DPI was revised up from 4.8 percent to 5.4 percent for 1998, was
revised down from 3.2 percent to 2.5 percent for 1999, and was revised up from 2.8 percent to 3.5
percent for 2000.
Personal outlays -- PCE, interest paid by persons, and personal transfer payments to rest of the
world (net) -- was revised down for all 3 years. For 1998, a downward revision to interest paid by
persons was mostly offset by an upward revision to PCE. For 1999, the revision reflected downward
revisions to PCE and to interest paid by persons. For 2000, the revision reflected a large downward
revision to PCE and a smaller downward revision to interest paid by persons. The personal saving rate
(personal saving as a percentage of DPI) was revised up from 4.2 percent to 4.7 percent for 1998, was
revised up from 2.2 percent to 2.4 percent for 1999, and was revised up from -0.1 percent to 1.0 percent
for 2000.
The statistical discrepancy is current-dollar GDP less current-dollar gross domestic income (GDI).
It arises because most components of GDP and of GDI are estimated independently. GDP measures final
expenditures -- the sum of consumer spending, private investment, net exports, and government
spending. GDI measures the incomes earned in the production of GDP. In concept, GDP is equal to
GDI. In practice, they differ because they are estimated using less than perfectly consistent source data.
As a result of the revisions, the statistical discrepancy as a percentage of GDP was revised from
-0.3 percent to -0.4 percent for 1998, was revised less than 0.1 percentage point at -0.8 percent for 1999,
and was revised from -0.8 percent to -1.3 percent for 2000. For all 3 years, the downward revisions to
GDP were larger than the downward revisions to GDI.
Business cycle
Real GDP reached a cyclical trough in the first quarter of 1991. From the first quarter of 1991 to
the first quarter of 2001, the average annual rate of change for real GDP was revised down 0.1
percentage point, from 3.6 percent to 3.5 percent.
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.doc.gov>
STAT-USA maintains an Internet site that contains BEA estimates, the Survey of Current Business,
and BEA news releases. For information about STAT-USA, go to <www.stat-usa.gov>, or call (202)
482-1986. Subscriptions for single-user unlimited access to STAT-USA's Internet information are
$75.00 for 3 months or $175.00 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 are published in the Survey of Current Business, BEA's
monthly journal. Subscriptions and single copies of the printed Survey are for sale by the Superintendent
of Documents, U.S. Government Printing Office. Internet: <bookstore.gpo.gov>; phone: 202-512-1800;
fax: 202-512-2550; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- August 29, 2001, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2001 (Preliminary)
Corporate Profits: Second Quarter 2001
Comparisons of Revisions to GDP
Quarterly estimates of GDP are released on the following schedule: "Advance" estimates, based on
source data that are incomplete or subject to further revision by the source
agency, are released near the end of the first month after the end of
the quarter; as more detailed and more comprehensive data become available,
"preliminary" and "final" estimates are released near the end of the second and third months, respectively. The
"latest" estimates reflect the results of both annual and comprehensive revisions.
Annual revisions are usually carried out each summer and cover the quarters of the most recent calendar
year and of the 2 preceding years. Comprehensive (or benchmark) revisions are carried out at about 5-year
intervals and incorporate definitional and classificational changes that update the accounts to portray more
accurately the evolving U.S. economy and statistical changes that update the accounts to reflect the introduction of
new and improved methodologies and the incorporation of newly available and revised source data.
The table below shows comparisons of the revisions between quarterly percent changes of GDP for the
different vintages of the estimates. These comparisons can be used to assess the likely size of future revisions. For
example, two-thirds of the revisions between the quarterly change in the advance estimate of real GDP and that in
the final estimate were within a range of -0.6 to +0.9 percentage point. Thus, based on past history, the second-quarter change in
real GDP now estimated at 0.7 percent at an annual rate, is not likely to be revised below 0.1 percent or above 1.6 percent in the next two
releases.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average without Range
compared regard to sign Two-thirds Nine-tenths
of revisions of revisions
Current-dollar GDP
Advance to preliminary..... 0.6 -0.5 to 0.9 -0.9 to 1.4
Advance to final........... .7 - .6 to 1.0 - .9 to 1.6
Preliminary to final....... .3 - .3 to .4 - .6 to .7
Advance to latest.......... 1.3 - .6 to 2.0 -1.9 to 3.7
Preliminary to latest...... 1.2 -1.1 to 1.7 -1.6 to 3.0
Final to latest............ 1.3 -1.0 to 2.2 -1.7 to 2.9
Real GDP
Advance to preliminary..... 0.5 -0.5 to 0.7 -0.9 to 1.2
Advance to final........... .6 - .6 to .9 - .9 to 1.3
Preliminary to final....... .3 - .4 to .4 - .5 to .6
Advance to latest.......... 1.4 -1.1 to 2.0 -1.6 to 3.4
Preliminary to latest...... 1.4 -1.2 to 2.0 -1.7 to 3.1
Final to latest........... 1.4 -1.1 to 2.3 -1.8 to 3.0
NOTE.--These comparisons are based on the period from 1978 through 1999 for the first three comparisons in each group and on the period from
1978 through 1997 for the last three comparisons in each group.
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.4 4.3 4.1 4.1 2.8 6.1 2.2 4.1 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3 .7
Personal consumption expenditures... 3.6 4.8 5.0 4.8 3.3 5.1 6.2 3.8 5.1 4.9 5.7 4.4 5.7 5.9 3.6 4.3 3.1 3.0 2.1
Durable goods..................... 6.6 10.5 12.5 9.5 6.3 7.0 16.6 4.2 24.0 7.1 15.7 9.0 13.7 19.0 -2.5 8.2 -2.1 10.6 6.0
Nondurable goods.................. 2.9 4.1 4.7 4.7 .6 5.6 6.0 3.2 5.2 5.6 4.3 2.6 7.6 5.1 4.7 4.2 .6 2.4 .4
Services.......................... 3.3 4.0 3.7 4.0 4.2 4.5 4.3 4.1 1.5 4.1 4.5 4.3 3.2 3.7 4.4 3.5 5.6 1.8 2.2
Gross private domestic investment... 12.1 11.8 6.6 6.8 8.8 32.5 -6.7 11.8 14.1 7.6 -5.8 9.8 17.9 -.6 19.5 -2.8 -2.3 -12.3 -8.9
Fixed investment.................. 9.6 11.4 7.8 7.6 4.4 18.7 11.7 3.8 13.1 7.1 6.5 7.3 4.8 13.9 8.8 2.5 .5 1.9 -8.7
Nonresidential.................. 12.2 12.5 8.2 9.9 3.9 21.6 12.5 1.5 14.4 6.0 7.7 10.2 5.8 15.8 12.2 7.1 1.0 -.2 -13.6
Structures.................... 9.1 6.8 -2.0 6.2 7.0 4.9 14.9 -2.7 3.3 -6.5 -4.3 -7.0 4.0 8.8 11.8 15.2 7.6 12.3 -11.2
Equipment and software........ 13.3 14.6 11.8 11.1 2.9 28.0 11.6 3.0 18.4 10.5 11.9 16.2 6.4 18.1 12.4 4.7 -1.1 -4.1 -14.5
Residential..................... 2.0 8.0 6.7 .8 5.8 10.4 9.2 11.1 9.3 10.3 3.0 -.8 1.6 8.5 -.8 -10.4 -1.1 8.5 7.4
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 12.3 2.1 3.2 9.5 -.8 .5 -4.0 -2.2 16.3 -6.8 4.2 9.7 12.1 9.0 13.5 10.6 -4.0 -1.2 -9.9
Goods........................... 14.5 2.1 3.9 11.3 .2 -.2 -8.6 .5 18.8 -8.1 4.4 13.1 14.8 8.5 14.9 18.3 -6.9 -2.4 -13.7
Services........................ 7.0 2.3 1.6 5.3 -3.3 2.4 8.0 -8.4 10.5 -3.9 3.8 2.0 6.0 10.3 9.9 -6.7 3.7 1.8 -.1
Imports........................... 13.7 11.8 10.5 13.4 6.4 15.9 11.3 4.2 12.2 8.4 13.3 13.8 10.5 17.1 16.4 13.0 -.5 -5.0 -6.7
Goods........................... 14.2 11.7 12.4 13.5 6.0 14.9 12.2 3.7 14.8 12.0 15.5 14.9 10.4 16.5 17.2 12.3 -.6 -6.7 -8.2
Services........................ 10.9 11.9 1.1 12.6 8.3 21.3 6.7 7.0 .1 -8.2 1.8 7.9 11.0 20.6 12.4 17.1 .0 4.9 1.4
Government consumption expenditures
and gross investment............... 2.4 1.9 3.3 2.7 .1 -2.5 7.5 2.0 4.1 2.0 1.2 4.4 8.5 -1.1 4.4 -1.8 3.3 5.3 5.5
Federal........................... -.4 -.8 2.2 1.7 -3.7 -9.7 12.2 -3.9 5.3 -3.7 .8 7.2 14.5 -12.8 15.9 -10.4 4.6 3.2 1.6
National defense................ -2.6 -1.8 2.1 .1 -2.2 -17.6 12.6 5.3 -.8 -3.5 -3.5 12.8 14.3 -20.0 15.4 -10.4 10.5 7.5 1.9
Nondefense...................... 4.2 1.1 2.3 4.6 -6.6 7.2 11.4 -18.8 17.7 -4.1 9.1 -2.1 14.9 1.6 16.6 -10.4 -5.1 -4.3 .9
State and local................... 4.0 3.4 3.9 3.2 2.3 1.7 5.0 5.3 3.4 5.2 1.4 2.9 5.4 5.6 -1.1 3.0 2.7 6.4 7.5
Addenda:
Final sales of domestic product... 4.0 4.2 4.3 4.3 2.0 4.0 5.4 2.8 6.5 3.0 3.9 4.2 6.1 4.8 3.9 2.3 2.4 4.0 .7
Gross domestic purchases.......... 4.7 5.4 5.0 4.8 3.6 7.9 4.0 4.8 6.4 4.8 2.9 5.3 8.2 3.5 6.3 2.0 2.2 .7 .8
Final sales to domestic
purchasers....................... 4.3 5.3 5.2 4.9 2.9 5.8 7.3 3.5 6.2 4.7 5.1 4.9 6.0 6.0 4.6 2.9 2.7 3.2 .9
Gross national product (GNP)...... 4.3 4.2 4.0 4.1 2.5 6.4 2.1 3.3 7.0 3.3 1.7 4.3 8.7 1.8 5.8 1.3 2.8 .8 .....
Disposable personal income........ 3.1 5.4 2.5 3.5 4.9 8.1 6.0 3.7 2.4 1.4 2.0 2.1 3.0 3.3 5.8 2.6 4.2 2.7 2.5
Current-dollar measures:
GDP............................. 6.5 5.6 5.5 6.5 4.2 7.2 3.3 5.6 7.8 4.9 3.0 6.1 10.0 6.3 8.0 3.3 3.7 4.6 3.0
Final sales of domestic product. 6.1 5.5 5.8 6.7 3.5 5.2 6.5 4.3 7.6 4.7 5.4 5.7 8.0 8.8 6.1 4.3 4.3 7.3 3.0
Gross domestic purchases........ 6.4 6.3 6.6 7.5 5.0 8.0 4.7 6.0 7.6 6.5 4.8 7.4 10.4 8.0 8.5 4.4 4.0 3.4 2.3
Final sales to domestic
purchasers..................... 6.0 6.2 6.8 7.7 4.3 6.0 8.0 4.7 7.4 6.3 7.1 7.0 8.4 10.5 6.6 5.3 4.5 6.0 2.4
GNP............................. 6.3 5.4 5.5 6.5 4.0 7.5 3.1 4.8 8.1 5.2 3.0 5.7 10.4 5.7 8.1 3.2 4.6 4.0 .....
Disposable personal income...... 5.1 6.5 4.1 6.2 6.3 8.8 7.0 5.1 3.8 2.7 4.1 4.3 5.5 7.5 8.1 5.1 6.3 6.0 4.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 1A.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Percent; quarters seasonally adjusted at annual rates]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.4 4.3 4.1 4.1 2.8 6.1 2.2 4.1 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3
Previously published....... 4.4 4.4 4.2 5.0 2.8 6.5 2.9 3.4 5.6 3.5 2.5 5.7 8.3 4.8 5.6 2.2 1.0 1.2
Personal consumption expenditures... 3.6 4.8 5.0 4.8 3.3 5.1 6.2 3.8 5.1 4.9 5.7 4.4 5.7 5.9 3.6 4.3 3.1 3.0
Previously published.............. 3.6 4.7 5.3 5.3 3.3 4.8 5.8 4.3 4.9 5.7 5.6 5.0 5.9 7.6 3.1 4.5 2.8 3.4
Durable goods..................... 6.6 10.5 12.5 9.5 6.3 7.0 16.6 4.2 24.0 7.1 15.7 9.0 13.7 19.0 -2.5 8.2 -2.1 10.6
Previously published............ 6.6 10.6 12.4 9.6 6.3 9.4 13.9 4.1 23.9 8.6 15.0 8.0 13.0 23.6 -5.0 7.6 -3.1 12.7
Nondurable goods.................. 2.9 4.1 4.7 4.7 .6 5.6 6.0 3.2 5.2 5.6 4.3 2.6 7.6 5.1 4.7 4.2 .6 2.4
Previously published............ 2.9 4.0 5.6 5.0 .6 4.7 5.8 4.3 5.2 7.8 3.8 4.9 7.4 6.0 3.6 4.7 1.0 3.0
Services.......................... 3.3 4.0 3.7 4.0 4.2 4.5 4.3 4.1 1.5 4.1 4.5 4.3 3.2 3.7 4.4 3.5 5.6 1.8
Previously published............ 3.3 3.9 3.7 4.5 4.2 4.0 4.3 4.3 1.3 4.1 4.6 4.5 3.8 5.2 4.6 3.7 4.9 1.8
Gross private domestic investment... 12.1 11.8 6.6 6.8 8.8 32.5 -6.7 11.8 14.1 7.6 -5.8 9.8 17.9 -.6 19.5 -2.8 -2.3 -12.3
Previously published.............. 12.1 12.5 6.6 10.2 8.8 33.1 -1.1 8.2 10.2 3.3 .0 15.0 17.9 5.1 21.7 1.8 -4.1 -13.3
Fixed investment.................. 9.6 11.4 7.8 7.6 4.4 18.7 11.7 3.8 13.1 7.1 6.5 7.3 4.8 13.9 8.8 2.5 .5 1.9
Previously published............ 9.6 11.8 9.2 9.3 4.4 17.4 14.8 5.2 12.1 9.2 8.7 7.8 7.2 16.4 11.2 3.1 -.9 2.3
Nonresidential.................. 12.2 12.5 8.2 9.9 3.9 21.6 12.5 1.5 14.4 6.0 7.7 10.2 5.8 15.8 12.2 7.1 1.0 -.2
Previously published.......... 12.2 13.0 10.1 12.6 3.9 20.1 15.6 3.5 13.2 9.5 9.6 11.8 9.5 21.0 14.6 7.7 -.1 1.9
Structures.................... 9.1 6.8 -2.0 6.2 7.0 4.9 14.9 -2.7 3.3 -6.5 -4.3 -7.0 4.0 8.8 11.8 15.2 7.6 12.3
Previously published........ 9.1 7.2 -1.4 9.1 7.0 7.9 14.1 -4.7 3.3 -3.4 -6.2 -6.2 9.7 22.3 4.4 14.6 10.4 15.3
Equipment and software........ 13.3 14.6 11.8 11.1 2.9 28.0 11.6 3.0 18.4 10.5 11.9 16.2 6.4 18.1 12.4 4.7 -1.1 -4.1
Previously published........ 13.3 15.0 14.1 13.7 2.9 24.6 16.1 6.5 16.7 14.1 15.2 18.0 9.5 20.6 17.9 5.6 -3.3 -2.3
Residential..................... 2.0 8.0 6.7 .8 5.8 10.4 9.2 11.1 9.3 10.3 3.0 -.8 1.6 8.5 -.8 -10.4 -1.1 8.5
Previously published.......... 2.0 8.3 6.4 -.5 5.8 9.6 12.6 10.3 8.9 8.2 5.9 -3.1 .5 3.2 1.3 -10.6 -3.6 3.5
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 12.3 2.1 3.2 9.5 -.8 .5 -4.0 -2.2 16.3 -6.8 4.2 9.7 12.1 9.0 13.5 10.6 -4.0 -1.2
Previously published............ 12.3 2.3 2.9 9.0 -.8 1.0 -3.0 -3.2 15.1 -7.9 5.8 10.2 10.3 6.3 14.3 13.9 -6.4 -.9
Goods........................... 14.5 2.1 3.9 11.3 .2 -.2 -8.6 .5 18.8 -8.1 4.4 13.1 14.8 8.5 14.9 18.3 -6.9 -2.4
Previously published.......... 14.5 2.2 4.0 11.6 .2 -.6 -6.7 -.2 16.9 -9.6 7.2 15.9 12.6 6.0 19.0 21.0 -9.9 -2.3
Services........................ 7.0 2.3 1.6 5.3 -3.3 2.4 8.0 -8.4 10.5 -3.9 3.8 2.0 6.0 10.3 9.9 -6.7 3.7 1.8
Previously published.......... 7.0 2.4 .5 2.9 -3.3 5.2 6.4 -10.0 10.8 -3.8 2.8 -2.5 4.6 6.9 3.5 -2.8 3.4 2.7
Imports........................... 13.7 11.8 10.5 13.4 6.4 15.9 11.3 4.2 12.2 8.4 13.3 13.8 10.5 17.1 16.4 13.0 -.5 -5.0
Previously published............ 13.7 11.9 10.7 13.5 6.4 14.2 13.1 5.5 12.2 4.5 16.2 16.9 10.7 12.0 18.6 17.0 -1.2 -5.4
Goods........................... 14.2 11.7 12.4 13.5 6.0 14.9 12.2 3.7 14.8 12.0 15.5 14.9 10.4 16.5 17.2 12.3 -.6 -6.7
Previously published.......... 14.2 11.8 12.5 13.9 6.0 13.1 14.4 4.6 14.4 7.1 19.0 19.0 11.2 11.2 20.0 16.2 -2.1 -6.5
Services........................ 10.9 11.9 1.1 12.6 8.3 21.3 6.7 7.0 .1 -8.2 1.8 7.9 11.0 20.6 12.4 17.1 .0 4.9
Previously published.......... 10.9 12.2 1.7 11.5 8.3 20.0 6.7 9.8 2.2 -7.7 2.5 6.3 8.2 16.6 10.6 22.3 4.0 .9
Government consumption expenditures
and gross investment............... 2.4 1.9 3.3 2.7 .1 -2.5 7.5 2.0 4.1 2.0 1.2 4.4 8.5 -1.1 4.4 -1.8 3.3 5.3
Previously published............. 2.4 2.1 3.3 2.8 .1 -1.0 7.3 1.4 2.8 3.7 .8 4.8 8.5 -1.1 4.8 -1.4 2.9 4.8
Federal........................... -.4 -.8 2.2 1.7 -3.7 -9.7 12.2 -3.9 5.3 -3.7 .8 7.2 14.5 -12.8 15.9 -10.4 4.6 3.2
Previously published............ -.4 -.5 2.5 1.5 -3.7 -9.1 12.9 -3.2 3.7 -2.2 2.0 6.9 13.2 -14.2 17.2 -9.0 3.8 4.9
National defense................ -2.6 -1.8 2.1 .1 -2.2 -17.6 12.6 5.3 -.8 -3.5 -3.5 12.8 14.3 -20.0 15.4 -10.4 10.5 7.5
Previously published.......... -2.6 -1.7 2.0 .2 -2.2 -17.7 13.1 5.8 -2.4 -3.1 -2.3 12.3 12.6 -19.8 16.9 -9.7 8.9 5.4
Nondefense...................... 4.2 1.1 2.3 4.6 -6.6 7.2 11.4 -18.8 17.7 -4.1 9.1 -2.1 14.9 1.6 16.6 -10.4 -5.1 -4.3
Previously published.......... 4.2 1.8 3.4 3.8 -6.6 9.1 12.5 -17.6 16.1 -.4 10.2 -2.2 14.4 -3.3 17.8 -7.9 -4.6 3.9
State and local................... 4.0 3.4 3.9 3.2 2.3 1.7 5.0 5.3 3.4 5.2 1.4 2.9 5.4 5.6 -1.1 3.0 2.7 6.4
Previously published............ 4.0 3.6 3.8 3.5 2.3 3.8 4.4 4.0 2.3 7.0 .1 3.7 6.1 6.6 -1.1 2.9 2.5 4.7
Addenda:
Final sales of domestic product... 4.0 4.2 4.3 4.3 2.0 4.0 5.4 2.8 6.5 3.0 3.9 4.2 6.1 4.8 3.9 2.3 2.4 4.0
Previously published............ 4.0 4.2 4.6 4.8 2.0 4.1 5.6 2.9 5.9 4.5 4.0 4.5 6.4 6.7 3.9 2.4 1.7 4.3
Gross domestic purchases.......... 4.7 5.4 5.0 4.8 3.6 7.9 4.0 4.8 6.4 4.8 2.9 5.3 8.2 3.5 6.3 2.0 2.2 .7
Previously published............ 4.7 5.5 5.2 5.7 3.6 8.1 4.8 4.4 5.4 4.9 3.8 6.6 8.4 5.6 6.5 3.0 1.5 .5
Final sales to domestic
purchasers....................... 4.3 5.3 5.2 4.9 2.9 5.8 7.3 3.5 6.2 4.7 5.1 4.9 6.0 6.0 4.6 2.9 2.7 3.2
Previously published........... 4.3 5.4 5.6 5.5 2.9 5.7 7.5 3.9 5.7 5.9 5.2 5.5 6.6 7.5 4.7 3.2 2.1 3.4
Gross national product (GNP)...... 4.3 4.2 4.0 4.1 2.5 6.4 2.1 3.3 7.0 3.3 1.7 4.3 8.7 1.8 5.8 1.3 2.8 .8
Previously published............ 4.3 4.2 4.1 5.1 2.5 6.7 2.8 2.6 5.9 3.6 2.3 5.5 8.3 5.1 5.6 2.1 1.7 .7
Disposable personal income........ 3.1 5.4 2.5 3.5 4.9 8.1 6.0 3.7 2.4 1.4 2.0 2.1 3.0 3.3 5.8 2.6 4.2 2.7
Previously published............ 3.1 4.8 3.2 2.8 4.9 6.6 4.5 3.6 3.6 2.9 2.8 2.2 4.5 1.9 3.7 2.6 .7 2.2
Current-dollar measures:
GDP............................. 6.5 5.6 5.5 6.5 4.2 7.2 3.3 5.6 7.8 4.9 3.0 6.1 10.0 6.3 8.0 3.3 3.7 4.6
Previously published.......... 6.5 5.7 5.8 7.1 4.2 7.6 4.1 5.0 6.8 5.9 3.9 6.7 9.7 8.3 8.2 3.8 3.0 4.5
Final sales of domestic product. 6.1 5.5 5.8 6.7 3.5 5.2 6.5 4.3 7.6 4.7 5.4 5.7 8.0 8.8 6.1 4.3 4.3 7.3
Previously published.......... 6.1 5.5 6.2 7.1 3.5 5.3 6.8 4.5 7.0 6.8 5.5 5.7 8.1 10.3 6.4 4.1 3.7 7.7
Gross domestic purchases........ 6.4 6.3 6.6 7.5 5.0 8.0 4.7 6.0 7.6 6.5 4.8 7.4 10.4 8.0 8.5 4.4 4.0 3.4
Previously published.......... 6.4 6.4 6.8 8.2 5.0 8.1 5.7 5.7 6.7 7.0 5.8 8.3 10.2 9.6 8.7 5.1 3.4 3.3
Final sales to domestic
purchasers..................... 6.0 6.2 6.8 7.7 4.3 6.0 8.0 4.7 7.4 6.3 7.1 7.0 8.4 10.5 6.6 5.3 4.5 6.0
Previously published......... 6.0 6.2 7.3 8.1 4.3 5.8 8.4 5.1 6.9 7.9 7.4 7.3 8.7 11.6 7.0 5.3 4.1 6.3
GNP............................. 6.3 5.4 5.5 6.5 4.0 7.5 3.1 4.8 8.1 5.2 3.0 5.7 10.4 5.7 8.1 3.2 4.6 4.0
Previously published.......... 6.3 5.5 5.7 7.2 4.0 7.8 4.0 4.2 7.1 6.0 3.8 6.5 9.7 8.6 8.1 3.8 3.7 3.9
Disposable personal income...... 5.1 6.5 4.1 6.2 6.3 8.8 7.0 5.1 3.8 2.7 4.1 4.3 5.5 7.5 8.1 5.1 6.3 6.0
Previously published.......... 5.1 5.9 5.0 5.3 6.3 7.0 5.8 5.1 5.1 4.7 5.1 4.2 6.8 5.5 5.9 4.4 2.6 5.5
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 1B.--Revisions to Current-Dollar Gross Domestic Product, National Income, and Disposition of Personal Income
---------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------ ------------------------ Revisions as
Revised Revisions to percent of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
1998 1999 2000 1998 1999 2000 1998 1999 2000
---------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)....... 8,781.5 9,268.6 9,872.9 -8.7 -30.6 -90.2 -.1 -.3 -.9
Personal consumption expenditures...... 5,856.0 6,250.2 6,728.4 5.1 -18.5 -28.9 .1 -.3 -.4
Durable goods........................ 693.2 760.9 819.6 -.7 -.4 -.7 -.1 -.1 -.1
Nondurable goods..................... 1,708.5 1,831.3 1,989.6 .9 -14.2 -20.4 .1 -.8 -1.0
Services............................. 3,454.3 3,658.0 3,919.2 5.0 -3.9 -7.8 .1 -.1 -.2
Gross private domestic investment...... 1,538.7 1,636.7 1,767.5 -11.2 -13.4 -65.2 -.7 -.8 -3.6
Fixed investment..................... 1,465.6 1,578.2 1,718.1 -7.3 -28.6 -60.1 -.5 -1.8 -3.4
Nonresidential..................... 1,101.2 1,174.6 1,293.1 -6.3 -28.5 -69.1 -.6 -2.4 -5.1
Structures....................... 282.4 283.5 313.6 -.8 -2.1 -10.6 -.3 -.7 -3.3
Equipment and software........... 818.9 891.1 979.5 -5.4 -26.3 -58.5 -.7 -2.9 -5.6
Residential........................ 364.4 403.5 425.1 -1.0 -.3 9.1 -.3 -.1 2.2
Change in private inventories........ 73.1 58.6 49.4 -3.9 15.3 -5.1 ..... ..... .....
