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Virginia H. Mannering: (202) 606-5304 BEA 02-23
Recorded message: 606-5306
Brent Moulton: 606-9606 (Annual Revision)
Carol Moylan: 606-9715
NATIONAL INCOME AND PRODUCT ACCOUNTS
SECOND QUARTER 2002 GDP (ADVANCE)
REVISED ESTIMATES: 1999 THROUGH FIRST QUARTER 2002
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 1.1 percent in the second quarter of 2002,
according to advance estimates released by the Bureau of Economic Analysis. In the first quarter, real
GDP increased 5.0 percent.
BOX
The estimates released today reflect revisions in the national income and product accounts
(NIPA's) beginning with the first quarter of 1999. Revisions are usually made each July to incorporate
source data that are more complete, more detailed, and otherwise more consistent 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 2002 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 (see page 9).
FOOTNOTE--Quarterly estimates are expressed at seasonaly 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.
This news release is available on BEA's Web site at www.bea.gov/newsreleases/rels.htm.
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, 2002.
The major contributors to the increase in real GDP in the second quarter were personal
consumption expenditures (PCE), private inventory investment, exports, and federal government
spending. The contributions of these components were partly offset by a decrease in nonresidential
structures. Imports, which are a subtraction in the calculation of GDP, increased sharply.
The deceleration in real GDP growth in the second quarter primarily reflected decelerations in
private inventory investment and in PCE, a downturn in state and local government spending, and a
deceleration in residential fixed investment that were partly offset by an acceleration in exports and an
upturn in equipment and software. There was a sharp acceleration in imports in the second quarter.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 2.1 percent in the second quarter, compared with an increase of 1.2 percent in the first.
Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent in
the second quarter, compared with an increase of 1.4 percent in the first. About 0.3 percentage point of
the first-quarter increase in the index was accounted for by the pay raise for federal civilian and military
personnel, which is treated as an increase in the price index of employee services purchased by the federal
government.
Real personal consumption expenditures increased 1.9 percent in the second quarter, compared
with an increase of 3.1 percent in the first. Durable goods purchases increased 2.4 percent, in contrast to
a decrease of 6.3 percent. Nondurable goods decreased 0.6 percent, in contrast to an increase of 7.9
percent. Services expenditures increased 3.0 percent, compared with an increase of 2.9 percent.
Real nonresidential fixed investment decreased 1.6 percent in the second quarter, compared with a
decrease of 5.8 percent in the first. Nonresidential structures decreased 14.0 percent, compared with a
decrease of 14.2 percent. Equipment and software increased 2.9 percent, in contrast to a decrease of 2.7
percent. Real residential fixed investment increased 5.0 percent, compared with an increase of 14.2
percent.
Real exports of goods and services increased 11.7 percent in the second quarter, compared with an
increase of 3.5 percent in the first. Real imports of goods and services increased 23.5 percent, compared
with an increase of 8.5 percent.
Real federal government consumption expenditures and gross investment increased 7.4 percent in
the second quarter, the same increase as in the first quarter. National defense increased 8.0 percent,
compared with an increase of 11.6 percent. Nondefense increased 6.3 percent, compared with an
increase of 0.4 percent. Real state and local government consumption expenditures and gross investment
decreased 1.1 percent, in contrast to an increase of 4.6 percent.
The real change in private inventories added 1.15 percentage points to the second-quarter change in
real GDP, after adding 2.60 percentage points to the first-quarter change. Private businesses increased
inventories $1.0 billion in the second quarter, following decreases of $28.9 billion in the first quarter and
$98.4 billion in the fourth.
Real final sales of domestic product -- GDP less change in private inventories -- decreased 0.1
percent in the second quarter, in contrast to an increase of 2.4 percent in the first.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 2.8 percent in the second quarter, compared with an increase of 5.6 percent in the
first.
Disposition of personal income
Current-dollar personal income increased $111.1 billion in the second quarter, compared with an
increase of $109.5 billion in the first. Personal tax and nontax payments decreased $10.4 billion,
compared with a decrease of $167.6 billion.
Disposable personal income increased $121.5 billion in the second quarter, compared with an
increase of $277.1 billion in the first. Real disposable personal income increased 3.8 percent, compared
with an increase of 14.6 percent.
Personal outlays increased $85.6 billion in the second quarter, compared with an increase of $66.7
billion in the first. Personal saving -- disposable personal income less personal outlays -- was $307.9
billion in the second quarter, compared with $272.0 billion in the first. The personal saving rate -- saving
as a percentage of disposable personal income -- increased from 3.5 percent in the first quarter to 4.0
percent in the second.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased 2.2
percent, or $56.8 billion, in the second quarter to a level of $10,369.9 billion. In the first quarter,
current-dollar GDP increased 6.5 percent, or $160.2 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 Web site. Within a few days after the release, a detailed "Key
Source Data and Assumptions" file is posted on the Web site. In the middle of each month, an analysis of
the current quarterly estimates of GDP and related series is made available on the Web site; click on
Survey of Current Business, "Business Situation."
Revision of the National Income and Product Accounts
The revised estimates, which begin with 1999, 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, to national income, and to 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 discusses the highlights of the revisions and describes their sources.
Summary of major revisions
The revised data modify the quarterly pattern of real GDP for 1999-2001. Both the previously
published and the revised estimates show GDP growth peaking in the fourth quarter of 1999 and slowing
substantially during the quarters of 2000. However, the revised estimates show declines in GDP for each
of the first three quarters of 2001, whereas the previously published estimates showed positive but
decelerating growth in the first half of 2001 and a decline in the third quarter. Both sets of estimates
show GDP growth resuming in the fourth quarter of 2001.
The most important differences between the revised and the previously published estimates for
1999-2001 are the following:
The annual rate of growth of real GDP from 1998 to 2001 was revised down from 3.1 percent to
2.7 percent. The annual rate of growth of real GDP from 1998:IV to 2002:I was revised down
from 2.8 percent to 2.4 percent. The largest contributors to the downward revisions were
downward revisions to the growth of personal consumption expenditures (PCE) and of
nonresidential fixed investment.
For 2001, the revised estimates show real GDP growth of 0.3 percent; the previous estimate was
1.2 percent. Lower growth of PCE and larger declines in nonresidential fixed investment and in
change in private inventories accounted for most of the revision.
As described above, the revised estimates show a longer downturn in real GDP than the
previously published estimates. The percent change at an annual rate in real GDP was revised
down from 1.3 percent to -0.6 percent for the first quarter of 2001, was revised down from 0.3
percent to -1.6 percent for the second quarter of 2001, and was revised up from -1.3 percent to
-0.3 percent for the third quarter of 2001.
For 2001, personal income was revised down 0.4 percent. Wages and salaries was revised down
2.9 percent, and personal interest income was revised up 9.8 percent.
Revisions to 1999-2001 estimates
The percent change from the preceding year in real GDP was unrevised at 4.1 percent for 1999,
was revised down from 4.1 percent to 3.8 percent for 2000, and was revised down from 1.2 percent to
0.3 percent for 2001.
For 2000, the largest contributors to the downward revision to real GDP growth were fixed
investment in equipment and software, PCE for nondurable goods, and PCE for durable goods; the
contributions of these components were partly offset by an upward revision to change in private
inventories. For 2001, the largest contributors to the downward revision to real GDP growth were PCE
for services, equipment and software, change in private inventories, and state and local consumption
expenditures and gross investment; the contributions of these components were partly offset by an
upward revision to federal consumption expenditures and gross investment.
The percent change from fourth quarter to fourth quarter in real GDP was revised down from 4.4
percent to 4.3 percent for 1999, was revised down from 2.8 percent to 2.3 percent for 2000, and was
revised down from 0.5 percent to 0.1 percent for 2001. For 2000, the downward revision was mainly
accounted for by slower growth in PCE and private fixed investment. For 2001, the downward revision
was mainly accounted for by slower growth in PCE and a decrease, rather than an increase, in net exports
during the year.
The largest downward revision to the percent changes in real GDP for the quarters of 1999-2001
was 1.9 percentage points (first and second quarters of 2001); the largest upward revision was 1.0
percentage point (third and fourth quarters of 2001). The average revision to the quarterly percent
changes in this annual revision was 0.9 percentage point (without regard to sign); the revisions without
regard to sign to the quarterly percent changes in the annual NIPA revisions from 1979 through 2001
averaged 0.7 percentage point.
From its cyclical trough in the first quarter of 1991 to the fourth quarter of 2000, GDP expanded at
an average annual rate of change of 3.5 percent. Real GDP reached a peak in the fourth quarter of 2000;
GDP then decreased a total of 0.6 percent (0.8 percent at an average annual rate) in the first three
quarters of 2001. GDP increased 2.7 percent at an average annual rate in the fourth quarter of 2001.
The percent change from the preceding year in the price index for gross domestic purchases was
unrevised at 1.5 percent for 1999, was revised down from 2.6 percent to 2.5 percent for 2000, and was
revised up from 1.7 percent to 1.9 percent for 2001. The largest upward revision to the percent change
in the price index for the quarters of 1999-2001 was 0.6 percentage point (first quarter of 2001); the
largest downward revision was 0.5 percentage point (first quarter of 2000).
Current-dollar GDP was revised up $5.7 billion, or 0.1 percent, for 1999; was revised down $48.3
billion, or 0.5 percent, for 2000; and was revised down $125.9 billion, or 1.2 percent, for 2001. The
percent change from the preceding year was revised up from 5.5 percent to 5.6 percent for 1999, was
revised down from 6.5 percent to 5.9 percent for 2000, and was revised down from 3.4 percent to 2.6
percent for 2001. Current-dollar GNP (GDP plus net income receipts from the rest of the world) was
revised up $35.3 billion, or 0.4 percent, for 1999; was revised down $12.8 billion, or 0.1 percent, for
2000; and was revised down $98.7 billion, or 1.0 percent, for 2001. Net income receipts was revised up
for all 3 years: $29.5 billion for 1999, $35.5 billion for 2000, and $27.2 billion for 2001. 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 1993, the revisions prior to 1999
are not incorporated into the NIPA's at this time. (An article describing the revisions to the ITA's was
published in the July 2002 issue of the Survey of Current Business.)
National income was revised up $6.6 billion, or 0.1 percent, for 1999; was revised up $3.5 billion,
or less than 0.1 percent, for 2000; and was revised down $95.5 billion, or 1.2 percent, for 2001. For
1999, upward revisions to net interest, to nonfarm proprietors' income, and to rental income of persons
were partly offset by a downward revision to corporate profits. For 2000, a large upward revision to net
interest and smaller upward revisions to nonfarm proprietors' income, to other labor income, and to rental
income of persons were partly offset by a large downward revision to corporate profits and a smaller
downward revision to farm proprietors' income. For 2001, a large downward revision to wages and
salaries and smaller downward revisions to corporate profits, to farm proprietors' income, and to nonfarm
proprietors' income were partly offset by a large upward revision to net interest and a smaller upward
revision to other labor income.
Corporate profits from current production -- profits before tax with inventory valuation and capital
consumption adjustments -- was revised down for all 3 years: $19.4 billion for 1999, $88.3 billion for
2000, and $35.5 billion for 2001. For 1999, profits before tax (PBT) accounted for most of the revision.
For 2000 and 2001, large downward revisions to PBT and smaller downward revisions to the capital
consumption adjustment accounted for the revisions. For 1999, the downward revision was to profits of
both financial and nonfinancial corporations. For 2000 and 2001, profits of nonfinancial corporations
accounted for most of the downward revisions.
Personal income was revised up $9.2 billion, or 0.1 percent, for 1999; was revised up $87.4 billion,
or 1.1 percent, for 2000; and was revised down $38.2 billion, or 0.4 percent, for 2001. For 1999,
upward revisions to personal interest income, to nonfarm proprietors' income, and to rental income of
persons were partly offset by a downward revision to personal dividend income. For 2000, a large
upward revision to personal interest income and smaller upward revisions to other labor income, to
nonfarm proprietors' income, and to rental income of persons were partly offset by downward revisions
to farm proprietors' income and to personal dividend income. For 2001, a large downward revision to
wage and salary disbursements and smaller downward revisions to farm proprietors' income, to personal
dividend income, and to nonfarm proprietors' income were partly offset by a large upward revision to
personal interest income and smaller upward revisions to transfer payments to persons and to other labor
income. The large downward revision to wage and salary disbursements for 2001 reflected the
incorporation of newly available Bureau of Labor Statistics (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 $9.4 billion for 1999, was revised up $89.2 billion for 2000, and was revised down $24.1
billion for 2001. For 1999 and 2000, the revisions were similar to those to personal income. For 2001, a
downward revision to personal tax and nontax payments also contributed to the revision. The percent
change from the preceding year in real DPI was revised up from 2.5 percent to 2.6 percent for 1999, was
revised up from 3.5 percent to 4.8 percent for 2000, and was revised down from 3.6 percent to 1.8
percent for 2001.
Personal outlays was revised down for all 3 years. Downward revisions to PCE accounted for most
of the revisions for 1999 and 2000 and more than accounted for the revision for 2001. The personal
saving rate (personal saving as a percentage of DPI) was revised up from 2.4 percent to 2.6 percent for
1999, was revised up from 1.0 percent to 2.8 percent for 2000, and was revised up from 1.6 percent to
2.3 percent for 2001.
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 annual revision, the statistical discrepancy as a percentage of GDP was revised
from -0.8 percent to -0.4 percent for 1999, was revised less than 0.1 percentage point at
-1.3 percent for 2000, and was revised from -1.5 percent to -1.2 percent for 2001. The revision to the
discrepancy for 1999 primarily reflected a downward revision to GDI. For 2000 and 2001, downward
revisions to GDI were partly offset by downward revisions to GDP.
New source data and changes in methodology
The annual revision incorporated data from the following federal statistical sources: Census Bureau
annual surveys for 2000 and revised monthly indicators for 1999-2001 of manufactures, of merchant
wholesale trade, and of retail trade; Census Bureau annual surveys of services for 2000 and 2001, and of
state and local governments for 1999 and 2000; Census Bureau monthly survey of construction put in
place for 1999-2001; federal government budget data for fiscal years 2001 and 2002; Internal Revenue
Service tabulations of tax returns for corporations for 1999 and 2000 and for sole proprietorships and
partnerships for 2000; BLS tabulations of wages and salaries of employees covered by state
unemployment insurance for 2001; Department of Agriculture farm statistics for 2001; and BEA's ITA's
for 1999-2001. 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 2002 issue of the Survey
of Current Business.
The revised estimates also include several changes in methodology and a change to the revision
schedule:
When final estimates of GDP for the current quarter are released (in September, December,
March, and June), BEA will also usually release revised estimates for wages and salaries and
affected income-side aggregates for the previous quarter (GDP and its components will continue
to be revised only for the current quarter). This new revision schedule will permit the
incorporation of the most recently available wage and salary data from the unemployment
insurance program on a more timely basis and will improve the quality of the wage and salary
estimates. Underlying this change is a new method for estimating quarterly wages and salaries.
Specifically, quarterly estimates of wages and salaries have been improved by using seasonally
adjusted quarterly information from BLS tabulations of wages and salaries of employees covered
by state unemployment insurance. Previously, only the annual estimates reflected data from this
source; the quarterly estimates of wages and salaries were based on employment, hours, and
average hourly earnings from the establishment survey of the BLS current employment statistics,
which is a less comprehensive data source.
New price indexes are introduced for financial services within PCE services and foreign
transactions. Within exports and imports, beginning with the fourth quarter of 2000, the BLS
producer price index (PPI) for security brokers, dealers, and investment banking companies
replaces an annual implicit price deflator (IPD) from BEA's GDP by industry estimates for
security and commodity brokers. Within PCE services, brokerage PPI's are now used in the
deflation of some components of brokerage and investment counseling. Previously, real estimates
of these components were based on volume and trade data from the Securities and Exchange
Commission and from trade sources and on the value of trading in U.S. government and agency
securities deflated by the BLS consumer price index (CPI) for all items.
New price indexes are introduced for other components of foreign transactions and components
of federal government consumption expenditures. Within exports and imports, a new price index
is used to deflate net insurance (premiums less losses). Beginning with the first quarter of 1999, a
weighted average of the BLS PPI's for "life insurance carriers" and "premiums for property and
casualty insurance" replaces an annual IPD from BEA's GDP by industry estimates for insurance
carriers. Within federal government, price indexes derived from PPI's, employment cost indexes,
and CPI's replace weighted averages of price indexes derived from average hourly earnings for
several expenditure categories. Specifically, within defense consumption expenditures, the new
indexes are used for installation support services, weapons support services, personnel support
services, and printing (included in "other" nondurable goods). Within nondefense consumption
expenditures, the new indexes are used for research and development (included in "other"
services) and printing (included in "other" nondurable goods).
BEA's major national, international, regional, and industry estimates; the Survey of Current
Business; and BEA news releases are available without charge on BEA's Web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of public release at the
following telephone numbers:
(202) 606-5306 Gross domestic product
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: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
* * *
Next release -- August 29, 2002, at 8:30 A.M. EDT for:
Gross Domestic Product: Second Quarter 2002 (Preliminary)
Corporate Profits: Second Quarter 2002
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 1.1 percent at an annual rate, is not likely to be revised below
0.6 percent or above 2.0 percent in the next two releases.
Revisions Between Quarterly Percent Changes of GDP: Vintage Comparisons
[Annual rates]
Vintages Average without Range
compared regard to sign Two-thirds Nine-tenths
of revisions of revisions
Current-dollar GDP
Advance to preliminary..... 0.6 -0.5 to 0.8 -0.9 to 1.4
Advance to final........... .7 - .6 to 1.0 -1.0 to 1.6
Preliminary to final....... .3 - .3 to .4 - .6 to .7
Advance to latest.......... 1.3 - .6 to 2.0 -1.9 to 3.7
Preliminary to latest...... 1.2 -1.0 to 1.6 -1.6 to 3.0
Final to latest............ 1.2 -0.9 to 1.8 -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 - .3 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 -1.1 to 1.9 -1.7 to 3.1
Final to latest........... 1.4 -1.1 to 2.1 -1.8 to 3.0
NOTE.--These comparisons are based on the period from 1978 through 2000 for the first three comparisons in each group and on the period from
1978 through 1998 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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.3 4.1 3.8 .3 6.7 3.0 2.0 5.2 7.1 2.6 4.8 .6 1.1 -.6 -1.6 -.3 2.7 5.0 1.1
Personal consumption expenditures... 4.8 4.9 4.4 2.5 5.1 4.7 5.7 4.6 5.0 5.3 3.0 3.8 2.1 2.4 1.4 1.5 6.0 3.1 1.9
Durable goods..................... 10.5 11.8 8.2 6.0 24.0 5.5 14.4 10.3 10.1 17.8 -3.7 8.1 -5.3 11.5 5.3 4.6 33.6 -6.3 2.4
Nondurable goods.................. 4.1 4.7 3.9 2.0 5.2 4.9 4.8 2.5 7.5 2.2 4.9 2.0 2.7 2.3 -.3 1.3 3.6 7.9 -.6
Services.......................... 4.0 3.7 3.8 2.0 1.5 4.4 4.4 4.5 2.8 4.4 3.6 3.9 3.3 .6 1.5 .9 2.1 2.9 3.0
Gross private domestic investment... 11.8 6.6 6.2 -10.7 14.1 7.2 -4.7 11.0 13.7 2.3 17.3 -6.0 -3.4 -19.7 -17.6 -5.2 -17.3 18.2 8.1
Fixed investment.................. 11.4 7.8 6.1 -3.8 13.1 7.7 7.1 5.9 2.9 13.3 6.7 .2 -2.4 -2.2 -11.1 -4.3 -8.9 -.5 .3
Nonresidential.................. 12.5 8.1 7.8 -5.2 14.4 7.7 7.9 7.7 3.0 15.0 10.2 3.5 -3.2 -5.4 -14.5 -6.0 -10.9 -5.8 -1.6
Structures.................... 6.8 -1.3 6.5 -1.7 3.3 -4.1 -5.1 -6.3 6.1 13.8 8.2 12.1 3.6 -3.1 -8.4 2.9 -30.1 -14.2 -14.0
Equipment and software........ 14.6 11.5 8.2 -6.4 18.4 12.0 12.5 12.5 2.1 15.5 10.9 .9 -5.4 -6.3 -16.7 -9.2 -2.5 -2.7 2.9
Residential..................... 8.0 6.7 1.1 .3 9.3 7.6 4.9 .9 2.7 8.3 -3.0 -9.3 .0 8.2 -.5 .4 -3.5 14.2 5.0
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 2.1 3.4 9.7 -5.4 16.3 -6.9 4.3 10.6 12.6 7.7 14.6 11.6 -4.0 -6.0 -12.4 -17.3 -9.6 3.5 11.7
Goods........................... 2.1 3.8 11.3 -5.9 18.8 -9.0 4.6 13.2 15.3 6.7 16.1 19.5 -7.1 -6.1 -16.1 -18.6 -7.9 -3.4 15.2
Services........................ 2.3 2.5 6.0 -4.0 10.5 -1.5 3.4 4.7 6.4 10.2 11.2 -5.9 4.4 -6.0 -2.5 -13.9 -13.8 21.7 4.1
Imports........................... 11.8 10.9 13.2 -2.9 12.2 8.4 15.4 14.5 9.4 14.7 18.6 13.8 -1.6 -7.9 -6.8 -11.8 -5.3 8.5 23.5
Goods........................... 11.7 12.2 13.5 -3.3 14.8 10.1 17.1 15.4 9.8 13.7 20.3 13.6 -1.8 -9.2 -9.4 -9.6 -3.3 3.7 28.9
Services........................ 11.9 4.2 11.6 -.5 .1 .2 6.8 9.7 7.1 20.6 9.6 15.1 -.5 .3 8.5 -23.2 -16.5 35.7 .1
Government consumption expenditures
and gross investment............... 1.9 3.9 2.7 3.7 4.1 3.0 2.9 5.3 7.1 -1.2 4.6 -1.0 2.9 5.7 5.6 -1.1 10.5 5.6 1.8
Federal........................... -.8 2.3 1.3 4.8 5.3 -3.3 2.6 7.4 9.9 -13.2 16.0 -7.2 2.0 9.5 6.0 1.2 13.5 7.4 7.4
National defense................ -1.8 2.1 -.1 5.0 -.8 -5.2 -.2 14.0 10.0 -19.9 15.0 -6.1 4.7 8.3 2.7 4.6 14.3 11.6 8.0
Nondefense...................... 1.1 2.7 3.6 4.5 17.7 .2 7.9 -3.6 9.7 .3 17.9 -9.2 -2.6 11.8 12.0 -4.5 12.1 .4 6.3
State and local................... 3.4 4.7 3.5 3.1 3.4 6.5 3.0 4.2 5.6 5.6 -.8 2.4 3.3 3.8 5.4 -2.3 8.9 4.6 -1.1
Addenda:
Final sales of domestic product... 4.2 4.3 3.7 1.5 6.5 3.1 4.1 4.3 5.2 4.4 3.1 1.7 1.3 2.8 -.4 -.2 4.2 2.4 -.1
Gross domestic purchases.......... 5.4 5.0 4.4 .4 6.4 4.8 3.3 5.8 6.8 3.6 5.7 1.2 1.3 -1.1 -1.1 -.1 2.9 5.6 2.8
Final sales to domestic
purchasers....................... 5.3 5.2 4.3 1.6 6.2 4.9 5.4 4.9 5.0 5.4 3.9 2.4 1.4 2.2 .0 .1 4.3 3.0 1.6
Gross national product (GNP)...... 4.2 4.4 3.7 .2 7.0 4.4 2.1 4.8 7.6 2.2 5.1 .2 1.6 -1.4 -.8 -1.1 3.7 3.7 .....
Disposable personal income........ 5.4 2.6 4.8 1.8 2.4 2.7 .8 1.5 4.8 8.4 4.8 4.3 1.8 -.1 -.6 10.5 -7.6 14.6 3.8
Current-dollar measures:
GDP............................. 5.6 5.6 5.9 2.6 7.8 4.9 3.5 6.5 8.9 5.7 7.3 2.2 3.2 3.0 .9 1.9 2.2 6.5 2.2
Final sales of domestic product. 5.5 5.8 5.9 3.9 7.6 5.0 5.7 5.6 7.0 7.6 5.5 3.4 3.4 6.6 2.1 2.0 3.6 3.7 1.1
Gross domestic purchases........ 6.3 6.6 7.0 2.4 7.6 6.3 5.5 7.8 9.1 7.4 8.0 3.4 3.4 2.1 .6 -.2 3.4 6.9 4.9
Final sales to domestic
purchasers..................... 6.2 6.8 7.0 3.6 7.4 6.4 7.6 6.9 7.3 9.3 6.2 4.6 3.6 5.5 1.7 -.1 4.8 4.2 3.8
GNP............................. 5.4 5.9 5.9 2.6 8.1 6.3 3.7 6.1 9.4 5.3 7.5 1.9 3.7 2.2 1.7 1.1 3.2 5.1 .....
