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Virginia H. Mannering: (202) 606-5304 (GDP) BEA 04-13
Kenneth A. Petrick: (202) 606-9738 (Profits)
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2003 (FINAL)
CORPORATE PROFITS: FOURTH QUARTER 2003
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 4.1 percent in the fourth quarter of 2003,
according to revised estimates released by the Bureau of Economic Analysis. In the third quarter, real
GDP increased 8.2 percent.
The GDP estimates released today are based on more complete source data than were available for
the preliminary estimates issued last month. In the preliminary estimates, the increase in real GDP was
also 4.1 percent (see "Revisions" on page 3).
The major contributors to the increase in real GDP in the fourth quarter were personal
consumption expenditures (PCE), exports, equipment and software, private inventory investment, and
residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.
The deceleration in real GDP growth in the fourth quarter primarily reflected a deceleration in
PCE, an acceleration in imports, a deceleration in residential fixed investment, and a downturn in
government spending that were partly offset by an acceleration in exports and an upturn in private
inventory investment.
Final sales of computers contributed 0.29 percentage point to the fourth-quarter change in real
GDP after contributing 0.65 percentage point to the third-quarter change. Motor vehicle output
contributed 0.13 percentage point to the fourth-quarter change in real GDP after contributing 0.82
percentage point to the third-quarter change.
FOOTNOTE.--Quarterly estimates are expressed at seasonally adjusted annual rates, unless otherwise
specified. Quarter-to-quarter dollar changes are differences between these published estimates. Percent
changes are calculated from unrounded data and annualized. "Real" estimates are in chained (2000)
dollars. Price indexes are chain-type measures.
This news release is available on BEA's Web site at <www.bea.gov/newsreleases/rels.htm>.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 1.3 percent in the fourth quarter, 0.2 percentage point more than in the preliminary estimate;
this index increased 1.8 percent in the third quarter. Excluding food and energy prices, the price index
for gross domestic purchases increased 1.5 percent in the fourth quarter, compared with an increase of
1.3 percent in the third.
Real personal consumption expenditures increased 3.2 percent in the fourth quarter, compared
with an increase of 6.9 percent in the third. Real nonresidential fixed investment increased 10.9 percent,
compared with an increase of 12.8 percent. Nonresidential structures decreased 1.4 percent, compared
with a decrease of 1.8 percent. Equipment and software increased 14.9 percent, compared with an
increase of 17.6 percent. Real residential fixed investment increased 7.9 percent, compared with an
increase of 21.9 percent.
Real exports of goods and services increased 20.5 percent in the fourth quarter, compared with an
increase of 9.9 percent in the third. Real imports of goods and services increased 16.4 percent,
compared with an increase of 0.8 percent.
Real federal government consumption expenditures and gross investment increased 0.7 percent in
the fourth quarter, compared with an increase of 1.2 percent in the third. National defense increased 3.0
percent, in contrast to a decrease of 1.3 percent. Nondefense decreased 3.7 percent, in contrast to an
increase of 6.5 percent. Real state and local government consumption expenditures and gross
investment decreased 0.5 percent, in contrast to an increase of 2.1 percent.
The real change in private inventories added 0.71 percentage point to the fourth-quarter change in
real GDP, after subtracting 0.13 percentage point from the third-quarter change. Private businesses
increased inventories $9.0 billion in the fourth quarter, following decreases of $9.1 billion in the third
quarter and $4.5 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 3.4
percent in the fourth quarter, compared with an increase of 8.3 percent in the third.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 4.3 percent in the fourth quarter, compared with an increase of 7.0 percent in the
third.
Gross national product
Real gross national product -- the goods and services produced by the labor and property supplied
by U.S. residents -- increased 5.5 percent in the fourth quarter, compared with an increase of 8.3 percent
in the third. GNP includes, and GDP excludes, net receipts of income from the rest of the world, which
increased $36.4 billion in the fourth quarter after increasing $3.6 billion in the third; in the fourth
quarter, receipts increased $45.3 billion, and payments increased $8.9 billion.