Net exports of goods and services...... -151.7 -250.9 -364.0 -.2 3.1 6.7 ..... ..... .....
Exports.............................. 964.9 989.8 1,102.9 -1.1 -.4 5.6 -.1 .0 .5
Goods.............................. 681.3 698.3 785.6 -.7 -.9 -3.0 -.1 -.1 -.4
Services........................... 283.6 291.5 317.3 -.4 .5 8.6 -.1 .2 2.8
Imports.............................. 1,116.7 1,240.6 1,466.9 -.8 -3.6 -1.1 -.1 -.3 -.1
Goods.............................. 930.0 1,046.9 1,244.9 -.5 -1.7 -3.7 -.1 -.2 -.3
Services........................... 186.7 193.7 221.9 -.3 -1.9 2.4 -.2 -1.0 1.1
Government consumption expenditures
and gross investment.................. 1,538.5 1,632.5 1,741.0 -2.4 -1.9 -2.7 -.2 -.1 -.2
Federal.............................. 539.2 564.0 590.2 -1.4 -4.6 -5.0 -.3 -.8 -.8
National defense................... 349.1 364.5 375.4 -.1 -.5 -1.6 .0 -.1 -.4
Nondefense......................... 190.1 199.5 214.8 -1.3 -4.0 -3.4 -.7 -2.0 -1.6
State and local...................... 999.3 1,068.5 1,150.8 -1.0 2.7 2.2 -.1 .3 .2
Relation of GDP and National Income
Gross domestic product................. 8,781.5 9,268.6 9,872.9 -8.7 -30.6 -90.2 -.1 -.3 -.9
Plus: Income receipts
from the rest of the world............ 286.1 313.8 384.2 .7 7.9 13.6 .2 2.6 3.7
Less: Income payments to
the rest of the world................. 289.6 320.5 396.3 .7 3.6 21.4 .2 1.1 5.7
Equals: Gross national product......... 8,778.1 9,261.8 9,860.8 -8.6 -26.4 -97.9 -.1 -.3 -1.0
Less: Consumption of fixed capital..... 1,072.0 1,151.4 1,241.3 -5.3 -9.6 -15.8 -.5 -.8 -1.3
Less: Indirect business tax and
nontax liability...................... 681.3 713.1 762.7 1.7 -5.0 -6.9 .3 -.7 -.9
Less: Business transfer payments....... 38.0 41.3 43.9 .0 1.6 2.2 .0 4.0 5.3
Less: Statistical discrepancy.......... -31.0 -72.7 -130.4 -6.2 -.8 -46.7 ..... ..... .....
Plus: Subsidies less current
surplus of government enterprises..... 23.5 33.3 37.6 2.0 4.9 9.7 9.3 17.3 34.8
Equals: National income................ 7,041.4 7,462.1 7,980.9 3.3 -7.6 -21.1 .0 -.1 -.3
Compensation of employees............ 4,989.6 5,310.7 5,715.2 5.4 10.9 77.0 .1 .2 1.4
Wage and salary accruals........... 4,192.1 4,477.4 4,837.2 -.7 2.3 67.8 .0 .1 1.4
Supplements to wages and
salaries.......................... 797.5 833.4 878.0 6.1 8.8 9.2 .8 1.1 1.1
Proprietors' income with inventory
valuation and capital
consumption adjustments............. 623.8 672.0 715.0 3.1 8.5 4.6 .5 1.3 .6
Rental income of persons with
capital consumption adjustment...... 138.6 147.7 141.6 3.2 4.3 1.6 2.4 3.0 1.1
Corporate profits with inventory
valuation and capital
consumption adjustments............. 777.4 825.2 876.4 -37.6 -30.8 -69.8 -4.6 -3.6 -7.4
Net interest......................... 511.9 506.5 532.7 29.2 -.6 -34.5 6.0 -.1 -6.1
Disposition of personal income
Personal income........................ 7,426.0 7,777.3 8,319.2 35.0 -12.3 37.5 .5 -.2 .5
Wage and salary disbursements........ 4,192.8 4,472.2 4,837.2 2.1 2.2 67.8 .1 .0 1.4
Other labor income................... 490.6 509.7 534.2 5.1 8.7 10.2 1.1 1.7 1.9
Proprietors' income with
inventory valuation and capital
consumption adjustments............. 623.8 672.0 715.0 3.1 8.5 4.6 .5 1.3 .6
Farm............................... 25.6 26.6 30.6 .2 1.3 8.0 .8 5.1 35.4
Nonfarm............................ 598.2 645.4 684.4 3.0 7.2 -3.4 .5 1.1 -.5
Rental income of persons with
capital consumption adjustment...... 138.6 147.7 141.6 3.2 4.3 1.6 2.4 3.0 1.1
Personal dividend income............. 348.3 343.1 379.2 -2.8 -27.2 -17.4 -.8 -7.3 -4.4
Personal interest income............. 964.4 950.0 1,000.6 23.6 -13.7 -33.7 2.5 -1.4 -3.3
Transfer payments to persons......... 983.7 1,019.6 1,069.1 .7 3.4 1.3 .1 .3 .1
Less: Personal contributions for
social insurance.................... 316.3 337.1 357.7 .1 -1.4 -3.0 .0 -.4 -.8
Less: Personal tax and nontax
payments.............................. 1,070.4 1,159.2 1,288.2 -.5 7.2 -3.7 .0 .6 -.3
Equals: Disposable personal income..... 6,355.6 6,618.0 7,031.0 35.6 -19.7 41.2 .6 -.3 .6
Less: Personal outlays................. 6,054.1 6,457.2 6,963.3 -.6 -32.9 -35.0 .0 -.5 -.5
Equals: Personal saving................ 301.5 160.9 67.7 36.1 13.3 76.2 ..... ..... .....
Addenda:
Statistical discrepancy as a
percentage of GDP................. -.4 -.8 -1.3 -.1 .0 -.5 ..... ..... .....
Gross domestic income................ 8,812.5 9,341.3 10,003.4 -2.5 -29.8 -43.4 .0 -.3 -.4
Personal saving as a percentage
of disposable personal income....... 4.7 2.4 1.0 .5 .2 1.1 ..... ..... .....
---------------------------------------------------------------------------------------------------------------------------------
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 4.4 4.3 4.1 4.1 2.8 6.1 2.2 4.1 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3 .7
Percentage points at annual rates:
Personal consumption expenditures. 2.39 3.18 3.35 3.28 2.20 3.39 3.99 2.56 3.42 3.22 3.77 2.98 3.96 3.94 2.50 2.88 2.14 2.05 1.44
Durable goods................... .51 .80 .97 .77 .48 .53 1.21 .33 1.74 .56 1.19 .72 1.09 1.46 -.21 .65 -.17 .83 .48
Nondurable goods................ .58 .81 .93 .94 .12 1.08 1.13 .62 1.03 1.07 .83 .53 1.51 1.01 .95 .84 .12 .49 .08
Services........................ 1.29 1.57 1.45 1.57 1.61 1.77 1.64 1.62 .66 1.59 1.75 1.72 1.35 1.47 1.75 1.38 2.19 .73 .89
Gross private domestic investment. 1.91 1.96 1.14 1.19 1.42 4.99 -1.18 1.98 2.38 1.28 -1.06 1.66 2.99 -.08 3.25 -.51 -.42 -2.28 -1.52
Fixed investment................ 1.47 1.80 1.29 1.28 .69 2.85 1.84 .64 2.10 1.16 1.06 1.22 .84 2.24 1.49 .44 .09 .33 -1.55
Nonresidential................ 1.39 1.49 1.01 1.25 .47 2.45 1.49 .20 1.71 .73 .94 1.25 .76 1.88 1.52 .91 .13 -.02 -1.86
Structures.................. .26 .21 -.07 .19 .21 .15 .45 -.09 .11 -.21 -.14 -.22 .13 .26 .35 .45 .24 .39 -.40
Equipment and software...... 1.13 1.27 1.08 1.06 .26 2.29 1.04 .29 1.61 .94 1.07 1.47 .63 1.63 1.17 .46 -.11 -.41 -1.45
Residential................... .08 .32 .28 .04 .22 .40 .36 .44 .39 .42 .13 -.03 .08 .36 -.03 -.47 -.05 .35 .31
Change in private inventories... .44 .15 -.15 -.09 .73 2.14 -3.02 1.34 .28 .12 -2.12 .44 2.15 -2.32 1.76 -.95 -.50 -2.61 .03
Net exports of goods and services. -.29 -1.20 -.98 -.79 -.88 -1.85 -1.83 -.78 .17 -1.79 -1.18 -.76 -.15 -1.32 -.84 -.70 -.39 .63 -.14
Exports......................... 1.35 .24 .35 1.01 -.10 .07 -.46 -.24 1.66 -.77 .43 .99 1.27 .95 1.42 1.13 -.46 -.13 -1.13
Goods......................... 1.12 .17 .30 .85 .02 -.02 -.72 .04 1.33 -.64 .32 .93 1.08 .64 1.11 1.36 -.58 -.19 -1.13
Services...................... .23 .07 .05 .17 -.11 .09 .25 -.28 .32 -.13 .11 .06 .19 .31 .31 -.22 .12 .06 -.01
Imports......................... -1.64 -1.44 -1.33 -1.81 -.79 -1.92 -1.36 -.53 -1.49 -1.02 -1.62 -1.76 -1.43 -2.26 -2.26 -1.84 .07 .76 1.00
Goods......................... -1.43 -1.20 -1.31 -1.54 -.62 -1.51 -1.23 -.39 -1.48 -1.20 -1.58 -1.60 -1.20 -1.85 -2.00 -1.48 .07 .87 1.03
Services...................... -.21 -.24 -.02 -.26 -.17 -.41 -.14 -.15 .00 .18 -.04 -.16 -.23 -.41 -.26 -.36 .00 -.11 -.03
Government consumption
expenditures and gross investment .43 .34 .58 .47 .03 -.43 1.27 .35 .73 .35 .21 .77 1.50 -.20 .78 -.32 .58 .92 .95
Federal......................... -.03 -.05 .13 .10 -.24 -.64 .71 -.24 .32 -.23 .05 .43 .85 -.84 .90 -.66 .27 .19 .09
National defense.............. -.12 -.07 .08 .00 -.09 -.79 .47 .21 -.03 -.14 -.14 .48 .55 -.87 .56 -.42 .38 .28 .07
Nondefense.................... .09 .02 .05 .10 -.15 .15 .24 -.45 .35 -.09 .19 -.05 .30 .03 .34 -.24 -.11 -.09 .02
State and local................. .45 .39 .44 .37 .27 .21 .56 .60 .40 .58 .16 .34 .65 .64 -.12 .34 .31 .73 .86
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3A.--Gross Domestic Product and Related Measures
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 I 96 II 96 III 96 IV 96 I 97 II 97
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 5,986.2 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,318.4 8,781.5 9,268.6 9,872.9 7,629.6 7,782.7 7,859.0 7,981.4 8,124.2 8,279.8
Personal consumption expenditures.... 3,971.2 4,209.7 4,454.7 4,716.4 4,969.0 5,237.5 5,529.3 5,856.0 6,250.2 6,728.4 5,130.5 5,218.0 5,263.7 5,337.9 5,429.9 5,470.8
Durable goods...................... 443.0 470.8 513.4 560.8 589.7 616.5 642.5 693.2 760.9 819.6 606.4 621.3 616.7 621.5 635.1 624.4
Motor vehicles and parts......... 182.8 200.2 222.1 242.3 249.3 256.3 264.2 288.8 324.7 346.8 256.3 259.2 255.4 254.2 264.5 251.0
Furniture and household
equipment....................... 171.5 178.7 192.4 211.2 225.0 236.9 248.9 265.2 285.2 307.3 230.4 238.2 237.7 241.2 243.1 246.4
Other............................ 88.7 91.9 98.9 107.2 115.4 123.3 129.4 139.3 151.0 165.5 119.7 123.8 123.6 126.1 127.5 127.0
Nondurable goods................... 1,278.8 1,322.9 1,375.2 1,438.0 1,497.3 1,574.1 1,641.6 1,708.5 1,831.3 1,989.6 1,539.6 1,569.4 1,578.8 1,608.4 1,626.8 1,627.3
Food............................. 657.6 669.3 697.9 728.2 755.8 786.0 812.2 852.6 899.8 957.5 773.9 781.8 788.8 799.3 806.9 808.2
Clothing and shoes............... 208.7 221.9 231.1 240.7 247.8 258.6 271.7 284.8 300.9 319.1 253.0 259.0 259.3 263.0 266.6 267.8
Gasoline, fuel oil, and other
energy goods.................... 114.8 117.1 119.4 122.5 127.4 139.7 143.2 127.9 143.1 183.2 133.9 142.1 138.4 144.5 147.3 140.4
Gasoline and oil............... 102.5 104.9 106.6 109.0 113.3 124.2 128.1 114.8 129.5 165.3 117.7 127.0 123.3 128.6 132.0 125.1
Fuel oil and coal.............. 12.4 12.2 12.9 13.5 14.1 15.6 15.1 13.1 13.6 17.9 16.1 15.1 15.0 16.0 15.3 15.3
Other............................ 297.8 314.7 326.8 346.6 366.4 389.8 414.5 443.3 487.6 529.8 378.9 386.4 392.3 401.6 405.9 410.8
Services........................... 2,249.4 2,415.9 2,566.1 2,717.6 2,882.0 3,047.0 3,245.2 3,454.3 3,658.0 3,919.2 2,984.4 3,027.4 3,068.2 3,107.9 3,168.0 3,219.1
Housing.......................... 616.0 641.3 666.5 704.7 740.8 772.5 810.5 859.7 909.0 958.8 760.4 768.1 776.6 785.1 794.6 805.0
Household operation.............. 238.6 248.3 268.9 284.0 298.1 317.3 333.0 345.6 359.7 385.7 314.6 318.3 313.4 322.7 325.9 329.0
Electricity and gas............ 107.4 108.9 118.6 119.8 122.5 128.7 130.4 128.9 129.7 141.4 131.3 130.0 124.6 129.1 128.7 128.8
Other household operation...... 131.2 139.4 150.4 164.2 175.6 188.5 202.7 216.7 230.0 244.2 183.3 188.4 188.9 193.6 197.1 200.2
Transportation................... 142.8 155.0 166.2 180.9 197.7 214.2 234.4 246.3 257.4 272.8 206.5 211.7 215.9 222.6 229.1 232.9
Medical care..................... 591.0 652.6 700.6 737.3 780.7 814.4 854.6 899.0 939.9 996.5 798.2 810.7 817.9 831.0 839.6 850.0
Recreation....................... 126.4 139.1 151.2 160.0 176.0 191.1 206.2 221.0 238.9 256.2 185.0 189.1 193.7 196.5 201.9 205.4
Other............................ 534.5 579.5 612.6 650.7 688.7 737.5 806.5 882.6 953.1 1,049.3 719.7 729.5 750.7 750.0 776.9 796.8
Gross private domestic investment.... 800.2 866.6 955.1 1,097.1 1,143.8 1,242.7 1,390.5 1,538.7 1,636.7 1,767.5 1,172.4 1,231.5 1,282.6 1,284.3 1,324.2 1,397.7
Fixed investment................... 800.4 851.6 934.0 1,034.6 1,110.7 1,212.7 1,327.7 1,465.6 1,578.2 1,718.1 1,165.6 1,201.7 1,232.6 1,250.9 1,275.5 1,310.0
Nonresidential................... 608.9 626.1 682.2 748.6 825.1 899.4 999.4 1,101.2 1,174.6 1,293.1 865.1 885.4 913.6 933.7 955.5 984.3
Structures..................... 183.4 172.2 179.4 187.5 204.6 225.0 255.8 282.4 283.5 313.6 213.4 220.0 226.3 240.3 246.9 247.7
Nonresidential buildings,
including farm.............. 124.2 113.2 119.3 129.0 144.3 161.7 182.7 201.4 206.9 227.0 151.8 157.4 163.2 174.2 178.5 177.1
Utilities.................... 33.7 36.7 34.8 34.0 35.8 36.0 36.1 44.2 47.2 51.7 35.8 35.5 35.5 37.3 34.9 35.2
Mining exploration, shafts,
and wells................... 18.5 14.2 17.7 17.4 17.2 21.1 30.1 30.2 22.6 27.6 19.0 20.7 21.6 23.0 27.8 29.5
Other structures............. 6.9 8.2 7.7 7.0 7.3 6.2 7.0 6.5 6.8 7.3 6.8 6.3 5.9 5.8 5.7 5.8
Equipment and software......... 425.4 453.9 502.8 561.1 620.5 674.4 743.6 818.9 891.1 979.5 651.7 665.4 687.3 693.4 708.6 736.6
Information processing
equipment and software...... 181.4 197.5 215.0 233.7 262.0 287.3 325.2 363.4 399.7 466.5 280.0 283.4 290.9 294.8 307.0 319.0
Computers and peripheral
equipment................. 37.7 43.6 47.2 51.3 64.6 70.9 79.6 84.2 90.8 109.3 70.5 69.6 71.6 71.7 74.8 78.8
Software................... 56.6 60.8 69.4 75.5 83.5 95.1 116.5 140.1 159.8 183.1 91.7 94.0 96.1 98.9 106.2 113.5
Other...................... 87.1 93.1 98.4 106.9 113.8 121.3 129.2 139.2 149.1 174.1 117.8 119.8 123.2 124.2 126.0 126.7
Industrial equipment......... 88.7 92.4 101.8 113.3 128.7 136.4 141.0 147.6 149.3 166.7 135.0 137.7 135.9 137.2 135.7 141.0
Transportation equipment..... 79.5 86.1 98.1 117.8 126.1 138.9 151.4 168.2 199.1 195.9 129.1 134.6 146.5 145.5 145.3 151.7
Other........................ 75.8 77.9 87.9 96.3 103.7 111.8 126.0 139.8 142.9 150.3 107.6 109.8 114.0 115.9 120.6 124.9
Residential...................... 191.5 225.5 251.8 286.0 285.6 313.3 328.2 364.4 403.5 425.1 300.5 316.3 319.0 317.2 320.0 325.7
Structures..................... 185.8 219.6 245.4 279.1 278.3 305.6 320.4 356.1 394.7 415.6 293.0 308.7 311.3 309.4 312.1 317.9
Single family................ 95.4 116.5 133.3 153.8 145.0 159.1 163.2 185.8 208.6 220.7 152.9 160.2 162.9 160.5 160.1 162.2
Multifamily.................. 15.1 13.1 10.8 14.1 17.9 20.3 22.9 24.6 27.4 28.1 19.9 21.7 19.5 20.2 21.9 22.9
Other........................ 75.2 90.0 101.3 111.2 115.4 126.2 134.3 145.8 158.7 166.9 120.3 126.8 129.0 128.7 130.1 132.8
Equipment...................... 5.7 5.9 6.4 6.9 7.3 7.7 7.9 8.2 8.8 9.4 7.5 7.7 7.7 7.8 7.8 7.8
Change in private inventories...... -.2 15.0 21.1 62.6 33.0 30.0 62.9 73.1 58.6 49.4 6.8 29.8 50.0 33.5 48.8 87.7
Farm............................. -1.1 5.0 -5.9 10.8 -9.2 7.9 2.9 .9 -1.5 -1.8 1.0 11.1 16.0 3.3 -1.3 .2
Construction, mining, and
utilities....................... ..... ..... ..... ..... ..... ..... 2.8 5.3 -.7 -2.5 .... .... .... .... 4.8 3.4
Manufacturing.................... ..... ..... ..... ..... ..... ..... 14.9 26.3 12.3 12.4 .... .... .... .... 16.8 22.7
Wholesale trade.................. ..... ..... ..... ..... ..... ..... 23.5 22.2 17.2 20.5 .... .... .... .... 22.2 35.2
Retail trade..................... ..... ..... ..... ..... ..... ..... 12.0 14.4 24.6 15.1 .... .... .... .... -3.8 19.9
Other industries................. ..... ..... ..... ..... ..... ..... 6.7 4.1 6.7 5.6 .... .... .... .... 10.1 6.2
Net exports of goods and services.... -20.7 -27.9 -60.5 -87.1 -84.3 -89.0 -89.3 -151.7 -250.9 -364.0 -75.8 -89.8 -110.6 -79.7 -89.2 -75.0
Exports............................ 601.6 636.8 658.0 725.1 818.6 874.2 966.4 964.9 989.8 1,102.9 853.3 864.7 865.6 913.1 927.8 966.8
Goods............................ 426.4 448.7 459.7 509.6 583.8 618.4 688.9 681.3 698.3 785.6 607.8 611.4 615.4 639.0 658.2 688.5
Foods, feeds, and beverages.... 35.8 40.3 40.7 42.0 50.5 55.5 51.5 46.4 45.5 47.5 55.9 57.4 54.8 54.1 51.5 51.2
Industrial supplies and
materials..................... 106.3 105.1 102.7 115.7 141.3 141.1 152.5 142.8 141.8 165.9 140.4 137.6 139.9 146.3 147.0 153.4
Capital goods, except
automotive.................... 166.5 176.1 182.1 205.2 233.8 253.3 295.7 299.9 311.3 357.0 249.7 249.6 249.1 264.5 277.3 295.3
Automotive vehicles, engines,
and parts..................... 40.0 47.0 52.5 57.8 61.8 65.0 74.0 72.4 75.1 80.2 62.3 63.6 68.2 66.0 70.4 73.3
Consumer goods, except
automotive.................... 46.9 51.4 54.7 60.0 64.4 70.1 77.4 80.3 82.0 90.6 68.3 69.0 70.0 72.9 75.4 77.9
Other.......................... 31.0 28.8 27.0 28.9 32.1 33.5 37.7 39.5 42.6 44.5 31.1 34.2 33.4 35.2 36.6 37.6
Services......................... 175.2 188.1 198.3 215.5 234.7 255.8 277.5 283.6 291.5 317.3 245.5 253.3 250.1 274.0 269.6 278.2
Imports............................ 622.3 664.6 718.5 812.1 902.8 963.1 1,055.8 1,116.7 1,240.6 1,466.9 929.1 954.5 976.1 992.8 1,017.1 1,041.7
Goods............................ 500.7 544.9 592.8 676.7 757.6 808.3 885.1 930.0 1,046.9 1,244.9 778.6 801.9 818.6 834.3 852.3 874.5