Disposable personal income...... 6.5 4.3 7.4 3.8 3.8 4.0 3.1 3.7 7.3 12.2 7.2 6.4 4.0 3.2 1.2 10.4 -6.9 15.9 6.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 4.3 4.1 3.8 .3 6.7 3.0 2.0 5.2 7.1 2.6 4.8 .6 1.1 -.6 -1.6 -.3 2.7 5.0
Previously published....... 4.3 4.1 4.1 1.2 6.7 3.1 1.7 4.7 8.3 2.3 5.7 1.3 1.9 1.3 .3 -1.3 1.7 6.1
Personal consumption expenditures... 4.8 4.9 4.4 2.5 5.1 4.7 5.7 4.6 5.0 5.3 3.0 3.8 2.1 2.4 1.4 1.5 6.0 3.1
Previously published.............. 4.8 5.0 4.8 3.1 5.1 4.9 5.7 4.4 5.7 5.9 3.6 4.3 3.1 3.0 2.5 1.0 6.1 3.3
Durable goods..................... 10.5 11.8 8.2 6.0 24.0 5.5 14.4 10.3 10.1 17.8 -3.7 8.1 -5.3 11.5 5.3 4.6 33.6 -6.3
Previously published............ 10.5 12.5 9.5 6.7 24.0 7.1 15.7 9.0 13.7 19.0 -2.5 8.2 -2.1 10.6 7.0 .9 39.4 -9.4
Nondurable goods.................. 4.1 4.7 3.9 2.0 5.2 4.9 4.8 2.5 7.5 2.2 4.9 2.0 2.7 2.3 -.3 1.3 3.6 7.9
Previously published............ 4.1 4.7 4.7 1.8 5.2 5.6 4.3 2.6 7.6 5.1 4.7 4.2 .6 2.4 .3 .6 2.5 8.2
Services.......................... 4.0 3.7 3.8 2.0 1.5 4.4 4.4 4.5 2.8 4.4 3.6 3.9 3.3 .6 1.5 .9 2.1 2.9
Previously published............ 4.0 3.7 4.0 3.0 1.5 4.1 4.5 4.3 3.2 3.7 4.4 3.5 5.6 1.8 2.8 1.2 2.0 3.8
Gross private domestic investment... 11.8 6.6 6.2 -10.7 14.1 7.2 -4.7 11.0 13.7 2.3 17.3 -6.0 -3.4 -19.7 -17.6 -5.2 -17.3 18.2
Previously published.............. 11.8 6.6 6.8 -8.0 14.1 7.6 -5.8 9.8 17.9 -.6 19.5 -2.8 -2.3 -12.3 -12.1 -10.5 -23.5 24.1
Fixed investment.................. 11.4 7.8 6.1 -3.8 13.1 7.7 7.1 5.9 2.9 13.3 6.7 .2 -2.4 -2.2 -11.1 -4.3 -8.9 -.5
Previously published............ 11.4 7.8 7.6 -2.0 13.1 7.1 6.5 7.3 4.8 13.9 8.8 2.5 .5 1.9 -9.7 -5.7 -11.4 -.8
Nonresidential.................. 12.5 8.1 7.8 -5.2 14.4 7.7 7.9 7.7 3.0 15.0 10.2 3.5 -3.2 -5.4 -14.5 -6.0 -10.9 -5.8
Previously published.......... 12.5 8.2 9.9 -3.2 14.4 6.0 7.7 10.2 5.8 15.8 12.2 7.1 1.0 -.2 -14.6 -8.5 -13.8 -6.2
Structures.................... 6.8 -1.3 6.5 -1.7 3.3 -4.1 -5.1 -6.3 6.1 13.8 8.2 12.1 3.6 -3.1 -8.4 2.9 -30.1 -14.2
Previously published........ 6.8 -2.0 6.2 .9 3.3 -6.5 -4.3 -7.0 4.0 8.8 11.8 15.2 7.6 12.3 -12.2 -7.5 -33.6 -22.8
Equipment and software........ 14.6 11.5 8.2 -6.4 18.4 12.0 12.5 12.5 2.1 15.5 10.9 .9 -5.4 -6.3 -16.7 -9.2 -2.5 -2.7
Previously published........ 14.6 11.8 11.1 -4.4 18.4 10.5 11.9 16.2 6.4 18.1 12.4 4.7 -1.1 -4.1 -15.4 -8.8 -5.3 .1
Residential..................... 8.0 6.7 1.1 .3 9.3 7.6 4.9 .9 2.7 8.3 -3.0 -9.3 .0 8.2 -.5 .4 -3.5 14.2
Previously published.......... 8.0 6.7 .8 1.5 9.3 10.3 3.0 -.8 1.6 8.5 -.8 -10.4 -1.1 8.5 5.9 2.4 -4.6 14.6
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 2.1 3.4 9.7 -5.4 16.3 -6.9 4.3 10.6 12.6 7.7 14.6 11.6 -4.0 -6.0 -12.4 -17.3 -9.6 3.5
Previously published............ 2.1 3.2 9.5 -4.5 16.3 -6.8 4.2 9.7 12.1 9.0 13.5 10.6 -4.0 -1.2 -11.9 -18.8 -10.9 2.8
Goods........................... 2.1 3.8 11.3 -5.9 18.8 -9.0 4.6 13.2 15.3 6.7 16.1 19.5 -7.1 -6.1 -16.1 -18.6 -7.9 -3.4
Previously published.......... 2.1 3.9 11.3 -5.6 18.8 -8.1 4.4 13.1 14.8 8.5 14.9 18.3 -6.9 -2.4 -17.3 -19.4 -10.0 -3.6
Services........................ 2.3 2.5 6.0 -4.0 10.5 -1.5 3.4 4.7 6.4 10.2 11.2 -5.9 4.4 -6.0 -2.5 -13.9 -13.8 21.7
Previously published.......... 2.3 1.6 5.3 -1.9 10.5 -3.9 3.8 2.0 6.0 10.3 9.9 -6.7 3.7 1.8 2.4 -17.2 -13.1 18.7
Imports........................... 11.8 10.9 13.2 -2.9 12.2 8.4 15.4 14.5 9.4 14.7 18.6 13.8 -1.6 -7.9 -6.8 -11.8 -5.3 8.5
Previously published............ 11.8 10.5 13.4 -2.7 12.2 8.4 13.3 13.8 10.5 17.1 16.4 13.0 -.5 -5.0 -8.4 -13.0 -7.5 8.3
Goods........................... 11.7 12.2 13.5 -3.3 14.8 10.1 17.1 15.4 9.8 13.7 20.3 13.6 -1.8 -9.2 -9.4 -9.6 -3.3 3.7
Previously published.......... 11.7 12.4 13.5 -2.8 14.8 12.0 15.5 14.9 10.4 16.5 17.2 12.3 -.6 -6.7 -9.5 -10.0 -3.6 3.7
Services........................ 11.9 4.2 11.6 -.5 .1 .2 6.8 9.7 7.1 20.6 9.6 15.1 -.5 .3 8.5 -23.2 -16.5 35.7
Previously published.......... 11.9 1.1 12.6 -2.6 .1 -8.2 1.8 7.9 11.0 20.6 12.4 17.1 .0 4.9 -2.0 -29.1 -28.5 36.8
Government consumption expenditures
and gross investment............... 1.9 3.9 2.7 3.7 4.1 3.0 2.9 5.3 7.1 -1.2 4.6 -1.0 2.9 5.7 5.6 -1.1 10.5 5.6
Previously published............. 1.9 3.3 2.7 3.6 4.1 2.0 1.2 4.4 8.5 -1.1 4.4 -1.8 3.3 5.3 5.0 .3 10.2 6.6
Federal........................... -.8 2.3 1.3 4.8 5.3 -3.3 2.6 7.4 9.9 -13.2 16.0 -7.2 2.0 9.5 6.0 1.2 13.5 7.4
Previously published............ -.8 2.2 1.7 2.7 5.3 -3.7 .8 7.2 14.5 -12.8 15.9 -10.4 4.6 3.2 1.8 3.6 11.4 11.4
National defense................ -1.8 2.1 -.1 5.0 -.8 -5.2 -.2 14.0 10.0 -19.9 15.0 -6.1 4.7 8.3 2.7 4.6 14.3 11.6
Previously published.......... -1.8 2.1 .1 4.7 -.8 -3.5 -3.5 12.8 14.3 -20.0 15.4 -10.4 10.5 7.5 2.3 3.2 9.0 18.3
Nondefense...................... 1.1 2.7 3.6 4.5 17.7 .2 7.9 -3.6 9.7 .3 17.9 -9.2 -2.6 11.8 12.0 -4.5 12.1 .4
Previously published.......... 1.1 2.3 4.6 -.9 17.7 -4.1 9.1 -2.1 14.9 1.6 16.6 -10.4 -5.1 -4.3 .9 4.2 16.0 -.2
State and local................... 3.4 4.7 3.5 3.1 3.4 6.5 3.0 4.2 5.6 5.6 -.8 2.4 3.3 3.8 5.4 -2.3 8.9 4.6
Previously published............ 3.4 3.9 3.2 4.0 3.4 5.2 1.4 2.9 5.4 5.6 -1.1 3.0 2.7 6.4 6.6 -1.3 9.6 4.2
Addenda:
Final sales of domestic product... 4.2 4.3 3.7 1.5 6.5 3.1 4.1 4.3 5.2 4.4 3.1 1.7 1.3 2.8 -.4 -.2 4.2 2.4
Previously published............ 4.2 4.3 4.3 2.3 6.5 3.0 3.9 4.2 6.1 4.8 3.9 2.3 2.4 4.0 .7 -.5 3.8 2.6
Gross domestic purchases.......... 5.4 5.0 4.4 .4 6.4 4.8 3.3 5.8 6.8 3.6 5.7 1.2 1.3 -1.1 -1.1 -.1 2.9 5.6
Previously published............ 5.4 5.0 4.8 1.3 6.4 4.8 2.9 5.3 8.2 3.5 6.3 2.0 2.2 .7 .4 -1.0 1.7 6.7
Final sales to domestic
purchasers....................... 5.3 5.2 4.3 1.6 6.2 4.9 5.4 4.9 5.0 5.4 3.9 2.4 1.4 2.2 .0 .1 4.3 3.0
Previously published........... 5.3 5.2 4.9 2.3 6.2 4.7 5.1 4.9 6.0 6.0 4.6 2.9 2.7 3.2 .8 -.3 3.9 3.3
Gross national product (GNP)...... 4.2 4.4 3.7 .2 7.0 4.4 2.1 4.8 7.6 2.2 5.1 .2 1.6 -1.4 -.8 -1.1 3.7 3.7
Previously published............ 4.2 4.0 4.1 1.3 7.0 3.3 1.7 4.3 8.7 1.8 5.8 1.3 2.8 .8 .3 -1.3 2.6 4.8
Disposable personal income........ 5.4 2.6 4.8 1.8 2.4 2.7 .8 1.5 4.8 8.4 4.8 4.3 1.8 -.1 -.6 10.5 -7.6 14.6
Previously published............ 5.4 2.5 3.5 3.6 2.4 1.4 2.0 2.1 3.0 3.3 5.8 2.6 4.2 2.7 2.4 12.3 -8.1 13.9
Current-dollar measures:
GDP............................. 5.6 5.6 5.9 2.6 7.8 4.9 3.5 6.5 8.9 5.7 7.3 2.2 3.2 3.0 .9 1.9 2.2 6.5
Previously published.......... 5.6 5.5 6.5 3.4 7.8 4.9 3.0 6.1 10.0 6.3 8.0 3.3 3.7 4.6 2.4 .9 1.5 7.5
Final sales of domestic product. 5.5 5.8 5.9 3.9 7.6 5.0 5.7 5.6 7.0 7.6 5.5 3.4 3.4 6.6 2.1 2.0 3.6 3.7
Previously published.......... 5.5 5.8 6.7 4.5 7.6 4.7 5.4 5.7 8.0 8.8 6.1 4.3 4.3 7.3 2.9 1.7 3.7 3.9
Gross domestic purchases........ 6.3 6.6 7.0 2.4 7.6 6.3 5.5 7.8 9.1 7.4 8.0 3.4 3.4 2.1 .6 -.2 3.4 6.9
Previously published.......... 6.3 6.6 7.5 2.9 7.6 6.5 4.8 7.4 10.4 8.0 8.5 4.4 4.0 3.4 1.7 -1.2 2.2 7.9
Final sales to domestic
purchasers..................... 6.2 6.8 7.0 3.6 7.4 6.4 7.6 6.9 7.3 9.3 6.2 4.6 3.6 5.5 1.7 -.1 4.8 4.2
Previously published......... 6.2 6.8 7.7 4.0 7.4 6.3 7.1 7.0 8.4 10.5 6.6 5.3 4.5 6.0 2.1 -.4 4.4 4.4
GNP............................. 5.4 5.9 5.9 2.6 8.1 6.3 3.7 6.1 9.4 5.3 7.5 1.9 3.7 2.2 1.7 1.1 3.2 5.1
Previously published.......... 5.4 5.5 6.5 3.5 8.1 5.2 3.0 5.7 10.4 5.7 8.1 3.2 4.6 4.0 2.4 .9 2.4 6.1
Disposable personal income...... 6.5 4.3 7.4 3.8 3.8 4.0 3.1 3.7 7.3 12.2 7.2 6.4 4.0 3.2 1.2 10.4 -6.9 15.9
Previously published.......... 6.5 4.1 6.2 5.5 3.8 2.7 4.1 4.3 5.5 7.5 8.1 5.1 6.3 6.0 3.8 12.1 -7.3 15.1
------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
------------------------ ------------------------ ------------------------
1999 2000 2001 1999 2000 2001 1999 2000 2001
---------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP)....... 9,274.3 9,824.6 10,082.2 5.7 -48.3 -125.9 .1 -.5 -1.2
Personal consumption expenditures...... 6,246.5 6,683.7 6,987.0 -3.7 -44.7 -77.5 -.1 -.7 -1.1
Durable goods........................ 755.9 803.9 835.9 -5.0 -15.7 -22.4 -.7 -1.9 -2.6
Nondurable goods..................... 1,830.1 1,972.9 2,041.3 -1.2 -16.7 -13.8 -.1 -.8 -.7
Services............................. 3,660.5 3,906.9 4,109.9 2.5 -12.3 -41.2 .1 -.3 -1.0
Gross private domestic investment...... 1,636.7 1,755.4 1,586.0 .0 -12.1 -47.9 .0 -.7 -2.9
Fixed investment..................... 1,577.2 1,691.8 1,646.3 -1.0 -26.3 -46.1 -.1 -1.5 -2.7
Nonresidential..................... 1,173.5 1,265.8 1,201.6 -1.1 -27.3 -44.4 -.1 -2.1 -3.6
Structures....................... 283.7 314.2 324.5 .2 .6 -5.8 .1 .2 -1.8
Equipment and software........... 889.8 951.6 877.1 -1.3 -27.9 -38.7 -.1 -2.8 -4.2
Residential........................ 403.7 426.0 444.8 .2 .9 -1.5 .0 .2 -.3
Change in private inventories........ 59.5 63.6 -60.3 .9 14.2 -1.9 ..... ..... .....
Net exports of goods and services...... -249.9 -365.5 -348.9 1.0 -1.5 -19.1 ..... ..... .....
Exports.............................. 989.3 1,101.1 1,034.1 -.5 -1.8 -16.3 -.1 -.2 -1.6
Goods.............................. 697.3 785.0 733.5 -1.0 -.6 -2.9 -.1 -.1 -.4
Services........................... 292.0 316.1 300.6 .5 -1.2 -13.4 .2 -.4 -4.3
Imports.............................. 1,239.2 1,466.6 1,383.0 -1.4 -.3 2.9 -.1 .0 .2
Goods.............................. 1,045.3 1,243.1 1,167.2 -1.6 -1.8 -6.3 -.2 -.1 -.5
Services........................... 193.9 223.5 215.8 .2 1.6 9.2 .1 .7 4.5
Government consumption expenditures
and gross investment.................. 1,641.0 1,751.0 1,858.0 8.5 10.0 18.5 .5 .6 1.0
Federal.............................. 565.0 589.2 628.1 1.0 -1.0 12.4 .2 -.2 2.0
National defense................... 364.3 374.9 399.9 -.2 -.5 .9 -.1 -.1 .2
Nondefense......................... 200.7 214.3 228.2 1.2 -.5 11.6 .6 -.2 5.4
State and local...................... 1,076.0 1,161.8 1,229.9 7.5 11.0 6.1 .7 1.0 .5
Relation of GDP and National Income
Gross domestic product................. 9,274.3 9,824.6 10,082.2 5.7 -48.3 -125.9 .1 -.5 -1.2
Plus: Income receipts
from the rest of the world............ 316.9 383.4 316.9 3.1 -.8 -18.3 1.0 -.2 -5.5
Less: Income payments to
the rest of the world................. 294.1 360.0 295.0 -26.4 -36.3 -45.5 -8.2 -9.2 -13.4
Equals: Gross national product......... 9,297.1 9,848.0 10,104.1 35.3 -12.8 -98.7 .4 -.1 -1.0
Less: Consumption of fixed capital..... 1,145.2 1,228.9 1,329.3 -6.2 -12.4 -22.1 -.5 -1.0 -1.6
Less: Indirect business tax and
nontax liability...................... 712.9 753.6 774.8 -.2 -9.1 -19.2 .0 -1.2 -2.4
Less: Business transfer payments....... 41.5 43.7 42.5 .2 -.2 -2.1 .5 -.5 -4.7
Less: Statistical discrepancy.......... -38.8 -128.5 -117.3 33.9 1.9 32.5 ..... ..... .....
Plus: Subsidies less current
surplus of government enterprises..... 32.5 34.1 47.3 -.8 -3.5 -7.5 -2.4 -9.3 -13.7
Equals: National income................ 7,468.7 7,984.4 8,122.0 6.6 3.5 -95.5 .1 .0 -1.2
Compensation of employees............ 5,308.8 5,723.4 5,874.9 -1.9 8.2 -135.1 .0 .1 -2.2
Wage and salary accruals........... 4,475.6 4,836.3 4,950.6 -1.8 -.9 -147.6 .0 .0 -2.9
Supplements to wages and
salaries.......................... 833.2 887.1 924.3 -.2 9.1 12.5 .0 1.0 1.4
Proprietors' income with inventory
valuation and capital
consumption adjustments............. 678.4 714.8 727.9 6.4 -.2 -15.6 1.0 .0 -2.1
Rental income of persons with
capital consumption adjustment...... 149.1 146.6 137.9 1.4 5.0 -4.7 .9 3.5 -3.3
Corporate profits with inventory
valuation and capital
consumption adjustments............. 805.8 788.1 731.6 -19.4 -88.3 -35.5 -2.4 -10.1 -4.6
Net interest......................... 526.6 611.5 649.8 20.1 78.8 95.5 4.0 14.8 17.2
Disposition of personal income
Personal income........................ 7,786.5 8,406.6 8,685.3 9.2 87.4 -38.2 .1 1.1 -.4
Wage and salary disbursements........ 4,470.4 4,836.3 4,950.6 -1.8 -.9 -147.6 .0 .0 -2.9
Other labor income................... 510.2 544.2 570.4 .5 10.0 16.6 .1 1.9 3.0
Proprietors' income with
inventory valuation and capital
consumption adjustments............. 678.4 714.8 727.9 6.4 -.2 -15.6 1.0 .0 -2.1
Farm............................... 27.7 22.6 19.0 1.1 -8.0 -8.6 4.1 -26.1 -31.2
Nonfarm............................ 650.7 692.2 708.8 5.3 7.8 -7.1 .8 1.1 -1.0
Rental income of persons with
capital consumption adjustment...... 149.1 146.6 137.9 1.4 5.0 -4.7 .9 3.5 -3.3
Personal dividend income............. 328.0 375.7 409.2 -15.1 -3.5 -7.1 -4.4 -.9 -1.7
Personal interest income............. 969.2 1,077.0 1,091.3 19.2 76.4 97.7 2.0 7.6 9.8
Transfer payments to persons......... 1,018.5 1,070.3 1,170.4 -1.1 1.2 21.6 -.1 .1 1.9
Less: Personal contributions for
social insurance.................... 337.4 358.4 372.3 .3 .7 -1.0 .1 .2 -.3
Less: Personal tax and nontax
payments.............................. 1,159.1 1,286.4 1,292.1 -.1 -1.8 -14.1 .0 -.1 -1.1
Equals: Disposable personal income..... 6,627.4 7,120.2 7,393.2 9.4 89.2 -24.1 .1 1.3 -.3
Less: Personal outlays................. 6,453.3 6,918.6 7,223.5 -3.9 -44.7 -75.4 -.1 -.6 -1.0
Equals: Personal saving................ 174.0 201.5 169.7 13.1 133.8 51.3 ..... ..... .....
Addenda:
Statistical discrepancy as a
percentage of GDP................. -.4 -1.3 -1.2 .4 .0 .3 ..... ..... .....
Gross domestic income................ 9,313.1 9,953.1 10,199.4 -28.2 -50.3 -158.6 -.3 -.5 -1.5
Personal saving as a percentage
of disposable personal income....... 2.6 2.8 2.3 .2 1.8 .7 ..... ..... .....