Current-dollar GDP
Current-dollar GDP the market value of the nation's output of goods and services -- increased
5.7 percent, or $155.0 billion, in the fourth quarter to a level of $11,262.0 billion. In the third quarter,
current-dollar GDP increased 10.0 percent, or $260.3 billion.
Revisions
The final estimate of the fourth-quarter increase in real GDP is the same as the preliminary
estimate. Upward revisions to personal consumption expenditures for services and to nonresidential
structures were offset by downward revisions to private inventory investment and to state and local
government spending.
Advance Preliminary Final
(Percent change from preceding quarter)
Real GDP............................... 4.0 4.1 4.1
Current-dollar GDP..................... 5.1 5.3 5.7
Gross domestic purchases price index... 1.0 1.1 1.3
Corporate Profits
Profits from current production (corporate profits with inventory valuation and capital
consumption adjustments) increased $81.4 billion in the fourth quarter, compared with an increase of
$101.4 billion in the third. Current-production cash flow (net cash flow with inventory valuation and
capital consumption adjustments) -- the internal funds available to corporations for investment --
increased $70.6 billion in the fourth quarter, compared with an increase of $77.2 billion in the third.
Taxes on corporate income increased $13.1 billion in the fourth quarter, compared with an
increase of $19.2 billion in the third. Profits after tax with inventory valuation and capital consumption
adjustments increased $68.2 billion in the fourth quarter, after increasing $82.4 billion in the third.
Dividends increased $7.5 billion, compared with an increase of $6.8 billion; current-production
undistributed profits increased $60.9 billion, compared with an increase of $75.5 billion.
Domestic profits of financial corporations increased $5.2 billion in the fourth quarter, compared
with an increase of $19.6 billion in the third. Domestic profits of nonfinancial corporations increased
$28.7 billion in the fourth quarter, compared with an increase of $72.6 billion in the third. In the fourth
quarter, both real gross value added and profits per unit of real gross value added increased. The
increase in unit profits reflected an increase in the prices corporations received and a decrease in the unit
labor costs incurred by corporations; unit nonlabor costs were unchanged.
The foreign component of profits (rest-of-the-world profits) increased $47.5 billion in the fourth
quarter, compared with an increase of $9.2 billion in the third. This measure is calculated as (1) receipts
by U.S. residents of earnings from their foreign affiliates plus dividends received by U.S. residents from
unaffiliated foreign corporations minus (2) payments by U.S. affiliates of earnings to their foreign
parents plus dividends paid by U.S. corporations to unaffiliated foreign residents. The fourth-quarter
increase was accounted for by a larger increase in receipts than in payments.
Profits before tax with inventory valuation adjustment is the best available measure of industry
profits because estimates of the capital consumption adjustment by industry do not exist. This measure
reflects the depreciation-accounting practices used for federal income tax returns. According to this
measure, both domestic profits of financial corporations and domestic profits of nonfinancial
corporations increased. Profit increases of nonfinancial corporations primarily reflected increases in
manufacturing, in "other" nonfinancial industries, and in utilities that were partially offset by decreases
in information, in retail trade, and in wholesale trade.
Profits before tax increased $92.2 billion in the fourth quarter, compared with an increase of $73.4
billion in the third. The before-tax measure of profits does not reflect, as does profits from current
production, the capital consumption and inventory valuation adjustments. These adjustments convert
depreciation of fixed assets and inventory withdrawals reported on a tax-return, historical-cost basis to
the current-cost measures used in the national income and product accounts. The capital consumption
adjustment increased $9.1 billion in the fourth quarter (from $260.1 billion to $269.2 billion), compared
with an increase of $30.9 billion in the third. The inventory valuation adjustment decreased $19.9
billion (from -$1.8 billion to -$21.7 billion), compared with a decrease of $3.0 billion.
Corporate profits in 2003
Profits from current production increased 18.3 percent in 2003, compared with an increase of 17.4
percent in 2002. Domestic profits increased 20.6 percent, compared with an increase of 23.4 percent.