Foods, feeds, and beverages.... 26.2 27.6 27.9 31.0 33.2 35.7 39.7 41.2 43.6 46.0 33.8 35.7 36.3 37.0 37.6 39.5
Industrial supplies and
materials, except petroleum
and products.................. 75.6 82.3 88.9 105.0 119.9 125.2 135.4 142.5 148.5 173.6 121.4 122.9 126.8 129.5 131.4 133.6
Petroleum and products......... 51.7 51.6 51.5 51.3 56.2 72.7 71.8 50.6 67.8 120.2 58.6 74.2 75.5 82.6 77.6 70.8
Capital goods, except
automotive.................... 120.8 134.3 152.3 184.4 221.4 228.1 253.3 269.4 295.3 346.7 230.6 225.3 226.2 230.3 237.2 250.5
Automotive vehicles, engines,
and parts..................... 85.7 91.8 102.4 118.3 123.8 128.9 139.8 148.7 179.0 195.9 123.8 129.8 133.8 128.4 139.0 138.6
Consumer goods, except
automotive.................... 107.8 122.7 134.1 146.3 160.0 172.1 193.9 217.1 241.8 281.6 165.0 167.5 175.0 180.9 183.0 191.6
Other.......................... 32.9 34.6 35.7 40.6 43.1 45.6 51.2 60.3 70.9 81.1 45.3 46.5 45.1 45.6 46.5 49.9
Services......................... 121.6 119.8 125.7 135.4 145.2 154.8 170.7 186.7 193.7 221.9 150.5 152.6 157.5 158.5 164.8 167.2
Government consumption expenditures
and gross investment................ 1,235.5 1,270.5 1,293.0 1,327.9 1,372.0 1,421.9 1,487.9 1,538.5 1,632.5 1,741.0 1,402.6 1,423.0 1,423.4 1,438.9 1,459.2 1,486.3
Federal............................ 527.4 534.5 527.3 521.1 521.5 531.6 538.2 539.2 564.0 590.2 530.6 537.2 529.1 529.4 529.2 543.4
National defense................. 384.5 378.5 364.9 355.1 350.6 357.0 352.6 349.1 364.5 375.4 356.1 361.3 355.6 355.0 346.4 355.0
Consumption expenditures....... 321.1 316.9 309.2 301.1 297.5 302.4 304.2 299.7 311.8 321.9 298.4 304.1 301.4 305.6 301.1 308.0
Gross investment............... 63.4 61.6 55.7 54.0 53.1 54.6 48.4 49.4 52.7 53.5 57.7 57.2 54.3 49.4 45.3 47.0
Nondefense....................... 142.9 156.0 162.4 165.9 170.9 174.6 185.6 190.1 199.5 214.8 174.5 175.9 173.5 174.5 182.8 188.4
Consumption expenditures....... 118.1 128.8 133.4 138.6 141.8 142.9 152.7 153.4 157.8 171.8 143.4 142.9 141.5 143.8 150.2 153.5
Gross investment............... 24.8 27.2 28.9 27.3 29.2 31.7 32.9 36.7 41.7 43.0 31.1 33.1 31.9 30.6 32.6 34.9
State and local.................... 708.1 736.0 765.7 806.8 850.5 890.4 949.7 999.3 1,068.5 1,150.8 872.0 885.7 894.3 909.4 930.0 942.9
Consumption expenditures....... 576.1 601.6 629.5 662.6 694.7 726.5 766.4 808.3 858.4 929.0 712.5 723.0 730.6 740.0 751.9 760.0
Gross investment............... 132.1 134.3 136.2 144.2 155.8 163.8 183.3 191.0 210.1 221.8 159.5 162.7 163.7 169.4 178.2 183.0
Addenda:
Final sales of domestic product.... 5,986.4 6,303.9 6,621.2 6,991.8 7,367.5 7,783.2 8,255.5 8,708.4 9,210.0 9,823.6 7,622.8 7,752.9 7,809.0 7,947.9 8,075.4 8,192.1
Gross domestic purchases........... 6,006.9 6,346.8 6,702.8 7,141.4 7,484.8 7,902.1 8,407.7 8,933.3 9,519.5 10,236.9 7,705.4 7,872.4 7,969.6 8,061.1 8,213.4 8,354.7
Final sales to domestic purchasers. 6,007.1 6,331.7 6,681.7 7,078.9 7,451.7 7,872.1 8,344.8 8,860.1 9,460.9 10,187.5 7,698.6 7,842.7 7,919.6 8,027.6 8,164.6 8,267.1
Gross domestic product............. 5,986.2 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,318.4 8,781.5 9,268.6 9,872.9 7,629.6 7,782.7 7,859.0 7,981.4 8,124.2 8,279.8
Plus: Income receipts
from the rest of the world........ 167.7 151.1 154.4 184.3 232.3 245.6 281.3 286.1 313.8 384.2 239.1 237.7 245.6 259.8 268.1 282.6
Less: Income payments to
the rest of the world............. 143.0 127.6 130.1 167.5 211.9 227.5 274.2 289.6 320.5 396.3 212.3 220.0 234.1 243.5 260.4 270.6
Equals: Gross national product..... 6,010.9 6,342.3 6,666.7 7,071.1 7,420.9 7,831.2 8,325.4 8,778.1 9,261.8 9,860.8 7,656.5 7,800.3 7,870.5 7,997.7 8,131.8 8,291.8
Net domestic product............... 5,238.2 5,531.5 5,829.5 6,179.4 6,488.8 6,857.0 7,305.0 7,709.5 8,117.2 8,631.7 6,691.2 6,834.1 6,896.5 7,006.1 7,134.4 7,274.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3A.--Gross Domestic Product and Related Measures--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 8,390.9 8,478.6 8,627.8 8,697.3 8,816.5 8,984.5 9,093.1 9,161.4 9,297.4 9,522.5 9,668.7 9,857.6 9,937.5 10,027.9 10,141.7 10,217.6
Personal consumption expenditures.... 5,575.9 5,640.6 5,719.9 5,820.0 5,895.1 5,989.1 6,080.7 6,197.1 6,298.4 6,424.7 6,581.9 6,674.9 6,785.5 6,871.4 6,977.6 7,044.9
Durable goods...................... 652.4 658.3 666.8 689.3 691.7 725.1 731.6 754.9 767.9 789.4 820.7 813.8 825.4 818.7 838.1 842.7
Motor vehicles and parts......... 270.1 271.0 271.7 288.6 284.3 310.7 308.6 324.2 328.9 337.2 352.6 341.9 349.6 343.2 358.6 360.8
Furniture and household
equipment....................... 251.4 254.9 259.8 262.6 267.3 270.9 276.5 281.9 287.7 294.6 304.7 307.6 309.4 307.4 308.4 309.6
Other............................ 130.9 132.4 135.4 138.1 140.1 143.5 146.4 148.7 151.3 157.7 163.4 164.3 166.3 168.0 171.1 172.3
Nondurable goods................... 1,653.1 1,659.0 1,675.8 1,697.2 1,716.7 1,744.4 1,776.4 1,814.7 1,841.4 1,892.9 1,942.5 1,978.3 2,012.4 2,025.1 2,047.1 2,063.1
Food............................. 817.4 816.2 831.7 846.7 858.8 873.1 879.9 891.9 901.5 925.7 937.8 953.5 967.2 971.4 982.0 989.4
Clothing and shoes............... 274.8 277.6 281.6 284.5 284.3 288.5 296.5 301.3 301.5 304.1 314.4 317.0 321.6 323.5 325.7 322.0
Gasoline, fuel oil, and other
energy goods.................... 142.4 142.7 132.3 127.5 126.6 125.2 123.9 139.8 148.6 159.9 175.0 181.7 186.8 189.4 188.9 193.0
Gasoline and oil............... 127.3 128.1 118.8 113.8 113.5 112.9 111.2 126.5 134.7 145.8 157.9 164.7 168.7 170.1 169.5 176.4
Fuel oil and coal.............. 15.1 14.6 13.4 13.7 13.1 12.2 12.8 13.3 13.9 14.2 17.1 17.0 18.1 19.3 19.4 16.6
Other............................ 418.6 422.5 430.2 438.4 446.9 457.6 475.9 481.7 489.8 503.1 515.4 526.1 536.8 540.8 550.5 558.6
Services........................... 3,270.4 3,323.3 3,377.3 3,433.5 3,486.7 3,519.6 3,572.8 3,627.5 3,689.1 3,742.4 3,818.7 3,882.8 3,947.7 4,027.5 4,092.4 4,139.1
Housing.......................... 815.7 826.7 839.8 853.0 866.5 879.6 891.3 903.3 914.9 926.5 940.2 952.4 964.4 978.0 992.8 1,008.1
Household operation.............. 332.9 344.4 338.8 347.8 351.8 344.2 352.5 357.2 366.9 362.1 365.2 380.3 389.0 408.1 420.1 416.8
Electricity and gas............ 128.1 135.8 127.2 133.1 132.5 122.8 127.9 128.5 134.8 127.5 127.9 138.3 142.6 156.9 164.4 159.1
Other household operation...... 204.8 208.6 211.6 214.7 219.2 221.4 224.6 228.7 232.1 234.7 237.3 242.0 246.4 251.3 255.7 257.7
Transportation................... 236.2 239.5 241.8 245.2 248.0 250.2 252.5 255.6 258.8 262.5 266.5 271.3 274.4 278.8 280.5 279.1
Medical care..................... 860.8 868.1 886.9 895.8 903.2 910.1 922.1 932.4 945.8 959.1 973.0 988.8 1,004.2 1,020.0 1,039.8 1,053.2
Recreation....................... 207.3 210.0 216.1 218.5 222.7 226.6 231.2 237.1 242.2 245.3 250.8 254.9 258.1 260.9 267.3 272.9
Other............................ 817.5 834.6 853.9 873.2 894.6 908.8 923.2 941.8 960.5 986.9 1,022.9 1,035.0 1,057.6 1,081.7 1,092.0 1,109.1
Gross private domestic investment.... 1,405.7 1,434.5 1,528.7 1,498.4 1,538.6 1,589.3 1,621.3 1,595.7 1,631.7 1,698.1 1,709.0 1,792.4 1,788.4 1,780.3 1,722.8 1,684.4
Fixed investment................... 1,355.8 1,369.3 1,422.0 1,457.5 1,469.1 1,513.9 1,541.1 1,565.7 1,592.7 1,613.2 1,678.1 1,717.0 1,735.9 1,741.6 1,748.3 1,710.3
Nonresidential................... 1,026.0 1,031.8 1,074.8 1,099.9 1,098.6 1,131.7 1,145.3 1,163.1 1,187.2 1,202.9 1,250.9 1,288.3 1,314.9 1,318.2 1,311.2 1,263.1
Structures..................... 260.6 267.9 273.2 284.9 283.9 287.5 284.8 283.4 280.3 285.6 295.8 306.4 321.1 330.9 345.8 339.1
Nonresidential buildings,
including farm.............. 187.6 187.4 194.3 201.6 201.5 208.5 211.1 207.0 203.9 205.5 217.2 224.5 231.0 235.1 241.3 230.6
Utilities.................... 36.4 37.8 41.9 44.4 45.3 45.3 44.2 45.7 48.3 50.7 47.6 49.4 52.3 57.5 60.5 59.3
Mining exploration, shafts,
and wells................... 30.1 32.8 30.5 32.2 30.7 27.3 23.1 23.2 21.5 22.8 24.1 25.7 30.1 30.5 36.9 42.7
Other structures............. 6.4 9.9 6.5 6.8 6.4 6.4 6.4 7.5 6.5 6.7 6.9 6.9 7.8 7.8 7.1 6.5
Equipment and software......... 765.4 764.0 801.6 815.0 814.7 844.2 860.6 879.7 906.9 917.3 955.1 981.8 993.8 987.3 965.4 923.9
Information processing
equipment and software...... 335.5 339.5 355.0 361.3 362.9 374.3 379.7 395.9 407.9 415.4 442.9 461.6 475.1 486.5 460.4 431.8
Computers and peripheral
equipment................. 83.0 81.9 86.1 84.6 81.0 85.0 86.2 89.9 92.5 94.5 100.8 109.1 113.3 114.0 102.9 90.2
Software................... 120.1 126.0 132.7 137.7 142.8 147.0 151.3 157.4 163.2 167.5 174.2 178.2 186.8 193.3 190.5 188.3
Other...................... 132.4 131.6 136.3 139.0 139.2 142.3 142.2 148.6 152.2 153.4 167.9 174.4 175.0 179.3 167.1 153.3
Industrial equipment......... 142.9 144.5 150.3 147.3 145.4 147.2 146.4 147.8 150.2 152.7 162.9 164.4 169.5 170.1 175.8 168.1
Transportation equipment..... 157.8 150.9 160.9 165.8 164.1 181.9 191.1 194.4 206.6 204.4 202.7 203.6 197.2 180.1 179.0 176.3
Other........................ 129.2 129.1 135.4 140.5 142.3 140.8 143.3 141.5 142.1 144.7 146.7 152.2 151.9 150.5 150.3 147.7
Residential...................... 329.8 337.5 347.2 357.6 370.5 382.2 395.8 402.6 405.5 410.3 427.1 428.7 421.0 423.4 437.0 447.2
Structures..................... 321.9 329.5 339.1 349.4 362.2 373.8 387.2 393.8 396.5 401.3 417.8 419.3 411.5 413.9 427.5 437.7
Single family................ 163.5 167.0 172.8 180.8 190.8 198.7 204.7 206.5 208.1 215.2 226.3 224.1 216.0 216.4 226.5 230.8
Multifamily.................. 22.4 24.3 24.9 23.9 24.3 25.2 27.1 27.0 27.9 27.7 28.7 28.9 26.8 27.9 29.6 30.3
Other........................ 136.0 138.2 141.3 144.7 147.0 149.9 155.4 160.3 160.5 158.4 162.8 166.3 168.8 169.7 171.4 176.6
Equipment...................... 7.9 7.9 8.1 8.2 8.3 8.4 8.5 8.8 9.0 9.0 9.3 9.4 9.4 9.5 9.5 9.5
Change in private inventories...... 49.9 65.1 106.7 40.9 69.5 75.4 80.2 30.0 39.1 84.9 30.9 75.4 52.5 38.7 -25.5 -25.9
Farm............................. 8.1 4.6 5.3 -5.4 .1 3.6 5.7 -.5 -10.8 -.4 -6.5 1.3 -2.8 .9 .7 -.8
Construction, mining, and
utilities....................... 2.6 .6 4.8 5.8 4.4 6.2 2.7 -.7 -3.4 -1.4 2.4 -3.3 -.1 -9.0 2.6 3.5
Manufacturing.................... 9.3 10.8 36.6 26.2 20.6 21.8 18.5 2.0 8.2 20.4 4.8 21.1 11.8 12.0 -13.6 -22.3
Wholesale trade.................. 12.2 24.3 30.5 11.1 27.6 19.8 21.2 7.7 18.6 21.3 25.8 27.1 16.7 12.3 -3.3 5.1
Retail trade..................... 13.6 18.3 28.2 .1 12.9 16.3 24.9 13.6 19.7 40.0 -1.5 23.2 19.0 19.6 -15.6 -12.9
Other industries................. 4.1 6.6 1.4 3.2 3.9 7.8 7.1 8.1 6.6 5.0 5.9 5.9 7.9 2.8 3.6 1.7
Net exports of goods and services.... -88.6 -104.6 -122.6 -154.9 -165.3 -164.1 -199.7 -241.1 -273.9 -288.7 -333.9 -350.8 -380.6 -390.6 -363.8 -349.1
Exports............................ 988.7 982.4 974.1 959.2 946.7 979.7 960.2 971.3 996.6 1,031.0 1,059.7 1,099.7 1,131.1 1,121.0 1,117.4 1,087.2
Goods............................ 706.7 702.3 693.6 673.0 666.7 692.0 675.1 681.4 703.8 732.7 750.0 779.3 813.4 799.7 794.2 763.3
Foods, feeds, and beverages.... 50.7 52.6 49.9 46.1 42.9 46.8 43.4 45.1 47.2 46.4 46.5 47.0 48.9 47.4 49.3 48.7
Industrial supplies and
materials..................... 156.2 153.6 149.6 143.7 139.1 139.0 133.6 137.1 142.8 153.9 158.9 162.5 171.4 170.9 166.0 160.0
Capital goods, except
automotive.................... 307.6 302.7 302.2 293.0 296.7 307.6 303.5 301.1 314.6 325.9 330.4 357.3 374.5 365.9 367.3 337.5
Automotive vehicles, engines,
and parts..................... 76.6 75.9 76.7 71.6 67.0 74.3 73.0 74.6 76.2 76.5 82.2 80.6 80.6 77.2 71.8 75.2
Consumer goods, except
automotive.................... 78.0 78.2 78.9 80.7 81.2 80.4 80.0 80.7 81.7 85.5 88.7 90.4 92.4 90.7 94.0 97.0
Other.......................... 37.6 39.2 36.4 38.0 39.9 43.9 41.6 42.8 41.5 44.5 43.3 41.5 45.5 47.6 45.8 44.9
Services......................... 282.0 280.1 280.4 286.2 280.0 287.7 285.1 289.9 292.7 298.3 309.7 320.4 317.7 321.3 323.2 323.9
Imports............................ 1,077.3 1,087.0 1,096.7 1,114.1 1,112.0 1,143.8 1,160.0 1,212.4 1,270.5 1,319.7 1,393.6 1,450.4 1,511.8 1,511.6 1,481.2 1,436.3
Goods............................ 903.1 910.3 915.5 928.4 923.2 952.8 973.7 1,022.0 1,074.1 1,117.8 1,180.7 1,232.1 1,283.0 1,284.0 1,248.7 1,204.4
Foods, feeds, and beverages.... 41.2 40.5 41.2 41.3 41.0 41.4 42.2 43.8 43.7 44.6 44.9 45.8 46.9 46.3 45.9 45.1
Industrial supplies and
materials, except petroleum
and products.................. 137.4 139.1 141.9 144.8 142.3 141.2 139.9 143.8 151.0 159.5 165.7 171.1 177.4 180.2 182.4 176.8
Petroleum and products......... 70.3 68.5 54.0 53.2 49.4 45.8 42.1 63.7 79.6 85.7 107.8 117.9 127.9 127.1 117.2 113.7
Capital goods, except
automotive.................... 261.7 263.7 268.3 269.0 267.0 273.5 281.3 290.5 298.9 310.3 325.6 345.1 358.6 357.3 345.7 303.2
Automotive vehicles, engines,
and parts..................... 141.6 140.1 144.4 145.7 142.8 161.9 169.8 175.1 183.7 187.4 196.1 196.0 198.4 193.0 186.9 191.4
Consumer goods, except
automotive.................... 197.1 204.1 211.0 217.3 219.4 220.9 230.6 234.7 246.0 256.1 266.9 280.2 286.4 292.8 291.9 288.9
Other.......................... 53.8 54.5 54.6 57.2 61.4 68.0 67.7 70.4 71.2 74.3 73.7 75.9 87.5 87.2 78.7 85.3
Services......................... 174.1 176.6 181.2 185.7 188.9 191.0 186.3 190.4 196.4 201.8 212.9 218.4 228.7 227.7 232.5 231.9
Government consumption expenditures
and gross investment................ 1,498.0 1,508.2 1,501.8 1,533.8 1,548.1 1,570.3 1,590.9 1,609.6 1,641.2 1,688.3 1,711.8 1,741.1 1,744.2 1,766.8 1,805.2 1,837.4
Federal............................ 541.3 538.9 526.1 542.9 539.5 548.4 549.8 553.1 565.6 587.6 578.5 601.0 587.0 594.2 605.3 609.8
National defense................. 354.7 354.4 338.4 348.8 354.7 354.7 356.1 354.2 366.7 381.1 366.6 380.4 372.1 382.4 392.9 395.8
Consumption expenditures....... 304.1 303.6 291.6 300.8 301.4 305.0 306.0 301.9 312.8 326.5 313.8 327.4 321.0 325.3 338.3 340.7
Gross investment............... 50.6 50.8 46.8 47.9 53.3 49.7 50.1 52.3 53.9 54.7 52.7 53.0 51.1 57.1 54.6 55.2
Nondefense....................... 186.6 184.5 187.7 194.2 184.8 193.7 193.6 198.9 199.0 206.5 211.9 220.6 214.9 211.8 212.4 214.0
Consumption expenditures....... 153.3 153.6 152.6 155.7 148.5 156.7 156.2 156.0 157.8 161.1 169.5 176.4 172.5 168.8 169.2 170.7
Gross investment............... 33.3 30.9 35.1 38.5 36.3 36.9 37.4 42.9 41.2 45.4 42.4 44.2 42.4 43.0 43.2 43.3
State and local.................... 956.6 969.3 975.8 990.9 1,008.6 1,021.9 1,041.1 1,056.5 1,075.6 1,100.7 1,133.2 1,140.1 1,157.2 1,172.6 1,199.8 1,227.6
Consumption expenditures....... 770.7 783.2 792.3 803.2 814.1 823.6 832.9 849.2 867.3 883.9 907.2 922.3 936.6 950.0 966.7 980.4
Gross investment............... 186.0 186.1 183.5 187.7 194.5 198.3 208.2 207.3 208.3 216.8 226.0 217.8 220.6 222.7 233.1 247.3
Addenda:
Final sales of domestic product.... 8,341.1 8,413.5 8,521.1 8,656.4 8,747.0 8,909.1 9,012.9 9,131.3 9,258.4 9,437.6 9,637.8 9,782.2 9,884.9 9,989.2 10,167.2 10,243.5
Gross domestic purchases........... 8,479.5 8,583.2 8,750.4 8,852.2 8,981.8 9,148.6 9,292.9 9,402.5 9,571.4 9,811.2 10,002.6 10,208.4 10,318.1 10,418.5 10,505.6 10,566.7
Final sales to domestic purchasers. 8,429.6 8,518.0 8,643.7 8,811.3 8,912.3 9,073.2 9,212.6 9,372.4 9,532.3 9,726.2 9,971.7 10,133.0 10,265.6 10,379.8 10,531.0 10,592.6
Gross domestic product............. 8,390.9 8,478.6 8,627.8 8,697.3 8,816.5 8,984.5 9,093.1 9,161.4 9,297.4 9,522.5 9,668.7 9,857.6 9,937.5 10,027.9 10,141.7 10,217.6
Plus: Income receipts
from the rest of the world........ 289.5 285.0 290.1 293.4 278.3 282.7 287.3 302.9 322.5 342.4 360.1 387.9 386.6 402.1 378.9 .....
Less: Income payments to
the rest of the world............. 282.8 283.2 283.4 290.4 292.7 291.8 290.9 307.3 336.1 347.9 378.1 404.5 404.7 397.9 389.4 .....
Equals: Gross national product..... 8,397.7 8,480.4 8,634.5 8,700.3 8,802.1 8,975.4 9,089.5 9,157.0 9,283.8 9,517.0 9,650.7 9,841.0 9,919.4 10,032.1 10,131.3 .....