---------------------------------------------------------------------------------------------------------------------------------
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 4.3 4.1 3.8 .3 6.7 3.0 2.0 5.2 7.1 2.6 4.8 .6 1.1 -.6 -1.6 -.3 2.7 5.0 1.1
Percentage points at annual rates:
Personal consumption expenditures. 3.18 3.30 2.94 1.67 3.42 3.06 3.72 3.14 3.45 3.54 2.11 2.54 1.37 1.53 .92 .97 4.05 2.22 1.30
Durable goods................... .80 .92 .65 .48 1.74 .43 1.09 .81 .81 1.36 -.30 .63 -.44 .87 .42 .36 2.45 -.55 .20
Nondurable goods................ .81 .91 .77 .39 1.03 .94 .93 .51 1.48 .45 .99 .40 .52 .45 -.07 .25 .73 1.57 -.12
Services........................ 1.57 1.47 1.51 .80 .66 1.70 1.70 1.81 1.16 1.73 1.43 1.51 1.29 .21 .57 .35 .87 1.20 1.22
Gross private domestic investment. 1.96 1.15 1.08 -1.90 2.38 1.25 -.86 1.85 2.32 .39 2.92 -1.09 -.55 -3.65 -3.09 -.81 -2.88 2.53 1.19
Fixed investment................ 1.80 1.29 1.03 -.65 2.10 1.26 1.18 1.01 .53 2.15 1.15 .04 -.41 -.38 -1.95 -.72 -1.49 -.07 .04
Nonresidential................ 1.49 1.01 .98 -.66 1.71 .95 .97 .97 .41 1.80 1.28 .46 -.41 -.71 -1.93 -.73 -1.33 -.66 -.18
Structures.................. .21 -.04 .20 -.05 .11 -.14 -.17 -.20 .18 .40 .25 .37 .12 -.10 -.29 .10 -1.12 -.44 -.41
Equipment and software...... 1.27 1.05 .78 -.61 1.61 1.08 1.14 1.17 .22 1.41 1.03 .09 -.53 -.61 -1.64 -.83 -.21 -.22 .24
Residential................... .32 .28 .05 .01 .39 .32 .21 .04 .12 .35 -.13 -.42 .00 .34 -.02 .02 -.16 .60 .22
Change in private inventories... .15 -.15 .06 -1.24 .28 -.01 -2.04 .84 1.80 -1.77 1.77 -1.12 -.14 -3.27 -1.14 -.09 -1.39 2.60 1.15
Net exports of goods and services. -1.20 -1.01 -.75 -.18 .17 -1.77 -1.41 -.75 .04 -1.17 -1.00 -.72 -.23 .53 -.42 -.24 -.28 -.75 -1.77
Exports......................... .24 .37 1.04 -.59 1.66 -.78 .43 1.08 1.31 .82 1.53 1.25 -.46 -.69 -1.42 -1.94 -.99 .33 1.07
Goods......................... .17 .29 .85 -.47 1.33 -.72 .33 .94 1.11 .51 1.18 1.44 -.60 -.49 -1.34 -1.49 -.56 -.23 .95
Services...................... .07 .08 .19 -.13 .32 -.06 .10 .14 .20 .31 .35 -.19 .14 -.20 -.08 -.45 -.42 .56 .12
Imports......................... -1.44 -1.38 -1.79 .42 -1.49 -.99 -1.84 -1.83 -1.27 -1.99 -2.54 -1.97 .23 1.22 1.00 1.70 .70 -1.08 -2.84
Goods......................... -1.20 -1.29 -1.54 .40 -1.48 -1.01 -1.72 -1.64 -1.12 -1.56 -2.32 -1.64 .22 1.21 1.18 1.17 .37 -.40 -2.83
Services...................... -.24 -.09 -.24 .01 .00 .02 -.12 -.19 -.15 -.43 -.21 -.32 .01 .01 -.18 .53 .33 -.68 .00
Government consumption
expenditures and gross investment .34 .68 .49 .65 .73 .51 .50 .93 1.26 -.20 .83 -.18 .51 .99 1.00 -.21 1.85 1.04 .33
Federal......................... -.05 .14 .08 .29 .32 -.21 .15 .44 .60 -.85 .91 -.45 .12 .54 .36 .07 .80 .47 .47
National defense.............. -.07 .09 .00 .19 -.03 -.21 -.01 .52 .39 -.86 .54 -.24 .17 .30 .10 .18 .54 .46 .33
Nondefense.................... .02 .06 .08 .10 .35 .00 .16 -.08 .21 .01 .37 -.21 -.06 .24 .25 -.11 .26 .01 .14
State and local................. .39 .54 .41 .36 .40 .72 .34 .49 .67 .65 -.08 .28 .39 .45 .64 -.28 1.05 .56 -.14
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 I 97 II 97 III 97 IV 97 I 98 II 98
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,318.4 8,781.5 9,274.3 9,824.6 10,082.2 8,124.2 8,279.8 8,390.9 8,478.6 8,627.8 8,697.3
Personal consumption expenditures.... 4,209.7 4,454.7 4,716.4 4,969.0 5,237.5 5,529.3 5,856.0 6,246.5 6,683.7 6,987.0 5,429.9 5,470.8 5,575.9 5,640.6 5,719.9 5,820.0
Durable goods...................... 470.8 513.4 560.8 589.7 616.5 642.5 693.2 755.9 803.9 835.9 635.1 624.4 652.4 658.3 666.8 689.3
Motor vehicles and parts......... 200.2 222.1 242.3 249.3 256.3 264.2 288.8 319.1 336.6 361.3 264.5 251.0 270.1 271.0 271.7 288.6
Furniture and household
equipment....................... 178.7 192.4 211.2 225.0 236.9 248.9 265.2 285.5 304.8 306.1 243.1 246.4 251.4 254.9 259.8 262.6
Other............................ 91.9 98.9 107.2 115.4 123.3 129.4 139.3 151.2 162.4 168.4 127.5 127.0 130.9 132.4 135.4 138.1
Nondurable goods................... 1,322.9 1,375.2 1,438.0 1,497.3 1,574.1 1,641.6 1,708.5 1,830.1 1,972.9 2,041.3 1,626.8 1,627.3 1,653.1 1,659.0 1,675.8 1,697.2
Food............................. 669.3 697.9 728.2 755.8 786.0 812.2 852.6 898.9 955.0 992.4 806.9 808.2 817.4 816.2 831.7 846.7
Clothing and shoes............... 221.9 231.1 240.7 247.8 258.6 271.7 284.8 301.0 313.7 315.3 266.6 267.8 274.8 277.6 281.6 284.5
Gasoline, fuel oil, and other
energy goods.................... 117.1 119.4 122.5 127.4 139.7 143.2 127.9 142.9 182.5 178.6 147.3 140.4 142.4 142.7 132.3 127.5
Gasoline and oil............... 104.9 106.6 109.0 113.3 124.2 128.1 114.8 129.3 164.4 162.1 132.0 125.1 127.3 128.1 118.8 113.8
Fuel oil and coal.............. 12.2 12.9 13.5 14.1 15.6 15.1 13.1 13.6 18.1 16.5 15.3 15.3 15.1 14.6 13.4 13.7
Other............................ 314.7 326.8 346.6 366.4 389.8 414.5 443.3 487.4 521.8 555.0 405.9 410.8 418.6 422.5 430.2 438.4
Services........................... 2,415.9 2,566.1 2,717.6 2,882.0 3,047.0 3,245.2 3,454.3 3,660.5 3,906.9 4,109.9 3,168.0 3,219.1 3,270.4 3,323.3 3,377.3 3,433.5
Housing.......................... 641.3 666.5 704.7 740.8 772.5 810.5 859.7 912.6 960.0 1,014.5 794.6 805.0 815.7 826.7 839.8 853.0
Household operation.............. 248.3 268.9 284.0 298.1 317.3 333.0 345.6 360.4 386.2 406.3 325.9 329.0 332.9 344.4 338.8 347.8
Electricity and gas............ 108.9 118.6 119.8 122.5 128.7 130.4 128.9 129.9 142.4 154.5 128.7 128.8 128.1 135.8 127.2 133.1
Other household operation...... 139.4 150.4 164.2 175.6 188.5 202.7 216.7 230.4 243.9 251.8 197.1 200.2 204.8 208.6 211.6 214.7
Transportation................... 155.0 166.2 180.9 197.7 214.2 234.4 246.3 259.4 267.8 271.4 229.1 232.9 236.2 239.5 241.8 245.2
Medical care..................... 652.6 700.6 737.3 780.7 814.4 854.6 899.0 937.2 991.8 1,072.2 839.6 850.0 860.8 868.1 886.9 895.8
Recreation....................... 139.1 151.2 160.0 176.0 191.1 206.2 221.0 237.6 255.5 271.9 201.9 205.4 207.3 210.0 216.1 218.5
Other............................ 579.5 612.6 650.7 688.7 737.5 806.5 882.6 953.4 1,045.5 1,073.6 776.9 796.8 817.5 834.6 853.9 873.2
Gross private domestic investment.... 866.6 955.1 1,097.1 1,143.8 1,242.7 1,390.5 1,538.7 1,636.7 1,755.4 1,586.0 1,324.2 1,397.7 1,405.7 1,434.5 1,528.7 1,498.4
Fixed investment................... 851.6 934.0 1,034.6 1,110.7 1,212.7 1,327.7 1,465.6 1,577.2 1,691.8 1,646.3 1,275.5 1,310.0 1,355.8 1,369.3 1,422.0 1,457.5
Nonresidential................... 626.1 682.2 748.6 825.1 899.4 999.4 1,101.2 1,173.5 1,265.8 1,201.6 955.5 984.3 1,026.0 1,031.8 1,074.8 1,099.9
Structures..................... 172.2 179.4 187.5 204.6 225.0 255.8 282.4 283.7 314.2 324.5 246.9 247.7 260.6 267.9 273.2 284.9
Nonresidential buildings,
including farm.............. 113.2 119.3 129.0 144.3 161.7 182.7 201.4 206.9 223.9 216.3 178.5 177.1 187.6 187.4 194.3 201.6
Utilities.................... 36.7 34.8 34.0 35.8 36.0 36.1 44.2 47.3 53.7 55.0 34.9 35.2 36.4 37.8 41.9 44.4
Mining exploration, shafts,
and wells................... 14.2 17.7 17.4 17.2 21.1 30.1 30.2 22.8 29.2 42.7 27.8 29.5 30.1 32.8 30.5 32.2
Other structures............. 8.2 7.7 7.0 7.3 6.2 7.0 6.5 6.7 7.4 10.5 5.7 5.8 6.4 9.9 6.5 6.8
Equipment and software......... 453.9 502.8 561.1 620.5 674.4 743.6 818.9 889.8 951.6 877.1 708.6 736.6 765.4 764.0 801.6 815.0
Information processing
equipment and software...... 197.5 215.0 233.7 262.0 287.3 325.2 363.4 402.3 446.9 404.3 307.0 319.0 335.5 339.5 355.0 361.3
Computers and peripheral
equipment................. 43.6 47.2 51.3 64.6 70.9 79.6 84.2 90.4 93.3 74.2 74.8 78.8 83.0 81.9 86.1 84.6
Software................... 60.8 69.4 75.5 83.5 95.1 116.5 140.1 162.5 179.4 180.4 106.2 113.5 120.1 126.0 132.7 137.7
Other...................... 93.1 98.4 106.9 113.8 121.3 129.2 139.2 149.4 174.2 149.8 126.0 126.7 132.4 131.6 136.3 139.0
Industrial equipment......... 92.4 101.8 113.3 128.7 136.4 141.0 147.6 150.4 164.9 159.0 135.7 141.0 142.9 144.5 150.3 147.3
Transportation equipment..... 86.1 98.1 117.8 126.1 138.9 151.4 168.2 194.7 189.7 165.8 145.3 151.7 157.8 150.9 160.9 165.8
Other........................ 77.9 87.9 96.3 103.7 111.8 126.0 139.8 142.4 150.1 148.0 120.6 124.9 129.2 129.1 135.4 140.5
Residential...................... 225.5 251.8 286.0 285.6 313.3 328.2 364.4 403.7 426.0 444.8 320.0 325.7 329.8 337.5 347.2 357.6
Structures..................... 219.6 245.4 279.1 278.3 305.6 320.4 356.1 394.8 416.8 435.4 312.1 317.9 321.9 329.5 339.1 349.4
Single family................ 116.5 133.3 153.8 145.0 159.1 163.2 185.8 208.6 220.7 232.1 160.1 162.2 163.5 167.0 172.8 180.8
Multifamily.................. 13.1 10.8 14.1 17.9 20.3 22.9 24.6 27.4 28.3 30.7 21.9 22.9 22.4 24.3 24.9 23.9
Other........................ 90.0 101.3 111.2 115.4 126.2 134.3 145.8 158.8 167.9 172.7 130.1 132.8 136.0 138.2 141.3 144.7
Equipment...................... 5.9 6.4 6.9 7.3 7.7 7.9 8.2 8.8 9.3 9.3 7.8 7.8 7.9 7.9 8.1 8.2
Change in private inventories...... 15.0 21.1 62.6 33.0 30.0 62.9 73.1 59.5 63.6 -60.3 48.8 87.7 49.9 65.1 106.7 40.9
Farm............................. 5.0 -5.9 10.8 -9.2 7.9 2.9 .9 -1.5 -2.2 1.6 -1.3 .2 8.1 4.6 5.3 -5.4
Construction, mining, and
utilities....................... ..... ..... ..... ..... ..... 2.8 5.3 -1.1 -3.4 7.6 4.8 3.4 2.6 .6 4.8 5.8
Manufacturing.................... ..... ..... ..... ..... ..... 14.9 26.3 13.7 16.6 -35.9 16.8 22.7 9.3 10.8 36.6 26.2
Wholesale trade.................. ..... ..... ..... ..... ..... 23.5 22.2 17.3 19.3 -15.6 22.2 35.2 12.2 24.3 30.5 11.1
Retail trade..................... ..... ..... ..... ..... ..... 12.0 14.4 25.6 21.9 -20.7 -3.8 19.9 13.6 18.3 28.2 .1
Other industries................. ..... ..... ..... ..... ..... 6.7 4.1 5.7 11.4 2.7 10.1 6.2 4.1 6.6 1.4 3.2
Net exports of goods and services.... -27.9 -60.5 -87.1 -84.3 -89.0 -89.3 -151.7 -249.9 -365.5 -348.9 -89.2 -75.0 -88.6 -104.6 -122.6 -154.9
Exports............................ 636.8 658.0 725.1 818.6 874.2 966.4 964.9 989.3 1,101.1 1,034.1 927.8 966.8 988.7 982.4 974.1 959.2
Goods............................ 448.7 459.7 509.6 583.8 618.4 688.9 681.3 697.3 785.0 733.5 658.2 688.5 706.7 702.3 693.6 673.0
Foods, feeds, and beverages.... 40.3 40.7 42.0 50.5 55.5 51.5 46.4 46.0 47.9 49.4 51.5 51.2 50.7 52.6 49.9 46.1
Industrial supplies and
materials..................... 105.1 102.7 115.7 141.3 141.1 152.5 142.8 142.4 166.6 155.3 147.0 153.4 156.2 153.6 149.6 143.7
Capital goods, except
automotive.................... 176.1 182.1 205.2 233.8 253.3 295.7 299.9 311.2 357.0 321.7 277.3 295.3 307.6 302.7 302.2 293.0
Automotive vehicles, engines,
and parts..................... 47.0 52.5 57.8 61.8 65.0 74.0 72.4 75.3 80.4 75.4 70.4 73.3 76.6 75.9 76.7 71.6
Consumer goods, except
automotive.................... 51.4 54.7 60.0 64.4 70.1 77.4 80.3 80.9 89.4 88.3 75.4 77.9 78.0 78.2 78.9 80.7
Other.......................... 28.8 27.0 28.9 32.1 33.5 37.7 39.5 41.6 43.8 43.3 36.6 37.6 37.6 39.2 36.4 38.0
Services......................... 188.1 198.3 215.5 234.7 255.8 277.5 283.6 292.0 316.1 300.6 269.6 278.2 282.0 280.1 280.4 286.2
Imports............................ 664.6 718.5 812.1 902.8 963.1 1,055.8 1,116.7 1,239.2 1,466.6 1,383.0 1,017.1 1,041.7 1,077.3 1,087.0 1,096.7 1,114.1
Goods............................ 544.9 592.8 676.7 757.6 808.3 885.1 930.0 1,045.3 1,243.1 1,167.2 852.3 874.5 903.1 910.3 915.5 928.4
Foods, feeds, and beverages.... 27.6 27.9 31.0 33.2 35.7 39.7 41.2 43.6 46.0 46.6 37.6 39.5 41.2 40.5 41.2 41.3
Industrial supplies and
materials, except petroleum
and products.................. 82.3 88.9 105.0 119.9 125.2 135.4 142.5 147.9 172.8 164.8 131.4 133.6 137.4 139.1 141.9 144.8
Petroleum and products......... 51.6 51.5 51.3 56.2 72.7 71.8 50.6 67.8 120.2 103.6 77.6 70.8 70.3 68.5 54.0 53.2
Capital goods, except
automotive.................... 134.3 152.3 184.4 221.4 228.1 253.3 269.4 295.7 347.0 298.0 237.2 250.5 261.7 263.7 268.3 269.0
Automotive vehicles, engines,
and parts..................... 91.8 102.4 118.3 123.8 128.9 139.8 148.7 179.0 195.9 189.8 139.0 138.6 141.6 140.1 144.4 145.7
Consumer goods, except
automotive.................... 122.7 134.1 146.3 160.0 172.1 193.9 217.1 242.0 282.0 284.5 183.0 191.6 197.1 204.1 211.0 217.3
Other.......................... 34.6 35.7 40.6 43.1 45.6 51.2 60.3 69.4 79.2 79.9 46.5 49.9 53.8 54.5 54.6 57.2
Services......................... 119.8 125.7 135.4 145.2 154.8 170.7 186.7 193.9 223.5 215.8 164.8 167.2 174.1 176.6 181.2 185.7
Government consumption expenditures
and gross investment................ 1,270.5 1,293.0 1,327.9 1,372.0 1,421.9 1,487.9 1,538.5 1,641.0 1,751.0 1,858.0 1,459.2 1,486.3 1,498.0 1,508.2 1,501.8 1,533.8
Federal............................ 534.5 527.3 521.1 521.5 531.6 538.2 539.2 565.0 589.2 628.1 529.2 543.4 541.3 538.9 526.1 542.9
National defense................. 378.5 364.9 355.1 350.6 357.0 352.6 349.1 364.3 374.9 399.9 346.4 355.0 354.7 354.4 338.4 348.8
Consumption expenditures....... 316.9 309.2 301.1 297.5 302.4 304.2 299.7 312.0 321.4 344.5 301.1 308.0 304.1 303.6 291.6 300.8
Gross investment............... 61.6 55.7 54.0 53.1 54.6 48.4 49.4 52.3 53.5 55.5 45.3 47.0 50.6 50.8 46.8 47.9
Nondefense....................... 156.0 162.4 165.9 170.9 174.6 185.6 190.1 200.7 214.3 228.2 182.8 188.4 186.6 184.5 187.7 194.2
Consumption expenditures....... 128.8 133.4 138.6 141.8 142.9 152.7 153.4 159.6 171.9 184.0 150.2 153.5 153.3 153.6 152.6 155.7
Gross investment............... 27.2 28.9 27.3 29.2 31.7 32.9 36.7 41.1 42.4 44.2 32.6 34.9 33.3 30.9 35.1 38.5
State and local.................... 736.0 765.7 806.8 850.5 890.4 949.7 999.3 1,076.0 1,161.8 1,229.9 930.0 942.9 956.6 969.3 975.8 990.9
Consumption expenditures....... 601.6 629.5 662.6 694.7 726.5 766.4 808.3 864.7 937.9 993.7 751.9 760.0 770.7 783.2 792.3 803.2
Gross investment............... 134.3 136.2 144.2 155.8 163.8 183.3 191.0 211.3 223.9 236.2 178.2 183.0 186.0 186.1 183.5 187.7
Addenda:
Final sales of domestic product.... 6,303.9 6,621.2 6,991.8 7,367.5 7,783.2 8,255.5 8,708.4 9,214.8 9,761.1 10,142.5 8,075.4 8,192.1 8,341.1 8,413.5 8,521.1 8,656.4
Gross domestic purchases........... 6,346.8 6,702.8 7,141.4 7,484.8 7,902.1 8,407.7 8,933.3 9,524.2 10,190.1 10,431.0 8,213.4 8,354.7 8,479.5 8,583.2 8,750.4 8,852.2
Final sales to domestic purchasers. 6,331.7 6,681.7 7,078.9 7,451.7 7,872.1 8,344.8 8,860.1 9,464.7 10,126.6 10,491.4 8,164.6 8,267.1 8,429.6 8,518.0 8,643.7 8,811.3
Gross domestic product............. 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,318.4 8,781.5 9,274.3 9,824.6 10,082.2 8,124.2 8,279.8 8,390.9 8,478.6 8,627.8 8,697.3
Plus: Income receipts
from the rest of the world........ 151.1 154.4 184.3 232.3 245.6 281.3 286.1 316.9 383.4 316.9 268.1 282.6 289.5 285.0 290.1 293.4
Less: Income payments to
the rest of the world............. 127.6 130.1 167.5 211.9 227.5 274.2 289.6 294.1 360.0 295.0 260.4 270.6 282.8 283.2 283.4 290.4
Equals: Gross national product..... 6,342.3 6,666.7 7,071.1 7,420.9 7,831.2 8,325.4 8,778.1 9,297.1 9,848.0 10,104.1 8,131.8 8,291.8 8,397.7 8,480.4 8,634.5 8,700.3
Net domestic product............... 5,531.5 5,829.5 6,179.4 6,488.8 6,857.0 7,305.0 7,709.5 8,129.1 8,595.7 8,752.9 7,134.4 7,274.5 7,369.9 7,441.3 7,579.4 7,634.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 8,816.5 8,984.5 9,092.7 9,171.7 9,316.5 9,516.4 9,649.5 9,820.7 9,874.8 9,953.6 10,028.1 10,049.9 10,097.7 10,152.9 10,313.1 10,369.9
Personal consumption expenditures.... 5,895.1 5,989.1 6,076.6 6,195.6 6,299.4 6,414.5 6,552.2 6,638.7 6,736.1 6,808.0 6,904.7 6,959.8 6,983.7 7,099.9 7,174.2 7,253.2
Durable goods...................... 691.7 725.1 728.7 749.9 765.1 779.9 808.4 799.3 810.6 797.2 816.8 820.3 824.0 882.6 859.0 857.8
Motor vehicles and parts......... 284.3 310.7 305.3 318.7 324.6 328.0 344.4 332.4 341.7 328.1 345.8 349.0 351.0 399.5 365.8 361.6
Furniture and household
equipment....................... 267.3 270.9 276.6 282.1 288.6 294.8 303.0 305.4 306.0 304.9 304.3 303.9 304.9 311.5 317.1 320.4
Other............................ 140.1 143.5 146.8 149.1 152.0 157.1 161.0 161.5 162.9 164.3 166.7 167.5 168.1 171.5 176.1 175.8
Nondurable goods................... 1,716.7 1,744.4 1,773.1 1,814.4 1,841.3 1,891.7 1,926.9 1,964.9 1,988.9 2,011.1 2,031.5 2,044.8 2,044.3 2,044.4 2,085.1 2,105.6
Food............................. 858.8 873.1 877.8 891.1 900.7 925.9 937.5 952.7 961.2 968.8 984.2 988.7 993.8 1,002.8 1,025.0 1,023.5
Clothing and shoes............... 284.3 288.5 296.4 301.6 302.1 304.1 308.7 312.1 315.1 318.7 317.9 313.6 312.1 317.4 325.8 324.1
Gasoline, fuel oil, and other
energy goods.................... 126.6 125.2 123.2 139.9 148.6 159.8 173.0 181.5 185.7 189.7 186.6 191.7 179.3 156.7 156.2 172.0
Gasoline and oil............... 113.5 112.9 110.6 126.4 134.8 145.4 156.2 164.2 167.6 169.5 167.0 175.4 163.6 142.2 142.3 158.0
Fuel oil and coal.............. 13.1 12.2 12.5 13.5 13.8 14.4 16.8 17.3 18.1 20.2 19.6 16.2 15.7 14.5 13.9 14.0
Other............................ 446.9 457.6 475.8 481.8 489.9 502.0 507.7 518.6 526.9 533.9 542.8 550.8 559.2 567.5 578.0 585.9
Services........................... 3,486.7 3,519.6 3,574.8 3,631.3 3,693.1 3,742.9 3,816.9 3,874.5 3,936.6 3,999.7 4,056.4 4,094.7 4,115.4 4,172.9 4,230.1 4,289.8
Housing.......................... 866.5 879.6 895.7 907.4 918.4 928.7 941.2 953.5 965.9 979.3 993.4 1,007.9 1,021.1 1,035.5 1,051.7 1,065.9
Household operation.............. 351.8 344.2 351.0 358.5 367.8 364.3 366.6 382.6 390.3 405.5 416.8 406.7 404.8 396.9 399.2 400.4
Electricity and gas............ 132.5 122.8 126.7 129.6 134.9 128.6 127.1 139.1 144.5 158.7 167.2 155.8 151.8 143.1 143.9 144.9
Other household operation...... 219.2 221.4 224.3 228.9 232.8 235.7 239.5 243.4 245.8 246.8 249.6 250.9 253.0 253.8 255.4 255.5
Transportation................... 248.0 250.2 254.9 258.0 261.4 263.3 264.8 267.1 268.4 271.0 273.3 273.2 270.1 269.0 273.3 274.9
Medical care..................... 903.2 910.1 919.9 929.9 943.0 956.0 965.9 982.3 1,000.1 1,019.1 1,042.6 1,064.2 1,079.0 1,103.1 1,119.0 1,138.5
Recreation....................... 222.7 226.6 230.0 235.4 240.8 244.0 249.3 253.5 257.7 261.8 268.1 271.2 271.7 276.6 279.0 284.0
Other............................ 894.6 908.8 923.3 942.1 961.7 986.5 1,029.1 1,035.6 1,054.3 1,063.1 1,062.2 1,071.4 1,068.8 1,091.8 1,107.8 1,126.1
Gross private domestic investment.... 1,538.6 1,589.3 1,618.0 1,597.8 1,637.9 1,693.2 1,711.4 1,786.3 1,766.4 1,757.4 1,671.1 1,597.2 1,574.9 1,500.7 1,559.4 1,588.8
Fixed investment................... 1,469.1 1,513.9 1,543.3 1,570.1 1,591.1 1,604.3 1,664.6 1,697.1 1,705.2 1,700.4 1,698.3 1,654.3 1,635.5 1,597.2 1,589.4 1,589.6
Nonresidential................... 1,098.6 1,131.7 1,150.0 1,167.7 1,184.5 1,191.9 1,236.6 1,268.3 1,283.4 1,274.8 1,258.3 1,210.0 1,188.1 1,149.8 1,126.8 1,118.9
Structures..................... 283.9 287.5 285.5 283.0 279.9 286.3 299.5 308.5 320.9 328.0 333.7 329.9 332.0 302.3 288.3 277.7
Nonresidential buildings,
including farm.............. 201.5 208.5 211.1 206.6 204.2 205.5 216.2 222.8 227.4 229.1 231.9 221.3 211.5 200.4 192.4 184.9
Utilities.................... 45.3 45.3 45.4 45.7 47.8 50.3 50.8 52.5 54.7 57.1 54.9 56.2 54.6 54.4 56.3 54.0
Mining exploration, shafts,
and wells................... 30.7 27.3 22.5 23.3 21.5 23.9 25.6 26.2 31.1 33.8 39.7 45.5 45.1 40.4 32.3 31.5
Other structures............. 6.4 6.4 6.5 7.5 6.4 6.6 7.0 7.0 7.7 8.0 7.1 6.9 20.7 7.2 7.3 7.2
Equipment and software......... 814.7 844.2 864.5 884.7 904.6 905.5 937.1 959.8 962.5 946.8 924.6 880.2 856.1 847.4 838.5 841.3
Information processing
equipment and software...... 362.9 374.3 385.7 403.7 410.7 409.2 433.3 449.1 453.3 451.8 433.2 407.9 390.7 385.5 388.7 397.8
Computers and peripheral
equipment................. 81.0 85.0 87.9 93.0 92.6 88.1 90.1 95.7 95.7 91.8 84.0 75.8 67.6 69.3 71.9 72.6
Software................... 142.8 147.0 153.2 161.1 165.9 169.8 174.5 178.2 182.2 182.5 183.4 180.7 178.7 178.9 177.2 181.4
Other...................... 139.2 142.3 144.5 149.6 152.2 151.3 168.6 175.2 175.4 177.5 165.8 151.5 144.5 137.3 139.6 143.7
Industrial equipment......... 145.4 147.2 145.2 149.5 153.0 153.9 159.7 163.2 168.8 167.9 170.0 161.8 154.3 149.8 153.4 151.6
Transportation equipment..... 164.1 181.9 190.0 190.7 200.0 198.2 196.4 195.5 190.3 176.5 169.5 162.7 162.7 168.3 154.1 144.8
Other........................ 142.3 140.8 143.7 140.8 140.9 144.3 147.6 152.0 150.1 150.6 152.0 147.7 148.4 143.8 142.3 147.1
Residential...................... 370.5 382.2 393.3 402.4 406.5 412.5 428.0 428.8 421.8 425.6 440.0 444.2 447.4 447.4 462.6 470.7
Structures..................... 362.2 373.8 384.7 393.6 397.6 403.5 418.8 419.5 412.6 416.3 430.7 435.0 438.1 438.0 453.0 461.1
Single family................ 190.8 198.7 204.6 206.0 208.0 215.9 225.9 223.1 216.2 217.4 228.1 231.6 234.4 234.3 241.1 243.6
Multifamily.................. 24.3 25.2 27.1 27.1 27.9 27.7 28.7 29.1 26.9 28.3 30.0 30.4 30.5 31.8 34.2 36.4
Other........................ 147.0 149.9 153.0 160.6 161.7 159.9 164.2 167.3 169.4 170.6 172.5 173.0 173.2 171.9 177.7 181.1
Equipment...................... 8.3 8.4 8.5 8.8 9.0 9.0 9.2 9.3 9.2 9.3 9.3 9.2 9.3 9.4 9.5 9.6
Change in private inventories...... 69.5 75.4 74.7 27.7 46.8 88.9 46.8 89.2 61.1 57.1 -27.2 -57.1 -60.6 -96.5 -29.9 -.8
Farm............................. .1 3.6 7.1 .8 -9.6 -4.3 -11.9 2.3 -1.9 2.6 4.7 -3.0 1.8 3.0 5.3 1.5
Construction, mining, and
utilities....................... 4.4 6.2 3.1 -.8 -3.7 -3.1 2.1 -4.4 -.8 -10.4 7.4 12.3 6.1 4.7 1.6 -1.4
Manufacturing.................... 20.6 21.8 13.4 .9 13.4 26.9 14.1 24.0 13.3 14.9 -18.7 -41.8 -43.3 -39.6 -31.1 -14.6
Wholesale trade.................. 27.6 19.8 18.0 4.2 20.5 26.3 23.1 21.7 15.0 17.2 -4.7 -8.5 -24.0 -25.4 -19.5 -14.0
Retail trade..................... 12.9 16.3 26.9 15.6 20.8 39.1 7.6 33.0 19.2 27.9 -20.5 -17.5 -3.4 -41.5 13.8 21.8
Other industries................. 3.9 7.8 6.3 7.0 5.4 4.0 11.9 12.6 16.3 4.8 4.6 1.4 2.2 2.3 .0 5.9
Net exports of goods and services.... -165.3 -164.1 -196.4 -241.8 -274.6 -286.7 -330.6 -353.2 -384.9 -393.2 -372.7 -365.7 -312.6 -344.5 -360.1 -432.7
Exports............................ 946.7 979.7 959.2 970.2 996.8 1,031.2 1,055.9 1,098.0 1,130.9 1,119.8 1,100.0 1,059.7 1,005.8 971.1 977.5 1,011.3
Goods............................ 666.7 692.0 673.3 680.4 703.1 732.5 746.9 778.4 814.5 800.3 787.3 750.6 708.5 687.7 679.8 707.9
Foods, feeds, and beverages.... 42.9 46.8 43.8 45.8 47.9 46.4 46.6 47.8 49.5 47.6 49.9 49.3 48.8 49.7 49.7 47.6
Industrial supplies and
materials..................... 139.1 139.0 134.0 138.0 143.3 154.3 159.7 163.6 171.8 171.4 164.7 158.5 150.8 147.2 144.9 155.5
Capital goods, except
automotive.................... 296.7 307.6 302.0 301.2 315.4 326.5 328.1 356.9 376.2 366.8 362.7 330.9 304.6 288.7 284.4 291.8
Automotive vehicles, engines,
and parts..................... 67.0 74.3 73.2 74.7 75.9 77.2 82.8 80.6 80.0 78.0 73.2 77.1 77.1 74.3 73.8 81.2
Consumer goods, except
automotive.................... 81.2 80.4 78.8 79.4 81.0 84.4 87.3 88.6 92.0 89.6 92.2 91.1 85.5 84.5 82.2 83.5
Other.......................... 39.9 43.9 41.5 41.3 39.6 43.8 42.4 40.9 45.0 47.0 44.6 43.8 41.6 43.3 44.8 48.2
Services......................... 280.0 287.7 285.9 289.8 293.7 298.7 308.9 319.6 316.4 319.5 312.7 309.1 297.3 283.4 297.7 303.4
Imports............................ 1,112.0 1,143.8 1,155.6 1,212.0 1,271.4 1,317.9 1,386.5 1,451.1 1,515.8 1,513.0 1,472.8 1,425.3 1,318.4 1,315.6 1,337.5 1,444.1
Goods............................ 923.2 952.8 969.5 1,021.0 1,074.3 1,116.5 1,172.4 1,231.6 1,285.7 1,282.6 1,240.1 1,189.9 1,140.6 1,098.3 1,102.3 1,204.1
Foods, feeds, and beverages.... 41.0 41.4 42.3 43.9 43.7 44.5 45.0 46.0 46.6 46.2 45.9 45.9 47.7 47.1 47.5 49.8
Industrial supplies and
materials, except petroleum
and products.................. 142.3 141.2 138.6 143.2 150.5 159.1 164.4 170.1 177.0 179.7 185.6 167.9 156.7 149.0 149.5 158.6
Petroleum and products......... 49.4 45.8 42.1 63.7 79.6 85.7 107.8 117.9 127.9 127.1 116.7 114.2 102.5 81.0 76.7 107.2
Capital goods, except
automotive.................... 267.0 273.5 278.9 291.6 300.8 311.5 320.8 347.4 361.6 358.4 338.5 301.5 279.7 272.3 277.4 290.1
Automotive vehicles, engines,
and parts..................... 142.8 161.9 170.3 175.2 183.5 186.9 197.0 196.1 198.1 192.3 188.3 191.5 191.8 187.5 190.4 208.0
Consumer goods, except
automotive.................... 219.4 220.9 230.1 234.6 246.6 257.0 265.6 280.3 287.4 294.7 290.2 287.3 281.9 278.6 285.4 307.2
Other.......................... 61.4 68.0 67.2 68.8 69.6 71.8 71.8 73.8 87.0 84.2 75.0 81.7 80.3 82.8 75.4 83.1
Services......................... 188.9 191.0 186.1 190.9 197.1 201.4 214.1 219.5 230.1 230.4 232.7 235.5 177.8 217.3 235.2 240.0
Government consumption expenditures
and gross investment................ 1,548.1 1,570.3 1,594.6 1,620.1 1,653.9 1,695.4 1,716.5 1,748.8 1,757.2 1,781.4 1,825.0 1,858.5 1,851.7 1,896.8 1,939.5 1,960.6
Federal............................ 539.5 548.4 550.0 556.1 569.0 584.9 575.7 598.5 589.7 592.9 613.3 624.8 627.4 646.9 672.0 687.3
National defense................. 354.7 354.7 354.0 355.1 368.7 379.5 365.5 379.1 375.0 380.0 391.4 395.2 400.3 412.8 431.7 441.9
Consumption expenditures....... 301.4 305.0 306.9 303.0 313.4 324.8 311.9 325.8 321.3 326.5 338.4 340.0 343.4 356.0 372.1 382.4
Gross investment............... 53.3 49.7 47.1 52.1 55.4 54.7 53.6 53.3 53.7 53.5 52.9 55.2 56.9 56.8 59.7 59.5
Nondefense....................... 184.8 193.7 196.0 201.0 200.3 205.5 210.2 219.4 214.7 213.0 221.9 229.6 227.2 234.1 240.3 245.4
Consumption expenditures....... 148.5 156.7 158.6 158.6 160.0 161.3 168.1 175.5 172.8 171.3 178.8 184.9 184.5 187.5 194.2 197.9
Gross investment............... 36.3 36.9 37.4 42.4 40.3 44.2 42.1 43.9 41.9 41.7 43.1 44.6 42.6 46.6 46.1 47.5
State and local.................... 1,008.6 1,021.9 1,044.5 1,064.0 1,084.8 1,110.5 1,140.8 1,150.3 1,167.4 1,188.5 1,211.7 1,233.7 1,224.3 1,249.8 1,267.5 1,273.3
Consumption expenditures....... 814.1 823.6 836.3 855.6 874.4 892.3 914.0 930.0 945.4 962.2 976.2 990.6 1,000.1 1,008.2 1,017.7 1,030.5
Gross investment............... 194.5 198.3 208.2 208.4 210.4 218.2 226.8 220.3 222.1 226.3 235.6 243.2 224.2 241.7 249.7 242.7
Addenda:
Final sales of domestic product.... 8,747.0 8,909.1 9,018.0 9,144.0 9,269.7 9,427.5 9,602.6 9,731.5 9,813.6 9,896.6 10,055.3 10,107.0 10,158.3 10,249.4 10,343.0 10,370.8
Gross domestic purchases........... 8,981.8 9,148.6 9,289.1 9,413.5 9,591.2 9,803.1 9,980.1 10,173.9 10,259.7 10,346.8 10,400.8 10,415.5 10,410.4 10,497.4 10,673.1 10,802.7
Final sales to domestic purchasers. 8,912.3 9,073.2 9,214.4 9,385.8 9,544.4 9,714.2 9,933.3 10,084.7 10,198.5 10,289.8 10,428.0 10,472.6 10,470.9 10,593.9 10,703.1 10,803.5
Gross domestic product............. 8,816.5 8,984.5 9,092.7 9,171.7 9,316.5 9,516.4 9,649.5 9,820.7 9,874.8 9,953.6 10,028.1 10,049.9 10,097.7 10,152.9 10,313.1 10,369.9
Plus: Income receipts
from the rest of the world........ 278.3 282.7 291.4 305.3 324.7 345.9 365.2 390.5 383.5 394.4 364.2 332.5 302.0 269.0 264.7 .....