The rest-of-the-world component of profits increased 7.6 percent, in contrast to a decrease of 5.0
percent.
Profits tax liability increased 15.3 percent in 2003, in contrast to a decrease of 3.0 percent in 2002.
Profits after tax with inventory valuation and capital consumption adjustments increased 19.2 percent,
compared with an increase of 24.6 percent. Dividends increased 8.2 percent, compared with an increase
of 6.7 percent; current-production undistributed profits increased 33.2 percent, compared with an
increase of 58.6 percent.
Profits before tax increased 15.0 percent in 2003, compared with an increase of 6.9 percent in
2002. In 2003, the difference between the increase in profits from current production and the increase in
profits before tax was mainly due to the effects of the Job Creation and Worker Assistance Act of 2002
and the Jobs and Growth Tax Relief Reconciliation Act of 2003, which allowed accelerated depreciation
and lowered before-tax profits. Profits from current production were not affected by the acts, because
this measure does not depend on the depreciation-accounting practices used for federal income tax
purposes.
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
(202) 606-5303 Personal income and outlays
(202) 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 -- April 29, 2004, at 8:30 A.M. EDT for:
Gross Domestic Product: First Quarter 2004 (Advance)
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003r I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03r IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). .5 2.2 3.1 1.0 6.4 -.5 2.1 -.2 -.6 -1.3 2.0 4.7 1.9 3.4 1.3 2.0 3.1 8.2 4.1
Personal consumption expenditures... 2.5 3.4 3.1 6.5 2.5 3.9 3.4 .5 2.3 1.9 6.2 4.1 2.6 2.0 2.2 2.5 3.3 6.9 3.2
Durable goods..................... 4.1 6.5 7.4 24.4 -9.5 6.0 .7 1.7 9.8 .7 27.3 1.6 .5 5.0 .3 .5 17.7 28.0 .7
Nondurable goods.................. 1.9 3.0 3.8 .3 5.7 2.3 3.7 .4 -1.1 2.9 4.7 6.1 .4 .2 4.6 5.7 1.2 7.3 5.4
Services.......................... 2.4 3.0 2.0 6.0 3.9 4.3 3.9 .3 2.4 1.6 2.8 3.8 4.1 2.2 1.5 1.5 1.7 2.8 2.8
Gross private domestic investment... -8.4 -1.2 4.2 -6.9 29.1 -9.9 -2.3 -11.1 -16.4 -8.5 -17.7 11.1 4.6 11.4 -.6 -3.5 4.7 14.8 14.9
Fixed investment.................. -3.2 -3.7 4.4 11.5 9.5 -.6 .7 -2.7 -9.2 -5.2 -10.8 -2.5 .6 .6 2.1 1.1 6.1 15.8 9.9
Nonresidential.................. -4.5 -7.2 3.0 14.3 14.8 2.2 .9 -4.5 -13.6 -8.4 -14.0 -7.0 -3.0 -1.1 -.1 -.6 7.0 12.8 10.9
Structures.................... -2.5 -18.4 -4.6 7.0 18.0 9.6 1.2 -5.9 -5.6 2.2 -35.3 -23.9 -14.5 -14.6 -5.6 -4.0 3.9 -1.8 -1.4
Equipment and software........ -5.2 -2.8 5.5 16.9 13.7 -.2 .8 -4.0 -16.4 -12.2 -4.1 -.2 1.2 3.7 1.7 .5 8.0 17.6 14.9
Residential..................... .4 4.9 7.5 4.1 -3.5 -8.0 .4 2.6 3.7 3.1 -2.5 8.7 8.9 4.2 6.8 4.5 4.5 21.9 7.9