Net domestic product............... 7,369.9 7,441.3 7,579.4 7,634.9 7,736.7 7,887.1 7,976.1 8,023.8 8,126.6 8,342.4 8,463.7 8,628.7 8,683.2 8,751.1 8,841.9 8,881.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 3B.--Real Gross Domestic Product and Related Measures
[Billions of chained (1996) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 I 96 II 96 III 96 IV 96 I 97 II 97
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 6,676.4 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,159.5 8,508.9 8,856.5 9,224.0 7,676.4 7,802.9 7,841.9 7,931.3 8,016.4 8,131.9
Personal consumption expenditures.... 4,466.6 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,423.9 5,683.7 5,968.4 6,257.8 5,174.3 5,229.5 5,254.3 5,291.9 5,350.7 5,375.7
Durable goods...................... 454.9 479.0 518.3 557.7 583.5 616.5 657.3 726.7 817.8 895.5 601.7 620.4 618.1 625.7 641.5 636.5
Motor vehicles and parts......... 211.8 225.7 242.2 255.1 253.4 256.3 264.8 292.0 327.6 348.3 257.0 259.6 255.2 253.4 262.9 250.8
Furniture and household
equipment....................... 152.7 161.5 177.4 196.3 215.4 236.9 261.9 293.3 334.7 377.0 226.1 237.2 238.7 245.5 250.5 257.6
Other............................ 92.6 94.1 100.7 107.6 115.0 123.3 130.8 141.8 156.3 172.8 118.7 123.6 124.1 126.7 128.1 128.5
Nondurable goods................... 1,364.0 1,389.7 1,430.3 1,485.1 1,529.0 1,574.1 1,619.9 1,686.4 1,766.4 1,849.9 1,553.9 1,569.9 1,578.6 1,593.9 1,605.6 1,608.2
Food............................. 721.4 725.6 745.1 764.9 777.0 786.0 794.5 819.4 847.8 881.3 784.5 785.5 785.3 788.5 794.0 792.8
Clothing and shoes............... 197.8 208.8 218.5 231.6 244.3 258.6 271.6 290.4 312.1 335.3 250.7 257.8 261.6 264.3 267.1 265.2
Gasoline, fuel oil, and other
energy goods.................... 122.4 125.7 129.4 132.4 135.9 139.7 143.1 146.1 151.3 150.3 138.5 139.6 140.0 140.7 140.7 143.5
Gasoline and oil............... 109.4 112.5 115.4 117.4 120.2 124.2 128.1 131.8 136.7 136.6 121.9 124.4 124.5 125.9 126.6 128.3
Fuel oil and coal.............. 12.9 13.2 14.0 15.0 15.7 15.6 15.0 14.3 14.6 13.8 16.6 15.3 15.5 14.9 14.2 15.2
Other............................ 325.1 331.2 338.5 356.8 372.0 389.8 410.8 430.8 455.9 484.5 380.2 386.9 391.7 400.4 403.7 406.7
Services........................... 2,651.8 2,729.7 2,802.5 2,886.2 2,963.4 3,047.0 3,147.0 3,273.4 3,393.2 3,527.7 3,018.8 3,039.2 3,057.7 3,072.2 3,103.7 3,130.6
Housing.......................... 709.8 719.3 728.1 749.1 763.7 772.6 787.2 808.7 831.6 850.1 768.7 770.8 773.6 777.0 781.1 784.7
Household operation.............. 262.9 267.6 282.3 293.0 304.0 317.3 327.4 343.5 358.2 377.6 317.6 319.1 312.3 320.1 319.6 324.1
Electricity and gas............ 116.3 115.7 122.2 122.8 125.3 128.7 127.5 130.9 132.2 136.4 132.8 130.5 123.8 127.9 124.6 126.8
Other household operation...... 146.4 151.8 160.0 170.2 178.7 188.5 199.9 212.6 225.8 241.0 184.9 188.6 188.5 192.2 195.0 197.3
Transportation................... 164.7 171.1 176.6 189.0 201.0 214.2 226.4 234.7 244.0 251.3 210.2 212.7 215.3 218.5 223.6 225.3
Medical care..................... 734.4 765.4 775.4 783.1 797.7 814.4 835.4 857.7 877.9 903.9 804.1 812.7 816.3 824.6 825.9 832.5
Recreation....................... 144.5 154.5 163.0 169.3 181.7 191.1 200.0 209.0 219.5 227.0 187.6 189.9 192.7 194.0 198.1 199.9
Other............................ 636.1 653.0 677.6 702.9 715.3 737.5 770.4 819.3 861.4 917.1 730.6 733.8 747.4 738.0 755.3 764.0
Gross private domestic investment.... 829.5 899.8 977.9 1,107.0 1,140.6 1,242.7 1,393.3 1,558.0 1,660.1 1,772.9 1,172.3 1,233.4 1,281.4 1,283.7 1,325.4 1,400.6
Fixed investment................... 832.5 886.5 958.4 1,045.9 1,109.2 1,212.7 1,328.6 1,480.0 1,595.4 1,716.2 1,165.2 1,203.7 1,231.6 1,250.2 1,275.4 1,311.1
Nonresidential................... 610.1 630.6 683.6 744.6 817.5 899.4 1,009.3 1,135.9 1,228.6 1,350.7 861.6 885.6 914.3 936.2 960.8 992.7
Structures..................... 210.1 197.3 198.9 200.5 210.1 225.0 245.4 262.2 256.9 272.8 215.9 221.3 225.4 237.3 241.1 239.3
Nonresidential buildings,
including farm.............. 142.7 129.2 131.7 137.2 147.6 161.7 177.0 188.3 185.5 194.9 153.4 158.3 162.4 172.4 175.4 172.8
Utilities.................... 38.9 41.8 38.4 36.1 36.8 36.0 35.3 42.7 45.7 48.5 36.1 35.7 35.5 36.8 34.4 34.4
Mining exploration, shafts,
and wells................... 20.8 17.2 20.5 19.8 18.2 21.1 26.2 25.1 20.0 23.5 19.6 21.0 21.5 22.3 25.5 26.1
Other structures............. 7.8 9.2 8.5 7.6 7.5 6.2 6.8 6.2 6.4 6.7 6.8 6.4 5.9 5.7 5.6 5.7
Equipment and software......... 407.2 437.5 487.1 544.9 607.6 674.4 764.2 875.4 978.3 1,087.4 645.8 664.3 688.9 698.8 719.6 753.7
Information processing
equipment and software...... 142.7 163.0 183.4 206.6 242.8 287.3 349.8 429.3 506.2 609.5 271.7 281.4 293.6 302.4 320.9 339.4
Computers and peripheral
equipment................. 15.4 20.8 26.4 32.6 49.2 70.9 102.9 147.7 208.6 290.3 63.1 67.9 73.9 78.5 87.2 98.1
Software................... 51.4 58.7 66.8 74.3 82.0 95.1 119.0 147.1 167.3 187.6 90.7 93.6 96.4 99.8 107.7 115.3
Other...................... 86.4 91.5 96.4 104.9 113.1 121.3 129.8 143.5 157.2 186.5 117.8 119.7 123.3 124.3 126.5 127.4
Industrial equipment......... 99.0 100.8 109.6 119.6 131.3 136.4 140.0 145.6 146.4 162.6 135.6 138.0 135.7 136.5 134.9 140.2
Transportation equipment..... 87.7 92.3 103.4 120.4 128.2 138.9 150.5 168.2 197.6 192.7 130.2 134.7 145.8 144.9 144.5 150.8
Other........................ 83.6 84.1 93.3 100.6 106.2 111.8 124.7 136.5 138.2 144.8 108.3 110.2 113.8 115.0 119.5 123.7
Residential...................... 221.1 257.2 276.0 302.7 291.7 313.3 319.7 345.1 368.3 371.4 303.6 318.1 317.3 314.0 314.7 318.7
Structures..................... 215.1 251.0 269.4 295.8 284.4 305.6 311.8 336.8 359.3 361.8 296.1 310.4 309.7 306.3 307.0 310.8
Single family................ 112.3 135.7 148.0 163.2 147.7 159.1 158.6 175.9 188.9 190.9 154.5 161.5 161.8 158.7 157.2 158.7
Multifamily.................. 16.8 14.2 11.5 14.8 18.4 20.3 21.9 21.7 23.4 22.7 20.2 21.9 19.3 19.9 21.4 22.2
Other........................ 85.6 100.9 109.9 117.7 118.3 126.2 131.3 139.3 147.0 148.4 121.4 127.1 128.5 127.6 128.3 130.0
Equipment...................... 5.9 6.1 6.5 6.9 7.4 7.7 7.9 8.3 9.0 9.6 7.5 7.7 7.7 7.8 7.8 7.8
Change in private inventories...... -1.0 17.1 20.0 66.8 30.4 30.0 63.8 76.7 62.1 50.6 5.6 30.3 51.2 32.9 49.3 88.3
Farm............................. -2.3 6.1 -7.9 13.0 -12.3 7.9 3.2 1.6 -1.9 -2.0 -.3 11.7 16.7 3.3 -1.1 .3
Construction, mining, and
utilities....................... ..... ..... ..... ..... ..... ..... 2.8 5.5 -.6 -1.8 .... .... .... .... 4.6 3.4
Manufacturing.................... ..... ..... ..... ..... ..... ..... 14.8 27.2 13.3 13.1 .... .... .... .... 16.9 22.5
Wholesale trade.................. ..... ..... ..... ..... ..... ..... 23.8 24.0 19.1 21.2 .... .... .... .... 22.4 35.5
Retail trade..................... ..... ..... ..... ..... ..... ..... 12.0 14.5 24.5 14.9 .... .... .... .... -3.8 19.7
Other industries................. ..... ..... ..... ..... ..... ..... 6.8 4.2 6.8 5.5 .... .... .... .... 10.1 6.3
Net exports of goods and services.... -15.8 -19.8 -59.1 -86.5 -78.4 -89.0 -113.3 -221.1 -316.9 -399.1 -75.0 -90.4 -115.9 -74.6 -94.0 -100.6
Exports............................ 613.2 651.0 672.7 732.8 808.2 874.2 981.5 1,002.4 1,034.9 1,133.2 846.1 860.1 867.0 923.5 940.3 979.2
Goods............................ 421.1 449.8 463.4 508.2 568.8 618.4 708.1 722.9 751.3 836.1 599.2 605.5 617.2 651.7 672.8 705.8
Foods, feeds, and beverages.... 45.2 51.2 51.0 50.9 56.4 55.5 55.6 55.1 56.6 60.0 56.5 54.2 53.7 57.7 54.8 54.2
Industrial supplies and
materials..................... 119.6 121.6 118.3 125.1 134.7 141.1 153.2 151.6 152.8 168.2 138.8 137.6 140.8 147.0 147.3 153.9
Capital goods, except
automotive.................... 136.9 149.4 158.9 183.5 218.6 253.3 311.1 324.3 342.1 394.9 241.9 247.0 251.3 272.9 288.8 309.7
Automotive vehicles, engines,
and parts..................... 42.5 49.0 54.3 59.1 62.5 65.0 73.4 71.7 73.9 78.3 62.5 63.6 68.1 65.9 69.9 72.6
Consumer goods, except
automotive.................... 49.9 53.6 56.3 61.6 65.3 70.1 76.8 79.7 81.6 89.8 68.5 69.0 70.0 72.7 75.0 77.5
Other.......................... 34.2 31.5 29.2 30.3 32.0 33.5 38.1 40.9 44.6 45.9 30.9 33.9 33.4 35.7 36.9 37.9
Services......................... 192.9 201.7 209.9 225.1 239.5 255.8 273.6 279.8 284.2 299.3 247.0 254.6 249.8 271.6 267.6 273.7
Imports............................ 629.0 670.8 731.8 819.4 886.6 963.1 1,094.8 1,223.5 1,351.7 1,532.3 921.1 950.4 982.9 998.1 1,034.3 1,079.8
Goods............................ 497.6 543.7 598.4 677.9 739.1 808.3 923.1 1,031.4 1,159.2 1,315.6 769.7 797.4 825.6 840.7 869.6 913.0
Foods, feeds, and beverages.... 29.0 30.6 31.0 31.8 32.5 35.7 39.3 42.2 46.1 49.4 34.3 35.0 36.6 37.0 37.4 38.7
Industrial supplies and
materials, except petroleum
and products.................. 82.1 90.2 98.2 112.6 118.3 125.2 135.5 150.1 157.2 167.9 120.0 123.0 127.9 129.9 130.2 134.7
Petroleum and products......... 56.5 58.6 64.6 68.6 67.6 72.7 76.1 81.0 81.4 86.0 66.2 75.3 76.3 73.2 71.8 77.7
Capital goods, except
automotive.................... 95.5 110.2 128.3 157.6 194.0 228.1 286.0 328.1 375.8 451.7 215.2 220.5 230.9 245.6 260.9 280.4
Automotive vehicles, engines,
and parts..................... 94.7 99.7 109.5 122.5 124.6 128.9 139.5 148.2 177.2 192.5 123.8 129.9 133.7 128.3 139.0 138.8
Consumer goods, except
automotive.................... 114.8 126.8 137.5 148.9 160.6 172.1 196.3 222.8 249.9 293.5 164.5 167.3 175.1 181.4 184.4 193.7
Other.......................... 36.1 37.4 38.1 42.2 43.2 45.6 51.5 60.7 71.5 80.9 45.2 46.4 45.2 45.7 46.6 50.3
Services......................... 133.4 128.0 134.0 141.9 147.7 154.8 171.7 192.2 194.3 218.7 151.5 153.0 157.3 157.3 164.7 166.9
Government consumption expenditures
and gross investment................ 1,403.4 1,410.0 1,398.8 1,400.1 1,406.4 1,421.9 1,455.4 1,483.3 1,531.8 1,572.6 1,404.8 1,430.4 1,422.0 1,430.6 1,434.6 1,457.0
Federal............................ 604.9 595.1 572.0 551.3 536.5 531.6 529.6 525.4 536.7 545.9 529.1 540.2 529.5 527.6 521.7 534.8
National defense................. 438.4 417.1 394.7 375.9 361.9 357.0 347.7 341.6 348.6 349.0 356.4 363.0 355.4 353.3 341.6 350.3
Consumption expenditures....... 369.5 350.6 336.1 320.5 308.7 302.4 298.5 290.6 294.7 294.5 300.5 305.2 300.6 303.2 295.7 302.6
Gross investment............... 68.9 66.4 58.6 55.4 53.2 54.6 49.1 51.0 54.1 54.7 55.8 57.8 54.9 50.0 45.8 47.5
Nondefense....................... 166.0 177.9 177.3 175.5 174.6 174.6 181.8 183.8 188.1 196.7 172.7 177.2 174.1 174.4 180.1 184.5
Consumption expenditures....... 140.9 150.0 147.8 148.0 145.7 142.9 148.6 146.5 146.2 154.2 141.9 144.1 142.0 143.6 147.3 149.3
Gross investment............... 25.4 28.0 29.5 27.6 29.0 31.7 33.3 37.5 42.5 42.9 30.8 33.1 32.0 30.8 32.8 35.2
State and local.................... 798.9 815.3 827.0 848.9 869.9 890.4 925.8 957.7 994.7 1,026.3 875.7 890.2 892.5 903.0 912.8 922.2
Consumption expenditures....... 653.4 667.8 680.4 697.5 711.3 726.5 745.7 771.9 794.5 821.4 715.5 727.0 729.2 734.5 736.6 742.2
Gross investment............... 145.5 147.4 146.6 151.4 158.6 163.8 180.2 185.8 200.4 205.0 160.2 163.3 163.4 168.5 176.3 180.0
Residual............................. -35.5 -29.7 -18.7 -15.8 -1.9 -.3 -1.4 -12.0 -38.8 -81.5 .9 -.4 -1.2 .7 .9 .3
Addenda:
Final sales of domestic product.... 6,681.5 6,867.7 7,043.8 7,285.8 7,512.2 7,783.2 8,095.2 8,431.8 8,792.0 9,167.0 7,669.6 7,773.4 7,792.1 7,897.6 7,966.4 8,043.2
Gross domestic purchases........... 6,688.4 6,896.4 7,120.6 7,434.2 7,621.8 7,902.1 8,271.7 8,721.3 9,154.9 9,594.7 7,751.0 7,893.1 7,957.9 8,006.5 8,110.6 8,232.3
Final sales to domestic purchasers. 6,693.5 6,884.1 7,101.8 7,372.2 7,590.3 7,872.1 8,207.3 8,644.0 9,090.3 9,537.7 7,744.1 7,863.6 7,908.0 7,972.7 8,060.6 8,143.4
Gross domestic product............. 6,676.4 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,159.5 8,508.9 8,856.5 9,224.0 7,676.4 7,802.9 7,841.9 7,931.3 8,016.4 8,131.9
Plus: Income receipts
from the rest of the world........ 188.4 165.1 164.6 191.9 236.5 245.6 276.8 279.3 301.3 360.2 240.5 238.4 245.3 258.1 264.8 278.5
Less: Income payments to
the rest of the world............. 161.1 139.1 139.2 175.2 216.2 227.5 268.0 279.8 304.7 367.0 213.9 220.8 233.8 241.5 256.1 264.8
Equals: Gross national product..... 6,703.4 6,905.8 7,087.8 7,364.3 7,564.0 7,831.2 8,168.1 8,508.4 8,853.0 9,216.4 7,703.1 7,820.4 7,853.5 7,947.9 8,025.1 8,145.6
Net domestic product............... 5,891.5 6,054.7 6,223.7 6,457.4 6,631.7 6,857.0 7,147.9 7,428.8 7,697.0 7,990.0 6,738.6 6,853.2 6,879.8 6,956.4 7,027.6 7,128.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See note at the end of the table.