Less: Income payments to
the rest of the world............. 292.7 291.8 271.4 281.1 307.6 316.3 344.2 364.7 365.8 365.2 354.3 301.4 290.5 233.7 262.8 .....
Equals: Gross national product..... 8,802.1 8,975.4 9,112.7 9,195.9 9,333.6 9,546.0 9,670.5 9,846.4 9,892.5 9,982.8 10,038.0 10,081.0 10,109.3 10,188.1 10,314.9 .....
Net domestic product............... 7,736.7 7,887.1 7,978.9 8,040.5 8,152.4 8,344.8 8,454.8 8,602.5 8,634.0 8,691.7 8,746.4 8,734.8 8,716.0 8,814.3 8,949.6 8,981.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 I 97 II 97 III 97 IV 97 I 98 II 98
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,159.5 8,508.9 8,859.0 9,191.4 9,214.5 8,016.4 8,131.9 8,216.6 8,272.9 8,396.3 8,442.9
Personal consumption expenditures.... 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,423.9 5,683.7 5,964.5 6,223.9 6,377.2 5,350.7 5,375.7 5,462.1 5,507.1 5,576.3 5,660.2
Durable goods...................... 479.0 518.3 557.7 583.5 616.5 657.3 726.7 812.5 878.9 931.9 641.5 636.5 670.5 680.9 692.5 719.7
Motor vehicles and parts......... 225.7 242.2 255.1 253.4 256.3 264.8 292.0 322.1 338.4 361.9 262.9 250.8 271.8 273.7 274.7 292.7
Furniture and household
equipment....................... 161.5 177.4 196.3 215.4 236.9 261.9 293.3 335.1 374.0 398.0 250.5 257.6 266.5 273.2 281.3 286.9
Other............................ 94.1 100.7 107.6 115.0 123.3 130.8 141.8 156.5 169.6 175.3 128.1 128.5 132.3 134.3 137.0 140.2
Nondurable goods................... 1,389.7 1,430.3 1,485.1 1,529.0 1,574.1 1,619.9 1,686.4 1,765.1 1,833.8 1,869.8 1,605.6 1,608.2 1,631.7 1,634.1 1,656.3 1,680.5
Food............................. 725.6 745.1 764.9 777.0 786.0 794.5 819.4 846.8 879.0 887.0 794.0 792.8 797.8 793.2 804.0 816.8
Clothing and shoes............... 208.8 218.5 231.6 244.3 258.6 271.6 290.4 312.1 329.4 337.7 267.1 265.2 275.0 279.1 286.1 290.6
Gasoline, fuel oil, and other
energy goods.................... 125.7 129.4 132.4 135.9 139.7 143.1 146.1 151.1 149.7 151.2 140.7 143.5 144.2 143.9 143.8 146.0
Gasoline and oil............... 112.5 115.4 117.4 120.2 124.2 128.1 131.8 136.4 135.7 138.8 126.6 128.3 128.7 128.9 129.5 131.2
Fuel oil and coal.............. 13.2 14.0 15.0 15.7 15.6 15.0 14.3 14.7 14.0 12.6 14.2 15.2 15.4 15.1 14.3 14.8
Other............................ 331.2 338.5 356.8 372.0 389.8 410.8 430.8 455.7 477.0 495.5 403.7 406.7 414.8 418.1 422.6 427.4
Services........................... 2,729.7 2,802.5 2,886.2 2,963.4 3,047.0 3,147.0 3,273.4 3,395.4 3,524.5 3,594.9 3,103.7 3,130.6 3,160.6 3,193.0 3,228.4 3,262.3
Housing.......................... 719.3 728.1 749.1 763.7 772.6 787.2 808.7 835.0 851.3 866.0 781.1 784.7 789.1 793.9 800.0 805.8
Household operation.............. 267.6 282.3 293.0 304.0 317.3 327.4 343.5 358.7 377.8 382.6 319.6 324.1 327.7 338.4 336.5 345.0
Electricity and gas............ 115.7 122.2 122.8 125.3 128.7 127.5 130.9 132.3 137.0 134.5 124.6 126.8 125.9 132.9 128.1 134.5
Other household operation...... 151.8 160.0 170.2 178.7 188.5 199.9 212.6 226.2 240.5 248.2 195.0 197.3 201.9 205.5 208.5 210.6
Transportation................... 171.1 176.6 189.0 201.0 214.2 226.4 234.7 246.2 253.0 251.1 223.6 225.3 227.8 228.8 230.4 234.2
Medical care..................... 765.4 775.4 783.1 797.7 814.4 835.4 857.7 875.6 900.1 938.3 825.9 832.5 839.3 844.0 853.6 855.9
Recreation....................... 154.5 163.0 169.3 181.7 191.1 200.0 209.0 218.4 226.5 233.2 198.1 199.9 200.0 202.0 206.1 206.9
Other............................ 653.0 677.6 702.9 715.3 737.5 770.4 819.3 860.9 915.1 922.7 755.3 764.0 776.5 785.9 801.5 814.2
Gross private domestic investment.... 899.8 977.9 1,107.0 1,140.6 1,242.7 1,393.3 1,558.0 1,660.5 1,762.9 1,574.6 1,325.4 1,400.6 1,408.6 1,438.5 1,543.3 1,516.8
Fixed investment................... 886.5 958.4 1,045.9 1,109.2 1,212.7 1,328.6 1,480.0 1,595.2 1,691.9 1,627.4 1,275.4 1,311.1 1,356.7 1,371.3 1,431.4 1,471.4
Nonresidential................... 630.6 683.6 744.6 817.5 899.4 1,009.3 1,135.9 1,228.4 1,324.2 1,255.1 960.8 992.7 1,037.0 1,047.0 1,099.5 1,132.3
Structures..................... 197.3 198.9 200.5 210.1 225.0 245.4 262.2 258.6 275.5 270.9 241.1 239.3 248.5 252.7 255.7 264.8
Nonresidential buildings,
including farm.............. 129.2 131.7 137.2 147.6 161.7 177.0 188.3 185.5 192.3 178.7 175.4 172.8 180.9 178.8 184.1 189.6
Utilities.................... 41.8 38.4 36.1 36.8 36.0 35.3 42.7 45.7 50.4 50.3 34.4 34.4 35.5 36.7 40.6 43.0
Mining exploration, shafts,
and wells................... 17.2 20.5 19.8 18.2 21.1 26.2 25.1 21.6 27.0 34.0 25.5 26.1 25.7 27.4 24.9 26.0
Other structures............. 9.2 8.5 7.6 7.5 6.2 6.8 6.2 6.4 6.8 9.3 5.6 5.7 6.2 9.5 6.3 6.5
Equipment and software......... 437.5 487.1 544.9 607.6 674.4 764.2 875.4 975.9 1,056.0 988.2 719.6 753.7 788.9 794.5 845.0 868.6
Information processing
equipment and software...... 163.0 183.4 206.6 242.8 287.3 349.8 429.3 508.1 583.3 548.5 320.9 339.4 363.7 375.2 404.5 422.5
Computers and peripheral
equipment................. 20.8 26.4 32.6 49.2 70.9 102.9 147.7 207.4 246.4 239.9 87.2 98.1 110.5 115.8 132.7 142.4
Software................... 58.7 66.8 74.3 82.0 95.1 119.0 147.1 169.3 184.4 182.0 107.7 115.3 123.0 130.1 138.8 144.6
Other...................... 91.5 96.4 104.9 113.1 121.3 129.8 143.5 157.5 187.4 163.9 126.5 127.4 132.8 132.5 138.9 143.0
Industrial equipment......... 100.8 109.6 119.6 131.3 136.4 140.0 145.6 147.5 160.8 153.8 134.9 140.2 141.8 143.2 148.7 145.6
Transportation equipment..... 92.3 103.4 120.4 128.2 138.9 150.5 168.2 193.2 186.6 163.6 144.5 150.8 156.2 150.3 161.2 166.4
Other........................ 84.1 93.3 100.6 106.2 111.8 124.7 136.5 137.7 144.5 140.7 119.5 123.7 128.0 127.5 133.1 137.7
Residential...................... 257.2 276.0 302.7 291.7 313.3 319.7 345.1 368.3 372.4 373.5 314.7 318.7 320.3 324.9 333.0 340.5
Structures..................... 251.0 269.4 295.8 284.4 305.6 311.8 336.8 359.4 363.0 364.0 307.0 310.8 312.4 316.9 325.0 332.2
Single family................ 135.7 148.0 163.2 147.7 159.1 158.6 175.9 189.0 191.0 192.6 157.2 158.7 158.2 160.2 165.6 172.5
Multifamily.................. 14.2 11.5 14.8 18.4 20.3 21.9 21.7 23.4 23.0 24.4 21.4 22.2 21.3 22.7 22.6 21.2
Other........................ 100.9 109.9 117.7 118.3 126.2 131.3 139.3 147.0 149.1 146.9 128.3 130.0 132.9 134.0 136.6 138.6
Equipment...................... 6.1 6.5 6.9 7.4 7.7 7.9 8.3 9.0 9.4 9.5 7.8 7.8 7.9 8.0 8.1 8.3
Change in private inventories...... 17.1 20.0 66.8 30.4 30.0 63.8 76.7 62.8 65.0 -61.4 49.3 88.3 51.3 66.1 113.1 42.0
Farm............................. 6.1 -7.9 13.0 -12.3 7.9 3.2 1.6 -2.0 -2.5 2.0 -1.1 .3 8.7 4.8 6.4 -5.5
Construction, mining, and
utilities....................... ..... ..... ..... ..... ..... 2.8 5.5 -1.0 -2.6 6.4 4.6 3.4 2.5 .5 4.9 6.0
Manufacturing.................... ..... ..... ..... ..... ..... 14.8 27.2 14.4 17.5 -36.2 16.9 22.5 9.1 10.6 37.9 26.9
Wholesale trade.................. ..... ..... ..... ..... ..... 23.8 24.0 19.0 19.9 -16.5 22.4 35.5 12.9 24.3 33.9 11.6
Retail trade..................... ..... ..... ..... ..... ..... 12.0 14.5 25.6 21.6 -20.3 -3.8 19.7 13.7 18.4 28.5 .1
Other industries................. ..... ..... ..... ..... ..... 6.8 4.2 5.8 11.2 2.6 10.1 6.3 4.2 6.6 1.5 3.2
Net exports of goods and services.... -19.8 -59.1 -86.5 -78.4 -89.0 -113.3 -221.1 -320.5 -398.8 -415.9 -94.0 -100.6 -119.6 -139.2 -180.8 -223.1
Exports............................ 651.0 672.7 732.8 808.2 874.2 981.5 1,002.4 1,036.3 1,137.2 1,076.1 940.3 979.2 1,004.2 1,002.1 1,003.4 993.1
Goods............................ 449.8 463.4 508.2 568.8 618.4 708.1 722.9 750.0 834.7 785.2 672.8 705.8 726.8 727.1 726.7 710.6
Foods, feeds, and beverages.... 51.2 51.0 50.9 56.4 55.5 55.6 55.1 57.2 60.5 62.3 54.8 54.2 55.0 58.4 57.8 54.3
Industrial supplies and
materials..................... 121.6 118.3 125.1 134.7 141.1 153.2 151.6 153.3 168.7 162.2 147.3 153.9 156.4 155.1 154.7 150.8
Capital goods, except
automotive.................... 149.4 158.9 183.5 218.6 253.3 311.1 324.3 342.1 394.7 355.8 288.8 309.7 324.4 321.5 323.3 315.5
Automotive vehicles, engines,
and parts..................... 49.0 54.3 59.1 62.5 65.0 73.4 71.7 74.1 78.5 73.4 69.9 72.6 75.9 75.3 76.0 71.0
Consumer goods, except
automotive.................... 53.6 56.3 61.6 65.3 70.1 76.8 79.7 80.6 88.7 87.9 75.0 77.5 77.3 77.5 78.1 80.1
Other.......................... 31.5 29.2 30.3 32.0 33.5 38.1 40.9 43.3 44.8 44.5 36.9 37.9 38.0 39.8 37.3 39.1
Services......................... 201.7 209.9 225.1 239.5 255.8 273.6 279.8 286.8 304.1 292.0 267.6 273.7 277.7 275.4 277.0 282.4
Imports............................ 670.8 731.8 819.4 886.6 963.1 1,094.8 1,223.5 1,356.8 1,536.0 1,492.0 1,034.3 1,079.8 1,123.8 1,141.2 1,184.2 1,216.2
Goods............................ 543.7 598.4 677.9 739.1 808.3 923.1 1,031.4 1,157.5 1,313.7 1,270.5 869.6 913.0 948.0 961.9 995.9 1,024.9
Foods, feeds, and beverages.... 30.6 31.0 31.8 32.5 35.7 39.3 42.2 46.1 49.4 51.7 37.4 38.7 40.8 40.4 41.8 42.0
Industrial supplies and
materials, except petroleum
and products.................. 90.2 98.2 112.6 118.3 125.2 135.5 150.1 156.5 167.1 160.9 130.2 134.7 137.6 139.6 146.2 150.9
Petroleum and products......... 58.6 64.6 68.6 67.6 72.7 76.1 81.0 81.4 86.2 89.2 71.8 77.7 78.7 76.1 76.8 83.9
Capital goods, except
automotive.................... 110.2 128.3 157.6 194.0 228.1 286.0 328.1 376.4 452.2 400.0 260.9 280.4 297.0 305.8 319.1 326.0
Automotive vehicles, engines,
and parts..................... 99.7 109.5 122.5 124.6 128.9 139.5 148.2 177.1 192.5 186.7 139.0 138.8 141.2 139.2 143.5 145.1
Consumer goods, except
automotive.................... 126.8 137.5 148.9 160.6 172.1 196.3 222.8 250.1 293.9 298.9 184.4 193.7 199.7 207.3 215.2 222.8
Other.......................... 37.4 38.1 42.2 43.2 45.6 51.5 60.7 69.9 78.8 79.8 46.6 50.3 54.2 54.8 55.0 57.4
Services......................... 128.0 134.0 141.9 147.7 154.8 171.7 192.2 200.3 223.6 222.4 164.7 166.9 175.9 179.4 188.2 191.3
Government consumption expenditures
and gross investment................ 1,410.0 1,398.8 1,400.1 1,406.4 1,421.9 1,455.4 1,483.3 1,540.6 1,582.5 1,640.4 1,434.6 1,457.0 1,464.8 1,465.3 1,456.1 1,482.6
Federal............................ 595.1 572.0 551.3 536.5 531.6 529.6 525.4 537.7 544.4 570.6 521.7 534.8 533.4 528.4 515.0 530.1
National defense................. 417.1 394.7 375.9 361.9 357.0 347.7 341.6 348.8 348.7 366.0 341.6 350.3 350.4 348.5 332.0 342.0
Consumption expenditures....... 350.6 336.1 320.5 308.7 302.4 298.5 290.6 295.3 294.1 308.9 295.7 302.6 298.9 296.8 283.9 292.7
Gross investment............... 66.4 58.6 55.4 53.2 54.6 49.1 51.0 53.7 54.8 57.3 45.8 47.5 51.5 51.7 48.0 49.3
Nondefense....................... 177.9 177.3 175.5 174.6 174.6 181.8 183.8 188.8 195.6 204.4 180.1 184.5 182.9 179.8 183.0 188.0
Consumption expenditures....... 150.0 147.8 148.0 145.7 142.9 148.6 146.5 147.6 153.7 161.1 147.3 149.3 149.3 148.4 147.3 149.0
Gross investment............... 28.0 29.5 27.6 29.0 31.7 33.3 37.5 41.6 42.3 43.6 32.8 35.2 33.7 31.3 35.8 39.3
State and local.................... 815.3 827.0 848.9 869.9 890.4 925.8 957.7 1,002.4 1,037.4 1,069.4 912.8 922.2 931.4 936.8 940.8 952.4
Consumption expenditures....... 667.8 680.4 697.5 711.3 726.5 745.7 771.9 801.2 831.1 856.8 736.6 742.2 748.7 755.2 761.7 768.9
Gross investment............... 147.4 146.6 151.4 158.6 163.8 180.2 185.8 201.4 206.5 212.8 176.3 180.0 182.8 181.6 179.1 183.4
Residual............................. -29.7 -18.7 -15.8 -1.9 -.3 -1.4 -12.0 -37.4 -52.2 -42.9 .9 .3 -2.7 -3.0 -10.9 -3.9
Addenda:
Final sales of domestic product.... 6,867.7 7,043.8 7,285.8 7,512.2 7,783.2 8,095.2 8,431.8 8,793.9 9,121.1 9,258.4 7,966.4 8,043.2 8,164.9 8,206.3 8,286.6 8,397.2
Gross domestic purchases........... 6,896.4 7,120.6 7,434.2 7,621.8 7,902.1 8,271.7 8,721.3 9,160.2 9,561.2 9,600.7 8,110.6 8,232.3 8,334.5 8,409.4 8,571.6 8,657.0
Final sales to domestic purchasers. 6,884.1 7,101.8 7,372.2 7,590.3 7,872.1 8,207.3 8,644.0 9,095.1 9,490.7 9,644.9 8,060.6 8,143.4 8,282.8 8,342.7 8,461.5 8,611.4
Gross domestic product............. 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,159.5 8,508.9 8,859.0 9,191.4 9,214.5 8,016.4 8,131.9 8,216.6 8,272.9 8,396.3 8,442.9
Plus: Income receipts
from the rest of the world........ 165.1 164.6 191.9 236.5 245.6 276.8 279.3 304.4 359.0 292.0 264.8 278.5 284.5 279.2 284.2 286.9
Less: Income payments to
the rest of the world............. 139.1 139.2 175.2 216.2 227.5 268.0 279.8 279.6 333.6 269.2 256.1 264.8 275.9 275.1 275.1 281.0
Equals: Gross national product..... 6,905.8 7,087.8 7,364.3 7,564.0 7,831.2 8,168.1 8,508.4 8,883.7 9,216.2 9,237.3 8,025.1 8,145.6 8,225.1 8,276.9 8,405.4 8,448.7
Net domestic product............... 6,054.7 6,223.7 6,457.4 6,631.7 6,857.0 7,147.9 7,428.8 7,705.0 7,969.7 7,905.4 7,027.6 7,128.6 7,197.8 7,237.9 7,343.9 7,372.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 8,528.5 8,667.9 8,733.2 8,775.5 8,886.9 9,040.1 9,097.4 9,205.7 9,218.7 9,243.8 9,229.9 9,193.1 9,186.4 9,248.8 9,363.2 9,387.9
Personal consumption expenditures.... 5,713.7 5,784.7 5,851.4 5,932.8 6,000.1 6,073.6 6,151.9 6,198.2 6,256.8 6,288.8 6,326.0 6,348.0 6,370.9 6,464.0 6,513.8 6,544.2
Durable goods...................... 727.1 767.3 777.6 804.2 824.1 844.2 879.5 871.3 888.5 876.5 900.6 912.4 922.6 992.0 975.9 981.7
Motor vehicles and parts......... 287.2 313.2 309.0 322.9 326.9 329.5 347.3 333.8 343.6 329.1 345.1 349.5 352.8 400.4 370.0 368.6
Furniture and household
equipment....................... 297.9 307.2 317.8 328.6 340.8 353.1 366.0 372.2 377.1 380.6 386.0 392.8 399.5 413.6 428.2 436.9
Other............................ 142.8 147.0 151.6 153.4 157.7 163.5 167.8 168.6 170.7 171.3 173.1 174.2 175.0 178.9 184.2 184.2
Nondurable goods................... 1,693.6 1,715.3 1,736.1 1,756.7 1,767.7 1,799.9 1,809.7 1,831.6 1,840.9 1,853.1 1,863.7 1,862.3 1,868.3 1,885.0 1,921.4 1,918.6
Food............................. 824.0 832.8 831.9 842.2 847.3 866.0 870.8 880.5 880.7 883.9 889.1 887.4 884.3 887.1 901.4 898.9
Clothing and shoes............... 289.3 295.8 307.9 311.6 314.1 314.7 322.3 327.9 332.3 335.1 334.3 334.7 337.1 344.8 355.8 355.2