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -5.2 -2.4 2.0 6.6 12.3 10.7 -2.7 -4.5 -13.4 -17.7 -9.8 4.4 8.7 4.3 -3.7 -2.0 -1.1 9.9 20.5
Goods........................... -6.1 -4.0 1.9 8.7 13.8 18.3 -5.4 -5.4 -18.1 -18.9 -7.6 -2.6 12.0 4.3 -9.1 1.9 -1.7 8.6 21.3
Services........................ -3.1 1.4 2.3 1.4 8.5 -6.6 4.4 -2.0 -.6 -14.7 -15.0 22.8 1.6 4.5 9.4 -10.1 .2 12.7 18.9
Imports........................... -2.6 3.3 4.0 16.7 16.5 14.1 -1.6 -6.2 -8.6 -10.8 -3.8 8.4 17.1 4.1 8.2 -6.8 9.1 .8 16.4
Goods........................... -3.2 3.7 4.8 16.0 17.7 14.1 -1.6 -6.8 -12.2 -9.2 -3.2 6.3 21.9 4.8 7.4 -6.6 13.7 -1.5 18.3
Services........................ .4 1.4 -.1 20.8 10.7 14.1 -1.9 -3.1 12.5 -18.2 -6.9 19.2 -3.6 .7 12.2 -7.5 -10.9 13.4 7.5
Government consumption expenditures
and gross investment............... 2.8 3.8 3.3 -3.0 5.5 -2.1 1.3 5.8 5.8 -4.1 7.4 4.6 4.0 2.5 7.1 -.4 7.4 1.8 -.1
Federal........................... 3.7 7.9 8.7 -13.9 17.2 -8.2 -1.0 8.9 6.7 .0 9.9 8.4 10.5 3.9 18.2 -.2 23.5 1.2 .7
National defense................ 3.9 8.9 10.6 -21.3 17.0 -7.4 1.7 7.7 2.6 2.4 14.2 8.2 9.5 4.5 22.1 -5.6 41.9 -1.3 3.0
Nondefense...................... 3.5 6.2 5.3 1.2 17.6 -9.7 -5.7 11.2 14.4 -4.3 2.6 8.7 12.2 2.9 11.4 10.5 -5.0 6.5 -3.7
State and local................... 2.2 1.8 .5 3.2 .1 1.3 2.5 4.3 5.3 -6.1 6.1 2.7 .7 1.7 1.5 -.5 -.8 2.1 -.5
Addenda:
Final sales of domestic product... 1.4 1.8 3.2 4.2 3.3 1.3 2.6 1.4 .7 -.7 3.2 2.6 1.3 1.8 1.7 2.7 3.3 8.3 3.4
Gross domestic purchases.......... .7 2.8 3.3 2.5 7.2 .4 2.1 -.7 -.4 -.8 2.4 5.2 3.1 3.4 2.7 1.1 4.3 7.0 4.3
Final sales to domestic
purchasers....................... 1.6 2.4 3.4 5.6 4.2 2.1 2.6 .9 .9 -.3 3.6 3.2 2.5 1.8 3.1 1.8 4.5 7.2 3.6
Gross national product (GNP)...... .5 2.1 3.3 .8 6.6 -.7 3.0 -1.3 -.6 -1.9 4.6 2.6 1.3 3.8 2.0 1.5 3.3 8.3 5.5
Disposable personal income........ 1.8 3.8 2.6 9.2 2.7 5.2 .6 -.3 -1.4 12.2 -4.4 10.6 4.1 -.9 .6 2.4 4.9 6.8 .5
Current-dollar measures:
GDP............................. 2.9 3.8 4.8 4.7 8.3 1.6 3.8 2.9 2.6 .3 3.9 5.4 3.9 4.4 3.1 4.3 4.2 10.0 5.7
Final sales of domestic product. 3.9 3.3 4.9 7.8 5.4 3.2 4.5 4.5 4.0 .9 4.8 3.8 2.8 3.3 3.5 5.1 4.4 10.1 5.0
Gross domestic purchases........ 2.7 4.2 5.3 6.6 8.9 2.9 3.7 1.9 1.9 .2 3.3 5.8 6.1 4.6 4.5 4.5 4.7 8.9 5.7
Final sales to domestic
purchasers..................... 3.6 3.8 5.4 9.7 6.1 4.5 4.4 3.5 3.3 .7 4.1 4.2 5.0 3.5 4.8 5.3 4.8 9.1 5.0
GNP............................. 2.8 3.6 5.0 4.4 8.4 1.4 4.7 1.8 2.5 -.3 6.5 3.3 3.3 4.9 3.9 3.9 4.4 10.1 7.1
Disposable personal income...... 3.8 5.2 4.5 13.0 4.7 7.2 2.4 2.9 1.1 12.8 -4.1 11.4 7.2 1.1 2.3 5.3 5.4 8.7 1.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2003.