Table 3B.--Real Gross Domestic Product and Related Measures--Continued
[Billions of chained (1996) dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 8,216.6 8,272.9 8,396.3 8,442.9 8,528.5 8,667.9 8,733.5 8,771.2 8,871.5 9,049.9 9,102.5 9,229.4 9,260.1 9,303.9 9,334.5 9,351.6
Personal consumption expenditures.... 5,462.1 5,507.1 5,576.3 5,660.2 5,713.7 5,784.7 5,854.0 5,936.1 6,000.0 6,083.6 6,171.7 6,226.3 6,292.1 6,341.1 6,388.5 6,422.5
Durable goods...................... 670.5 680.9 692.5 719.7 727.1 767.3 780.5 809.5 827.2 854.2 892.1 886.5 904.1 899.4 922.4 935.9
Motor vehicles and parts......... 271.8 273.7 274.7 292.7 287.2 313.2 312.3 328.5 331.3 338.5 355.2 342.9 351.2 343.9 357.0 360.5
Furniture and household
equipment....................... 266.5 273.2 281.3 286.9 297.9 307.2 317.7 328.5 339.8 352.9 368.1 374.9 381.3 383.8 391.0 400.1
Other............................ 132.3 134.3 137.0 140.2 142.8 147.0 151.1 153.0 157.1 164.2 170.1 171.5 174.3 175.4 177.5 179.2
Nondurable goods................... 1,631.7 1,634.1 1,656.3 1,680.5 1,693.6 1,715.3 1,738.8 1,757.2 1,768.6 1,801.1 1,823.8 1,844.9 1,864.1 1,866.8 1,878.0 1,880.1
Food............................. 797.8 793.2 804.0 816.8 824.0 832.8 834.0 843.2 848.0 865.9 871.2 881.5 886.2 886.4 887.3 888.3
Clothing and shoes............... 275.0 279.1 286.1 290.6 289.3 295.8 308.1 311.5 314.0 314.6 328.2 333.3 339.8 339.9 342.7 343.7
Gasoline, fuel oil, and other
energy goods.................... 144.2 143.9 143.8 146.0 147.3 147.2 149.2 151.7 151.2 153.0 148.7 150.2 151.5 150.9 152.6 149.3
Gasoline and oil............... 128.7 128.9 129.5 131.2 133.0 133.4 134.2 136.8 136.5 139.2 135.2 136.4 137.6 137.2 138.9 137.0
Fuel oil and coal.............. 15.4 15.1 14.3 14.8 14.3 13.9 15.0 15.0 14.7 13.8 13.6 13.9 14.0 13.8 13.8 12.5
Other............................ 414.8 418.1 422.6 427.4 433.3 439.7 448.2 451.6 456.1 467.7 476.9 481.1 488.4 491.4 497.3 501.1
Services........................... 3,160.6 3,193.0 3,228.4 3,262.3 3,295.2 3,307.6 3,340.8 3,377.8 3,413.7 3,440.5 3,472.2 3,509.6 3,540.2 3,588.8 3,605.1 3,625.2
Housing.......................... 789.1 793.9 800.0 805.8 811.7 817.1 823.4 828.8 834.4 839.6 843.7 848.1 851.9 856.6 861.3 864.8
Household operation.............. 327.7 338.4 336.5 345.0 350.0 342.7 351.1 356.9 365.9 358.9 361.6 375.6 379.8 393.4 392.3 389.1
Electricity and gas............ 125.9 132.9 128.1 134.5 135.3 125.9 131.1 131.9 137.2 128.6 128.7 136.9 135.8 144.4 140.1 135.9
Other household operation...... 201.9 205.5 208.5 210.6 214.8 216.6 219.9 224.7 228.5 230.0 232.7 238.6 243.9 248.7 252.3 253.7
Transportation................... 227.8 228.8 230.4 234.2 236.1 238.2 240.6 242.5 245.6 247.4 249.0 250.6 251.7 253.8 254.4 253.7
Medical care..................... 839.3 844.0 853.6 855.9 859.0 862.4 867.6 874.3 881.3 888.4 892.2 901.7 906.9 915.0 921.6 929.2
Recreation....................... 200.0 202.0 206.1 206.9 210.1 212.7 215.3 218.4 221.5 222.7 225.2 226.9 227.2 228.5 232.2 234.4
Other............................ 776.5 785.9 801.5 814.2 828.0 833.7 842.3 856.2 864.8 882.3 899.0 906.0 922.1 941.3 942.8 953.2
Gross private domestic investment.... 1,408.6 1,438.5 1,543.3 1,516.8 1,559.7 1,612.1 1,641.8 1,617.4 1,655.8 1,725.4 1,722.9 1,801.6 1,788.8 1,778.3 1,721.0 1,681.6
Fixed investment................... 1,356.7 1,371.3 1,431.4 1,471.4 1,485.4 1,531.7 1,558.2 1,582.8 1,610.8 1,629.7 1,683.4 1,719.2 1,730.1 1,732.1 1,740.3 1,701.3
Nonresidential................... 1,037.0 1,047.0 1,099.5 1,132.3 1,136.6 1,175.4 1,192.6 1,214.9 1,244.6 1,262.4 1,309.4 1,347.7 1,371.1 1,374.5 1,373.9 1,324.5
Structures..................... 248.5 252.7 255.7 264.8 263.0 265.1 260.7 257.9 253.2 255.7 261.1 268.5 278.2 283.3 291.7 283.1
Nonresidential buildings,
including farm.............. 180.9 178.8 184.1 189.6 187.5 191.9 192.0 186.4 182.0 181.6 188.9 194.0 197.5 199.1 202.0 192.0
Utilities.................... 35.5 36.7 40.6 43.0 43.7 43.7 42.9 44.4 46.7 48.7 45.2 46.4 49.0 53.5 56.1 54.8
Mining exploration, shafts,
and wells................... 25.7 27.4 24.9 26.0 25.9 23.7 20.2 20.6 19.2 20.1 21.3 22.5 25.3 24.8 28.3 31.0
Other structures............. 6.2 9.5 6.3 6.5 6.1 6.1 6.1 7.0 6.1 6.2 6.4 6.3 7.1 7.0 6.3 5.8
Equipment and software......... 788.9 794.5 845.0 868.6 875.1 912.9 936.0 962.6 999.5 1,015.2 1,058.3 1,089.6 1,102.3 1,099.3 1,087.7 1,046.0
Information processing
equipment and software...... 363.7 375.2 404.5 422.5 433.7 456.4 470.8 498.0 520.0 535.8 573.6 601.5 621.0 641.8 620.9 589.0
Computers and peripheral
equipment................. 110.5 115.8 132.7 142.4 147.7 167.7 182.4 201.9 218.5 231.8 253.9 284.5 305.2 317.6 314.4 289.3
Software................... 123.0 130.1 138.8 144.6 150.0 155.0 158.9 164.8 170.5 175.0 181.0 183.5 189.7 196.0 192.9 190.4
Other...................... 132.8 132.5 138.9 143.0 144.4 147.9 148.6 156.0 160.8 163.4 178.9 186.5 187.7 193.2 180.8 166.6
Industrial equipment......... 141.8 143.2 148.7 145.6 143.3 144.8 143.7 145.2 147.4 149.4 159.0 160.5 165.1 165.6 170.7 162.8
Transportation equipment..... 156.2 150.3 161.2 166.4 164.2 181.0 189.5 192.5 205.6 202.8 200.6 200.8 193.2 176.2 177.4 175.1
Other........................ 128.0 127.5 133.1 137.7 138.7 136.7 138.6 136.7 137.4 139.9 141.8 146.7 146.1 144.4 143.3 140.5
Residential...................... 320.3 324.9 333.0 340.5 349.5 357.4 366.3 368.9 368.2 369.7 377.3 376.5 366.3 365.3 372.9 379.6
Structures..................... 312.4 316.9 325.0 332.2 341.2 349.0 357.6 360.0 359.1 360.5 367.8 367.0 356.8 355.8 363.3 369.9
Single family................ 158.2 160.2 165.6 172.5 180.2 185.5 188.3 187.9 187.5 192.1 197.4 195.0 186.2 185.0 191.1 193.9
Multifamily.................. 21.3 22.7 22.6 21.2 21.2 21.6 23.3 23.1 23.7 23.3 23.5 23.5 21.5 22.2 23.3 23.7
Other........................ 132.9 134.0 136.6 138.6 140.0 142.0 146.0 149.1 147.9 145.0 146.9 148.5 149.3 148.7 149.0 152.4
Equipment...................... 7.9 8.0 8.1 8.3 8.3 8.4 8.7 8.9 9.2 9.2 9.5 9.6 9.6 9.6 9.7 9.7
Change in private inventories...... 51.3 66.1 113.1 42.0 71.8 80.0 83.4 32.7 39.6 92.7 28.9 78.9 51.7 42.8 -27.1 -26.9
Farm............................. 8.7 4.8 6.4 -5.5 .6 4.7 4.3 -1.8 -13.8 3.6 -9.2 3.7 -5.4 3.0 .2 -2.0
Construction, mining, and
utilities....................... 2.5 .5 4.9 6.0 4.6 6.6 3.0 -.7 -3.3 -1.4 2.5 -3.1 .1 -6.8 1.9 2.9
Manufacturing.................... 9.1 10.6 37.9 26.9 21.0 22.7 20.1 2.9 8.9 21.2 5.3 22.0 12.0 12.9 -15.0 -23.6
Wholesale trade.................. 12.9 24.3 33.9 11.6 28.6 21.7 23.1 9.6 19.8 23.6 26.0 27.9 18.2 12.5 -3.0 5.9
Retail trade..................... 13.7 18.4 28.5 .1 13.0 16.4 25.1 13.8 19.7 39.7 -1.2 22.9 18.7 19.3 -15.3 -12.7
Other industries................. 4.2 6.6 1.5 3.2 4.0 8.0 7.3 8.3 6.7 5.0 5.9 5.8 7.7 2.8 3.6 1.6
Net exports of goods and services.... -119.6 -139.2 -180.8 -223.1 -241.2 -239.2 -283.0 -313.4 -333.3 -337.8 -371.1 -392.8 -411.2 -421.1 -404.5 -407.4
Exports............................ 1,004.2 1,002.1 1,003.4 993.1 987.6 1,025.6 1,007.6 1,018.0 1,041.8 1,072.1 1,095.5 1,130.6 1,159.3 1,147.5 1,144.1 1,114.6
Goods............................ 726.8 727.1 726.7 710.6 711.5 742.8 727.3 735.2 758.1 784.6 800.8 829.2 864.8 849.5 844.4 813.9
Foods, feeds, and beverages.... 55.0 58.4 57.8 54.3 51.4 56.8 53.2 55.8 59.0 58.5 58.6 58.5 63.0 59.8 62.1 61.9
Industrial supplies and
materials..................... 156.4 155.1 154.7 150.8 149.2 151.5 147.1 150.2 152.8 161.2 163.2 164.7 172.6 172.1 168.7 164.5
Capital goods, except
automotive.................... 324.4 321.5 323.3 315.5 322.6 335.6 331.8 330.3 347.2 359.2 365.7 396.0 413.6 404.3 405.2 372.2
Automotive vehicles, engines,
and parts..................... 75.9 75.3 76.0 71.0 66.5 73.4 72.1 73.6 75.0 75.1 80.5 78.7 78.6 75.4 70.0 73.2
Consumer goods, except
automotive.................... 77.3 77.5 78.1 80.1 80.7 80.0 79.7 80.5 81.4 85.0 88.0 89.6 91.6 90.1 93.5 96.8
Other.......................... 38.0 39.8 37.3 39.1 41.4 45.9 43.6 45.0 43.5 46.2 44.8 42.9 47.1 49.0 47.1 46.1
Services......................... 277.7 275.4 277.0 282.4 276.3 283.3 280.5 283.2 284.6 288.7 295.9 302.9 297.8 300.5 301.8 301.7
Imports............................ 1,123.8 1,141.2 1,184.2 1,216.2 1,228.9 1,264.8 1,290.6 1,331.4 1,375.1 1,409.8 1,466.6 1,523.4 1,570.6 1,568.5 1,548.6 1,522.0
Goods............................ 948.0 961.9 995.9 1,024.9 1,034.2 1,070.6 1,101.2 1,141.7 1,182.1 1,211.6 1,258.8 1,309.6 1,348.0 1,345.9 1,322.8 1,295.0
Foods, feeds, and beverages.... 40.8 40.4 41.8 42.0 42.4 42.7 44.3 46.1 46.7 47.4 47.7 49.0 50.6 50.4 49.7 49.9
Industrial supplies and
materials, except petroleum
and products.................. 137.6 139.6 146.2 150.9 151.2 152.1 151.0 154.6 158.4 164.8 167.2 167.8 169.4 167.2 165.0 168.3
Petroleum and products......... 78.7 76.1 76.8 83.9 84.1 79.2 79.9 85.3 84.1 76.5 81.6 88.8 87.7 85.9 91.3 91.3
Capital goods, except
automotive.................... 297.0 305.8 319.1 326.0 328.7 338.6 350.0 368.3 384.6 400.1 420.9 448.0 467.7 470.1 456.6 403.9
Automotive vehicles, engines,
and parts..................... 141.2 139.2 143.5 145.1 142.8 161.4 168.6 173.4 181.7 185.0 193.3 192.6 194.7 189.5 183.4 188.4
Consumer goods, except
automotive.................... 199.7 207.3 215.2 222.8 225.9 227.1 237.1 242.7 254.6 264.9 277.0 292.1 298.7 306.2 305.4 303.2
Other.......................... 54.2 54.8 55.0 57.4 62.0 68.5 68.3 71.1 71.8 74.7 74.0 76.0 87.1 86.6 77.6 84.5
Services......................... 175.9 179.4 188.2 191.3 194.6 194.6 190.5 191.3 195.0 200.1 209.7 215.9 224.6 224.7 227.4 228.2
Government consumption expenditures
and gross investment................ 1,464.8 1,465.3 1,456.1 1,482.6 1,489.9 1,504.8 1,512.3 1,516.8 1,533.2 1,564.8 1,560.4 1,577.2 1,570.0 1,582.8 1,603.4 1,625.0
Federal............................ 533.4 528.4 515.0 530.1 524.9 531.7 526.7 527.7 537.0 555.5 536.8 556.9 541.8 547.9 552.2 554.4
National defense................. 350.4 348.5 332.0 342.0 346.5 345.8 342.7 339.7 350.0 361.9 342.3 354.8 345.1 353.8 360.3 362.0
Consumption expenditures....... 298.9 296.8 283.9 292.7 291.8 294.2 291.4 286.3 295.0 306.1 288.5 300.6 293.0 296.0 304.4 305.6
Gross investment............... 51.5 51.7 48.0 49.3 54.9 51.6 51.4 53.6 55.3 56.0 54.0 54.3 52.2 58.4 56.1 56.6
Nondefense....................... 182.9 179.8 183.0 188.0 178.4 185.8 183.9 188.0 187.0 193.6 194.4 202.0 196.5 194.0 191.8 192.3
Consumption expenditures....... 149.3 148.4 147.3 149.0 141.5 148.2 146.0 144.9 145.5 148.3 152.1 158.2 154.7 151.8 149.5 149.9
Gross investment............... 33.7 31.3 35.8 39.3 37.2 37.8 38.2 43.7 41.9 46.0 42.7 44.2 42.2 42.6 42.9 42.8
State and local.................... 931.4 936.8 940.8 952.4 964.7 972.8 985.2 988.6 995.8 1,009.1 1,023.0 1,020.1 1,027.6 1,034.3 1,050.5 1,069.7
Consumption expenditures....... 748.7 755.2 761.7 768.9 775.7 781.3 785.0 790.6 797.7 804.7 812.0 818.3 824.6 830.5 839.1 846.6
Gross investment............... 182.8 181.6 179.1 183.4 189.0 191.6 200.4 198.2 198.2 204.7 211.4 201.8 203.1 203.9 211.6 223.7
Residual............................. -2.7 -3.0 -10.9 -3.9 -7.8 -24.8 -30.1 -33.4 -40.0 -52.3 -56.1 -82.9 -89.6 -96.6 -89.0 -79.7
Addenda:
Final sales of domestic product.... 8,164.9 8,206.3 8,286.6 8,397.2 8,454.9 8,588.5 8,651.2 8,735.1 8,825.6 8,956.3 9,061.6 9,148.5 9,201.3 9,256.7 9,347.8 9,365.1
Gross domestic purchases........... 8,334.5 8,409.4 8,571.6 8,657.0 8,759.7 8,896.6 9,002.3 9,066.5 9,184.1 9,366.5 9,448.5 9,594.5 9,641.5 9,694.4 9,710.4 9,730.8
Final sales to domestic purchasers. 8,282.8 8,342.7 8,461.5 8,611.4 8,686.0 8,817.1 8,919.8 9,030.5 9,138.2 9,272.6 9,407.6 9,513.6 9,582.5 9,647.1 9,723.8 9,744.5
Gross domestic product............. 8,216.6 8,272.9 8,396.3 8,442.9 8,528.5 8,667.9 8,733.5 8,771.2 8,871.5 9,049.9 9,102.5 9,229.4 9,260.1 9,303.9 9,334.5 9,351.6
Plus: Income receipts
from the rest of the world........ 284.5 279.2 284.2 286.9 271.3 274.8 278.0 291.6 309.1 326.6 340.3 364.6 361.6 374.3 350.3 .....
Less: Income payments to
the rest of the world............. 275.9 275.1 275.1 281.0 282.3 280.7 278.6 293.0 318.8 328.3 353.1 375.4 373.7 365.8 355.2 .....
Equals: Gross national product..... 8,225.1 8,276.9 8,405.4 8,448.7 8,517.6 8,662.0 8,732.9 8,769.7 8,861.5 9,047.9 9,089.1 9,217.7 9,247.2 9,311.7 9,329.1 .....
Net domestic product............... 7,197.8 7,237.9 7,343.9 7,372.5 7,439.3 7,559.3 7,604.5 7,623.8 7,694.8 7,865.2 7,903.7 8,009.2 8,015.7 8,031.2 8,030.6 8,011.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.9 1.2 1.4 2.3 1.4 1.1 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.1 1.9 1.8 3.3 2.3
Personal consumption expenditures... 1.9 1.1 1.6 2.7 1.3 .6 1.0 1.4 1.4 1.3 2.0 2.2 2.4 4.0 2.1 2.4 2.0 3.2 1.7
Durable goods..................... -2.3 -2.4 -2.5 -1.6 -2.5 -1.6 -2.1 -2.7 -2.6 -3.3 -2.0 -1.8 -1.8 -1.8 -.8 -2.2 -1.2 -.7 -3.5
Nondurable goods.................. 1.3 .0 2.3 3.7 .9 -1.4 -.7 1.5 1.3 1.9 4.4 3.3 3.8 5.5 2.7 2.7 2.0 1.9 2.7
Services.......................... 3.1 2.3 2.2 3.1 2.4 2.1 2.5 2.1 2.3 2.0 1.7 2.5 2.6 4.5 2.4 3.2 2.6 4.7 2.3
Gross private domestic investment... -.2 -1.0 -.2 1.1 -.3 -2.5 -1.1 -.6 -.3 .2 .1 -.3 .5 2.7 .7 1.8 .7 .0 .2
Fixed investment.................. -.1 -.9 -.1 1.2 -.3 -2.1 -1.2 -.6 -.3 .3 .1 -.2 .5 2.8 .8 1.9 .8 -.4 .3
Nonresidential.................. -1.0 -2.1 -1.4 .1 -1.5 -3.2 -2.5 -2.0 -1.6 -1.0 -1.2 -1.4 -.4 1.0 .3 1.3 .0 -1.9 -.3
Structures.................... 4.2 3.3 2.5 4.1 4.4 3.1 2.9 1.3 1.8 2.8 2.5 2.9 3.7 5.8 3.1 4.7 4.7 6.2 4.3
Equipment and software........ -2.7 -3.9 -2.6 -1.1 -3.5 -5.3 -4.3 -3.1 -2.7 -2.3 -2.4 -2.8 -1.7 -.4 -.6 .2 -1.5 -4.6 -1.9
Residential..................... 2.7 2.8 3.8 4.5 3.6 1.5 3.0 3.7 3.5 4.2 4.0 3.7 3.2 8.3 2.3 3.7 3.5 4.6 2.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -1.5 -2.2 -.6 1.8 -1.7 -3.9 -2.0 -3.0 -1.4 -.9 .5 1.1 2.1 2.4 2.2 1.3 .5 -.1 -.5
Goods........................... -2.7 -3.1 -1.4 1.1 -2.7 -4.7 -3.0 -4.2 -2.3 -1.4 -.5 .7 2.3 1.2 1.4 .3 .4 -.4 -1.2
Services........................ 1.4 .0 1.2 3.4 .8 -1.9 .5 .0 .8 .4 3.0 2.0 1.6 5.4 4.2 3.7 .9 .5 1.1
Imports........................... -3.6 -5.4 .6 4.3 -2.5 -10.6 -4.2 -4.7 -.2 -2.3 5.4 6.0 5.3 6.1 .7 4.4 .4 -3.0 -5.3
Goods........................... -4.1 -6.0 .2 4.8 -2.6 -11.0 -5.7 -5.7 -1.1 -2.4 5.1 6.2 6.3 6.7 1.1 4.7 .9 -4.1 -5.8
Services........................ -.6 -2.3 2.7 1.7 -2.2 -8.6 3.3 .1 4.5 -1.4 7.2 4.9 .5 2.6 -1.5 2.8 -1.9 3.6 -2.5
Government consumption expenditures
and gross investment............... 2.2 1.5 2.8 3.9 2.6 .8 1.2 1.8 1.7 3.3 3.6 3.5 3.2 6.8 2.6 2.6 1.9 3.5 1.8
Federal........................... 1.6 1.0 2.4 2.9 2.0 .6 1.1 1.4 1.4 4.9 1.6 2.0 1.7 7.7 .5 1.7 .4 4.4 1.4
National defense................ 1.4 .8 2.3 2.8 1.9 .9 .2 1.5 .9 5.4 1.4 1.9 2.1 6.9 .4 2.2 1.0 3.6 1.1
Nondefense...................... 2.1 1.3 2.5 3.0 2.3 .0 2.8 1.1 2.5 4.1 2.1 2.3 1.0 9.2 .6 .6 -.7 5.8 2.0
State and local................... 2.6 1.7 2.9 4.4 3.0 1.0 1.3 2.0 1.9 2.5 4.6 4.3 4.0 6.3 3.6 3.1 2.7 3.0 2.0
Addenda:
Final sales of domestic product... 2.0 1.3 1.4 2.3 1.4 1.2 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.2 1.9 1.8 3.2 2.3
Gross domestic purchases.......... 1.6 .8 1.5 2.6 1.3 .1 .7 1.1 1.2 1.5 2.0 2.0 2.2 4.2 1.9 2.3 1.7 2.7 1.5
Final sales to domestic
purchasers....................... 1.7 .8 1.5 2.6 1.3 .2 .7 1.1 1.2 1.5 2.0 2.0 2.2 4.3 2.0 2.3 1.8 2.6 1.5
Gross national product (GNP)...... 1.9 1.2 1.4 2.3 1.4 1.1 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.7 2.1 1.9 1.8 3.2 .....
Implicit price deflators:
GDP............................. 1.9 1.2 1.4 2.3 1.4 1.1 1.0 1.4 1.1 1.8 1.3 1.4 1.6 3.9 2.2 1.9 1.8 3.3 2.3
Gross domestic purchases........ 1.6 .8 1.5 2.6 1.3 .1 .7 1.1 1.2 1.5 1.9 2.0 2.1 4.3 2.0 2.4 1.7 2.7 1.5
GNP............................. 1.9 1.2 1.4 2.3 1.4 1.1 1.0 1.4 1.1 1.8 1.3 1.4 1.6 3.8 2.2 1.9 1.8 3.2 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 4A.--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 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.9 1.2 1.4 2.3 1.4 1.1 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.1 1.9 1.8 3.3
Previously published....... 1.9 1.3 1.5 2.1 1.4 1.0 1.1 1.5 1.1 2.2 1.4 1.1 1.6 3.3 2.4 1.6 2.0 3.2
Personal consumption expenditures... 1.9 1.1 1.6 2.7 1.3 .6 1.0 1.4 1.4 1.3 2.0 2.2 2.4 4.0 2.1 2.4 2.0 3.2
Previously published.............. 1.9 1.1 1.8 2.4 1.3 .4 1.2 1.4 1.5 1.7 2.3 1.9 2.2 3.5 2.1 1.8 1.9 3.2
Durable goods..................... -2.3 -2.4 -2.5 -1.6 -2.5 -1.6 -2.1 -2.7 -2.6 -3.3 -2.0 -1.8 -1.8 -1.8 -.8 -2.2 -1.2 -.7
Previously published............ -2.3 -2.4 -2.4 -1.7 -2.5 -1.6 -1.9 -2.1 -3.9 -2.4 -1.9 -1.9 -1.8 -2.0 -.6 -2.3 -1.1 -.7
Nondurable goods.................. 1.3 .0 2.3 3.7 .9 -1.4 -.7 1.5 1.3 1.9 4.4 3.3 3.8 5.5 2.7 2.7 2.0 1.9
Previously published............ 1.3 .0 2.3 3.7 .9 -1.3 -.3 1.2 1.2 1.8 5.0 2.8 3.6 5.4 3.3 2.2 2.0 1.9
Services.......................... 3.1 2.3 2.2 3.1 2.4 2.1 2.5 2.1 2.3 2.0 1.7 2.5 2.6 4.5 2.4 3.2 2.6 4.7
Previously published............ 3.1 2.3 2.4 2.6 2.4 1.6 2.7 2.3 2.7 2.5 1.8 2.3 2.3 3.7 2.0 2.5 2.5 4.7
Gross private domestic investment... -.2 -1.0 -.2 1.1 -.3 -2.5 -1.1 -.6 -.3 .2 .1 -.3 .5 2.7 .7 1.8 .7 .0
Previously published.............. -.2 -.9 -.1 1.1 -.3 -1.9 -1.2 -.5 -.3 .8 -.2 -.6 .0 2.3 1.8 1.8 1.0 .1
Fixed investment.................. -.1 -.9 -.1 1.2 -.3 -2.1 -1.2 -.6 -.3 .3 .1 -.2 .5 2.8 .8 1.9 .8 -.4
Previously published............ -.1 -.8 -.1 1.3 -.3 -1.6 -1.2 -.4 -.3 .7 .0 -.3 .0 2.6 1.9 2.0 1.1 .3
Nonresidential.................. -1.0 -2.1 -1.4 .1 -1.5 -3.2 -2.5 -2.0 -1.6 -1.0 -1.2 -1.4 -.4 1.0 .3 1.3 .0 -1.9
Previously published.......... -1.0 -1.9 -1.3 .5 -1.5 -2.6 -2.4 -1.8 -1.6 -.5 -1.4 -1.5 -.8 1.8 1.6 1.8 .1 -1.3
Structures.................... 4.2 3.3 2.5 4.1 4.4 3.1 2.9 1.3 1.8 2.8 2.5 2.9 3.7 5.8 3.1 4.7 4.7 6.2
Previously published........ 4.2 3.3 2.3 4.0 4.4 3.1 2.8 1.4 2.0 2.9 1.5 2.9 3.6 4.7 3.7 5.0 5.4 6.7
Equipment and software........ -2.7 -3.9 -2.6 -1.1 -3.5 -5.3 -4.3 -3.1 -2.7 -2.3 -2.4 -2.8 -1.7 -.4 -.6 .2 -1.5 -4.6
Previously published........ -2.7 -3.6 -2.5 -.5 -3.5 -4.5 -4.2 -2.8 -2.8 -1.6 -2.4 -2.9 -2.1 .9 1.0 .8 -1.6 -3.9
Residential..................... 2.7 2.8 3.8 4.5 3.6 1.5 3.0 3.7 3.5 4.2 4.0 3.7 3.2 8.3 2.3 3.7 3.5 4.6
Previously published.......... 2.7 2.8 3.8 3.6 3.6 1.6 2.9 3.7 3.7 4.3 4.4 3.4 2.6 5.2 2.6 2.7 4.4 5.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -1.5 -2.2 -.6 1.8 -1.7 -3.9 -2.0 -3.0 -1.4 -.9 .5 1.1 2.1 2.4 2.2 1.3 .5 -.1
Previously published............ -1.5 -2.2 -.4 1.6 -1.7 -3.9 -1.9 -3.0 -1.4 -.4 .9 1.1 2.7 1.9 1.9 .7 .5 -.4
Goods........................... -2.7 -3.1 -1.4 1.1 -2.7 -4.7 -3.0 -4.2 -2.3 -1.4 -.5 .7 2.3 1.2 1.4 .3 .4 -.4
Previously published.......... -2.7 -3.1 -1.4 1.1 -2.7 -4.6 -3.0 -4.2 -2.3 -1.4 -.5 .6 2.4 1.1 1.5 .0 .4 -.4
Services........................ 1.4 .0 1.2 3.4 .8 -1.9 .5 .0 .8 .4 3.0 2.0 1.6 5.4 4.2 3.7 .9 .5
Previously published.......... 1.4 -.1 1.9 3.1 .8 -2.2 .7 -.1 .8 1.9 4.2 2.2 3.4 4.0 2.9 2.5 .9 -.5
Imports........................... -3.6 -5.4 .6 4.3 -2.5 -10.6 -4.2 -4.7 -.2 -2.3 5.4 6.0 5.3 6.1 .7 4.4 .4 -3.0
Previously published............ -3.6 -5.4 .6 4.0 -2.5 -10.7 -4.1 -4.9 -.2 -2.1 5.5 6.0 5.3 5.6 .2 3.8 .2 -2.6
Goods........................... -4.1 -6.0 .2 4.8 -2.6 -11.0 -5.7 -5.7 -1.1 -2.4 5.1 6.2 6.3 6.7 1.1 4.7 .9 -4.1
Previously published.......... -4.1 -6.0 .2 4.6 -2.6 -11.0 -5.7 -5.7 -1.1 -2.4 5.1 6.2 6.1 6.6 .9 4.4 .6 -4.4
Services........................ -.6 -2.3 2.7 1.7 -2.2 -8.6 3.3 .1 4.5 -1.4 7.2 4.9 .5 2.6 -1.5 2.8 -1.9 3.6
Previously published.......... -.6 -2.3 2.9 .6 -2.2 -8.8 4.1 -.9 4.7 -.7 7.5 4.9 1.1 .4 -3.6 .3 -1.8 7.6
Government consumption expenditures
and gross investment............... 2.2 1.5 2.8 3.9 2.6 .8 1.2 1.8 1.7 3.3 3.6 3.5 3.2 6.8 2.6 2.6 1.9 3.5
Previously published............. 2.2 1.4 2.6 3.8 2.6 .8 1.1 1.6 1.6 3.6 3.2 3.1 3.0 6.4 2.7 2.9 2.8 3.8
Federal........................... 1.6 1.0 2.4 2.9 2.0 .6 1.1 1.4 1.4 4.9 1.6 2.0 1.7 7.7 .5 1.7 .4 4.4
Previously published............ 1.6 1.0 2.6 3.1 2.0 1.4 .4 .6 1.2 6.9 1.1 1.9 2.2 7.7 .6 2.6 1.5 5.3
National defense................ 1.4 .8 2.3 2.8 1.9 .9 .2 1.5 .9 5.4 1.4 1.9 2.1 6.9 .4 2.2 1.0 3.6