Gasoline, fuel oil, and other
energy goods.................... 147.3 147.2 148.8 152.0 150.7 152.7 147.7 150.1 150.1 150.8 151.3 148.3 151.9 153.4 157.2 154.0
Gasoline and oil............... 133.0 133.4 134.3 136.8 136.1 138.6 134.4 135.9 136.1 136.3 137.6 136.2 139.9 141.4 145.1 142.2
Fuel oil and coal.............. 14.3 13.9 14.6 15.2 14.7 14.1 13.3 14.2 14.0 14.5 13.9 12.3 12.2 12.2 12.4 12.1
Other............................ 433.3 439.7 448.1 451.7 456.3 466.6 469.8 474.1 479.2 484.7 490.0 493.5 496.5 502.0 510.1 513.4
Services........................... 3,295.2 3,307.6 3,343.6 3,379.7 3,417.4 3,440.7 3,477.7 3,508.2 3,541.7 3,570.6 3,576.3 3,589.3 3,597.5 3,616.6 3,642.2 3,669.2
Housing.......................... 811.7 817.1 827.6 833.0 837.7 841.6 844.7 849.5 853.4 857.5 862.0 865.1 867.1 869.6 874.0 878.4
Household operation.............. 350.0 342.7 349.6 357.8 366.9 360.7 362.7 377.2 380.8 390.5 389.4 381.5 381.9 377.7 381.3 382.4
Electricity and gas............ 135.3 125.9 129.9 132.7 137.2 129.5 127.8 137.2 137.5 145.7 142.5 133.0 132.4 130.2 133.5 133.6
Other household operation...... 214.8 216.6 219.5 224.9 229.5 230.9 234.8 239.9 243.2 244.3 246.4 248.9 249.9 247.8 248.0 248.9
Transportation................... 236.1 238.2 242.3 244.5 248.0 250.0 251.7 253.0 253.2 254.2 253.3 252.5 250.0 248.6 250.9 250.1
Medical care..................... 859.0 862.4 867.3 872.1 878.6 884.4 888.5 896.2 903.2 912.5 921.4 932.7 944.3 954.9 963.4 974.4
Recreation....................... 210.1 212.7 214.2 217.1 220.6 221.7 223.8 225.9 227.1 229.3 232.9 233.1 232.1 234.8 235.6 237.2
Other............................ 828.0 833.7 841.9 854.7 865.6 881.3 904.6 905.9 923.3 926.4 917.1 923.5 921.0 929.2 935.3 944.9
Gross private domestic investment.... 1,559.7 1,612.1 1,640.3 1,620.5 1,663.4 1,717.8 1,727.8 1,798.1 1,770.3 1,755.2 1,661.8 1,583.5 1,562.7 1,490.3 1,554.0 1,584.7
Fixed investment................... 1,485.4 1,531.7 1,560.5 1,587.6 1,610.6 1,622.2 1,673.6 1,700.9 1,701.7 1,691.3 1,682.1 1,633.5 1,615.7 1,578.4 1,576.4 1,577.5
Nonresidential................... 1,136.6 1,175.4 1,197.5 1,220.4 1,243.3 1,252.4 1,297.1 1,329.1 1,340.7 1,329.9 1,311.4 1,261.0 1,241.7 1,206.4 1,188.4 1,183.6
Structures..................... 263.0 265.1 262.4 258.9 254.7 258.5 267.0 272.3 280.2 282.7 280.4 274.4 276.3 252.7 243.2 234.2
Nonresidential buildings,
including farm.............. 187.5 191.9 192.1 186.0 182.3 181.7 188.4 192.4 194.5 193.9 193.8 183.2 174.2 163.5 157.1 150.5
Utilities.................... 43.7 43.7 44.1 44.3 46.2 48.3 48.3 49.3 51.1 52.9 50.6 51.5 49.7 49.3 50.8 48.4
Mining exploration, shafts,
and wells................... 25.9 23.7 20.4 21.9 20.8 23.1 24.5 25.0 28.6 30.1 30.9 34.6 35.9 34.8 30.2 30.4
Other structures............. 6.1 6.1 6.2 7.1 6.0 6.2 6.5 6.4 7.1 7.1 6.3 6.1 18.3 6.3 6.3 6.2
Equipment and software......... 875.1 912.9 939.1 967.1 996.1 1,001.2 1,038.0 1,065.3 1,067.7 1,053.1 1,036.1 989.9 966.4 960.3 953.7 960.6
Information processing
equipment and software...... 433.7 456.4 477.3 506.8 522.2 526.1 561.3 585.5 591.9 594.3 578.9 549.8 533.4 531.8 540.4 556.2
Computers and peripheral
equipment................. 147.7 167.7 186.1 209.2 218.8 215.3 226.7 249.2 255.9 253.9 253.0 239.0 224.5 243.3 262.1 270.1
Software................... 150.0 155.0 160.2 167.8 172.5 176.8 181.8 184.3 185.8 185.6 185.5 181.7 180.5 180.6 179.0 183.6
Other...................... 144.4 147.9 151.1 157.1 160.7 161.2 180.2 188.2 189.1 192.2 180.2 165.7 158.6 151.2 154.1 159.0
Industrial equipment......... 143.3 144.8 142.5 146.9 150.1 150.5 156.0 159.3 164.5 163.4 164.8 156.4 149.2 144.7 148.3 146.8
Transportation equipment..... 164.2 181.0 188.1 188.6 199.1 196.8 193.9 192.5 186.9 173.0 167.6 161.6 160.0 165.4 151.5 143.0
Other........................ 138.7 136.7 138.9 136.0 136.3 139.5 142.6 146.5 144.4 144.6 145.1 140.6 141.0 136.2 134.6 139.2
Residential...................... 349.5 357.4 364.1 368.4 369.2 371.7 379.1 376.2 367.2 367.2 374.5 374.0 374.3 371.0 383.6 388.2
Structures..................... 341.2 349.0 355.4 359.5 360.1 362.5 369.7 366.8 357.8 357.8 365.1 364.6 365.0 361.5 373.9 378.5
Single family................ 180.2 185.5 188.4 187.3 187.4 192.8 198.0 193.8 186.5 185.8 192.0 193.1 194.1 191.3 197.2 198.4
Multifamily.................. 21.2 21.6 23.2 23.1 23.7 23.4 23.6 23.7 21.8 22.8 24.1 24.3 24.3 25.1 27.0 28.6
Other........................ 140.0 142.0 143.7 149.2 149.0 146.3 148.1 149.3 149.7 149.3 148.9 147.2 146.5 145.1 149.6 151.3
Equipment...................... 8.3 8.4 8.7 9.0 9.2 9.2 9.4 9.4 9.4 9.5 9.5 9.4 9.4 9.6 9.7 9.8
Change in private inventories...... 71.8 80.0 80.0 31.2 47.6 92.2 45.3 91.5 63.1 59.9 -26.9 -58.3 -61.8 -98.4 -28.9 1.0
Farm............................. .6 4.7 8.9 .8 -12.2 -5.4 -14.0 2.8 -1.9 3.0 5.8 -3.3 2.0 3.6 6.4 2.3
Construction, mining, and
utilities....................... 4.6 6.6 3.4 -.8 -3.6 -2.9 2.1 -4.0 -.5 -7.8 5.3 10.3 5.7 4.3 1.6 -1.2
Manufacturing.................... 21.0 22.7 14.4 1.4 14.1 27.5 14.8 25.2 13.8 16.0 -18.6 -41.7 -44.1 -40.2 -31.9 -14.5
Wholesale trade.................. 28.6 21.7 19.5 5.9 21.6 28.9 23.0 22.4 16.4 17.7 -4.5 -9.5 -25.1 -26.8 -19.8 -14.2
Retail trade..................... 13.0 16.4 27.0 15.8 20.8 38.8 7.7 32.5 18.9 27.4 -20.2 -17.2 -3.3 -40.6 13.8 21.5
Other industries................. 4.0 8.0 6.4 7.2 5.5 4.0 11.8 12.3 16.0 4.6 4.5 1.4 2.2 2.3 .0 5.9
Net exports of goods and services.... -241.2 -239.2 -283.2 -319.6 -339.6 -339.5 -368.8 -394.6 -413.1 -418.5 -404.5 -414.8 -419.0 -425.3 -446.6 -497.5
Exports............................ 987.6 1,025.6 1,007.5 1,018.1 1,044.1 1,075.6 1,095.8 1,133.9 1,165.5 1,153.7 1,135.8 1,098.8 1,048.0 1,021.8 1,030.6 1,059.5
Goods............................ 711.5 742.8 725.4 733.7 756.8 784.2 797.1 827.4 865.0 849.2 836.0 800.1 760.0 744.6 738.1 764.7
Foods, feeds, and beverages.... 51.4 56.8 53.7 56.7 59.9 58.5 58.8 59.5 63.9 60.0 62.8 62.7 60.6 63.1 63.4 60.3
Industrial supplies and
materials..................... 149.2 151.5 147.4 151.0 153.2 161.6 164.0 165.6 172.8 172.4 167.0 162.9 158.9 159.8 158.5 165.7
Capital goods, except
automotive.................... 322.6 335.6 330.2 330.3 348.0 359.7 363.0 395.4 415.3 405.1 399.7 364.8 337.7 320.9 316.0 325.3
Automotive vehicles, engines,
and parts..................... 66.5 73.4 72.3 73.7 74.8 75.7 81.1 78.8 78.1 76.1 71.4 75.0 75.0 72.3 71.7 78.8
Consumer goods, except
automotive.................... 80.7 80.0 78.5 79.2 80.7 83.9 86.6 87.8 91.2 89.0 91.8 90.9 85.2 83.9 82.3 83.8
Other.......................... 41.4 45.9 43.4 43.2 41.2 45.4 43.6 41.8 46.0 47.9 45.5 44.8 42.8 44.9 46.6 49.8
Services......................... 276.3 283.3 282.3 284.6 287.9 292.4 299.6 307.6 303.0 306.3 301.6 299.7 288.7 278.2 292.2 295.1
Imports............................ 1,228.9 1,264.8 1,290.7 1,337.7 1,383.7 1,415.2 1,464.6 1,528.5 1,578.6 1,572.2 1,540.3 1,513.6 1,467.0 1,447.2 1,477.1 1,557.1
Goods............................ 1,034.2 1,070.6 1,096.7 1,140.7 1,182.3 1,210.2 1,249.6 1,308.8 1,351.1 1,345.1 1,313.1 1,281.1 1,249.2 1,238.7 1,250.0 1,331.9
Foods, feeds, and beverages.... 42.4 42.7 44.4 46.2 46.7 47.3 47.8 49.2 50.3 50.3 49.8 50.8 53.6 52.6 53.2 54.9
Industrial supplies and
materials, except petroleum
and products.................. 151.2 152.1 149.7 154.0 158.0 164.5 166.0 166.9 169.0 166.6 166.8 159.0 159.1 158.5 160.8 164.8
Petroleum and products......... 84.1 79.2 79.9 85.3 84.1 76.5 81.4 88.6 88.1 86.7 91.3 92.9 85.9 86.7 82.3 88.8
Capital goods, except
automotive.................... 328.7 338.6 347.1 369.7 387.0 401.7 414.6 450.9 471.6 471.7 447.5 402.9 377.9 371.5 382.1 400.6
Automotive vehicles, engines,
and parts..................... 142.8 161.4 169.1 173.5 181.5 184.6 194.3 192.7 194.4 188.7 184.9 188.5 189.1 184.2 187.3 204.3
Consumer goods, except
automotive.................... 225.9 227.1 236.6 242.6 255.3 265.8 275.6 292.1 299.8 308.2 303.6 301.5 296.4 294.2 302.4 326.5
Other.......................... 62.0 68.5 67.8 69.6 70.2 72.2 71.9 73.6 86.4 83.4 73.7 81.2 80.8 83.6 76.4 83.9
Services......................... 194.6 194.6 194.7 197.9 202.6 206.1 216.0 221.0 228.9 228.6 228.8 233.5 218.6 208.9 225.5 225.6
Government consumption expenditures
and gross investment................ 1,489.9 1,504.8 1,515.9 1,526.7 1,546.5 1,573.2 1,568.3 1,586.1 1,582.2 1,593.4 1,615.7 1,638.0 1,633.3 1,674.5 1,697.3 1,704.8
Federal............................ 524.9 531.7 527.2 530.6 540.1 553.0 533.8 554.0 543.7 546.4 559.0 567.2 568.9 587.2 597.8 608.6
National defense................. 346.5 345.8 341.2 341.0 352.4 360.8 341.3 353.4 347.9 351.9 359.0 361.4 365.5 378.0 388.5 396.0
Consumption expenditures....... 291.8 294.2 292.7 287.7 295.9 305.0 286.8 299.0 293.3 297.4 304.5 304.9 307.2 319.1 326.7 334.0
Gross investment............... 54.9 51.6 48.4 53.5 56.9 56.0 54.9 54.7 55.0 54.8 54.6 56.8 58.7 59.0 62.2 62.3
Nondefense....................... 178.4 185.8 185.9 189.5 187.7 192.1 192.3 200.3 195.6 194.3 199.8 205.6 203.2 209.1 209.3 212.6
Consumption expenditures....... 141.5 148.2 148.1 147.0 147.3 148.2 150.4 156.9 154.3 153.3 157.5 162.0 161.3 163.7 164.3 166.0
Gross investment............... 37.2 37.8 38.0 43.0 40.8 44.6 42.4 43.9 41.6 41.3 42.6 44.0 42.1 45.9 45.4 47.1
State and local.................... 964.7 972.8 988.3 995.7 1,006.0 1,019.8 1,033.8 1,031.8 1,037.8 1,046.3 1,056.2 1,070.2 1,064.1 1,087.1 1,099.3 1,096.3
Consumption expenditures....... 775.7 781.3 788.1 796.7 805.9 814.2 822.0 828.1 834.1 840.1 843.3 851.4 861.8 870.7 875.9 879.4
Gross investment............... 189.0 191.6 200.4 199.1 200.2 205.9 212.2 203.7 203.8 206.3 213.2 219.3 202.0 216.5 223.7 216.9
Residual............................. -7.8 -24.8 -32.2 -36.6 -39.8 -39.8 -41.4 -57.4 -57.8 -52.4 -48.5 -39.6 -31.9 -53.5 -71.2 -71.3
Addenda:
Final sales of domestic product.... 8,454.9 8,588.5 8,654.3 8,741.0 8,833.6 8,946.6 9,042.9 9,111.1 9,150.4 9,179.8 9,243.8 9,234.3 9,230.5 9,324.9 9,379.4 9,377.1
Gross domestic purchases........... 8,759.7 8,896.6 9,002.1 9,076.2 9,204.9 9,357.7 9,440.8 9,571.9 9,600.9 9,631.0 9,604.6 9,577.1 9,575.8 9,645.3 9,778.2 9,844.8
Final sales to domestic purchasers. 8,686.0 8,817.1 8,923.1 9,041.7 9,151.5 9,263.9 9,386.3 9,477.0 9,532.5 9,566.8 9,618.7 9,618.7 9,620.3 9,722.3 9,794.4 9,833.9
Gross domestic product............. 8,528.5 8,667.9 8,733.2 8,775.5 8,886.9 9,040.1 9,097.4 9,205.7 9,218.7 9,243.8 9,229.9 9,193.1 9,186.4 9,248.8 9,363.2 9,387.9
Plus: Income receipts
from the rest of the world........ 271.3 274.8 282.2 294.2 311.4 329.9 344.6 366.7 358.1 366.6 336.4 306.0 278.1 247.4 242.8 .....
Less: Income payments to
the rest of the world............. 282.3 280.7 260.0 267.9 291.8 298.6 321.8 338.8 337.9 335.9 324.2 274.8 264.9 213.1 239.2 .....
Equals: Gross national product..... 8,517.6 8,662.0 8,755.5 8,801.8 8,906.4 9,071.1 9,119.7 9,233.0 9,238.2 9,274.0 9,241.7 9,224.3 9,199.8 9,283.5 9,367.5 .....
Net domestic product............... 7,439.3 7,559.3 7,607.8 7,633.7 7,716.2 7,862.7 7,902.1 7,992.3 7,988.1 7,996.3 7,967.1 7,902.6 7,825.3 7,926.7 8,017.7 8,015.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.2 1.4 2.1 2.4 1.1 1.8 1.5 1.2 1.7 3.1 2.3 1.6 2.1 3.7 2.5 2.2 -.5 1.3 1.2
Personal consumption expenditures... 1.1 1.6 2.5 2.0 1.4 1.2 2.3 2.2 2.4 3.4 2.3 2.1 2.2 3.3 1.8 -.1 .8 1.1 2.5
Durable goods..................... -2.4 -2.5 -1.7 -1.9 -2.6 -3.3 -1.9 -1.7 -2.0 -2.0 -.8 -2.2 -1.2 -1.2 -3.4 -2.7 -1.5 -4.2 -2.9
Nondurable goods.................. .0 2.3 3.8 1.5 1.3 1.8 4.6 3.4 3.7 5.3 3.0 2.8 1.8 1.8 2.9 -1.4 -3.5 .2 4.6
Services.......................... 2.3 2.2 2.8 3.1 2.3 1.9 2.0 2.3 2.7 3.6 2.5 2.6 3.2 5.1 2.3 1.1 3.5 2.7 2.7
Gross private domestic investment... -1.0 -.2 1.0 1.2 -.3 .2 -.1 -.5 .5 2.1 1.2 1.7 1.2 2.0 1.1 -.4 -.2 -1.5 -.3
Fixed investment.................. -.9 -.2 1.1 1.2 -.3 .3 .0 -.4 .5 2.3 1.3 1.8 1.3 1.7 1.2 -.2 -.1 -1.5 -.2
Nonresidential.................. -2.1 -1.5 .1 .2 -1.6 -1.0 -1.5 -1.6 -.5 .7 .4 1.3 .5 .4 .1 -1.1 -1.6 -2.0 -1.2
Structures.................... 3.3 1.8 4.0 5.0 1.8 1.3 1.8 2.2 3.2 5.3 4.0 4.6 5.3 10.5 4.2 -.3 -1.6 -3.6 .0
Equipment and software........ -3.9 -2.5 -1.2 -1.5 -2.7 -1.7 -2.5 -2.8 -1.6 -.7 -.8 .2 -1.1 -2.9 -1.4 -1.5 -1.6 -1.5 -1.5
Residential..................... 2.8 3.8 4.4 4.1 3.5 4.1 4.5 3.3 3.2 7.0 3.9 3.1 3.7 5.6 4.5 2.5 3.7 .0 2.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.2 -.8 1.4 -.8 -1.4 -1.3 .4 .7 1.7 2.0 2.0 .8 .1 -.8 -1.7 -1.9 -3.8 -.8 2.6
Goods........................... -3.1 -1.3 1.2 -.7 -2.3 -1.4 -.3 .7 2.2 1.3 1.6 .4 .4 -.2 -1.5 -2.4 -3.7 -1.1 2.1
Services........................ .0 .4 2.1 -1.0 .8 -1.0 2.1 .8 .5 3.9 3.0 2.0 -.4 -2.3 -2.1 -.6 -4.2 .0 3.7
Imports........................... -5.4 .1 4.5 -2.9 -.2 -3.8 4.9 5.8 5.5 6.6 1.1 4.6 .9 -2.5 -5.9 -17.0 4.7 -1.6 10.1
Goods........................... -6.0 .2 4.8 -2.9 -1.1 -2.5 5.2 6.3 6.3 6.8 1.2 4.5 .8 -3.7 -6.4 -6.6 -11.1 -2.1 10.4
Services........................ -2.3 -.4 3.3 -2.9 4.5 -10.0 3.7 3.7 1.7 5.9 .7 4.8 1.1 3.8 -3.2 -57.7 167.5 1.1 8.3
Government consumption expenditures
and gross investment............... 1.5 2.7 3.9 2.4 1.7 3.3 3.6 3.2 3.1 6.4 3.0 2.9 2.7 4.2 1.8 -.3 -.3 3.6 2.6
Federal........................... 1.0 2.4 3.0 1.7 1.4 4.7 1.8 2.1 1.6 8.1 .7 1.6 .1 4.6 1.5 .5 -.4 8.4 1.9
National defense................ .8 2.2 3.0 1.6 .9 4.7 1.5 2.0 1.9 7.5 .7 2.0 .6 4.0 1.1 .6 -1.1 7.3 1.7
Nondefense...................... 1.3 2.8 3.1 1.9 2.5 4.7 2.5 2.3 .9 9.3 .6 .9 -.7 5.6 2.2 .4 .7 10.4 2.4
State and local................... 1.7 2.9 4.3 2.7 1.9 2.5 4.5 3.7 3.9 5.5 4.2 3.6 4.0 4.1 1.9 -.8 -.3 1.1 3.0
Addenda:
Final sales of domestic product... 1.3 1.5 2.1 2.4 1.1 1.8 1.6 1.3 1.7 3.1 2.4 1.7 2.1 3.6 2.5 2.2 -.5 1.3 1.2
Gross domestic purchases.......... .8 1.5 2.5 1.9 1.2 1.4 2.1 1.9 2.2 3.7 2.2 2.2 2.1 3.3 1.7 -.2 .4 1.2 2.1
Final sales to domestic
purchasers....................... .8 1.5 2.5 1.9 1.2 1.4 2.1 1.9 2.2 3.7 2.2 2.2 2.1 3.2 1.7 -.1 .5 1.1 2.2
Gross national product (GNP)...... 1.2 1.4 2.1 2.4 1.1 1.8 1.5 1.2 1.7 3.1 2.3 1.6 2.1 3.7 2.5 2.2 -.5 1.3 .....
Implicit price deflators:
GDP............................. 1.2 1.4 2.1 2.4 1.1 1.8 1.5 1.2 1.7 3.1 2.3 1.6 2.1 3.7 2.5 2.2 -.5 1.3 1.2
Gross domestic purchases........ .8 1.5 2.5 1.9 1.2 1.4 2.1 1.9 2.2 3.7 2.2 2.2 2.2 3.2 1.7 -.1 .4 1.2 2.1
GNP............................. 1.2 1.4 2.1 2.4 1.1 1.8 1.5 1.2 1.7 3.1 2.3 1.7 2.1 3.7 2.5 2.2 -.5 1.4 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02
------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 1.2 1.4 2.1 2.4 1.1 1.8 1.5 1.2 1.7 3.1 2.3 1.6 2.1 3.7 2.5 2.2 -.5 1.3
Previously published....... 1.2 1.4 2.3 2.2 1.1 1.7 1.4 1.4 1.8 3.8 2.1 1.9 1.8 3.3 2.1 2.3 -.1 1.2
Personal consumption expenditures... 1.1 1.6 2.5 2.0 1.4 1.2 2.3 2.2 2.4 3.4 2.3 2.1 2.2 3.3 1.8 -.1 .8 1.1
Previously published.............. 1.1 1.6 2.7 1.9 1.4 1.3 2.0 2.2 2.4 4.0 2.1 2.4 2.0 3.2 1.3 -.2 .8 1.0
Durable goods..................... -2.4 -2.5 -1.7 -1.9 -2.6 -3.3 -1.9 -1.7 -2.0 -2.0 -.8 -2.2 -1.2 -1.2 -3.4 -2.7 -1.5 -4.2
Previously published............ -2.4 -2.5 -1.6 -1.8 -2.6 -3.3 -2.0 -1.8 -1.8 -1.8 -.8 -2.2 -1.2 -.7 -3.5 -2.8 -1.6 -4.3
Nondurable goods.................. .0 2.3 3.8 1.5 1.3 1.8 4.6 3.4 3.7 5.3 3.0 2.8 1.8 1.8 2.9 -1.4 -3.5 .2
Previously published............ .0 2.3 3.7 1.5 1.3 1.9 4.4 3.3 3.8 5.5 2.7 2.7 2.0 1.9 2.7 -1.5 -3.2 .2
Services.......................... 2.3 2.2 2.8 3.1 2.3 1.9 2.0 2.3 2.7 3.6 2.5 2.6 3.2 5.1 2.3 1.1 3.5 2.7
Previously published............ 2.3 2.2 3.1 2.8 2.3 2.0 1.7 2.5 2.6 4.5 2.4 3.2 2.6 4.7 1.7 .9 3.4 2.6
Gross private domestic investment... -1.0 -.2 1.0 1.2 -.3 .2 -.1 -.5 .5 2.1 1.2 1.7 1.2 2.0 1.1 -.4 -.2 -1.5
Previously published.............. -1.0 -.2 1.1 .5 -.3 .2 .1 -.3 .5 2.7 .7 1.8 .7 .0 .4 .2 -.2 -1.3
Fixed investment.................. -.9 -.2 1.1 1.2 -.3 .3 .0 -.4 .5 2.3 1.3 1.8 1.3 1.7 1.2 -.2 -.1 -1.5
Previously published............ -.9 -.1 1.2 .5 -.3 .3 .1 -.2 .5 2.8 .8 1.9 .8 -.4 .6 .3 -.1 -1.2
Nonresidential.................. -2.1 -1.5 .1 .2 -1.6 -1.0 -1.5 -1.6 -.5 .7 .4 1.3 .5 .4 .1 -1.1 -1.6 -2.0
Previously published.......... -2.1 -1.4 .1 -.5 -1.6 -1.0 -1.2 -1.4 -.4 1.0 .3 1.3 .0 -1.9 -.1 -.5 -1.6 -2.1
Structures.................... 3.3 1.8 4.0 5.0 1.8 1.3 1.8 2.2 3.2 5.3 4.0 4.6 5.3 10.5 4.2 -.3 -1.6 -3.6
Previously published........ 3.3 2.5 4.1 4.5 1.8 2.8 2.5 2.9 3.7 5.8 3.1 4.7 4.7 6.2 4.7 2.7 1.0 -1.6
Equipment and software........ -3.9 -2.5 -1.2 -1.5 -2.7 -1.7 -2.5 -2.8 -1.6 -.7 -.8 .2 -1.1 -2.9 -1.4 -1.5 -1.6 -1.5
Previously published........ -3.9 -2.6 -1.1 -2.2 -2.7 -2.3 -2.4 -2.8 -1.7 -.4 -.6 .2 -1.5 -4.6 -1.9 -1.7 -2.5 -2.3
Residential..................... 2.8 3.8 4.4 4.1 3.5 4.1 4.5 3.3 3.2 7.0 3.9 3.1 3.7 5.6 4.5 2.5 3.7 .0
Previously published.......... 2.8 3.8 4.5 3.4 3.5 4.2 4.0 3.7 3.2 8.3 2.3 3.7 3.5 4.6 2.6 2.5 3.8 1.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -2.2 -.8 1.4 -.8 -1.4 -1.3 .4 .7 1.7 2.0 2.0 .8 .1 -.8 -1.7 -1.9 -3.8 -.8
Previously published............ -2.2 -.6 1.8 -.2 -1.4 -.9 .5 1.1 2.1 2.4 2.2 1.3 .5 -.1 -1.0 -1.7 -3.0 -.3
Goods........................... -3.1 -1.3 1.2 -.7 -2.3 -1.4 -.3 .7 2.2 1.3 1.6 .4 .4 -.2 -1.5 -2.4 -3.7 -1.1
Previously published.......... -3.1 -1.4 1.1 -.7 -2.3 -1.4 -.5 .7 2.3 1.2 1.4 .3 .4 -.4 -1.5 -2.2 -3.5 -1.0
Services........................ .0 .4 2.1 -1.0 .8 -1.0 2.1 .8 .5 3.9 3.0 2.0 -.4 -2.3 -2.1 -.6 -4.2 .0
Previously published.......... .0 1.2 3.4 .8 .8 .4 3.0 2.0 1.6 5.4 4.2 3.7 .9 .5 .2 -.5 -1.9 1.2
Imports........................... -5.4 .1 4.5 -2.9 -.2 -3.8 4.9 5.8 5.5 6.6 1.1 4.6 .9 -2.5 -5.9 -17.0 4.7 -1.6
Previously published............ -5.4 .6 4.3 -3.3 -.2 -2.3 5.4 6.0 5.3 6.1 .7 4.4 .4 -3.0 -6.0 -17.1 2.4 -1.3
Goods........................... -6.0 .2 4.8 -2.9 -1.1 -2.5 5.2 6.3 6.3 6.8 1.2 4.5 .8 -3.7 -6.4 -6.6 -11.1 -2.1
Previously published.......... -6.0 .2 4.8 -3.1 -1.1 -2.4 5.1 6.2 6.3 6.7 1.1 4.7 .9 -4.1 -6.4 -7.1 -11.2 -2.2
Services........................ -2.3 -.4 3.3 -2.9 4.5 -10.0 3.7 3.7 1.7 5.9 .7 4.8 1.1 3.8 -3.2 -57.7 167.5 1.1
Previously published.......... -2.3 2.7 1.7 -4.5 4.5 -1.4 7.2 4.9 .5 2.6 -1.5 2.8 -1.9 3.6 -3.6 -57.9 147.7 3.8
Government consumption expenditures
and gross investment............... 1.5 2.7 3.9 2.4 1.7 3.3 3.6 3.2 3.1 6.4 3.0 2.9 2.7 4.2 1.8 -.3 -.3 3.6
Previously published............. 1.5 2.8 3.9 2.0 1.7 3.3 3.6 3.5 3.2 6.8 2.6 2.6 1.9 3.5 1.8 .0 -.3 3.3
Federal........................... 1.0 2.4 3.0 1.7 1.4 4.7 1.8 2.1 1.6 8.1 .7 1.6 .1 4.6 1.5 .5 -.4 8.4
Previously published............ 1.0 2.4 2.9 1.6 1.4 4.9 1.6 2.0 1.7 7.7 .5 1.7 .4 4.4 1.2 .2 -.5 7.1
National defense................ .8 2.2 3.0 1.6 .9 4.7 1.5 2.0 1.9 7.5 .7 2.0 .6 4.0 1.1 .6 -1.1 7.3
Previously published.......... .8 2.3 2.8 1.6 .9 5.4 1.4 1.9 2.1 6.9 .4 2.2 1.0 3.6 1.0 .3 -.8 7.3
Nondefense...................... 1.3 2.8 3.1 1.9 2.5 4.7 2.5 2.3 .9 9.3 .6 .9 -.7 5.6 2.2 .4 .7 10.4
Previously published.......... 1.3 2.5 3.0 1.7 2.5 4.1 2.1 2.3 1.0 9.2 .6 .6 -.7 5.8 1.7 .0 .0 6.6
State and local................... 1.7 2.9 4.3 2.7 1.9 2.5 4.5 3.7 3.9 5.5 4.2 3.6 4.0 4.1 1.9 -.8 -.3 1.1
Previously published............ 1.7 2.9 4.4 2.2 1.9 2.5 4.6 4.3 4.0 6.3 3.6 3.1 2.7 3.0 2.1 -.1 -.2 1.4
Addenda:
Final sales of domestic product... 1.3 1.5 2.1 2.4 1.1 1.8 1.6 1.3 1.7 3.1 2.4 1.7 2.1 3.6 2.5 2.2 -.5 1.3
Previously published............ 1.3 1.4 2.3 2.2 1.1 1.7 1.4 1.4 1.8 3.8 2.2 1.9 1.8 3.2 2.1 2.2 -.1 1.2
Gross domestic purchases.......... .8 1.5 2.5 1.9 1.2 1.4 2.1 1.9 2.2 3.7 2.2 2.2 2.1 3.3 1.7 -.2 .4 1.2
Previously published............ .8 1.5 2.6 1.7 1.2 1.5 2.0 2.0 2.2 4.2 1.9 2.3 1.7 2.7 1.3 -.1 .5 1.1
Final sales to domestic
purchasers....................... .8 1.5 2.5 1.9 1.2 1.4 2.1 1.9 2.2 3.7 2.2 2.2 2.1 3.2 1.7 -.1 .5 1.1
Previously published........... .8 1.5 2.6 1.7 1.2 1.5 2.0 2.0 2.2 4.3 2.0 2.3 1.8 2.6 1.3 -.1 .5 1.1
Gross national product (GNP)...... 1.2 1.4 2.1 2.4 1.1 1.8 1.5 1.2 1.7 3.1 2.3 1.6 2.1 3.7 2.5 2.2 -.5 1.3
Previously published............ 1.2 1.4 2.3 2.2 1.1 1.7 1.4 1.4 1.8 3.7 2.1 1.9 1.8 3.2 2.1 2.3 -.1 1.2
Implicit price deflators:
GDP............................. 1.2 1.4 2.1 2.4 1.1 1.8 1.5 1.2 1.7 3.1 2.3 1.6 2.1 3.7 2.5 2.2 -.5 1.3
Previously published.......... 1.2 1.4 2.3 2.2 1.1 1.8 1.3 1.4 1.6 3.9 2.2 1.9 1.8 3.3 2.1 2.2 -.1 1.3
Gross domestic purchases........ .8 1.5 2.5 1.9 1.2 1.4 2.1 1.9 2.2 3.7 2.2 2.2 2.2 3.2 1.7 -.1 .4 1.2
Previously published.......... .8 1.5 2.6 1.7 1.2 1.5 1.9 2.0 2.1 4.3 2.0 2.4 1.7 2.7 1.3 -.1 .5 1.1
GNP............................. 1.2 1.4 2.1 2.4 1.1 1.8 1.5 1.2 1.7 3.1 2.3 1.7 2.1 3.7 2.5 2.2 -.5 1.4
Previously published.......... 1.2 1.4 2.3 2.2 1.1 1.8 1.3 1.4 1.6 3.8 2.2 1.9 1.8 3.2 2.1 2.2 -.2 1.2
------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product:
Chain-type quantity index........ 108.91 113.39 117.64 117.94 110.94 111.78 112.32 113.74 115.70 116.44 117.82 117.99 118.31 118.13 117.66 117.58 118.37 119.84 120.16
Chain-type price index........... 103.20 104.69 106.89 109.42 103.66 104.12 104.52 104.84 105.28 106.08 106.69 107.13 107.68 108.66 109.32 109.92 109.78 110.14 110.46
Implicit price deflator.......... 103.20 104.69 106.89 109.42 103.65 104.12 104.51 104.83 105.27 106.07 106.68 107.12 107.68 108.65 109.32 109.92 109.78 110.14 110.46
Personal consumption expenditures:
Chain-type quantity index................ 108.52 113.88 118.83 121.76 110.45 111.72 113.28 114.56 115.96 117.46 118.34 119.46 120.07 120.78 121.20 121.64 123.42 124.37 124.95
Chain-type price index................... 103.03 104.73 107.39 109.56 103.54 103.86 104.44 105.00 105.62 106.52 107.11 107.67 108.26 109.15 109.64 109.62 109.84 110.14 110.84
Durable goods:
Chain-type quantity index.............. 117.87 131.80 142.58 151.16 124.46 126.14 130.45 133.68 136.94 142.67 141.34 144.12 142.18 146.09 148.00 149.66 160.91 158.30 159.24
Chain-type price index................. 95.40 93.03 91.46 89.70 94.49 93.69 93.23 92.83 92.37 91.91 91.74 91.24 90.95 90.68 89.89 89.29 88.95 88.00 87.36
Nondurable goods:
Chain-type quantity index.............. 107.14 112.14 116.50 118.79 108.98 110.29 111.60 112.30 114.35 114.97 116.36 116.96 117.73 118.40 118.31 118.69 119.76 122.07 121.89
Chain-type price index................. 101.31 103.69 107.59 109.17 101.70 102.15 103.30 104.18 105.12 106.49 107.28 108.04 108.53 109.00 109.80 109.42 108.45 108.52 109.74
Services:
Chain-type quantity index.............. 107.43 111.43 115.67 117.98 108.55 109.73 110.92 112.16 112.92 114.14 115.14 116.24 117.19 117.37 117.80 118.07 118.69 119.54 120.42
Chain-type price index................. 105.53 107.81 110.85 114.32 106.41 106.92 107.45 108.08 108.79 109.76 110.45 111.16 112.03 113.43 114.08 114.40 115.39 116.15 116.91
Private fixed investment:
Chain-type quantity index................ 122.04 131.54 139.52 134.20 126.31 128.68 130.91 132.81 133.77 138.01 140.26 140.32 139.47 138.71 134.70 133.23 130.16 129.99 130.08
Chain-type price index................... 99.03 98.87 100.00 101.16 98.83 98.90 98.90 98.79 98.90 99.46 99.78 100.21 100.54 100.97 101.27 101.22 101.19 100.82 100.77
Nonresidential:
Chain-type quantity index.............. 126.29 136.57 147.23 139.55 130.68 133.13 135.69 138.23 139.25 144.21 147.77 149.06 147.86 145.81 140.20 138.06 134.13 132.13 131.59
Chain-type price index................. 96.95 95.53 95.59 95.73 96.27 96.03 95.67 95.27 95.16 95.33 95.43 95.73 95.86 95.96 95.97 95.69 95.31 94.82 94.55
Residential:
Chain-type quantity index.............. 110.17 117.58 118.88 119.22 114.10 116.22 117.60 117.86 118.64 121.02 120.09 117.21 117.21 119.55 119.39 119.50 118.44 122.44 123.94
Chain-type price index................. 105.58 109.59 114.40 119.09 106.95 108.04 109.23 110.11 110.98 112.88 113.97 114.85 115.90 117.49 118.78 119.50 120.60 120.61 121.24
Exports of goods and services:
Chain-type quantity index................ 114.67 118.55 130.09 123.10 117.32 115.25 116.46 119.44 123.05 125.35 129.71 133.32 131.97 129.93 125.70 119.89 116.89 117.89 121.20
Chain-type price index................... 96.26 95.47 96.83 96.10 95.52 95.21 95.30 95.48 95.88 96.36 96.84 97.04 97.08 96.87 96.46 96.00 95.06 94.88 95.48
Imports of goods and services:
Chain-type quantity index................ 127.03 140.88 159.48 154.91 131.32 134.01 138.89 143.67 146.93 152.07 158.70 163.91 163.23 159.93 157.15 152.32 150.26 153.37 161.67
Chain-type price index................... 91.27 91.34 95.49 92.70 90.43 89.57 90.65 91.94 93.19 94.69 94.96 96.03 96.26 95.66 94.22 89.93 90.97 90.61 92.81
Government consumption expenditures
and gross investment:
Chain-type quantity index................ 104.32 108.34 111.29 115.36 105.83 106.61 107.37 108.76 110.64 110.29 111.55 111.27 112.06 113.63 115.19 114.87 117.76 119.37 119.89
Chain-type price index................... 103.72 106.52 110.65 113.27 104.36 105.20 106.13 106.96 107.78 109.46 110.26 111.07 111.80 112.96 113.47 113.37 113.27 114.27 115.01
Federal:
Chain-type quantity index.............. 98.84 101.16 102.42 107.33 100.02 99.17 99.81 101.60 104.03 100.41 104.21 102.27 102.78 105.15 106.70 107.01 110.46 112.46 114.48
Chain-type price index................. 102.63 105.08 108.23 110.09 103.15 104.35 104.82 105.37 105.78 107.87 108.05 108.48 108.51 109.73 110.15 110.30 110.18 112.42 112.95
State and local:
Chain-type quantity index.............. 107.56 112.59 116.52 120.11 109.26 111.00 111.83 112.98 114.54 116.11 115.88 116.56 117.52 118.63 120.20 119.51 122.09 123.47 123.13
Chain-type price index................. 104.35 107.33 111.98 115.01 105.05 105.71 106.87 107.86 108.90 110.36 111.50 112.49 113.59 114.73 115.28 115.06 114.97 115.29 116.15
Addenda:
Final sales of domestic product:
Chain-type quantity index.............. 108.33 112.99 117.19 118.95 110.35 111.19 112.31 113.50 114.95 116.19 117.06 117.57 117.94 118.77 118.65 118.60 119.81 120.51 120.48
Chain-type price index................. 103.28 104.79 107.02 109.55 103.74 104.21 104.62 104.94 105.38 106.19 106.81 107.25 107.81 108.78 109.45 110.05 109.91 110.28 110.60
Implicit price deflator................ 103.28 104.79 107.02 109.55 103.73 104.20 104.61 104.94 105.37 106.19 106.81 107.25 107.81 108.78 109.45 110.05 109.91 110.27 110.60
Gross domestic purchases:
Chain-type quantity index.............. 110.37 115.92 121.00 121.50 112.59 113.92 114.86 116.49 118.42 119.47 121.13 121.50 121.88 121.55 121.20 121.18 122.06 123.74 124.58
Chain-type price index................. 102.43 103.97 106.58 108.65 102.84 103.19 103.72 104.21 104.77 105.72 106.30 106.87 107.43 108.30 108.76 108.72 108.84 109.15 109.73
Implicit price deflator................ 102.43 103.97 106.58 108.65 102.83 103.19 103.72 104.20 104.76 105.71 106.29 106.86 107.43 108.29 108.75 108.72 108.83 109.15 109.73
Final sales to domestic
purchasers:
Chain-type quantity index.............. 109.81 115.54 120.56 122.52 112.00 113.35 114.86 116.25 117.68 119.23 120.39 121.09 121.53 122.19 122.19 122.21 123.50 124.42 124.92
Chain-type price index................. 102.50 104.06 106.70 108.78 102.91 103.27 103.81 104.30 104.87 105.83 106.42 106.99 107.56 108.42 108.88 108.84 108.97 109.28 109.86
Implicit price deflator................ 102.50 104.06 106.70 108.78 102.90 103.27 103.81 104.29 104.86 105.83 106.41 106.99 107.56 108.41 108.88 108.84 108.97 109.28 109.86
Gross national product:
Chain-type quantity index.............. 108.65 113.44 117.69 117.96 110.61 111.80 112.39 113.73 115.83 116.45 117.90 117.97 118.42 118.01 117.79 117.48 118.54 119.62 .....
Chain-type price index................. 103.17 104.65 106.86 109.39 103.62 104.08 104.48 104.80 105.24 106.05 106.65 107.09 107.64 108.63 109.29 109.89 109.75 110.11 .....
Implicit price deflator................ 103.17 104.65 106.86 109.38 103.62 104.08 104.48 104.80 105.24 106.04 106.64 107.08 107.64 108.62 109.29 109.89 109.74 110.11 .....
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
See "Explanatory Note" at the end of the tables.
Table 6.--Real Gross Domestic Product: Historical Perspective
[Percent change from preceding year]
---------------------------------------------------------------------------------------------------------------------------------------------------
1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001
---------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 7.3 3.8 3.4 3.4 4.2 3.5 1.8 -.5 3.0 2.7 4.0 2.7 3.6 4.4 4.3 4.1 3.8 .3
Personal consumption expenditures...... 5.4 5.0 4.2 3.3 4.0 2.7 1.8 -.2 2.9 3.4 3.8 3.0 3.2 3.6 4.8 4.9 4.4 2.5
Durable goods........................ 14.6 9.9 9.1 1.7 5.8 2.1 -.9 -6.6 5.3 8.2 7.6 4.6 5.6 6.6 10.5 11.8 8.2 6.0
Nondurable goods..................... 4.0 2.7 3.6 2.4 3.2 2.7 1.4 -.4 1.9 2.9 3.8 3.0 2.9 2.9 4.1 4.7 3.9 2.0
Services............................. 4.2 5.2 3.3 4.3 4.1 2.8 2.8 1.4 2.9 2.7 3.0 2.7 2.8 3.3 4.0 3.7 3.8 2.0
Gross private domestic investment...... 29.3 -.9 -.7 2.5 2.7 3.7 -3.1 -8.6 8.5 8.7 13.2 3.0 9.0 12.1 11.8 6.6 6.2 -10.7
Fixed investment..................... 16.8 5.3 1.2 .0 3.6 2.7 -1.8 -6.9 6.5 8.1 9.1 6.0 9.3 9.6 11.4 7.8 6.1 -3.8
Nonresidential..................... 17.6 6.7 -2.7 -.1 5.4 5.5 .7 -4.9 3.4 8.4 8.9 9.8 10.0 12.2 12.5 8.1 7.8 -5.2
Structures....................... 14.3 7.3 -10.8 -3.6 1.3 2.5 1.5 -11.0 -6.1 .8 .8 4.8 7.1 9.1 6.8 -1.3 6.5 -1.7
Equipment and software........... 19.5 6.4 2.0 1.7 7.5 7.0 .4 -2.0 7.4 11.3 11.9 11.5 11.0 13.3 14.6 11.5 8.2 -6.4
Residential........................ 14.6 1.4 12.0 .2 -.5 -4.1 -8.6 -12.8 16.3 7.3 9.7 -3.6 7.4 2.0 8.0 6.7 1.1 .3
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 8.4 2.7 7.4 11.2 16.1 11.8 8.7 6.5 6.2 3.3 8.9 10.3 8.2 12.3 2.1 3.4 9.7 -5.4
Goods.............................. 7.9 3.4 5.1 11.1 18.8 12.6 8.2 7.1 6.8 3.0 9.7 11.9 8.7 14.5 2.1 3.8 11.3 -5.9
Services........................... 9.7 .9 13.3 11.6 9.3 9.6 10.0 5.1 4.6 4.1 7.2 6.4 6.8 7.0 2.3 2.5 6.0 -4.0
Imports.............................. 24.3 6.5 8.4 6.1 3.8 3.9 3.8 -.5 6.6 9.1 12.0 8.2 8.6 13.7 11.8 10.9 13.2 -2.9
Goods.............................. 24.2 6.2 10.3 4.6 4.1 4.2 3.0 -.1 9.3 10.1 13.3 9.0 9.4 14.2 11.7 12.2 13.5 -3.3
Services........................... 25.1 7.6 .3 12.6 2.7 2.8 7.6 -2.3 -4.0 4.7 5.8 4.1 4.8 10.9 11.9 4.2 11.6 -.5
Government consumption expenditures
and gross investment.................. 3.5 6.5 5.4 3.0 1.2 2.8 3.3 1.2 .5 -.8 .1 .5 1.1 2.4 1.9 3.9 2.7 3.7
Federal.............................. 3.1 7.6 5.5 3.7 -1.8 1.3 2.0 -.3 -1.6 -3.9 -3.6 -2.7 -.9 -.4 -.8 2.3 1.3 4.8
National defense................... 4.8 8.4 6.3 4.7 -.8 -.8 .0 -1.1 -4.9 -5.4 -4.8 -3.7 -1.3 -2.6 -1.8 2.1 -.1 5.0
Nondefense......................... -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 2.7 3.6 4.5
State and local...................... 3.8 5.4 5.4 2.3 3.7 3.9 4.2 2.3 2.0 1.4 2.6 2.5 2.3 4.0 3.4 4.7 3.5 3.1
Addenda:
Final sales of domestic product...... 5.3 5.0 3.8 3.0 4.3 3.3 2.0 -.2 2.8 2.6 3.4 3.1 3.6 4.0 4.2 4.3 3.7 1.5
Gross domestic purchases............. 8.7 4.2 3.6 3.1 3.2 2.9 1.4 -1.1 3.1 3.3 4.4 2.5 3.7 4.7 5.4 5.0 4.4 .4
Final sales to domestic
purchasers.......................... 6.8 5.3 3.9 2.7 3.4 2.7 1.6 -.9 2.8 3.2 3.8 3.0 3.7 4.3 5.3 5.2 4.3 1.6
Gross national product............... 7.1 3.5 3.2 3.3 4.2 3.5 1.9 -.5 3.0 2.6 3.9 2.7 3.5 4.3 4.2 4.4 3.7 .2
Real disposable personal income...... 7.7 3.3 3.2 2.1 4.4 2.6 2.2 .4 3.1 1.4 2.6 2.6 2.5 3.1 5.4 2.6 4.8 1.8
Gross domestic purchases price
index............................... 3.5 2.9 2.3 3.3 3.4 3.8 4.1 3.4 2.5 2.3 2.0 2.2 1.8 1.6 .8 1.5 2.5 1.9
GDP price index...................... 3.7 3.2 2.2 3.0 3.4 3.8 3.9 3.6 2.4 2.4 2.1 2.2 1.9 1.9 1.2 1.4 2.1 2.4
Personal consumption expenditures
price index......................... 3.7 3.5 2.4 3.8 3.9 4.4 4.6 3.8 3.1 2.4 2.0 2.3 2.1 1.9 1.1 1.6 2.5 2.0
---------------------------------------------------------------------------------------------------------------------------------------------------
Table 7.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
---------------------------------------------------------------------------------------------------------------------------------------------------
I 98 II 98III 98 IV 98 I 99 II 99III 99 IV 99 I 00 II 00III 00 IV 00 I 01 II 01III 01 IV 01 I 02 II 02
---------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.7 3.8 3.8 4.8 4.0 3.9 4.2 4.3 4.2 4.9 3.7 2.3 1.5 -.1 -.4 .1 1.4 2.1
Personal consumption expenditures...... 4.2 5.3 4.6 5.0 4.9 4.8 5.0 5.0 5.1 4.5 4.3 3.5 2.8 2.4 1.8 2.8 3.0 3.1
Durable goods........................ 8.0 13.1 8.4 12.7 12.3 11.7 13.3 10.0 13.1 8.4 7.8 3.8 2.4 4.7 3.8 13.2 8.4 7.6
Nondurable goods..................... 3.2 4.5 3.8 5.0 4.8 4.5 4.4 4.9 4.2 4.3 4.1 3.0 3.0 1.7 1.5 1.7 3.1 3.0
Services............................. 4.0 4.2 4.3 3.6 3.6 3.6 3.7 4.0 4.0 3.8 3.6 3.8 2.8 2.3 1.6 1.3 1.8 2.2
Gross private domestic investment...... 16.4 8.3 10.7 12.1 6.3 6.8 6.6 6.6 5.3 11.0 6.4 2.2 -3.8 -11.9 -11.7 -15.1 -6.5 .1
Fixed investment..................... 12.2 12.2 9.5 11.7 9.0 7.9 8.4 5.9 7.3 7.1 5.7 4.3 .5 -4.0 -5.1 -6.7 -6.3 -3.4
Nonresidential..................... 14.4 14.1 9.6 12.3 8.9 7.8 9.4 6.6 8.3 8.9 7.8 6.2 1.1 -5.1 -7.4 -9.3 -9.4 -6.1
Structures....................... 6.1 10.7 5.8 4.9 2.6 -2.2 -3.1 -2.5 1.8 5.2 10.0 9.3 5.0 .8 -1.4 -10.6 -13.3 -14.6
Equipment and software........... 17.4 15.2 10.9 14.9 11.1 11.3 13.8 9.7 10.5 10.1 7.2 5.2 -.2 -7.1 -9.5 -8.8 -8.0 -3.0
Residential........................ 5.8 6.8 9.1 10.0 9.3 8.2 5.6 4.0 4.1 2.1 -.6 -1.2 -1.2 -.6 2.0 1.0 2.4 3.8
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 6.7 1.4 -1.7 2.3 .4 2.5 5.7 4.9 8.8 11.4 11.6 7.3 3.7 -3.1 -10.1 -11.4 -9.3 -3.6
Goods.............................. 8.0 .7 -2.1 2.2 -.2 3.2 6.4 5.6 9.9 12.8 14.3 8.3 4.9 -3.3 -12.1 -12.3 -11.7 -4.4
Services........................... 3.5 3.2 -.5 2.9 1.9 .8 4.2 3.2 6.1 8.1 5.3 4.8 .7 -2.6 -4.7 -9.2 -3.1 -1.5
Imports.............................. 14.5 12.6 9.4 10.8 9.0 10.0 12.6 11.9 13.5 14.3 14.1 11.1 5.2 -1.0 -7.1 -8.0 -4.1 2.9
Goods.............................. 14.5 12.3 9.1 11.3 10.1 11.3 14.3 13.0 13.9 14.7 14.3 11.1 5.1 -2.1 -7.5 -7.9 -4.8 4.0
Services........................... 14.3 14.6 10.6 8.5 3.4 3.5 4.1 5.9 10.9 11.6 13.0 10.9 5.9 5.7 -4.5 -8.6 -1.4 -3.4
Government consumption expenditures
and gross investment.................. 1.5 1.8 1.7 2.7 4.1 3.0 3.8 4.5 3.5 3.9 2.3 1.3 3.0 3.3 3.2 5.1 5.0 4.1
Federal.............................. -1.3 -.9 -1.6 .6 2.4 .1 2.9 4.0 1.2 4.4 .7 -1.2 4.7 2.4 4.6 7.5 6.9 7.3
National defense................... -2.8 -2.4 -1.1 -.8 2.8 -.3 1.7 4.4 .0 3.7 -1.3 -2.5 5.2 2.2 5.1 7.4 8.2 9.6
Nondefense......................... 1.6 1.9 -2.5 3.3 1.6 .8 5.2 3.4 3.4 5.7 4.2 1.1 3.9 2.6 3.9 7.6 4.7 3.4
State and local...................... 3.1 3.3 3.6 3.8 5.0 4.5 4.3 4.8 4.6 3.6 3.2 2.6 2.2 3.7 2.5 3.9 4.1 2.4
Addenda:
Final sales of domestic product...... 4.0 4.4 3.6 4.7 4.4 4.1 4.5 4.2 4.5 4.2 3.6 2.6 2.2 1.4 .9 1.6 1.5 1.5
Gross domestic purchases............. 5.7 5.2 5.1 5.8 5.0 4.8 5.1 5.2 4.9 5.5 4.3 2.9 1.7 .1 -.3 .1 1.8 2.8
Final sales to domestic
purchasers.......................... 5.0 5.7 4.9 5.7 5.5 5.0 5.4 5.1 5.2 4.8 4.2 3.3 2.5 1.5 .9 1.6 1.8 2.2
Gross national product............... 4.7 3.7 3.6 4.7 4.2 4.2 4.6 4.7 4.2 4.9 3.7 2.2 1.3 -.1 -.4 .1 1.4 .....