Previously published.......... 1.4 .8 2.5 3.1 1.9 1.2 .0 .9 1.1 6.5 1.1 2.0 2.4 7.1 .8 2.9 1.4 4.3
Nondefense...................... 2.1 1.3 2.5 3.0 2.3 .0 2.8 1.1 2.5 4.1 2.1 2.3 1.0 9.2 .6 .6 -.7 5.8
Previously published.......... 2.1 1.3 2.8 3.3 2.3 1.7 1.3 .1 1.5 7.7 1.0 1.8 1.9 8.9 .4 2.1 1.7 7.2
State and local................... 2.6 1.7 2.9 4.4 3.0 1.0 1.3 2.0 1.9 2.5 4.6 4.3 4.0 6.3 3.6 3.1 2.7 3.0
Previously published............ 2.6 1.7 2.7 4.1 3.0 .5 1.4 2.2 1.8 1.9 4.3 3.8 3.5 5.7 3.8 3.1 3.5 3.1
Addenda:
Final sales of domestic product... 2.0 1.3 1.4 2.3 1.4 1.2 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.2 1.9 1.8 3.2
Previously published............ 2.0 1.3 1.5 2.1 1.4 1.1 1.1 1.5 1.1 2.2 1.5 1.1 1.6 3.4 2.4 1.6 2.0 3.3
Gross domestic purchases.......... 1.6 .8 1.5 2.6 1.3 .1 .7 1.1 1.2 1.5 2.0 2.0 2.2 4.2 1.9 2.3 1.7 2.7
Previously published............ 1.6 .8 1.6 2.4 1.3 .1 .8 1.1 1.2 1.9 2.0 1.7 1.9 3.8 2.1 2.0 1.9 2.7
Final sales to domestic
purchasers....................... 1.7 .8 1.5 2.6 1.3 .2 .7 1.1 1.2 1.5 2.0 2.0 2.2 4.3 2.0 2.3 1.8 2.6
Previously published........... 1.7 .8 1.6 2.4 1.3 .1 .8 1.2 1.2 1.9 2.0 1.7 2.0 3.8 2.1 2.0 1.9 2.8
Gross national product (GNP)...... 1.9 1.2 1.4 2.3 1.4 1.1 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.7 2.1 1.9 1.8 3.2
Previously published............ 1.9 1.2 1.5 2.1 1.4 1.0 1.1 1.5 1.1 2.2 1.5 1.1 1.5 3.4 2.4 1.6 2.0 3.2
Implicit price deflators:
GDP............................. 1.9 1.2 1.4 2.3 1.4 1.1 1.0 1.4 1.1 1.8 1.3 1.4 1.6 3.9 2.2 1.9 1.8 3.3
Previously published.......... 1.9 1.3 1.5 2.0 1.4 1.0 1.1 1.5 1.1 2.3 1.4 .9 1.3 3.3 2.4 1.6 2.0 3.2
Gross domestic purchases........ 1.6 .8 1.5 2.6 1.3 .1 .7 1.1 1.2 1.5 1.9 2.0 2.1 4.3 2.0 2.4 1.7 2.7
Previously published.......... 1.6 .8 1.6 2.3 1.3 .0 .8 1.2 1.2 2.0 1.9 1.5 1.7 3.8 2.1 2.0 1.9 2.8
GNP............................. 1.9 1.2 1.4 2.3 1.4 1.1 1.0 1.4 1.1 1.8 1.3 1.4 1.6 3.8 2.2 1.9 1.8 3.2
Previously published.......... 1.9 1.2 1.5 2.1 1.4 1.0 1.1 1.5 1.1 2.3 1.4 .9 1.3 3.4 2.4 1.6 2.0 3.2
------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 5.--Quantity and Price Indexes for Gross Domestic Product
[Index numbers, 1996=100; quarters seasonally adjusted]
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product:
Chain-type quantity index........ 104.43 108.91 113.35 118.06 105.88 107.46 108.06 109.16 110.94 111.78 112.26 113.55 115.83 116.50 118.13 118.52 119.08 119.47 119.69
Chain-type price index........... 101.95 103.20 104.66 107.04 102.49 102.76 103.02 103.38 103.66 104.10 104.45 104.81 105.28 106.25 106.81 107.31 107.78 108.65 109.26
Implicit price deflator.......... 101.95 103.20 104.65 107.04 102.49 102.76 103.01 103.38 103.65 104.12 104.45 104.80 105.22 106.22 106.81 107.31 107.78 108.65 109.26
Personal consumption expenditures:
Chain-type quantity index................ 103.56 108.52 113.96 119.48 105.15 106.47 108.07 109.09 110.45 111.77 113.34 114.56 116.16 117.84 118.88 120.14 121.07 121.98 122.63
Chain-type price index................... 101.94 103.03 104.72 107.52 102.43 102.58 102.83 103.18 103.54 103.88 104.41 104.98 105.62 106.65 107.21 107.85 108.37 109.23 109.70
Durable goods:
Chain-type quantity index.............. 106.63 117.87 132.66 145.27 110.45 112.34 116.75 117.95 124.46 126.61 131.31 134.18 138.55 144.71 143.80 146.66 145.90 149.63 151.82
Chain-type price index................. 97.75 95.40 93.04 91.53 96.65 96.27 95.75 95.11 94.49 93.71 93.23 92.82 92.41 91.99 91.80 91.29 91.03 90.86 90.05
Nondurable goods:
Chain-type quantity index.............. 102.91 107.14 112.22 117.52 103.81 105.23 106.76 107.60 108.98 110.47 111.64 112.36 114.43 115.87 117.20 118.43 118.60 119.31 119.44
Chain-type price index................. 101.34 101.31 103.67 107.55 101.53 101.17 100.99 101.36 101.70 102.17 103.29 104.13 105.11 106.52 107.24 107.96 108.49 109.01 109.74
Services:
Chain-type quantity index.............. 103.28 107.43 111.36 115.78 104.79 105.95 107.07 108.15 108.55 109.65 110.86 112.04 112.92 113.96 115.18 116.19 117.78 118.32 118.98
Chain-type price index................. 103.12 105.53 107.80 111.10 104.09 104.62 105.26 105.82 106.41 106.95 107.40 108.08 108.78 109.99 110.64 111.52 112.24 113.53 114.19
Private fixed investment:
Chain-type quantity index................ 109.56 122.04 131.56 141.52 113.08 118.04 121.34 122.48 126.31 128.49 130.52 132.83 134.38 138.82 141.77 142.66 142.83 143.51 140.29
Chain-type price index................... 99.93 99.03 98.92 100.11 99.86 99.34 99.05 98.90 98.83 98.90 98.92 98.87 98.99 99.68 99.87 100.34 100.55 100.46 100.53
Nonresidential:
Chain-type quantity index.............. 112.22 126.29 136.60 150.17 116.41 122.24 125.89 126.37 130.68 132.60 135.07 138.38 140.36 145.59 149.83 152.44 152.81 152.75 147.26
Chain-type price index................. 99.02 96.95 95.61 95.74 98.55 97.75 97.13 96.65 96.27 96.02 95.73 95.38 95.29 95.53 95.60 95.90 95.91 95.44 95.36
Residential:
Chain-type quantity index.............. 102.04 110.17 117.56 118.55 103.71 106.32 108.68 111.58 114.10 116.92 117.78 117.54 118.01 120.43 120.19 116.95 116.62 119.03 121.18
Chain-type price index................. 102.68 105.58 109.57 114.46 103.89 104.28 105.06 106.02 106.95 108.07 109.12 110.11 110.98 113.21 113.85 114.89 115.88 117.19 117.80
Exports of goods and services:
Chain-type quantity index................ 112.27 114.67 118.38 129.63 114.63 114.78 113.61 112.98 117.32 115.26 116.46 119.17 122.64 125.32 129.33 132.62 131.27 130.88 127.51
Chain-type price index................... 98.47 96.26 95.65 97.33 98.04 97.08 96.58 95.86 95.52 95.31 95.42 95.67 96.18 96.75 97.27 97.58 97.70 97.67 97.55
Imports of goods and services:
Chain-type quantity index................ 113.67 127.03 140.35 159.09 118.49 122.95 126.27 127.59 131.32 134.00 138.24 142.78 146.38 152.27 158.17 163.07 162.86 160.79 158.03
Chain-type price index................... 96.44 91.27 91.78 95.73 95.21 92.58 91.58 90.48 90.43 89.91 91.11 92.45 93.66 95.06 95.23 96.27 96.37 95.65 94.37
Government consumption expenditures
and gross investment:
Chain-type quantity index................ 102.35 104.32 107.72 110.60 103.05 102.40 104.27 104.78 105.83 106.35 106.67 107.83 110.04 109.74 110.92 110.41 111.31 112.76 114.28
Chain-type price index................... 102.23 103.72 106.58 110.71 102.93 103.14 103.46 103.91 104.36 105.21 106.14 107.06 107.91 109.70 110.40 111.10 111.63 112.58 113.08
Federal:
Chain-type quantity index.............. 99.62 98.84 100.97 102.68 99.39 96.89 99.72 98.74 100.02 99.07 99.28 101.03 104.50 100.98 104.77 101.92 103.07 103.88 104.28
Chain-type price index................. 101.63 102.63 105.09 108.12 102.00 102.14 102.43 102.78 103.15 104.40 104.82 105.34 105.80 107.78 107.91 108.35 108.46 109.62 110.00
State and local:
Chain-type quantity index.............. 103.98 107.56 111.71 115.26 105.22 105.67 106.96 108.35 109.26 110.65 111.04 111.84 113.33 114.90 114.57 115.41 116.17 117.99 120.14
Chain-type price index................. 102.58 104.35 107.42 112.14 103.47 103.72 104.05 104.56 105.05 105.69 106.88 108.03 109.09 110.78 111.77 112.62 113.37 114.22 114.77
Addenda:
Final sales of domestic product:
Chain-type quantity index.............. 104.01 108.33 112.96 117.78 105.44 106.47 107.89 108.63 110.35 111.15 112.23 113.39 115.07 116.43 117.54 118.22 118.93 120.10 120.33
Chain-type price index................. 101.98 103.28 104.76 107.16 102.53 102.83 103.09 103.46 103.74 104.19 104.54 104.91 105.38 106.36 106.93 107.44 107.92 108.77 109.38
Implicit price deflator................ 101.98 103.28 104.75 107.16 102.53 102.83 103.09 103.45 103.73 104.18 104.54 104.90 105.37 106.36 106.93 107.43 107.91 108.77 109.38
Gross domestic purchases:
Chain-type quantity index.............. 104.68 110.37 115.85 121.42 106.42 108.47 109.55 110.85 112.59 113.92 114.74 116.22 118.53 119.57 121.42 122.01 122.68 122.88 123.14
Chain-type price index................. 101.64 102.43 103.99 106.70 102.07 102.09 102.26 102.54 102.84 103.21 103.71 104.23 104.80 105.89 106.40 107.02 107.47 108.19 108.59
Implicit price deflator................ 101.64 102.43 103.98 106.69 102.07 102.09 102.25 102.54 102.83 103.23 103.71 104.22 104.75 105.86 106.40 107.02 107.47 108.19 108.59
Final sales to domestic
purchasers:
Chain-type quantity index.............. 104.26 109.81 115.47 121.16 105.98 107.49 109.39 110.34 112.00 113.31 114.72 116.08 117.79 119.51 120.85 121.73 122.55 123.52 123.78
Chain-type price index................. 101.68 102.50 104.08 106.81 102.11 102.16 102.33 102.61 102.91 103.29 103.80 104.32 104.90 106.00 106.52 107.13 107.60 108.31 108.71
Implicit price deflator................ 101.68 102.50 104.08 106.81 102.10 102.15 102.32 102.60 102.90 103.28 103.79 104.31 104.89 106.00 106.51 107.13 107.60 108.30 108.70
Gross national product:
Chain-type quantity index.............. 104.30 108.65 113.05 117.69 105.69 107.33 107.88 108.76 110.61 111.51 111.98 113.16 115.54 116.06 117.70 118.08 118.90 119.13 .....
Chain-type price index................. 101.93 103.17 104.62 107.00 102.46 102.73 102.98 103.34 103.62 104.06 104.42 104.77 105.24 106.21 106.77 107.27 107.74 108.60 .....
Implicit price deflator................ 101.93 103.17 104.62 106.99 102.46 102.73 102.98 103.34 103.62 104.08 104.42 104.77 105.18 106.18 106.76 107.27 107.74 108.60 .....
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Real Gross Domestic Product: Historical Perspective
[Percent change from preceding year]
---------------------------------------------------------------------------------------------------------------------------------------------------
1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000
---------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.3 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 4.4 4.3 4.1 4.1
Personal consumption expenditures...... 5.5 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 3.6 4.8 5.0 4.8
Durable goods........................ 14.9 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 10.5 12.5 9.5
Nondurable goods..................... 3.3 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 4.1 4.7 4.7
Services............................. 4.9 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 3.3 4.0 3.7 4.0
Gross private domestic investment...... 9.5 29.3 -.9 -.7 2.5 2.7 3.7 -3.1 -8.6 8.5 8.7 13.2 3.0 9.0 12.1 11.8 6.6 6.8
Fixed investment..................... 7.5 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 9.6 11.4 7.8 7.6
Nonresidential..................... -1.0 17.6 6.7 -2.7 -.1 5.4 5.5 .7 -4.9 3.4 8.4 8.9 9.8 10.0 12.2 12.5 8.2 9.9
Structures....................... -10.4 14.3 7.3 -10.8 -3.6 1.3 2.5 1.5 -11.0 -6.1 .8 .8 4.8 7.1 9.1 6.8 -2.0 6.2
Equipment and software........... 5.4 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 13.3 14.6 11.8 11.1
Residential........................ 41.1 14.6 1.4 12.0 .2 -.5 -4.1 -8.6 -12.8 16.3 7.3 9.7 -3.6 7.4 2.0 8.0 6.7 .8
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. -2.4 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 12.3 2.1 3.2 9.5
Goods.............................. -2.9 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 3.9 11.3
Services........................... -1.1 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 7.0 2.3 1.6 5.3
Imports.............................. 12.6 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 11.8 10.5 13.4
Goods.............................. 13.6 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 12.4 13.5
Services........................... 8.1 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 10.9 11.9 1.1 12.6
Government consumption expenditures
and gross investment.................. 3.3 3.5 6.5 5.4 3.0 1.2 2.8 3.3 1.2 .5 -.8 .1 .5 1.1 2.4 1.9 3.3 2.7
Federal.............................. 6.3 3.1 7.6 5.5 3.7 -1.8 1.3 2.0 -.3 -1.6 -3.9 -3.6 -2.7 -.9 -.4 -.8 2.2 1.7
National defense................... 6.8 4.8 8.4 6.3 4.7 -.8 -.8 .0 -1.1 -4.9 -5.4 -4.8 -3.7 -1.3 -2.6 -1.8 2.1 .1
Nondefense......................... 5.0 -1.6 5.4 3.1 .5 -5.2 8.4 8.3 1.8 7.1 -.3 -1.0 -.5 .0 4.2 1.1 2.3 4.6
State and local...................... .9 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 4.0 3.4 3.9 3.2
Addenda:
Final sales of domestic product...... 4.0 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 4.0 4.2 4.3 4.3
Gross domestic purchases............. 5.6 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 4.7 5.4 5.0 4.8
Final sales to domestic
purchasers.......................... 5.3 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 4.3 5.3 5.2 4.9
Gross national product............... 4.2 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 4.3 4.2 4.0 4.1
Real disposable personal income...... 3.0 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 3.1 5.4 2.5 3.5
Gross domestic purchases price
index............................... 3.5 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 .8 1.5 2.6
GDP price index...................... 3.9 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 2.3
Personal consumption expenditures
price index......................... 4.3 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 1.9 1.1 1.6 2.7
---------------------------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------------------
I 97 II 97III 97 IV 97 I 98 II 98III 98 IV 98 I 99 II 99III 99 IV 99 I 00 II 00III 00 IV 00 I 01 II 01
---------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.4 4.2 4.8 4.3 4.7 3.8 3.8 4.8 4.0 3.9 4.0 4.4 4.2 5.2 4.4 2.8 2.5 1.3
Personal consumption expenditures...... 3.4 2.8 4.0 4.1 4.2 5.3 4.6 5.0 5.0 4.9 5.0 5.2 5.4 4.9 4.9 4.2 3.5 3.2
Durable goods........................ 6.6 2.6 8.5 8.8 8.0 13.1 8.4 12.7 12.7 12.5 13.8 11.3 14.3 9.5 9.3 5.3 3.4 5.6
Nondurable goods..................... 3.3 2.4 3.4 2.5 3.2 4.5 3.8 5.0 5.0 4.6 4.4 5.0 4.9 5.0 5.4 3.6 3.0 1.9
Services............................. 2.8 3.0 3.4 3.9 4.0 4.2 4.3 3.6 3.5 3.5 3.6 4.0 3.9 3.9 3.7 4.3 3.8 3.3
Gross private domestic investment...... 13.1 13.6 9.9 12.1 16.4 8.3 10.7 12.1 6.4 6.6 6.2 7.0 4.9 11.4 8.0 3.1 -.1 -6.7
Fixed investment..................... 9.5 8.9 10.2 9.7 12.2 12.2 9.5 11.7 8.9 7.6 8.4 6.4 8.0 8.6 7.4 6.3 3.4 -1.0
Nonresidential..................... 11.5 12.1 13.4 11.8 14.4 14.1 9.6 12.3 8.5 7.3 9.5 7.4 9.8 10.9 10.2 8.9 4.9 -1.7
Structures....................... 11.7 8.1 10.3 6.5 6.1 10.7 5.8 4.9 1.9 -2.6 -3.7 -3.6 .2 4.1 9.9 10.8 11.7 5.4
Equipment and software........... 11.4 13.5 14.5 13.7 17.4 15.2 10.9 14.9 10.8 10.8 14.2 11.2 13.1 13.2 10.3 8.3 2.8 -4.0
Residential........................ 3.7 .2 1.0 3.5 5.8 6.8 9.1 10.0 10.0 8.4 5.3 3.4 3.0 2.0 -.5 -1.2 -1.2 .8
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 11.1 13.9 15.8 8.5 6.7 1.4 -1.7 2.3 .4 2.5 5.5 4.5 8.7 11.1 11.3 7.0 4.4 -1.4
Goods.............................. 12.3 16.6 17.8 11.6 8.0 .7 -2.1 2.2 .1 3.5 6.5 5.6 10.1 12.8 14.1 8.3 5.4 -1.8
Services........................... 8.4 7.5 11.2 1.4 3.5 3.2 -.5 2.9 1.3 .3 3.0 1.9 5.5 7.0 4.6 4.1 2.0 -.4
Imports.............................. 12.3 13.6 14.3 14.3 14.5 12.6 9.4 10.8 9.0 9.5 11.9 11.5 13.6 14.4 14.2 11.3 5.6 -.1
Goods.............................. 13.0 14.5 14.8 14.4 14.5 12.3 9.1 11.3 10.6 11.4 14.3 13.2 14.3 14.7 14.0 11.1 5.1 -1.1
Services........................... 8.7 9.1 11.8 14.0 14.3 14.6 10.6 8.5 1.2 .0 .2 2.8 10.1 12.9 15.2 12.2 8.4 5.7
Government consumption expenditures
and gross investment.................. 2.1 1.9 3.0 2.4 1.5 1.8 1.7 2.7 3.9 2.3 2.9 4.0 3.2 4.0 2.4 1.2 2.8 3.0
Federal.............................. -1.4 -1.0 .7 .1 -1.3 -.9 -1.6 .6 2.3 -.4 2.3 4.5 1.9 5.5 .9 -1.4 2.9 -.5
National defense................... -4.1 -3.5 -1.4 -1.4 -2.8 -2.4 -1.1 -.8 3.2 -.7 1.0 4.7 -.1 4.5 -1.4 -2.2 5.3 2.0
Nondefense......................... 4.3 4.1 5.1 3.1 1.6 1.9 -2.5 3.3 .5 .0 4.8 4.2 5.7 7.5 5.1 .2 -1.3 -4.8
State and local...................... 4.2 3.6 4.4 3.7 3.1 3.3 3.6 3.8 4.7 3.8 3.2 3.7 3.8 3.2 3.2 2.5 2.7 4.9
Addenda:
Final sales of domestic product...... 3.9 3.5 4.8 3.9 4.0 4.4 3.6 4.7 4.4 4.0 4.4 4.3 4.7 4.7 4.3 3.4 3.2 2.4
Gross domestic purchases............. 4.6 4.3 4.7 5.0 5.7 5.2 5.1 5.8 5.0 4.7 4.8 5.3 5.0 5.8 5.0 3.5 2.8 1.4
Final sales to domestic
purchasers.......................... 4.1 3.6 4.7 4.6 5.0 5.7 4.9 5.7 5.4 4.9 5.2 5.2 5.5 5.3 4.9 4.0 3.4 2.4
Gross national product............... 4.2 4.2 4.7 4.1 4.7 3.7 3.6 4.7 3.9 3.8 4.0 4.5 4.1 5.1 4.4 2.9 2.6 .....
Real disposable personal income...... 2.7 3.0 2.9 3.8 5.1 5.7 5.7 5.0 3.4 2.4 2.0 2.1 2.6 3.5 3.7 4.0 3.8 3.0
Gross domestic purchases price
index............................... 1.9 1.8 1.6 1.4 .8 .8 .8 .8 1.1 1.4 1.6 1.9 2.6 2.6 2.7 2.5 2.2 2.1
GDP price index...................... 2.0 2.1 1.9 1.8 1.4 1.2 1.2 1.1 1.3 1.4 1.4 1.6 2.1 2.3 2.4 2.4 2.3 2.3
Personal consumption expenditures
price index......................... 2.3 2.0 1.9 1.5 1.1 1.0 1.1 1.1 1.3 1.5 1.7 2.0 2.7 2.7 2.7 2.6 2.4 2.3
---------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 I 96 II 96 III 96 IV 96 I 97 II 97
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............... 5,986.2 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,318.4 8,781.5 9,268.6 9,872.9 7,629.6 7,782.7 7,859.0 7,981.4 8,124.2 8,279.8
Plus: Income receipts
from the rest of the world.......... 167.7 151.1 154.4 184.3 232.3 245.6 281.3 286.1 313.8 384.2 239.1 237.7 245.6 259.8 268.1 282.6
Less: Income payments to
the rest of the world............... 143.0 127.6 130.1 167.5 211.9 227.5 274.2 289.6 320.5 396.3 212.3 220.0 234.1 243.5 260.4 270.6
Equals: Gross national product....... 6,010.9 6,342.3 6,666.7 7,071.1 7,420.9 7,831.2 8,325.4 8,778.1 9,261.8 9,860.8 7,656.5 7,800.3 7,870.5 7,997.7 8,131.8 8,291.8
Less: Consumption of fixed capital... 748.0 787.5 812.8 874.9 911.7 956.2 1,013.3 1,072.0 1,151.4 1,241.3 938.4 948.6 962.5 975.3 989.7 1,005.2
Less: Indirect business tax and
nontax liability.................... 482.3 510.6 540.1 575.3 594.6 620.0 646.2 681.3 713.1 762.7 606.8 613.2 615.7 644.3 632.0 643.8
Less: Business transfer payments..... 25.9 28.1 27.8 30.8 33.5 34.4 36.8 38.0 41.3 43.9 33.6 34.3 34.6 35.2 35.7 36.7
Less: Statistical discrepancy........ 19.6 43.7 63.8 58.5 26.5 32.8 29.7 -31.0 -72.7 -130.4 34.4 49.6 25.1 22.3 40.6 69.5
Plus: Subsidies less current
surplus of government enterprises... 21.5 22.4 29.6 25.2 22.2 22.6 19.1 23.5 33.3 37.6 23.3 22.9 22.0 22.2 21.1 19.2
Equals: National income.............. 4,756.6 4,994.9 5,251.9 5,556.8 5,876.7 6,210.4 6,618.4 7,041.4 7,462.1 7,980.9 6,066.6 6,177.5 6,254.5 6,342.9 6,454.8 6,555.8
Compensation of employees.......... 3,454.9 3,644.8 3,814.4 4,016.2 4,202.5 4,395.6 4,651.3 4,989.6 5,310.7 5,715.2 4,297.4 4,367.8 4,427.8 4,489.4 4,553.7 4,607.8
Wage and salary accruals......... 2,824.2 2,966.8 3,091.6 3,254.3 3,441.1 3,630.1 3,886.0 4,192.1 4,477.4 4,837.2 3,537.4 3,604.6 3,660.9 3,717.6 3,786.5 3,845.0
Supplements to wages and
salaries........................ 630.7 677.9 722.8 761.9 761.4 765.4 765.3 797.5 833.4 878.0 760.0 763.2 766.8 771.8 767.2 762.8
Proprietors' income with inventory
valuation and capital
consumption adjustments........... 384.2 434.3 461.8 476.6 497.7 544.7 581.2 623.8 672.0 715.0 525.9 546.6 553.5 553.0 570.0 576.0
Rental income of persons with
capital consumption adjustment.... 56.4 63.3 90.9 110.3 117.9 129.7 128.3 138.6 147.7 141.6 128.4 129.0 130.1 131.4 130.4 128.9
Corporate profits with inventory
valuation and capital
consumption adjustments........... 431.2 453.1 510.5 573.2 668.8 754.0 833.8 777.4 825.2 876.4 736.7 748.6 755.0 775.8 798.5 825.6
Net interest....................... 429.8 399.5 374.3 380.5 389.8 386.3 423.9 511.9 506.5 532.7 378.2 385.5 388.1 393.3 402.2 417.5
Addendum:
Gross domestic income.............. 5,966.6 6,275.2 6,578.6 6,995.8 7,374.0 7,780.3 8,288.6 8,812.5 9,341.3 10,003.4 7,595.2 7,733.1 7,833.9 7,959.1 8,083.5 8,210.3
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............... 8,390.9 8,478.6 8,627.8 8,697.3 8,816.5 8,984.5 9,093.1 9,161.4 9,297.4 9,522.5 9,668.7 9,857.6 9,937.5 10,027.9 10,141.7 10,217.6
Plus: Income receipts
from the rest of the world.......... 289.5 285.0 290.1 293.4 278.3 282.7 287.3 302.9 322.5 342.4 360.1 387.9 386.6 402.1 378.9 .....