Real disposable personal income...... 5.1 5.7 5.7 5.0 3.7 2.4 1.9 2.4 3.8 4.9 5.6 4.8 2.7 1.3 2.8 .3 3.9 5.0
Gross domestic purchases price
index............................... .8 .8 .8 .8 1.1 1.4 1.6 1.9 2.5 2.5 2.6 2.5 2.4 2.3 1.7 1.3 .8 .9
GDP price index...................... 1.4 1.2 1.2 1.1 1.3 1.5 1.4 1.6 1.9 2.1 2.2 2.3 2.4 2.5 2.6 2.0 1.4 1.0
Personal consumption expenditures
price index......................... 1.1 1.0 1.1 1.1 1.2 1.6 1.8 2.0 2.6 2.6 2.5 2.5 2.5 2.4 1.8 1.5 .9 1.1
---------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 I 97 II 97 III 97 IV 97 I 98 II 98
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............... 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,318.4 8,781.5 9,274.3 9,824.6 10,082.2 8,124.2 8,279.8 8,390.9 8,478.6 8,627.8 8,697.3
Plus: Income receipts
from the rest of the world.......... 151.1 154.4 184.3 232.3 245.6 281.3 286.1 316.9 383.4 316.9 268.1 282.6 289.5 285.0 290.1 293.4
Less: Income payments to
the rest of the world............... 127.6 130.1 167.5 211.9 227.5 274.2 289.6 294.1 360.0 295.0 260.4 270.6 282.8 283.2 283.4 290.4
Equals: Gross national product....... 6,342.3 6,666.7 7,071.1 7,420.9 7,831.2 8,325.4 8,778.1 9,297.1 9,848.0 10,104.1 8,131.8 8,291.8 8,397.7 8,480.4 8,634.5 8,700.3
Less: Consumption of fixed capital... 787.5 812.8 874.9 911.7 956.2 1,013.3 1,072.0 1,145.2 1,228.9 1,329.3 989.7 1,005.2 1,021.0 1,037.4 1,048.4 1,062.4
Less: Indirect business tax and
nontax liability.................... 510.6 540.1 575.3 594.6 620.0 646.2 681.3 712.9 753.6 774.8 632.0 643.8 654.1 655.0 666.3 673.6
Less: Business transfer payments..... 28.1 27.8 30.8 33.5 34.4 36.8 38.0 41.5 43.7 42.5 35.7 36.7 37.2 37.6 37.0 37.7
Less: Statistical discrepancy........ 43.7 63.8 58.5 26.5 32.8 29.7 -31.0 -38.8 -128.5 -117.3 40.6 69.5 26.9 -18.0 28.5 -37.2
Plus: Subsidies less current
surplus of government enterprises... 22.4 29.6 25.2 22.2 22.6 19.1 23.5 32.5 34.1 47.3 21.1 19.2 18.0 18.2 19.6 21.6
Equals: National income.............. 4,994.9 5,251.9 5,556.8 5,876.7 6,210.4 6,618.4 7,041.4 7,468.7 7,984.4 8,122.0 6,454.8 6,555.8 6,676.4 6,786.7 6,874.1 6,985.5
Compensation of employees.......... 3,644.8 3,814.4 4,016.2 4,202.5 4,395.6 4,651.3 4,989.6 5,308.8 5,723.4 5,874.9 4,553.7 4,607.8 4,675.8 4,767.9 4,869.4 4,948.9
Wage and salary accruals......... 2,966.8 3,091.6 3,254.3 3,441.1 3,630.1 3,886.0 4,192.1 4,475.6 4,836.3 4,950.6 3,786.5 3,845.0 3,912.7 3,999.7 4,085.1 4,155.8
Supplements to wages and
salaries........................ 677.9 722.8 761.9 761.4 765.4 765.3 797.5 833.2 887.1 924.3 767.2 762.8 763.0 768.2 784.3 793.1
Proprietors' income with inventory
valuation and capital
consumption adjustments........... 434.3 461.8 476.6 497.7 544.7 581.2 623.8 678.4 714.8 727.9 570.0 576.0 586.0 592.7 606.9 617.6
Rental income of persons with
capital consumption adjustment.... 63.3 90.9 110.3 117.9 129.7 128.3 138.6 149.1 146.6 137.9 130.4 128.9 127.4 126.7 127.7 136.1
Corporate profits with inventory
valuation and capital
consumption adjustments........... 453.1 510.5 573.2 668.8 754.0 833.8 777.4 805.8 788.1 731.6 798.5 825.6 858.3 852.7 787.4 769.6
Net interest....................... 399.5 374.3 380.5 389.8 386.3 423.9 511.9 526.6 611.5 649.8 402.2 417.5 429.0 446.8 482.8 513.2
Addendum:
Gross domestic income.............. 6,275.2 6,578.6 6,995.8 7,374.0 7,780.3 8,288.6 8,812.5 9,313.1 9,953.1 10,199.4 8,083.5 8,210.3 8,364.0 8,496.7 8,599.3 8,734.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 8.--Relation of Gross Domestic Product, Gross National Product, and National Income--Continued
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
III 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............... 8,816.5 8,984.5 9,092.7 9,171.7 9,316.5 9,516.4 9,649.5 9,820.7 9,874.8 9,953.6 10,028.1 10,049.9 10,097.7 10,152.9 10,313.1 10,369.9
Plus: Income receipts
from the rest of the world.......... 278.3 282.7 291.4 305.3 324.7 345.9 365.2 390.5 383.5 394.4 364.2 332.5 302.0 269.0 264.7 .....
Less: Income payments to
the rest of the world............... 292.7 291.8 271.4 281.1 307.6 316.3 344.2 364.7 365.8 365.2 354.3 301.4 290.5 233.7 262.8 .....
Equals: Gross national product....... 8,802.1 8,975.4 9,112.7 9,195.9 9,333.6 9,546.0 9,670.5 9,846.4 9,892.5 9,982.8 10,038.0 10,081.0 10,109.3 10,188.1 10,314.9 .....
Less: Consumption of fixed capital... 1,079.8 1,097.4 1,113.8 1,131.2 1,164.1 1,171.5 1,194.7 1,218.2 1,240.8 1,261.9 1,281.7 1,315.0 1,381.8 1,338.6 1,363.5 1,388.0
Less: Indirect business tax and
nontax liability.................... 681.4 703.9 697.8 706.6 717.1 730.3 745.1 750.3 757.9 761.1 770.6 775.9 772.7 779.9 786.2 793.5
Less: Business transfer payments..... 38.3 39.0 40.6 40.7 42.0 42.7 43.4 44.1 43.5 43.6 42.1 42.5 42.6 42.8 43.8 44.0
Less: Statistical discrepancy........ -81.7 -33.6 -53.3 -56.2 -31.5 -14.1 -138.7 -86.8 -164.0 -124.5 -105.7 -112.9 -117.8 -132.6 -118.0 .....
Plus: Subsidies less current
surplus of government enterprises... 24.5 28.4 29.3 32.3 34.0 34.5 34.3 33.9 34.0 34.2 42.8 49.7 59.1 37.5 37.0 35.7
Equals: National income.............. 7,108.9 7,197.0 7,343.1 7,405.9 7,475.9 7,650.1 7,860.2 7,954.5 8,048.3 8,074.8 8,092.1 8,110.1 8,089.1 8,196.8 8,276.5 .....
Compensation of employees.......... 5,029.8 5,110.5 5,216.8 5,260.3 5,329.0 5,429.1 5,627.3 5,670.5 5,773.1 5,822.7 5,878.9 5,879.3 5,880.4 5,860.9 5,916.4 5,967.8
Wage and salary accruals......... 4,227.7 4,299.8 4,395.0 4,432.0 4,492.7 4,582.7 4,757.4 4,790.8 4,879.3 4,917.8 4,960.4 4,956.9 4,953.7 4,931.4 4,965.2 5,001.3
Supplements to wages and
salaries........................ 802.1 810.6 821.9 828.3 836.3 846.4 869.9 879.6 893.8 904.9 918.5 922.4 926.7 929.4 951.2 966.5
Proprietors' income with inventory
valuation and capital
consumption adjustments........... 627.0 643.8 659.3 674.2 682.7 697.4 702.5 718.8 718.6 719.3 721.2 726.6 732.4 731.3 748.4 750.2
Rental income of persons with
capital consumption adjustment.... 144.2 146.5 148.9 149.9 145.8 152.0 151.4 146.7 144.9 143.5 137.0 134.3 140.8 139.3 141.3 154.6
Corporate profits with inventory
valuation and capital
consumption adjustments........... 781.9 770.8 808.2 802.1 788.0 824.7 807.6 807.3 787.7 749.7 706.5 721.4 687.2 811.4 797.6 .....
Net interest....................... 526.0 525.5 509.9 519.4 530.4 546.8 571.3 611.1 624.0 639.6 648.5 648.6 648.3 653.9 672.8 675.5
Addendum:
Gross domestic income.............. 8,898.2 9,018.1 9,146.0 9,227.9 9,348.0 9,530.4 9,788.1 9,907.5 10,038.7 10,078.1 10,133.8 10,162.7 10,215.6 10,285.5 10,431.1 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 9.--Personal Income and Its Disposition
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 I 97 II 97 III 97 IV 97 I 98 II 98
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\................... 5,390.4 5,610.0 5,888.0 6,200.9 6,547.4 6,937.0 7,426.0 7,786.5 8,406.6 8,685.3 6,792.4 6,879.1 6,978.6 7,097.9 7,254.8 7,382.8
Wage and salary disbursements...... 2,982.6 3,085.2 3,236.7 3,424.7 3,626.5 3,888.9 4,192.8 4,470.4 4,836.3 4,950.6 3,789.4 3,847.9 3,915.7 4,002.6 4,085.8 4,156.5
Other labor income................. 449.5 482.8 507.5 497.0 490.0 475.4 490.6 510.2 544.2 570.4 482.7 475.2 471.7 471.9 483.3 488.2
Proprietors' income with
inventory valuation and capital
consumption adjustments........... 434.3 461.8 476.6 497.7 544.7 581.2 623.8 678.4 714.8 727.9 570.0 576.0 586.0 592.7 606.9 617.6
Farm............................. 32.7 30.1 31.9 22.2 34.3 29.7 25.6 27.7 22.6 19.0 30.6 29.6 29.8 28.9 24.1 24.9
Nonfarm.......................... 401.7 431.7 444.6 475.5 510.5 551.5 598.2 650.7 692.2 708.8 539.4 546.4 556.2 563.8 582.9 592.6
Rental income of persons with
capital consumption adjustment.... 63.3 90.9 110.3 117.9 129.7 128.3 138.6 149.1 146.6 137.9 130.4 128.9 127.4 126.7 127.7 136.1
Personal dividend income........... 185.3 203.0 234.7 254.0 297.4 334.9 348.3 328.0 375.7 409.2 321.1 331.5 340.3 346.7 349.0 350.1
Personal interest income........... 750.1 725.5 742.4 792.5 810.6 864.0 964.4 969.2 1,077.0 1,091.3 834.8 854.1 871.9 895.1 933.5 967.5
Transfer payments to persons....... 751.7 798.6 833.9 885.9 928.8 962.2 983.7 1,018.5 1,070.3 1,170.4 955.9 961.0 965.1 966.9 979.1 981.0
Less: Personal contributions for
social insurance.................. 226.6 237.8 254.1 268.8 280.4 297.9 316.3 337.4 358.4 372.3 291.9 295.5 299.5 304.6 310.3 314.2
Less: Personal tax and nontax
payments............................ 635.8 674.6 722.6 778.3 869.7 968.8 1,070.4 1,159.1 1,286.4 1,292.1 935.1 954.9 978.9 1,006.3 1,034.0 1,055.4
Equals: Disposable personal income... 4,754.6 4,935.3 5,165.4 5,422.6 5,677.7 5,968.2 6,355.6 6,627.4 7,120.2 7,393.2 5,857.3 5,924.2 5,999.7 6,091.6 6,220.8 6,327.4
Less: Personal outlays............... 4,340.9 4,584.5 4,849.9 5,120.2 5,405.6 5,715.3 6,054.1 6,453.3 6,918.6 7,223.5 5,609.2 5,654.1 5,763.7 5,834.3 5,912.9 6,018.2
Equals: Personal saving.............. 413.7 350.8 315.5 302.4 272.1 252.9 301.5 174.0 201.5 169.7 248.1 270.1 236.0 257.3 307.9 309.1
Addenda:
Disposable personal income,
billions of chained
(1996) dollars\2\................. 5,189.3 5,261.3 5,397.2 5,539.1 5,677.7 5,854.5 6,168.6 6,328.4 6,630.3 6,748.0 5,771.8 5,821.2 5,877.3 5,947.5 6,064.5 6,153.6
Personal saving as a percentage
of disposable personal income..... 8.7 7.1 6.1 5.6 4.8 4.2 4.7 2.6 2.8 2.3 4.2 4.6 3.9 4.2 4.9 4.9
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 98 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Personal income\1\................... 7,490.7 7,575.8 7,655.9 7,722.2 7,807.7 7,960.2 8,211.6 8,350.2 8,487.8 8,576.6 8,658.1 8,676.2 8,706.2 8,700.9 8,810.4 8,921.5
Wage and salary disbursements...... 4,228.4 4,300.5 4,389.8 4,426.9 4,487.6 4,577.5 4,757.4 4,790.8 4,879.3 4,917.8 4,960.4 4,956.8 4,953.7 4,931.4 4,965.2 5,001.3
Other labor income................. 493.2 497.7 502.6 507.3 512.6 518.3 530.5 540.0 548.7 557.4 564.7 568.2 572.4 576.3 590.8 603.6
Proprietors' income with
inventory valuation and capital
consumption adjustments........... 627.0 643.8 659.3 674.2 682.7 697.4 702.5 718.8 718.6 719.3 721.2 726.6 732.4 731.3 748.4 750.2
Farm............................. 25.4 27.9 30.1 29.7 25.7 25.4 22.3 25.0 21.7 21.2 19.3 18.4 19.3 19.2 21.7 8.6
Nonfarm.......................... 601.6 615.8 629.2 644.5 657.0 672.0 680.2 693.8 696.9 698.1 701.9 708.2 713.1 712.1 726.7 741.6
Rental income of persons with
capital consumption adjustment.... 144.2 146.5 148.9 149.9 145.8 152.0 151.4 146.7 144.9 143.5 137.0 134.3 140.8 139.3 141.3 154.6
Personal dividend income........... 347.9 346.3 331.7 323.4 324.0 333.1 350.8 369.3 385.7 397.2 402.5 406.0 411.0 417.3 423.7 430.3
Personal interest income........... 982.6 974.2 948.8 960.8 971.5 995.8 1,028.7 1,074.3 1,094.6 1,110.3 1,108.4 1,097.2 1,086.4 1,072.9 1,069.9 1,085.2
Transfer payments to persons....... 985.7 989.1 1,007.3 1,014.8 1,022.1 1,029.6 1,044.8 1,065.5 1,076.6 1,094.2 1,135.0 1,159.1 1,182.5 1,205.0 1,252.0 1,280.1
Less: Personal contributions for
social insurance.................. 318.3 322.4 332.4 335.1 338.6 343.6 354.5 355.3 360.6 363.1 371.1 372.2 373.1 372.7 380.9 383.8
Less: Personal tax and nontax
payments............................ 1,083.7 1,108.5 1,125.5 1,142.0 1,167.2 1,201.8 1,256.3 1,273.0 1,299.6 1,316.7 1,340.6 1,336.1 1,181.9 1,309.7 1,142.1 1,131.7
Equals: Disposable personal income... 6,407.0 6,467.3 6,530.3 6,580.2 6,640.5 6,758.4 6,955.3 7,077.2 7,188.2 7,259.8 7,317.5 7,340.0 7,524.2 7,391.2 7,668.3 7,789.8
Less: Personal outlays............... 6,095.6 6,189.7 6,276.4 6,400.3 6,507.2 6,629.4 6,775.9 6,869.8 6,976.7 7,052.1 7,143.9 7,198.5 7,222.0 7,329.6 7,396.3 7,481.9
Equals: Personal saving.............. 311.4 277.6 253.9 179.9 133.3 129.0 179.4 207.5 211.5 207.7 173.7 141.6 302.2 61.5 272.0 307.9
Addenda:
Disposable personal income,
billions of chained
(1996) dollars\2\................. 6,209.9 6,246.6 6,288.4 6,301.0 6,325.0 6,399.3 6,530.4 6,607.6 6,676.8 6,706.2 6,704.3 6,694.8 6,864.0 6,729.1 6,962.5 7,028.3
Personal saving as a percentage
of disposable personal income..... 4.9 4.3 3.9 2.7 2.0 1.9 2.6 2.9 2.9 2.9 2.4 1.9 4.0 .8 3.5 4.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 777.4 805.8 788.1 731.6 770.8 808.2 802.1 788.0 824.7 807.6 807.3 787.7 749.7 706.5 721.4 687.2 811.4 797.6
Profits before tax................. 721.1 762.1 782.3 670.2 706.3 744.4 752.9 753.4 797.6 796.9 800.5 780.6 751.1 707.0 720.2 654.3 599.1 639.4
Profits tax liability............ 238.8 247.8 259.4 199.3 234.1 243.1 246.0 246.3 255.7 270.8 267.3 257.4 241.9 217.3 213.1 196.2 170.6 202.4
Profits after tax................ 482.3 514.3 522.9 470.9 472.2 501.3 506.9 507.1 542.0 526.1 533.3 523.2 509.2 489.7 507.1 458.1 428.5 437.0
Dividends...................... 348.7 328.4 376.1 409.6 346.7 332.0 323.7 324.3 333.5 351.1 369.7 386.1 397.6 402.9 406.5 411.4 417.7 424.2
Undistributed profits.......... 133.6 185.9 146.8 61.2 125.5 169.2 183.2 182.8 208.5 174.9 163.6 137.1 111.6 86.8 100.7 46.7 10.8 12.8
Inventory valuation adjustment..... 18.3 -4.2 -15.0 5.0 22.9 16.0 -2.5 -13.8 -16.6 -22.6 -16.4 -8.3 -12.5 -10.1 -6.2 8.9 27.2 1.9
Capital consumption adjustment..... 38.0 47.9 20.8 56.5 41.7 47.8 51.6 48.5 43.7 33.4 23.1 15.4 11.1 9.6 7.3 23.9 185.1 156.3
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments........... 538.6 558.0 528.7 532.3 536.8 565.1 556.0 541.7 569.1 536.8 540.0 530.3 507.8 489.2 508.3 490.9 640.8 595.2
Net cash flow with inventory
valuation and capital
consumption adjustments........... 810.0 895.0 873.7 911.8 826.2 879.4 889.4 892.3 918.9 884.3 884.4 873.1 853.0 842.1 874.2 915.1 1,015.6 979.3
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... 189.9 229.6 152.6 122.7 190.1 233.1 232.3 217.4 235.6 185.7 170.4 144.2 110.2 86.3 101.9 79.5 223.0 171.0
Consumption of fixed capital..... 620.2 665.5 721.1 789.1 636.2 646.4 657.1 675.0 683.4 698.6 714.1 728.9 742.8 755.9 772.3 835.6 792.6 808.3
Less: Inventory valuation
adjustment........................ 18.3 -4.2 -15.0 5.0 22.9 16.0 -2.5 -13.8 -16.6 -22.6 -16.4 -8.3 -12.5 -10.1 -6.2 8.9 27.2 1.9
Equals: Net cash flow.............. 791.7 899.3 888.7 906.8 803.3 863.4 891.9 906.2 935.6 906.9 900.8 881.4 865.5 852.3 880.3 906.2 988.4 977.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 10B.--Corporate Profits: Percent Change From Preceding Period
[Quarters are at quarterly rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... -6.8 3.6 -2.2 -7.2 -1.4 4.9 -.8 -1.8 4.7 -2.1 .0 -2.4 -4.8 -5.8 2.1 -4.7 18.1 -1.7
Profits before tax................. -9.0 5.7 2.6 -14.3 -2.4 5.4 1.1 .1 5.9 -.1 .5 -2.5 -3.8 -5.9 1.9 -9.1 -8.4 6.7
Profits tax liability............ .7 3.7 4.7 -23.2 -3.9 3.9 1.2 .1 3.8 5.9 -1.3 -3.7 -6.0 -10.2 -2.0 -7.9 -13.1 18.6
Profits after tax................ -13.1 6.6 1.7 -10.0 -1.6 6.2 1.1 .0 6.9 -2.9 1.4 -1.9 -2.7 -3.8 3.6 -9.7 -6.5 2.0
Dividends...................... 4.0 -5.8 14.5 8.9 -.5 -4.2 -2.5 .2 2.8 5.3 5.3 4.4 3.0 1.3 .9 1.2 1.5 1.5
Undistributed profits.......... -39.3 39.2 -21.0 -58.3 -4.8 34.9 8.2 -.2 14.1 -16.1 -6.5 -16.2 -18.6 -22.2 16.0 -53.6 -77.0 19.2
Inventory valuation adjustment..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 15.3 26.1 -56.6 172.1 9.4 14.7 7.9 -6.1 -9.7 -23.7 -30.6 -33.3 -27.8 -13.6 -23.6 225.6 673.6 -15.6
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments........... -9.7 3.6 -5.2 .7 -.3 5.3 -1.6 -2.6 5.0 -5.7 .6 -1.8 -4.2 -3.7 3.9 -3.4 30.5 -7.1
Net cash flow with inventory
valuation and capital
consumption adjustments........... -3.9 10.5 -2.4 4.4 1.4 6.4 1.1 .3 3.0 -3.8 .0 -1.3 -2.3 -1.3 3.8 4.7 11.0 -3.6
Undistributed profits with
inventory valuation and
capital consumption
adjustments..................... -27.3 20.9 -33.5 -19.6 .0 22.6 -.3 -6.4 8.4 -21.2 -8.2 -15.4 -23.6 -21.7 18.0 -21.9 180.4 -23.3
Consumption of fixed capital..... 6.6 7.3 8.4 9.4 1.8 1.6 1.7 2.7 1.2 2.2 2.2 2.1 1.9 1.8 2.2 8.2 -5.1 2.0
Less: Inventory valuation
adjustment........................ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. -5.1 13.6 -1.2 2.0 1.1 7.5 3.3 1.6 3.2 -3.1 -.7 -2.2 -1.8 -1.5 3.3 2.9 9.1 -1.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 11A.--Corporate Profits by Industry
[Billions of dollars; quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments..................... 777.4 805.8 788.1 731.6 770.8 808.2 802.1 788.0 824.7 807.6 807.3 787.7 749.7 706.5 721.4 687.2 811.4 797.6
Domestic industries.................. 675.2 685.5 644.8 580.9 670.1 694.9 686.6 672.5 688.3 676.1 665.9 642.3 594.8 570.4 560.9 545.3 646.7 665.6
Financial.......................... 144.5 167.1 183.0 173.5 142.9 162.0 156.0 167.9 182.4 185.2 175.8 186.1 184.7 186.1 167.8 142.3 197.8 213.2
Nonfinancial....................... 530.7 518.5 461.8 407.4 527.2 532.8 530.6 504.6 505.9 490.9 490.1 456.2 410.0 384.3 393.1 403.0 449.0 452.4
Rest of the world.................... 102.3 120.2 143.3 150.8 100.7 113.4 115.5 115.5 136.5 131.6 141.4 145.4 154.9 136.1 160.4 141.8 164.7 132.0
Receipts from the rest of the
world............................. 145.3 175.5 203.8 172.4 144.5 160.3 170.0 181.2 190.6 201.0 209.9 201.3 203.2 187.8 178.4 167.2 156.1 161.4
Less: Payments to the rest of the
world............................. 43.1 55.3 60.5 21.6 43.8 46.9 54.5 65.7 54.2 69.5 68.5 55.9 48.2 51.7 18.0 25.3 -8.5 29.4
Corporate profits with
inventory valuation adjustment.. 739.4 757.9 767.3 675.1 729.2 760.5 750.5 739.6 781.0 774.3 784.2 772.3 738.6 696.9 714.0 663.2 626.3 641.3
Domestic industries.................. 637.2 637.6 624.0 524.4 628.5 647.1 635.0 624.0 644.5 642.7 642.7 626.9 583.6 560.8 553.6 521.4 461.6 509.3
Financial.......................... 158.4 181.7 201.0 190.6 155.5 175.1 170.2 183.2 198.4 201.7 193.1 204.5 204.9 208.2 191.6 162.7 200.1 218.2
Federal Reserve banks............ 24.6 25.8 30.0 27.9 24.6 24.4 25.0 25.7 28.1 29.3 29.7 30.3 30.9 30.4 28.8 27.3 25.0 23.4
Other............................ 133.9 155.9 171.0 162.8 130.9 150.8 145.2 157.5 170.3 172.4 163.4 174.2 174.0 177.7 162.8 135.4 175.2 194.8
Nonfinancial....................... 478.8 455.9 423.0 333.7 473.0 471.9 464.8 440.9 446.1 441.0 449.7 422.4 378.8 352.6 362.0 358.7 261.5 291.1
Manufacturing.................... 164.3 157.5 159.8 83.4 162.2 159.1 161.0 155.8 154.0 167.6 176.1 160.7 134.6 92.3 99.2 91.1 50.9 68.9
Durable goods.................. 80.7 68.2 61.5 9.9 93.0 67.0 67.7 67.3 70.7 69.3 71.0 60.9 44.8 25.9 17.0 11.6 -14.9 2.5
Primary metal industries..... 6.2 2.1 1.0 -1.6 7.0 3.4 2.7 1.2 1.2 2.0 1.7 .2 .0 -3.5 -.6 -.1 -2.2 .5
Fabricated metal products.... 16.6 15.9 15.4 9.0 16.7 16.0 15.3 15.5 16.7 18.9 16.0 15.3 11.2 10.3 10.5 8.5 6.8 5.2
Industrial machinery and
equipment................... 16.1 7.2 14.2 -.6 20.7 5.1 6.8 6.8 9.9 11.1 13.2 16.6 15.7 9.4 .9 -5.2 -7.5 -4.9
Electronic and other
electric equipment.......... 7.6 3.4 5.5 -3.2 7.2 2.1 2.3 5.2 4.0 3.8 8.7 5.0 4.6 1.4 -1.3 -4.6 -8.4 -6.2
Motor vehicles and equipment. 5.2 6.3 -2.2 -9.4 9.1 8.0 5.1 6.4 5.7 .9 -.5 -2.9 -6.1 -8.0 -10.1 -6.4 -13.3 -11.8
Other........................ 29.1 33.3 27.6 15.7 32.4 32.3 35.6 32.3 33.2 32.5 31.8 26.6 19.3 16.3 17.6 19.4 9.7 19.7
Nondurable goods............... 83.6 89.3 98.3 73.5 69.2 92.1 93.4 88.5 83.3 98.3 105.1 99.8 89.8 66.4 82.2 79.5 65.8 66.4
Food and kindred products.... 22.0 27.9 25.8 16.6 13.7 27.4 28.2 27.6 28.4 28.6 25.8 28.5 20.3 12.3 18.0 17.8 18.3 18.9
Chemicals and allied
products.................... 25.4 23.9 17.2 15.2 26.5 30.7 30.2 20.8 14.0 20.5 18.1 14.8 15.3 8.0 16.1 18.0 18.5 15.1
Petroleum and coal products.. 5.0 1.7 26.1 25.7 -1.7 -1.7 .9 5.2 2.6 12.9 30.3 30.4 31.0 29.6 28.9 25.0 19.4 14.1
Other........................ 31.2 35.8 29.1 16.0 30.6 35.7 34.1 34.9 38.4 36.3 30.9 26.2 23.2 16.6 19.3 18.8 9.5 18.3
Transportation and public
utilities....................... 79.1 57.2 36.6 27.7 71.1 63.9 53.3 53.1 58.6 43.6 35.7 34.4 32.8 36.6 34.3 33.3 6.5 15.0
Transportation................. 21.3 15.1 12.8 1.2 20.1 16.5 15.2 12.8 16.1 12.8 16.8 12.7 8.7 4.6 3.5 1.8 -5.1 -.5
Communications................. 22.5 6.1 -5.5 -5.8 15.5 11.4 6.0 3.0 4.0 -3.4 -9.3 -8.0 -1.4 -2.8 -5.2 -3.9 -11.2 -9.3
Electric, gas, and sanitary
services...................... 35.3 36.0 29.4 32.2 35.6 36.1 32.1 37.3 38.5 34.1 28.2 29.7 25.5 34.8 36.1 35.3 22.7 24.8
Wholesale trade.................. 55.9 54.4 62.1 44.8 53.3 57.4 53.7 50.0 56.4 57.3 66.7 67.1 57.4 45.2 41.0 45.9 46.9 41.2
Retail trade..................... 73.8 75.6 73.4 79.1 76.7 79.4 79.8 71.0 72.3 77.7 74.1 74.0 67.9 75.7 77.8 82.6 80.5 81.4
Other............................ 105.7 111.2 91.0 98.8 109.6 112.2 116.9 111.0 104.7 94.7 97.1 86.1 86.1 102.8 109.8 105.7 76.7 84.6
Rest of the world.................... 102.3 120.2 143.3 150.8 100.7 113.4 115.5 115.5 136.5 131.6 141.4 145.4 154.9 136.1 160.4 141.8 164.7 132.0
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 11B.--Corporate Profits by Industry: Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments..................... -56.4 28.4 -17.7 -56.5 -11.1 37.4 -6.1 -14.1 36.7 -17.1 -.3 -19.6 -38.0 -43.2 14.9 -34.2 124.2 -13.8
Domestic industries.................. -47.9 10.3 -40.7 -63.9 -19.3 24.8 -8.3 -14.1 15.8 -12.2 -10.2 -23.6 -47.5 -24.4 -9.5 -15.6 101.4 18.9
Financial.......................... -23.0 22.6 15.9 -9.5 1.6 19.1 -6.0 11.9 14.5 2.8 -9.4 10.3 -1.4 1.4 -18.3 -25.5 55.5 15.4
Nonfinancial....................... -24.9 -12.2 -56.7 -54.4 -20.9 5.6 -2.2 -26.0 1.3 -15.0 -.8 -33.9 -46.2 -25.7 8.8 9.9 46.0 3.4
Rest of the world.................... -8.4 17.9 23.1 7.5 8.3 12.7 2.1 .0 21.0 -4.9 9.8 4.0 9.5 -18.8 24.3 -18.6 22.9 -32.7
Receipts from the rest of the
world............................. -14.1 30.2 28.3 -31.4 10.3 15.8 9.7 11.2 9.4 10.4 8.9 -8.6 1.9 -15.4 -9.4 -11.2 -11.1 5.3
Less: Payments to the rest of the
world............................. -5.6 12.2 5.2 -38.9 2.1 3.1 7.6 11.2 -11.5 15.3 -1.0 -12.6 -7.7 3.5 -33.7 7.3 -33.8 37.9
Corporate profits with
inventory valuation adjustment.. -61.4 18.5 9.4 -92.2 -14.6 31.3 -10.0 -10.9 41.4 -6.7 9.9 -11.9 -33.7 -41.7 17.1 -50.8 -36.9 15.0
Domestic industries.................. -53.0 .4 -13.6 -99.6 -22.8 18.6 -12.1 -11.0 20.5 -1.8 .0 -15.8 -43.3 -22.8 -7.2 -32.2 -59.8 47.7
Financial.......................... -27.3 23.3 19.3 -10.4 .5 19.6 -4.9 13.0 15.2 3.3 -8.6 11.4 .4 3.3 -16.6 -28.9 37.4 18.1
Federal Reserve banks............ 1.2 1.2 4.2 -2.1 -.2 -.2 .6 .7 2.4 1.2 .4 .6 .6 -.5 -1.6 -1.5 -2.3 -1.6
Other............................ -28.4 22.0 15.1 -8.2 .7 19.9 -5.6 12.3 12.8 2.1 -9.0 10.8 -.2 3.7 -14.9 -27.4 39.8 19.6
Nonfinancial....................... -25.7 -22.9 -32.9 -89.3 -23.4 -1.1 -7.1 -23.9 5.2 -5.1 8.7 -27.3 -43.6 -26.2 9.4 -3.3 -97.2 29.6
Manufacturing.................... -30.9 -6.8 2.3 -76.4 -6.7 -3.1 1.9 -5.2 -1.8 13.6 8.5 -15.4 -26.1 -42.3 6.9 -8.1 -40.2 18.0
Durable goods.................. -13.3 -12.5 -6.7 -51.6 11.3 -26.0 .7 -.4 3.4 -1.4 1.7 -10.1 -16.1 -18.9 -8.9 -5.4 -26.5 17.4
Primary metal industries..... .4 -4.1 -1.1 -2.6 1.1 -3.6 -.7 -1.5 .0 .8 -.3 -1.5 -.2 -3.5 2.9 .5 -2.1 2.7
Fabricated metal products.... .3 -.7 -.5 -6.4 -2.2 -.7 -.7 .2 1.2 2.2 -2.9 -.7 -4.1 -.9 .2 -2.0 -1.7 -1.6
Industrial machinery and
equipment................... 2.3 -8.9 7.0 -14.8 3.8 -15.6 1.7 .0 3.1 1.2 2.1 3.4 -.9 -6.3 -8.5 -6.1 -2.3 2.6
Electronic and other
electric equipment.......... -15.2 -4.2 2.1 -8.7 1.9 -5.1 .2 2.9 -1.2 -.2 4.9 -3.7 -.4 -3.2 -2.7 -3.3 -3.8 2.2
Motor vehicles and equipment. 1.2 1.1 -8.5 -7.2 5.5 -1.1 -2.9 1.3 -.7 -4.8 -1.4 -2.4 -3.2 -1.9 -2.1 3.7 -6.9 1.5
Other........................ -2.1 4.2 -5.7 -11.9 1.4 -.1 3.3 -3.3 .9 -.7 -.7 -5.2 -7.3 -3.0 1.3 1.8 -9.7 10.0
Nondurable goods............... -17.6 5.7 9.0 -24.8 -18.0 22.9 1.3 -4.9 -5.2 15.0 6.8 -5.3 -10.0 -23.4 15.8 -2.7 -13.7 .6
Food and kindred products.... -2.1 5.9 -2.1 -9.2 -12.5 13.7 .8 -.6 .8 .2 -2.8 2.7 -8.2 -8.0 5.7 -.2 .5 .6
Chemicals and allied
products.................... -5.9 -1.5 -6.7 -2.0 2.3 4.2 -.5 -9.4 -6.8 6.5 -2.4 -3.3 .5 -7.3 8.1 1.9 .5 -3.4
Petroleum and coal products.. -10.9 -3.3 24.4 -.4 -6.6 .0 2.6 4.3 -2.6 10.3 17.4 .1 .6 -1.4 -.7 -3.9 -5.6 -5.3
Other........................ 1.3 4.6 -6.7 -13.1 -1.4 5.1 -1.6 .8 3.5 -2.1 -5.4 -4.7 -3.0 -6.6 2.7 -.5 -9.3 8.8
Transportation and public
utilities....................... -5.9 -21.9 -20.6 -8.9 -15.9 -7.2 -10.6 -.2 5.5 -15.0 -7.9 -1.3 -1.6 3.8 -2.3 -1.0 -26.8 8.5
Transportation................. 2.0 -6.2 -2.3 -11.6 -3.7 -3.6 -1.3 -2.4 3.3 -3.3 4.0 -4.1 -4.0 -4.1 -1.1 -1.7 -6.9 4.6
Communications................. -3.3 -16.4 -11.6 -.3 -10.8 -4.1 -5.4 -3.0 1.0 -7.4 -5.9 1.3 6.6 -1.4 -2.4 1.3 -7.3 1.9
Electric, gas, and sanitary
services...................... -4.6 .7 -6.6 2.8 -1.3 .5 -4.0 5.2 1.2 -4.4 -5.9 1.5 -4.2 9.3 1.3 -.8 -12.6 2.1
Wholesale trade.................. 6.7 -1.5 7.7 -17.3 -7.1 4.1 -3.7 -3.7 6.4 .9 9.4 .4 -9.7 -12.2 -4.2 4.9 1.0 -5.7
Retail trade..................... 9.9 1.8 -2.2 5.7 2.0 2.7 .4 -8.8 1.3 5.4 -3.6 -.1 -6.1 7.8 2.1 4.8 -2.1 .9
Other............................ -5.5 5.5 -20.2 7.8 4.2 2.6 4.7 -5.9 -6.3 -10.0 2.4 -11.0 .0 16.7 7.0 -4.1 -29.0 7.9
Rest of the world.................... -8.4 17.9 23.1 7.5 8.3 12.7 2.1 .0 21.0 -4.9 9.8 4.0 9.5 -18.8 24.3 -18.6 22.9 -32.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 11C.--Revisions to Corporate Profits by Industry
---------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------ ------------------------ Revisions as
Revised Revisions to percent of
estimates previously previously
published published
------------------------ ------------------------ ------------------------
1999 2000 2001 1999 2000 2001 1999 2000 2001
---------------------------------------------------------------------------------------------------------------------------------
Corporate profits with
inventory valuation and
capital consumption
adjustments........................... 805.8 788.1 731.6 -19.4 -88.3 -35.5 -2.4 -10.1 -4.6
Domestic industries.................. 685.5 644.8 580.9 -25.0 -94.8 -36.9 -3.5 -12.8 -6.0
Financial.......................... 167.1 183.0 173.5 -13.2 -6.5 6.2 -7.3 -3.4 3.7
Nonfinancial....................... 518.5 461.8 407.4 -11.8 -88.3 -43.1 -2.2 -16.1 -9.6
Rest of the world.................... 120.2 143.3 150.8 5.6 6.5 1.5 4.9 4.8 1.0
Receipts from the rest of the
world............................. 175.5 203.8 172.4 2.2 -1.1 -18.4 1.3 -.5 -9.6
Less: Payments to the rest of the
world............................. 55.3 60.5 21.6 -3.4 -7.6 -19.9 -5.8 -11.2 -48.0
Corporate profits with
inventory valuation adjustment........ 757.9 767.3 675.1 -15.5 -65.7 -25.6 -2.0 -7.9 -3.7
Domestic industries.................. 637.6 624.0 524.4 -21.2 -72.3 -27.0 -3.2 -10.4 -4.9
Financial.......................... 181.7 201.0 190.6 -9.3 -3.4 10.6 -4.9 -1.7 5.9
Federal Reserve banks............ 25.8 30.0 27.9 .1 .0 .0 .4 .0 .0
Other............................ 155.9 171.0 162.8 -9.4 -3.4 10.7 -5.7 -1.9 7.0
Nonfinancial....................... 455.9 423.0 333.7 -11.9 -68.8 -37.7 -2.5 -14.0 -10.2
Manufacturing.................... 157.5 159.8 83.4 -6.2 4.6 3.9 -3.8 3.0 4.9
Durable goods.................. 68.2 61.5 9.9 -7.6 -1.7 .8 -10.0 -2.7 8.8
Nondurable goods............... 89.3 98.3 73.5 1.4 6.3 3.1 1.6 6.8 4.4
Transportation and public
utilities....................... 57.2 36.6 27.7 -1.8 -30.8 -24.7 -3.1 -45.7 -47.1
Wholesale trade.................. 54.4 62.1 44.8 .6 1.6 4.4 1.1 2.6 10.9
Retail trade..................... 75.6 73.4 79.1 -1.5 -8.4 -6.4 -1.9 -10.3 -7.5
Other............................ 111.2 91.0 98.8 -3.0 -35.9 -14.8 -2.6 -28.3 -13.0
Rest of the world.................... 120.2 143.3 150.8 5.6 6.5 1.5 4.9 4.8 1.0
Corporate profits before tax........... 762.1 782.3 670.2 -14.2 -63.1 -28.3 -1.8 -7.5 -4.1
Addenda:
Corporate profits after tax with
inventory valuation and capital
consumption adjustments............. 558.0 528.7 532.3 -14.1 -76.2 -18.9 -2.5 -12.6 -3.4
Net cash flow with inventory
valuation and capital
consumption adjustments............. 895.0 873.7 911.8 -2.9 -78.7 -21.3 -.3 -8.3 -2.3
Undistributed profits with
inventory valuation and
capital consumption
adjustments....................... 229.6 152.6 122.7 .9 -72.7 -11.8 .4 -32.3 -8.8
Consumption of fixed capital....... 665.5 721.1 789.1 -3.7 -6.0 -9.5 -.6 -.8 -1.2
Less: Inventory valuation
adjustment.......................... -4.2 -15.0 5.0 -1.3 -2.6 2.8 ..... ..... .....
Equals: Net cash flow................ 899.3 888.7 906.8 -1.4 -76.1 -24.1 -.2 -7.9 -2.6
---------------------------------------------------------------------------------------------------------------------------------
Table 12.--Gross Product of Nonfinancial Corporate Business
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
------------------------------------------------------------------------------------------------------------------------------------------------
Gross product of nonfinancial
corporate business.............. 4,707.1 4,981.0 5,295.0 5,354.2 4,817.4 4,899.9 4,945.1 4,995.0 5,084.2 5,228.7 5,275.1 5,335.5 5,340.7 5,318.6 5,340.9 5,365.7 5,391.6 5,429.7
Consumption of fixed capital......... 523.1 556.2 599.4 652.8 535.2 542.2 549.6 564.0 569.1 581.2 593.7 605.8 617.1 627.6 641.6 684.9 657.0 670.7
Net product.......................... 4,183.9 4,424.9 4,695.6 4,701.4 4,282.2 4,357.7 4,395.6 4,431.1 4,515.1 4,647.5 4,681.4 4,729.7 4,723.6 4,691.0 4,699.3 4,680.8 4,734.6 4,759.0
Indirect business tax and nontax
liability plus business transfer
payments less subsidies........... 457.4 478.4 508.9 523.7 473.8 467.6 473.1 482.4 490.4 503.2 506.3 510.5 515.8 523.3 529.3 508.0 534.3 539.3
Domestic income.................... 3,726.5 3,946.5 4,186.6 4,177.7 3,808.4 3,890.1 3,922.5 3,948.7 4,024.7 4,144.3 4,175.1 4,219.2 4,207.8 4,167.7 4,170.0 4,172.8 4,200.3 4,219.8
Compensation of employees........ 3,058.0 3,272.0 3,542.1 3,573.5 3,135.0 3,213.4 3,240.2 3,283.8 3,350.4 3,482.9 3,503.6 3,575.3 3,606.4 3,589.0 3,580.7 3,572.5 3,551.8 3,576.0
Wage and salary accruals....... 2,612.6 2,804.7 3,040.1 3,056.4 2,682.2 2,752.5 2,775.8 2,814.9 2,875.7 2,990.6 3,005.9 3,069.5 3,094.3 3,075.1 3,064.7 3,054.1 3,031.8 3,045.7
Supplements to wages and
salaries...................... 445.4 467.2 502.0 517.1 452.9 460.9 464.5 469.0 474.7 492.3 497.8 505.8 512.1 513.9 516.0 518.4 520.0 530.3
Corporate profits with inventory
valuation and capital
consumption adjustments......... 530.7 518.5 461.8 407.4 527.2 532.8 530.6 504.6 505.9 490.9 490.1 456.2 410.0 384.3 393.1 403.0 449.0 452.4
Profits before tax............. 460.4 460.1 437.9 328.8 450.1 455.9 467.2 454.7 462.8 463.6 466.0 430.7 391.3 362.8 368.2 349.8 234.3 289.2
Profits tax liability........ 154.6 166.9 172.4 123.5 151.2 165.5 169.9 164.9 167.3 183.8 183.6 169.1 153.2 134.3 136.2 129.4 94.0 119.8
Profits after tax............ 305.8 293.2 265.5 205.3 298.9 290.4 297.4 289.8 295.4 279.8 282.5 261.6 238.1 228.4 232.0 220.4 140.3 169.5
Dividends.................. 242.2 239.2 259.6 278.5 246.5 254.7 242.8 225.3 234.0 252.3 250.4 266.3 269.7 276.7 268.3 283.8 285.2 293.1
Undistributed profits...... 63.6 54.0 5.9 -73.2 52.4 35.6 54.6 64.5 61.4 27.6 32.1 -4.6 -31.6 -48.3 -36.3 -63.4 -144.9 -123.6
Inventory valuation adjustment. 18.3 -4.2 -15.0 5.0 22.9 16.0 -2.5 -13.8 -16.6 -22.6 -16.4 -8.3 -12.5 -10.1 -6.2 8.9 27.2 1.9
Capital consumption adjustment. 52.0 62.6 38.8 73.6 54.2 60.9 65.8 63.7 59.8 49.9 40.4 33.9 31.3 31.7 31.1 44.3 187.4 161.3
Net interest..................... 137.7 156.1 182.7 196.8 146.1 143.9 151.6 160.2 168.5 170.5 181.4 187.7 191.3 194.4 196.1 197.3 199.5 191.4
------------------------------------------------------------------------------------------------------------------------------------------------
Billions of chained (1996) dollars
------------------------------------------------------------------------------------------------------------------------------------------------
Gross product of nonfinancial
corporate business\1\........... 4,658.1 4,896.3 5,075.7 5,048.7 4,760.7 4,832.8 4,870.2 4,909.6 4,972.7 5,065.2 5,063.2 5,095.3 5,079.1 5,037.6 5,032.2 5,029.0 5,096.1 5,142.7
Consumption of fixed capital\2\...... 533.8 574.5 616.7 671.9 550.0 558.9 567.9 582.7 588.4 599.5 611.1 622.6 633.7 644.6 659.3 702.9 681.0 695.2
Net product\3\....................... 4,124.3 4,321.8 4,459.0 4,376.8 4,210.7 4,273.9 4,302.3 4,326.9 4,384.3 4,465.7 4,452.0 4,472.8 4,445.5 4,393.0 4,372.9 4,326.1 4,415.1 4,447.5
------------------------------------------------------------------------------------------------------------------------------------------------
Dollars
------------------------------------------------------------------------------------------------------------------------------------------------
Price, costs, and profits per unit
of real gross product of
nonfinancial corporate business:
Price per unit of real gross
product of nonfinancial
corporate business\4\............. 1.011 1.017 1.043 1.061 1.012 1.014 1.015 1.017 1.022 1.032 1.042 1.047 1.052 1.056 1.061 1.067 1.058 1.056
Compensation of employees (unit
labor cost)....................... .656 .668 .698 .708 .659 .665 .665 .669 .674 .688 .692 .702 .710 .712 .712 .710 .697 .695
Unit nonlabor cost................. .240 .244 .254 .272 .243 .239 .241 .246 .247 .248 .253 .256 .261 .268 .271 .276 .273 .272
Consumption of fixed capital..... .112 .114 .118 .129 .112 .112 .113 .115 .114 .115 .117 .119 .121 .125 .127 .136 .129 .130
Indirect business tax and nontax
liability plus business transfer
payments less subsidies......... .098 .098 .100 .104 .100 .097 .097 .098 .099 .099 .100 .100 .102 .104 .105 .101 .105 .105
Net interest..................... .030 .032 .036 .039 .031 .030 .031 .033 .034 .034 .036 .037 .038 .039 .039 .039 .039 .037
Corporate profits with inventory
valuation and capital consumption
adjustments (unit profits from
current production)............... .114 .106 .091 .081 .111 .110 .109 .103 .102 .097 .097 .090 .081 .076 .078 .080 .088 .088
Profits tax liability............ .033 .034 .034 .024 .032 .034 .035 .034 .034 .036 .036 .033 .030 .027 .027 .026 .018 .023
Profits after tax with inventory
valuation and capital
consumption adjustments......... .081 .072 .057 .056 .079 .076 .074 .069 .068 .061 .061 .056 .051 .050 .051 .054 .070 .065
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1. Effective with the estimates scheduled for release on
November 26, 2002, chained-dollar gross product of nonfinancial
corporate business for 1999 to 2002 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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
1998 1999 2000 2001 IV 98 I 99 II 99 III 99 IV 99 I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
GDP and related aggregates:
GDP............................... 4.3 4.1 3.8 .3 6.7 3.0 2.0 5.2 7.1 2.6 4.8 .6 1.1 -.6 -1.6 -.3 2.7 5.0 1.1
Goods............................. 5.9 5.3 4.7 -2.3 13.2 1.4 1.5 8.2 12.0 1.4 6.9 -.5 -2.7 -4.4 -5.7 -1.5 4.3 8.3 -.7
Services.......................... 2.9 3.3 3.3 2.1 2.5 3.7 2.9 4.3 3.9 2.0 5.0 1.6 3.7 .9 1.2 1.8 3.2 2.8 3.3
Structures........................ 5.9 3.8 2.7 -.1 5.7 5.7 -1.5 -1.9 6.2 10.7 -3.6 -1.2 1.7 6.1 -1.3 -7.1 -5.6 6.1 -5.6
Motor vehicle output.............. 8.1 8.7 -2.7 -6.1 77.2 -11.1 -2.0 21.0 2.0 -1.6 -7.9 -16.4 -18.1 -19.1 19.4 10.7 16.3 9.9 6.2
GDP less motor vehicle output..... 12.2 3.9 4.0 .5 4.7 3.6 2.1 4.6 7.3 2.7 5.4 1.2 1.8 .0 -2.2 -.6 2.3 4.9 .9
Final sales of computers\1\....... 39.3 41.4 29.5 9.1 54.9 36.4 61.8 35.1 -3.9 56.9 45.2 9.6 10.2 30.0 -19.1 -5.3 28.9 -7.8 9.1
GDP less final sales of
computers........................ 4.0 3.8 3.5 .2 6.3 2.8 1.5 4.9 7.2 2.2 4.5 .5 1.0 -.8 -1.4 -.2 2.6 5.1 1.0
Farm product\2\................... -3.2 7.8 11.5 -5.1 5.5 7.3 25.7 -7.3 8.7 35.1 4.7 15.3 -19.1 -10.6 -17.5 -4.3 74.0 -14.2 -16.1
Nonfarm business less housing
product\3\....................... 5.1 4.7 4.1 -.1 8.4 3.2 1.8 6.0 8.5 2.1 5.6 .3 1.2 -.9 -2.8 -.8 3.0 6.3 .4
Price indexes:
GDP............................... 1.2 1.4 2.1 2.4 1.1 1.8 1.5 1.2 1.7 3.1 2.3 1.6 2.1 3.7 2.5 2.2 -.5 1.3 1.2
GDP less food and energy.......... 1.4 1.5 2.0 2.0 1.1 1.7 1.6 1.3 1.8 2.7 2.1 1.6 1.9 2.8 1.6 2.8 .0 1.6 1.4
GDP less final sales of computers. 1.6 1.8 2.3 2.6 1.4 2.2 1.8 1.5 1.9 3.3 2.5 1.8 2.2 4.1 2.7 2.4 -.4 1.5 1.3
Gross domestic purchases.......... .8 1.5 2.5 1.9 1.2 1.4 2.1 1.9 2.2 3.7 2.2 2.2 2.1 3.3 1.7 -.2 .4 1.2 2.1
Gross domestic purchases less
food and energy.................. 1.1 1.3 1.9 1.8 1.2 1.5 1.4 1.2 1.7 2.7 1.9 1.5 1.7 2.9 1.3 .6 2.0 1.4 1.3
Gross domestic purchases less
final sales of computers......... 1.2 1.9 2.8 2.2 1.6 1.8 2.4 2.2 2.4 3.9 2.4 2.4 2.3 3.8 2.0 .1 .7 1.4 2.3
Personal consumption expenditures. 1.1 1.6 2.5 2.0 1.4 1.2 2.3 2.2 2.4 3.4 2.3 2.1 2.2 3.3 1.8 -.1 .8 1.1 2.5
Personal consumption expenditures
less food and energy............. 1.5 1.5 1.8 1.8 1.5 1.3 1.4 1.5 1.7 2.2 1.8 1.3 1.8 2.8 1.2 .7 2.7 1.4 1.7
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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 2000-01 annual percent change in real GDP uses prices for 2000 and 2001 as weights,
and the 2000-01 annual percent change in GDP prices uses quantities for 2000 and 2001 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.
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