Less: Income payments to
the rest of the world............... 282.8 283.2 283.4 290.4 292.7 291.8 290.9 307.3 336.1 347.9 378.1 404.5 404.7 397.9 389.4 .....
Equals: Gross national product....... 8,397.7 8,480.4 8,634.5 8,700.3 8,802.1 8,975.4 9,089.5 9,157.0 9,283.8 9,517.0 9,650.7 9,841.0 9,919.4 10,032.1 10,131.3 .....
Less: Consumption of fixed capital... 1,021.0 1,037.4 1,048.4 1,062.4 1,079.8 1,097.4 1,117.1 1,137.6 1,170.9 1,180.1 1,205.0 1,228.9 1,254.3 1,276.8 1,299.9 1,336.0
Less: Indirect business tax and
nontax liability.................... 654.1 655.0 666.3 673.6 681.4 703.9 697.0 705.5 717.4 732.5 749.4 758.3 767.6 775.6 785.7 791.5
Less: Business transfer payments..... 37.2 37.6 37.0 37.7 38.3 39.0 40.0 40.4 42.2 42.7 43.2 44.1 44.0 44.4 44.3 44.4
Less: Statistical discrepancy........ 26.9 -18.0 28.5 -37.2 -81.7 -33.6 -61.3 -87.2 -94.1 -48.4 -105.9 -109.5 -156.3 -150.0 -120.5 .....
Plus: Subsidies less current
surplus of government enterprises... 18.0 18.2 19.6 21.6 24.5 28.4 29.9 32.4 34.7 36.4 37.4 36.9 37.3 38.7 47.8 50.8
Equals: National income.............. 6,676.4 6,786.7 6,874.1 6,985.5 7,108.9 7,197.0 7,326.6 7,393.1 7,482.1 7,646.5 7,796.5 7,956.1 8,047.2 8,124.0 8,169.7 .....
Compensation of employees.......... 4,675.8 4,767.9 4,869.4 4,948.9 5,029.8 5,110.5 5,183.0 5,262.8 5,354.9 5,442.2 5,562.8 5,669.9 5,759.3 5,868.9 5,955.7 6,010.2
Wage and salary accruals......... 3,912.7 3,999.7 4,085.1 4,155.8 4,227.7 4,299.8 4,362.7 4,433.9 4,517.0 4,595.8 4,701.9 4,798.0 4,875.8 4,973.2 5,049.4 5,099.3
Supplements to wages and
salaries........................ 763.0 768.2 784.3 793.1 802.1 810.6 820.3 828.9 837.9 846.4 860.9 872.0 883.5 895.7 906.3 910.9
Proprietors' income with inventory
valuation and capital
consumption adjustments........... 586.0 592.7 606.9 617.6 627.0 643.8 653.1 668.0 677.2 689.7 697.6 717.9 719.3 725.2 735.2 747.2
Rental income of persons with
capital consumption adjustment.... 127.4 126.7 127.7 136.1 144.2 146.5 148.3 149.1 144.4 149.0 144.9 141.4 138.3 141.7 139.6 140.9
Corporate profits with inventory
valuation and capital
consumption adjustments........... 858.3 852.7 787.4 769.6 781.9 770.8 832.5 810.3 800.2 857.6 870.3 892.8 895.0 847.6 789.8 .....
Net interest....................... 429.0 446.8 482.8 513.2 526.0 525.5 509.7 502.9 505.5 507.9 520.9 534.1 535.3 540.6 549.4 .....
Addendum:
Gross domestic income.............. 8,364.0 8,496.7 8,599.3 8,734.5 8,898.2 9,018.1 9,154.4 9,248.6 9,391.5 9,570.9 9,774.6 9,967.1 10,093.7 10,178.0 10,262.2 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 9.--Personal Income and Its Disposition
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 I 96 II 96 III 96 IV 96 I 97 II 97
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\................... 5,085.4 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,937.0 7,426.0 7,777.3 8,319.2 6,405.1 6,509.4 6,597.1 6,677.9 6,792.4 6,879.1
Wage and salary disbursements...... 2,824.2 2,982.6 3,085.2 3,236.7 3,424.7 3,626.5 3,888.9 4,192.8 4,472.2 4,837.2 3,533.8 3,601.0 3,657.3 3,713.9 3,789.4 3,847.9
Other labor income................. 415.6 449.5 482.8 507.5 497.0 490.0 475.4 490.6 509.7 534.2 490.0 489.1 489.6 491.4 482.7 475.2
Proprietors' income with
inventory valuation and capital
consumption adjustments........... 384.2 434.3 461.8 476.6 497.7 544.7 581.2 623.8 672.0 715.0 525.9 546.6 553.5 553.0 570.0 576.0
Farm............................. 26.4 32.7 30.1 31.9 22.2 34.3 29.7 25.6 26.6 30.6 31.1 36.3 38.0 31.7 30.6 29.6
Nonfarm.......................... 357.8 401.7 431.7 444.6 475.5 510.5 551.5 598.2 645.4 684.4 494.8 510.3 515.5 521.4 539.4 546.4
Rental income of persons with
capital consumption adjustment.... 56.4 63.3 90.9 110.3 117.9 129.7 128.3 138.6 147.7 141.6 128.4 129.0 130.1 131.4 130.4 128.9
Personal dividend income........... 178.3 185.3 203.0 234.7 254.0 297.4 334.9 348.3 343.1 379.2 285.9 290.4 302.4 310.9 321.1 331.5
Personal interest income........... 771.8 750.1 725.5 742.4 792.5 810.6 864.0 964.4 950.0 1,000.6 797.2 805.9 814.6 824.6 834.8 854.1
Transfer payments to persons....... 669.9 751.7 798.6 833.9 885.9 928.8 962.2 983.7 1,019.6 1,069.1 918.7 926.3 931.9 938.3 955.9 961.0
Less: Personal contributions for
social insurance.................. 215.1 226.6 237.8 254.1 268.8 280.4 297.9 316.3 337.1 357.7 274.7 278.8 282.3 285.7 291.9 295.5
Less: Personal tax and nontax
payments............................ 610.5 635.8 674.6 722.6 778.3 869.7 968.8 1,070.4 1,159.2 1,288.2 830.7 872.5 877.3 898.1 935.1 954.9
Equals: Disposable personal income... 4,474.8 4,754.6 4,935.3 5,165.4 5,422.6 5,677.7 5,968.2 6,355.6 6,618.0 7,031.0 5,574.4 5,637.0 5,719.8 5,779.7 5,857.3 5,924.2
Less: Personal outlays............... 4,103.2 4,340.9 4,584.5 4,849.9 5,120.2 5,405.6 5,715.3 6,054.1 6,457.2 6,963.3 5,292.2 5,383.9 5,433.7 5,512.6 5,609.2 5,654.1
Equals: Personal saving.............. 371.7 413.7 350.8 315.5 302.4 272.1 252.9 301.5 160.9 67.7 282.2 253.1 286.1 267.1 248.1 270.1
Addenda:
Disposable personal income,
billions of chained
(1996) dollars\2\................. 5,033.0 5,189.3 5,261.3 5,397.2 5,539.1 5,677.7 5,854.5 6,168.6 6,320.0 6,539.2 5,622.0 5,649.4 5,709.7 5,729.9 5,771.8 5,821.2
Personal saving as a percentage
of disposable personal income..... 8.3 8.7 7.1 6.1 5.6 4.8 4.2 4.7 2.4 1.0 5.1 4.5 5.0 4.6 4.2 4.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See footnotes at the end of the table.
Table 9.--Personal Income and Its Disposition--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
III 97 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\................... 6,978.6 7,097.9 7,254.8 7,382.8 7,490.7 7,575.8 7,631.4 7,719.6 7,818.7 7,939.3 8,104.4 8,271.0 8,381.5 8,519.6 8,640.2 8,721.3
Wage and salary disbursements...... 3,915.7 4,002.6 4,085.8 4,156.5 4,228.4 4,300.5 4,357.6 4,428.7 4,511.9 4,590.7 4,701.9 4,798.0 4,875.8 4,973.2 5,049.4 5,099.3
Other labor income................. 471.7 471.9 483.3 488.2 493.2 497.7 502.9 507.5 512.0 516.6 523.7 530.1 537.9 544.9 549.3 552.1
Proprietors' income with
inventory valuation and capital
consumption adjustments........... 586.0 592.7 606.9 617.6 627.0 643.8 653.1 668.0 677.2 689.7 697.6 717.9 719.3 725.2 735.2 747.2
Farm............................. 29.8 28.9 24.1 24.9 25.4 27.9 27.4 27.5 25.2 26.2 26.5 32.5 31.6 31.7 29.8 29.3
Nonfarm.......................... 556.2 563.8 582.9 592.6 601.6 615.8 625.7 640.5 652.0 663.5 671.0 685.4 687.6 693.5 705.4 717.9
Rental income of persons with
capital consumption adjustment.... 127.4 126.7 127.7 136.1 144.2 146.5 148.3 149.1 144.4 149.0 144.9 141.4 138.3 141.7 139.6 140.9
Personal dividend income........... 340.3 346.7 349.0 350.1 347.9 346.3 342.0 339.4 341.8 349.2 361.2 373.3 385.8 396.6 404.8 411.9
Personal interest income........... 871.9 895.1 933.5 967.5 982.6 974.2 949.0 945.3 947.8 958.1 980.2 999.9 1,009.2 1,013.1 1,010.9 1,005.7
Transfer payments to persons....... 965.1 966.9 979.1 981.0 985.7 989.1 1,008.8 1,016.4 1,023.2 1,029.9 1,046.3 1,066.3 1,074.6 1,089.0 1,123.1 1,138.3
Less: Personal contributions for
social insurance.................. 299.5 304.6 310.3 314.2 318.3 322.4 330.2 334.7 339.6 343.9 351.3 355.8 359.4 364.1 372.1 373.9
Less: Personal tax and nontax
payments............................ 978.9 1,006.3 1,034.0 1,055.4 1,083.7 1,108.5 1,120.4 1,142.6 1,171.3 1,202.5 1,245.3 1,277.3 1,300.2 1,329.8 1,345.2 1,350.4
Equals: Disposable personal income... 5,999.7 6,091.6 6,220.8 6,327.4 6,407.0 6,467.3 6,511.0 6,577.0 6,647.3 6,736.8 6,859.1 6,993.7 7,081.3 7,189.8 7,295.0 7,371.0
Less: Personal outlays............... 5,763.7 5,834.3 5,912.9 6,018.2 6,095.6 6,189.7 6,280.6 6,401.8 6,506.5 6,639.7 6,805.7 6,905.6 7,026.9 7,115.1 7,216.2 7,283.4
Equals: Personal saving.............. 236.0 257.3 307.9 309.1 311.4 277.6 230.4 175.2 140.8 97.2 53.5 88.1 54.5 74.7 78.8 87.5
Addenda:
Disposable personal income,
billions of chained
(1996) dollars\2\................. 5,877.3 5,947.5 6,064.5 6,153.6 6,209.9 6,246.6 6,268.2 6,300.0 6,332.4 6,379.2 6,431.6 6,523.7 6,566.5 6,634.9 6,679.0 6,719.8
Personal saving as a percentage
of disposable personal income..... 3.9 4.2 4.9 4.9 4.9 4.3 3.5 2.7 2.1 1.4 .8 1.3 .8 1.0 1.1 1.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 10A.--Corporate Profits
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 833.8 777.4 825.2 876.4 852.7 787.4 769.6 781.9 770.8 832.5 810.3 800.2 857.6 870.3 892.8 895.0 847.6 789.8
Profits before tax................. 792.4 721.1 776.3 845.4 811.6 731.7 722.8 723.6 706.3 755.4 759.1 765.8 825.0 844.9 862.0 858.3 816.5 755.7
Profits tax liability............ 237.2 238.8 253.0 271.5 244.8 239.9 237.8 243.6 234.1 246.2 247.9 250.7 267.3 277.0 280.4 274.9 253.5 236.8
Profits after tax................ 555.2 482.3 523.3 573.9 566.9 491.8 485.0 480.1 472.2 509.2 511.2 515.1 557.7 567.8 581.6 583.4 563.0 518.9
Dividends...................... 335.2 348.7 343.5 379.6 347.1 349.4 350.4 348.3 346.7 342.4 339.7 342.2 349.6 361.5 373.7 386.2 397.0 405.2
Undistributed profits.......... 220.0 133.6 179.8 194.3 219.8 142.5 134.5 131.8 125.5 166.8 171.4 172.9 208.1 206.3 207.9 197.2 165.9 113.7
Inventory valuation adjustment..... 8.4 18.3 -2.9 -12.4 5.7 20.0 10.3 20.2 22.9 28.1 -.9 -17.7 -21.0 -23.8 -14.8 -3.6 -7.3 -1.9
Capital consumption adjustment..... 32.9 38.0 51.7 43.4 35.4 35.6 36.6 38.1 41.7 49.0 52.2 52.1 53.6 49.2 45.5 40.4 38.4 36.0
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments........... 596.6 538.6 572.1 604.9 607.9 547.5 531.8 538.3 536.8 586.3 562.4 549.5 590.4 593.3 612.3 620.1 594.1 553.0
Net cash flow with inventory
valuation and capital
consumption adjustments........... 842.9 810.0 897.9 952.4 858.4 803.3 795.6 815.1 826.2 892.2 883.7 886.9 928.7 935.3 957.8 969.9 946.7 911.6
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 261.3 189.9 228.7 225.3 260.8 198.1 181.4 190.0 190.1 243.9 222.7 207.3 240.7 231.7 238.6 233.9 197.0 147.8
Consumption of fixed capital..... 581.5 620.2 669.2 727.1 597.6 605.1 614.2 625.1 636.2 648.3 661.0 679.5 687.9 703.6 719.1 736.0 749.7 763.8
Less: Inventory valuation
adjustment........................ 8.4 18.3 -2.9 -12.4 5.7 20.0 10.3 20.2 22.9 28.1 -.9 -17.7 -21.0 -23.8 -14.8 -3.6 -7.3 -1.9
Equals: Net cash flow.............. 834.4 791.7 900.7 964.8 852.7 783.2 785.3 794.9 803.3 864.1 884.6 904.5 949.7 959.1 972.5 973.5 954.0 913.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 10B.--Corporate Profits: Percent Change From Preceding Period
[Quarters are at quarterly rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 10.6 -6.8 6.1 6.2 -.7 -7.7 -2.3 1.6 -1.4 8.0 -2.7 -1.2 7.2 1.5 2.6 .3 -5.3 -6.8
Profits before tax................. 9.1 -9.0 7.7 8.9 -.9 -9.8 -1.2 .1 -2.4 7.0 .5 .9 7.7 2.4 2.0 -.4 -4.9 -7.4
Profits tax liability............ 6.1 .7 5.9 7.3 -.2 -2.0 -.9 2.4 -3.9 5.2 .7 1.1 6.6 3.7 1.2 -2.0 -7.8 -6.6
Profits after tax................ 10.4 -13.1 8.5 9.7 -1.2 -13.2 -1.4 -1.0 -1.6 7.8 .4 .8 8.3 1.8 2.4 .3 -3.5 -7.8
Dividends...................... 12.6 4.0 -1.5 10.5 1.9 .7 .3 -.6 -.5 -1.2 -.8 .7 2.2 3.4 3.4 3.3 2.8 2.1
Undistributed profits.......... 7.3 -39.3 34.6 8.1 -5.8 -35.2 -5.6 -2.1 -4.8 32.9 2.8 .9 20.4 -.9 .8 -5.1 -15.8 -31.5
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 33.8 15.3 36.1 -16.1 5.2 .6 2.6 4.2 9.4 17.6 6.5 -.2 3.0 -8.3 -7.5 -11.3 -4.9 -6.3
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments........... 12.5 -9.7 6.2 5.7 -.8 -9.9 -2.9 1.2 -.3 9.2 -4.1 -2.3 7.4 .5 3.2 1.3 -4.2 -6.9
Net cash flow with inventory
valuation and capital
consumption adjustments........... 8.6 -3.9 10.8 6.1 -.1 -6.4 -1.0 2.5 1.4 8.0 -.9 .4 4.7 .7 2.4 1.3 -2.4 -3.7
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 12.3 -27.3 20.4 -1.5 -4.3 -24.1 -8.5 4.8 .0 28.3 -8.7 -6.9 16.1 -3.7 3.0 -2.0 -15.8 -25.0
Consumption of fixed capital..... 7.0 6.6 7.9 8.6 1.8 1.3 1.5 1.8 1.8 1.9 2.0 2.8 1.2 2.3 2.2 2.3 1.9 1.9
Less: Inventory valuation
adjustment........................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 7.9 -5.1 13.8 7.1 -.1 -8.2 .3 1.2 1.1 7.6 2.4 2.2 5.0 1.0 1.4 .1 -2.0 -4.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 11A.--Corporate Profits by Industry
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments..................... 833.8 777.4 825.2 876.4 852.7 787.4 769.6 781.9 770.8 832.5 810.3 800.2 857.6 870.3 892.8 895.0 847.6 789.8
Domestic industries.................. 723.1 675.2 710.5 739.6 743.6 677.9 663.2 689.4 670.1 723.7 700.8 689.6 728.0 749.8 763.8 754.0 690.8 649.7
Financial.......................... 167.5 144.5 180.3 189.5 174.3 151.5 142.1 141.3 142.9 172.8 169.4 180.8 198.0 197.3 186.2 187.2 187.5 184.9
Nonfinancial....................... 555.6 530.7 530.3 550.1 569.2 526.3 521.2 548.1 527.2 550.8 531.5 508.8 530.0 552.5 577.6 566.8 503.4 464.8
Rest of the world.................... 110.7 102.3 114.6 136.8 109.1 109.5 106.4 92.4 100.7 108.8 109.5 110.6 129.6 120.5 128.9 141.0 156.8 140.0
Receipts from the rest of the
world............................. 159.4 145.3 173.3 204.9 154.2 150.7 152.0 134.2 144.5 157.0 168.5 179.7 188.0 196.2 208.0 205.0 210.4 201.0
Less: Payments to the rest of the
world............................. 48.7 43.1 58.7 68.1 45.1 41.2 45.6 41.7 43.8 48.2 59.0 69.1 58.4 75.7 79.0 64.0 53.6 61.0
Corporate profits with
inventory valuation adjustment.. 800.8 739.4 773.4 833.0 817.3 751.8 733.1 743.8 729.2 783.5 758.2 748.1 804.0 821.1 847.2 854.6 809.2 753.8
Domestic industries.................. 690.2 637.2 658.8 696.3 708.2 642.2 626.7 651.3 628.5 674.7 648.7 637.5 674.4 700.6 718.3 713.6 652.4 613.8
Financial.......................... 185.7 158.4 191.0 204.4 190.7 166.8 156.4 155.0 155.5 183.8 179.9 191.3 209.1 210.0 200.3 203.1 204.4 202.2
Federal Reserve banks............ 23.4 24.6 25.7 30.0 24.1 24.4 24.6 24.8 24.6 24.3 24.9 25.7 28.0 29.2 29.6 30.4 30.9 30.4
Other............................ 162.3 133.9 165.3 174.4 166.6 142.4 131.9 130.2 130.9 159.5 155.0 165.6 181.0 180.8 170.7 172.7 173.5 171.7
Nonfinancial....................... 504.5 478.8 467.8 491.8 517.5 475.4 470.3 496.4 473.0 490.9 468.8 446.2 465.3 490.6 518.0 510.6 448.0 411.6
Manufacturing.................... 195.2 164.3 163.7 155.2 197.5 165.9 160.1 168.9 162.2 175.9 169.6 158.4 151.1 167.0 175.0 159.4 119.4 90.4
Durable goods.................. 94.0 80.7 75.8 63.2 90.8 73.9 74.2 81.7 93.0 81.4 79.9 72.2 70.0 72.9 76.2 65.7 38.1 24.8
Primary metal industries..... 5.8 6.2 2.6 3.1 6.2 6.1 5.9 5.9 7.0 4.3 3.2 1.4 1.5 3.0 4.6 3.5 1.6 -2.0
Fabricated metal products.... 16.3 16.6 16.7 14.3 16.9 14.3 16.4 18.9 16.7 18.7 16.8 15.9 15.3 19.2 16.3 14.2 7.4 9.3
Industrial machinery and
equipment................... 13.8 16.1 9.4 7.9 15.0 10.7 16.1 16.9 20.7 9.7 11.4 9.5 7.0 6.1 6.7 11.0 7.6 4.5
Electronic and other
electric equipment.......... 22.8 7.6 6.2 3.7 21.0 10.8 6.9 5.3 7.2 5.5 4.5 7.6 7.4 5.3 6.4 2.3 .8 -1.5
Motor vehicles and equipment. 4.0 5.2 6.7 5.1 2.8 5.2 2.9 3.6 9.1 9.4 8.0 5.1 4.5 6.3 6.2 5.2 2.6 -2.9
Other........................ 31.2 29.1 34.2 29.1 28.9 26.8 26.2 31.0 32.4 33.8 36.1 32.7 34.2 33.0 36.0 29.5 18.0 17.4
Nondurable goods............... 101.2 83.6 87.9 92.0 106.7 92.0 85.9 87.2 69.2 94.5 89.7 86.2 81.1 94.1 98.7 93.7 81.3 65.6
Food and kindred products.... 24.1 22.0 25.2 21.6 27.7 23.3 24.6 26.2 13.7 23.5 27.0 25.5 24.9 23.9 21.5 23.6 17.2 10.9
Chemicals and allied
products.................... 31.3 25.4 26.6 30.6 32.7 29.0 22.0 24.2 26.5 31.0 31.4 23.7 20.3 28.3 32.2 29.6 32.2 25.1
Petroleum and coal products.. 15.9 5.0 .5 7.5 16.3 9.3 7.5 4.9 -1.7 3.9 -2.0 1.7 -1.6 1.9 10.2 10.0 7.9 9.0
Other........................ 29.9 31.2 35.6 32.3 30.1 30.5 31.8 32.0 30.6 36.2 33.3 35.2 37.5 40.0 34.9 30.5 23.9 20.5
Transportation and public
utilities....................... 85.0 79.1 59.0 67.4 84.9 77.5 80.9 87.0 71.1 66.3 53.0 53.1 63.5 63.8 67.9 70.5 67.3 66.4
Transportation................. 19.3 21.3 15.3 13.7 19.8 20.3 20.9 23.8 20.1 17.2 15.6 11.9 16.5 13.9 16.7 13.6 10.7 5.1
Communications................. 25.8 22.5 5.9 12.7 24.9 23.4 25.0 26.3 15.5 11.2 5.4 2.7 4.2 8.5 11.4 12.8 17.8 15.5
Electric, gas, and sanitary
services...................... 39.9 35.3 37.8 41.0 40.3 33.8 35.0 36.9 35.6 38.0 31.9 38.5 42.8 41.4 39.8 44.1 38.7 45.8
Wholesale trade.................. 49.2 55.9 53.8 60.5 49.5 54.2 55.5 60.4 53.3 55.7 51.7 48.6 59.2 57.6 64.9 63.7 55.9 40.3
Retail trade..................... 63.9 73.8 77.1 81.8 67.9 71.3 72.3 74.7 76.7 81.0 80.0 72.5 74.9 83.6 83.0 84.5 76.3 84.9
Other............................ 111.2 105.7 114.2 126.9 117.6 106.5 101.3 105.4 109.6 111.9 114.5 113.6 116.6 118.7 127.2 132.5 129.1 129.7
Rest of the world.................... 110.7 102.3 114.6 136.8 109.1 109.5 106.4 92.4 100.7 108.8 109.5 110.6 129.6 120.5 128.9 141.0 156.8 140.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 11B.--Corporate Profits by Industry: Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments..................... 79.8 -56.4 47.8 51.2 -5.6 -65.3 -17.8 12.3 -11.1 61.7 -22.2 -10.1 57.4 12.7 22.5 2.2 -47.4 -57.8
Domestic industries.................. 69.9 -47.9 35.3 29.1 -.2 -65.7 -14.7 26.2 -19.3 53.6 -22.9 -11.2 38.4 21.8 14.0 -9.8 -63.2 -41.1
Financial.......................... 23.4 -23.0 35.8 9.2 4.4 -22.8 -9.4 -.8 1.6 29.9 -3.4 11.4 17.2 -.7 -11.1 1.0 .3 -2.6
Nonfinancial....................... 46.5 -24.9 -.4 19.8 -4.7 -42.9 -5.1 26.9 -20.9 23.6 -19.3 -22.7 21.2 22.5 25.1 -10.8 -63.4 -38.6
Rest of the world.................... 9.8 -8.4 12.3 22.2 -5.4 .4 -3.1 -14.0 8.3 8.1 .7 1.1 19.0 -9.1 8.4 12.1 15.8 -16.8
Receipts from the rest of the
world............................. 18.8 -14.1 28.0 31.6 -12.3 -3.5 1.3 -17.8 10.3 12.5 11.5 11.2 8.3 8.2 11.8 -3.0 5.4 -9.4
Less: Payments to the rest of the
world............................. 8.9 -5.6 15.6 9.4 -6.9 -3.9 4.4 -3.9 2.1 4.4 10.8 10.1 -10.7 17.3 3.3 -15.0 -10.4 7.4
Corporate profits with
inventory valuation adjustment.. 71.4 -61.4 34.0 59.6 -7.4 -65.5 -18.7 10.7 -14.6 54.3 -25.3 -10.1 55.9 17.1 26.1 7.4 -45.4 -55.4
Domestic industries.................. 61.6 -53.0 21.6 37.5 -2.0 -66.0 -15.5 24.6 -22.8 46.2 -26.0 -11.2 36.9 26.2 17.7 -4.7 -61.2 -38.6
Financial.......................... 20.4 -27.3 32.6 13.4 3.1 -23.9 -10.4 -1.4 .5 28.3 -3.9 11.4 17.8 .9 -9.7 2.8 1.3 -2.2
Federal Reserve banks............ 1.6 1.2 1.1 4.3 .5 .3 .2 .2 -.2 -.3 .6 .8 2.3 1.2 .4 .8 .5 -.5
Other............................ 18.8 -28.4 31.4 9.1 2.7 -24.2 -10.5 -1.7 .7 28.6 -4.5 10.6 15.4 -.2 -10.1 2.0 .8 -1.8
Nonfinancial....................... 41.2 -25.7 -11.0 24.0 -5.1 -42.1 -5.1 26.1 -23.4 17.9 -22.1 -22.6 19.1 25.3 27.4 -7.4 -62.6 -36.4
Manufacturing.................... 14.0 -30.9 -.6 -8.5 -10.4 -31.6 -5.8 8.8 -6.7 13.7 -6.3 -11.2 -7.3 15.9 8.0 -15.6 -40.0 -29.0
Durable goods.................. 7.0 -13.3 -4.9 -12.6 -14.5 -16.9 .3 7.5 11.3 -11.6 -1.5 -7.7 -2.2 2.9 3.3 -10.5 -27.6 -13.3
Primary metal industries..... .4 .4 -3.6 .5 -.5 -.1 -.2 .0 1.1 -2.7 -1.1 -1.8 .1 1.5 1.6 -1.1 -1.9 -3.6
Fabricated metal products.... 1.9 .3 .1 -2.4 -.2 -2.6 2.1 2.5 -2.2 2.0 -1.9 -.9 -.6 3.9 -2.9 -2.1 -6.8 1.9
Industrial machinery and
equipment................... -1.2 2.3 -6.7 -1.5 -.9 -4.3 5.4 .8 3.8 -11.0 1.7 -1.9 -2.5 -.9 .6 4.3 -3.4 -3.1
Electronic and other
electric equipment.......... 2.6 -15.2 -1.4 -2.5 -4.4 -10.2 -3.9 -1.6 1.9 -1.7 -1.0 3.1 -.2 -2.1 1.1 -4.1 -1.5 -2.3
Motor vehicles and equipment. .3 1.2 1.5 -1.6 -4.8 2.4 -2.3 .7 5.5 .3 -1.4 -2.9 -.6 1.8 -.1 -1.0 -2.6 -5.5
Other........................ 2.8 -2.1 5.1 -5.1 -3.8 -2.1 -.6 4.8 1.4 1.4 2.3 -3.4 1.5 -1.2 3.0 -6.5 -11.5 -.6
Nondurable goods............... 7.0 -17.6 4.3 4.1 4.1 -14.7 -6.1 1.3 -18.0 25.3 -4.8 -3.5 -5.1 13.0 4.6 -5.0 -12.4 -15.7
Food and kindred products.... 2.5 -2.1 3.2 -3.6 4.5 -4.4 1.3 1.6 -12.5 9.8 3.5 -1.5 -.6 -1.0 -2.4 2.1 -6.4 -6.3
Chemicals and allied
products.................... 5.8 -5.9 1.2 4.0 -.8 -3.7 -7.0 2.2 2.3 4.5 .4 -7.7 -3.4 8.0 3.9 -2.6 2.6 -7.1
Petroleum and coal products.. 2.6 -10.9 -4.5 7.0 .7 -7.0 -1.8 -2.6 -6.6 5.6 -5.9 3.7 -3.3 3.5 8.3 -.2 -2.1 1.1
Other........................ -3.8 1.3 4.4 -3.3 -.2 .4 1.3 .2 -1.4 5.6 -2.9 1.9 2.3 2.5 -5.1 -4.4 -6.6 -3.4
Transportation and public
utilities....................... -6.4 -5.9 -20.1 8.4 1.1 -7.4 3.4 6.1 -15.9 -4.8 -13.3 .1 10.4 .3 4.1 2.6 -3.2 -.9
Transportation................. 3.7 2.0 -6.0 -1.6 .1 .5 .6 2.9 -3.7 -2.9 -1.6 -3.7 4.6 -2.6 2.8 -3.1 -2.9 -5.6
Communications................. -9.4 -3.3 -16.6 6.8 -.8 -1.5 1.6 1.3 -10.8 -4.3 -5.8 -2.7 1.5 4.3 2.9 1.4 5.0 -2.3
Electric, gas, and sanitary
services...................... -.7 -4.6 2.5 3.2 1.8 -6.5 1.2 1.9 -1.3 2.4 -6.1 6.6 4.3 -1.4 -1.6 4.3 -5.4 7.1
Wholesale trade.................. 6.6 6.7 -2.1 6.7 -2.4 4.7 1.3 4.9 -7.1 2.4 -4.0 -3.1 10.6 -1.6 7.3 -1.2 -7.8 -15.6
Retail trade..................... 11.0 9.9 3.3 4.7 2.2 3.4 1.0 2.4 2.0 4.3 -1.0 -7.5 2.4 8.7 -.6 1.5 -8.2 8.6
Other............................ 16.0 -5.5 8.5 12.7 4.3 -11.1 -5.2 4.1 4.2 2.3 2.6 -.9 3.0 2.1 8.5 5.3 -3.4 .6
Rest of the world.................... 9.8 -8.4 12.3 22.2 -5.4 .4 -3.1 -14.0 8.3 8.1 .7 1.1 19.0 -9.1 8.4 12.1 15.8 -16.8
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 11C.-Revisions to Corporate Profits by Industry
---------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------ ------------------------ Revisions as
Revised Revisions to percent of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
1998 1999 2000 1998 1999 2000 1998 1999 2000
---------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments........................... 777.4 825.2 876.4 -37.6 -30.8 -69.8 -4.6 -3.6 -7.4
Domestic industries.................. 675.2 710.5 739.6 -36.3 -34.1 -65.4 -5.1 -4.6 -8.1
Financial.......................... 144.5 180.3 189.5 -6.6 24.2 15.3 -4.4 15.5 8.8
Nonfinancial....................... 530.7 530.3 550.1 -29.7 -58.2 -80.7 -5.3 -9.9 -12.8
Rest of the world.................... 102.3 114.6 136.8 -1.2 3.2 -4.4 -1.2 2.9 -3.1
Receipts from the rest of the
world............................. 145.3 173.3 204.9 -2.4 4.0 1.8 -1.6 2.4 .9
Less: Payments to the rest of the
world............................. 43.1 58.7 68.1 -1.1 .8 6.1 -2.5 1.4 9.8
Corporate profits with
inventory valuation adjustment........ 739.4 773.4 833.0 -35.7 -40.5 -79.7 -4.6 -5.0 -8.7
Domestic industries.................. 637.2 658.8 696.3 -34.4 -43.7 -75.2 -5.1 -6.2 -9.7
Financial.......................... 158.4 191.0 204.4 -6.4 19.0 10.8 -3.9 11.0 5.6
Federal Reserve banks............ 24.6 25.7 30.0 -.1 -.1 -.5 -.4 -.4 -1.6
Other............................ 133.9 165.3 174.4 -6.2 19.1 11.3 -4.4 13.1 6.9
Nonfinancial....................... 478.8 467.8 491.8 -28.0 -62.6 -86.1 -5.5 -11.8 -14.9
Manufacturing.................... 164.3 163.7 155.2 -13.1 -17.9 -29.8 -7.4 -9.9 -16.1
Durable goods.................. 80.7 75.8 63.2 -4.7 -16.4 -25.8 -5.5 -17.8 -29.0
Nondurable goods............... 83.6 87.9 92.0 -8.4 -1.5 -4.0 -9.1 -1.7 -4.2
Transportation and public
utilities....................... 79.1 59.0 67.4 -4.8 -29.4 -33.4 -5.7 -33.3 -33.1
Wholesale trade.................. 55.9 53.8 60.5 -.5 -2.9 -4.6 -.9 -5.1 -7.1
Retail trade..................... 73.8 77.1 81.8 -2.8 -4.4 -7.7 -3.7 -5.4 -8.6
Other............................ 105.7 114.2 126.9 -6.9 -8.1 -10.6 -6.1 -6.6 -7.7
Rest of the world.................... 102.3 114.6 136.8 -1.2 3.2 -4.4 -1.2 2.9 -3.1
Corporate profits before tax........... 721.1 776.3 845.4 -37.1 -46.7 -80.2 -4.9 -5.7 -8.7
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments............. 538.6 572.1 604.9 -31.8 -28.0 -57.1 -5.6 -4.7 -8.6
Net cash flow with inventory
valuation and capital
consumption adjustments............. 810.0 897.9 952.4 -33.2 -8.4 -52.1 -3.9 -.9 -5.2
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 189.9 228.7 225.3 -29.0 -.7 -39.7 -13.2 -.3 -15.0
Consumption of fixed capital....... 620.2 669.2 727.1 -4.1 -7.7 -12.3 -.7 -1.1 -1.7
Less: Inventory valuation
adjustment.......................... 18.3 -2.9 -12.4 1.3 6.2 .5 ..... ..... .....
Equals: Net cash flow................ 791.7 900.7 964.8 -34.5 -14.7 -52.6 -4.2 -1.6 -5.2
---------------------------------------------------------------------------------------------------------------------------------
Table 12.--Gross Product of Nonfinancial Corporate Business
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1997 1998 1999 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
Gross product of nonfinancial
corporate business.............. 4,435.1 4,707.1 5,006.1 5,380.7 4,552.6 4,596.8 4,658.0 4,756.0 4,817.4 4,905.3 4,958.7 5,029.5 5,130.7 5,252.7 5,370.1 5,437.1 5,463.0 5,496.3
Consumption of fixed capital......... 493.0 523.1 560.7 606.9 505.8 511.8 518.7 526.8 535.2 544.3 553.9 569.6 575.1 588.0 600.5 614.0 625.0 637.3
Net product.......................... 3,942.1 4,183.9 4,445.4 4,773.9 4,046.8 4,085.1 4,139.2 4,229.2 4,282.2 4,361.1 4,404.8 4,460.0 4,555.7 4,664.7 4,769.7 4,823.1 4,838.0 4,859.0
Indirect business tax and nontax
liability plus business transfer
payments less subsidies........... 431.4 457.4 479.2 516.5 436.2 446.7 451.7 457.5 473.8 467.4 472.2 482.8 494.5 507.1 513.9 518.8 526.0 532.9
Domestic income.................... 3,510.7 3,726.5 3,966.1 4,257.4 3,610.5 3,638.3 3,687.5 3,771.7 3,808.4 3,893.6 3,932.6 3,977.1 4,061.2 4,157.6 4,255.8 4,304.3 4,312.0 4,326.1
Compensation of employees........ 2,835.1 3,058.0 3,272.2 3,535.2 2,916.1 2,982.9 3,031.3 3,082.9 3,135.0 3,185.5 3,240.8 3,302.1 3,360.6 3,431.3 3,502.4 3,563.7 3,643.4 3,694.5
Wage and salary accruals....... 2,409.7 2,612.6 2,805.4 3,041.7 2,489.5 2,544.7 2,588.4 2,635.0 2,682.2 2,726.5 2,776.5 2,832.5 2,886.0 2,948.2 3,012.1 3,066.9 3,139.5 3,185.1
Supplements to wages and
salaries...................... 425.4 445.4 466.9 493.5 426.5 438.1 442.9 447.9 452.9 459.0 464.4 469.5 474.6 483.0 490.3 496.7 503.9 509.4
Corporate profits with inventory
valuation and capital
consumption adjustments......... 555.6 530.7 530.3 550.1 569.2 526.3 521.2 548.1 527.2 550.8 531.5 508.8 530.0 552.5 577.6 566.8 503.4 464.8
Profits before tax............. 496.1 460.4 470.7 504.2 511.8 455.4 460.0 476.2 450.1 462.8 469.7 463.9 486.3 514.4 532.8 514.2 455.3 413.5
Profits tax liability........ 158.3 154.6 170.9 186.6 163.6 152.0 154.4 160.8 151.2 167.4 170.3 168.6 177.3 190.6 197.2 190.3 168.2 152.5
Profits after tax............ 337.7 305.8 299.8 317.6 348.2 303.4 305.6 315.5 298.9 295.4 299.4 295.3 309.0 323.8 335.6 323.9 287.1 261.0
Dividends.................. 218.1 242.2 240.0 269.0 229.1 237.8 243.0 241.6 246.5 227.4 247.8 236.3 248.4 261.2 256.5 276.0 282.2 300.9
Undistributed profits...... 119.6 63.6 59.8 48.6 119.1 65.6 62.5 73.8 52.4 68.0 51.6 59.0 60.6 62.6 79.0 48.0 5.0 -39.9
Inventory valuation adjustment. 8.4 18.3 -2.9 -12.4 5.7 20.0 10.3 20.2 22.9 28.1 -.9 -17.7 -21.0 -23.8 -14.8 -3.6 -7.3 -1.9
Capital consumption adjustment. 51.1 52.0 62.5 58.3 51.8 50.9 50.9 51.7 54.2 59.9 62.7 62.6 64.7 61.9 59.6 56.2 55.4 53.2
Net interest..................... 120.0 137.7 163.6 172.1 125.2 129.1 135.1 140.6 146.1 157.3 160.3 166.3 170.6 173.8 175.8 173.8 165.2 166.8
Billions of chained (1996) dollars
Gross product of nonfinancial
corporate business\1\........... 4,404.2 4,659.1 4,915.1 5,220.5 4,515.7 4,552.7 4,618.7 4,704.9 4,760.0 4,829.7 4,867.6 4,934.0 5,029.3 5,117.2 5,212.2 5,268.0 5,284.5 5,293.0
Consumption of fixed capital\2\...... 494.1 533.8 579.1 624.8 507.4 517.7 528.3 539.1 550.0 561.6 572.5 588.4 594.0 602.6 615.4 631.0 650.1 666.7
Net product\3\....................... 3,910.1 4,125.3 4,336.0 4,595.7 4,008.3 4,035.0 4,090.4 4,165.8 4,210.0 4,268.1 4,295.1 4,345.5 4,435.3 4,514.7 4,596.7 4,637.0 4,634.4 4,626.3
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\4\............. 1.007 1.010 1.019 1.031 1.008 1.010 1.009 1.011 1.012 1.016 1.019 1.019 1.020 1.027 1.030 1.032 1.034 1.038
Compensation of employees (unit
labor cost)....................... .644 .656 .666 .677 .646 .655 .656 .655 .659 .660 .666 .669 .668 .671 .672 .676 .689 .698
Unit nonlabor cost................. .237 .240 .245 .248 .237 .238 .239 .239 .243 .243 .244 .247 .246 .248 .248 .248 .249 .253
Consumption of fixed capital..... .112 .112 .114 .116 .112 .112 .112 .112 .112 .113 .114 .115 .114 .115 .115 .117 .118 .120
Indirect business tax and nontax
liability plus business transfer
payments less subsidies......... .098 .098 .098 .099 .097 .098 .098 .097 .100 .097 .097 .098 .098 .099 .099 .098 .100 .101
Net interest..................... .027 .030 .033 .033 .028 .028 .029 .030 .031 .033 .033 .034 .034 .034 .034 .033 .031 .032
Corporate profits with inventory
valuation and capital consumption
adjustments (unit profits from
current production)............... .126 .114 .108 .105 .126 .116 .113 .116 .111 .114 .109 .103 .105 .108 .111 .108 .095 .088
Profits tax liability............ .036 .033 .035 .036 .036 .033 .033 .034 .032 .035 .035 .034 .035 .037 .038 .036 .032 .029
Profits after tax with inventory
valuation and capital
consumption adjustments......... .090 .081 .073 .070 .090 .082 .079 .082 .079 .079 .074 .069 .070 .071 .073 .071 .063 .059
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Effective with the estimates scheduled for release on
November 30, 2001, chained-dollar gross product of nonfinancial
corporate business for 1998 to 2001 will be revised to reflect
revisions to the gross product price indexes for nonfinancial
industries.
2. 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.
3. Chained-dollar net product of nonfinancial corporate
business is the difference between the gross product and the
consumption of fixed capital.
4. The implicit price deflator for gross product of nonfinancial
corporate business divided by 100.
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 2000 IV 97 I 98 II 98 III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP and related aggregates:
GDP............................... 4.4 4.3 4.1 4.1 2.8 6.1 2.2 4.1 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3 .7
Goods............................. 6.6 5.9 5.5 5.8 3.1 12.7 -3.1 6.1 13.2 2.1 .9 7.6 15.2 1.8 8.2 2.1 -2.4 -2.6 -2.4
Services.......................... 2.8 2.9 3.2 3.3 2.6 1.9 4.8 2.2 2.5 3.2 3.1 4.1 4.2 1.7 5.3 1.1 4.9 2.2 2.2
Structures........................ 5.4 5.9 3.4 2.3 2.5 4.7 10.5 7.0 5.7 5.9 -2.5 -3.4 5.3 9.1 -2.1 -.2 2.2 12.3 4.4
Motor vehicle output.............. 6.7 8.1 12.0 -.7 20.9 1.3 -9.9 -5.9 77.2 -4.2 1.5 23.0 5.5 -4.0 -1.4 -12.8 -20.0 -16.9 20.0
GDP less motor vehicle output..... 4.4 12.2 3.8 4.3 2.1 6.3 2.7 4.5 4.7 3.4 1.7 4.0 8.4 2.6 6.0 1.9 2.8 2.0 .2
Final sales of computers\1\....... 50.9 39.3 42.4 52.3 12.4 42.9 36.5 42.9 54.9 20.5 54.8 61.1 33.4 66.8 66.3 39.1 30.0 9.0 -27.7
GDP less final sales of
computers........................ 4.0 4.0 3.8 3.7 2.7 5.8 1.9 3.8 6.3 2.9 1.3 4.2 8.1 1.8 5.2 1.0 1.6 1.2 1.1
Farm product\2\................... 12.4 -3.2 5.7 13.7 -9.2 -19.0 -7.4 11.2 5.5 5.2 18.8 -14.1 19.2 28.3 8.7 17.8 8.5 -10.9 -8.0
Nonfarm business less housing
product\3\....................... 5.3 5.1 4.7 4.6 3.5 7.9 2.0 4.3 8.4 3.6 1.4 5.3 10.0 2.0 6.6 1.2 1.8 1.4 .1
Price indexes:
GDP............................... 1.9 1.2 1.4 2.3 1.4 1.1 1.0 1.4 1.1 1.7 1.4 1.4 1.8 3.8 2.1 1.9 1.8 3.3 2.3
GDP less food and energy.......... 2.0 1.4 1.4 2.2 1.5 1.3 1.2 1.5 1.1 1.6 1.4 1.5 1.9 3.4 2.0 1.9 1.6 2.2 1.4
GDP less final sales of computers. 2.3 1.6 1.8 2.5 1.7 1.5 1.4 1.9 1.4 2.1 1.6 1.6 2.1 4.0 2.4 2.1 1.9 3.8 2.5
Gross domestic purchases.......... 1.6 .8 1.5 2.6 1.3 .1 .7 1.1 1.2 1.5 2.0 2.0 2.2 4.2 1.9 2.3 1.7 2.7 1.5
Gross domestic purchases less
food and energy.................. 1.6 1.1 1.4 2.0 1.2 .9 1.1 1.3 1.2 1.6 1.3 1.4 1.7 3.3 1.7 1.7 1.3 2.3 1.1
Gross domestic purchases less
final sales of computers......... 2.0 1.2 1.9 2.9 1.7 .6 1.1 1.6 1.6 1.9 2.3 2.4 2.5 4.5 2.2 2.6 2.0 3.3 1.8
Personal consumption expenditures. 1.9 1.1 1.6 2.7 1.3 .6 1.0 1.4 1.4 1.3 2.0 2.2 2.4 4.0 2.1 2.4 2.0 3.2 1.7
Personal consumption expenditures
less food and energy............. 1.9 1.5 1.5 1.9 1.2 1.6 1.7 1.6 1.5 1.4 1.2 1.5 1.8 2.9 1.7 1.6 1.5 2.6 1.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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.
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 1999-2000 annual percent change in real GDP uses prices for 1999 and 2000 as weights,
and the 1999-2000 annual percent change in GDP prices uses quantities for 1999 and 2000 as weights. These annual
changes are "chained" (multiplied) together to form time series of quantity and price indexes. The Fisher formula
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, 6 and from the quarter
one year ago in table 7. 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.
|
|