See "Explanatory Note" at the end of the tables.
Table 2.--Contributions to Percent Change in Real Gross Domestic Product
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003r I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... .5 2.2 3.1 1.0 6.4 -.5 2.1 -.2 -.6 -1.3 2.0 4.7 1.9 3.4 1.3 2.0 3.1 8.2 4.1
Percentage points at annual rates:
Personal consumption expenditures. 1.68 2.38 2.22 4.38 1.78 2.62 2.29 .28 1.52 1.27 4.20 2.92 1.81 1.39 1.57 1.80 2.34 4.89 2.29
Durable goods................... .36 .55 .61 1.96 -.89 .50 .06 .15 .80 .06 2.14 .14 .04 .43 .02 .04 1.38 2.23 .06
Motor vehicles and parts...... .19 .18 .17 1.31 -1.12 .28 .01 .04 .67 -.13 1.58 -.44 -.25 .29 -.33 -.16 .54 1.36 -.35
Furniture and household
equipment.................... .18 .30 .29 .45 .19 .19 .07 .18 .16 .23 .40 .45 .23 .12 .24 .04 .54 .65 .30
Other......................... -.01 .08 .16 .19 .04 .03 -.02 -.07 -.02 -.04 .16 .13 .05 .02 .11 .17 .30 .21 .11
Nondurable goods................ .37 .60 .76 .06 1.11 .44 .72 .06 -.22 .57 .91 1.19 .07 .04 .90 1.13 .25 1.48 1.07
Food.......................... .12 .22 .37 .16 .39 .09 .14 .22 -.03 .02 .14 .56 .19 .03 .22 .63 .23 .71 .32
Clothing and shoes............ .06 .15 .14 .27 .21 .19 .04 -.08 .01 .15 .19 .33 .01 -.01 .21 .09 .21 .27 .04
Gasoline, fuel oil, and other
energy goods................. .03 .04 .00 -.13 -.06 -.05 .25 .12 -.37 .09 .32 .10 -.20 -.09 .21 .08 -.40 .07 .39
Other......................... .15 .20 .26 -.23 .56 .21 .29 -.19 .17 .31 .27 .22 .07 .11 .25 .33 .20 .43 .33
Services........................ .96 1.23 .85 2.36 1.55 1.67 1.51 .07 .94 .64 1.15 1.58 1.70 .92 .65 .63 .71 1.19 1.16
Housing....................... .28 .29 .24 .32 .31 .27 .28 .33 .26 .21 .25 .35 .33 .28 .25 .26 .20 .25 .17
Household operation........... .00 .04 .02 .12 .51 .16 .41 -.27 -.31 -.05 -.17 .18 .36 -.14 .04 .04 -.13 .14 .05
Electricity and gas......... -.02 .04 .00 -.05 .33 .07 .40 -.15 -.49 -.04 -.13 .20 .27 -.05 .09 .01 -.21 .06 .02
Other household operation... .02 .00 .02 .18 .18 .08 .01 -.12 .17 -.01 -.04 -.02 .09 -.09 -.05 .03 .08 .08 .03
Transportation................ -.02 -.05 -.07 .12 .08 -.01 .01 .03 -.01 -.15 -.14 .10 -.05 -.12 -.09 .01 -.11 -.06 -.08
Medical care.................. .45 .63 .59 .37 .47 .41 .42 .35 .47 .62 .61 .75 .61 .51 .69 .59 .53 .60 .58
Recreation.................... .06 .11 .06 .06 .14 .10 .04 .09 -.02 .06 .15 .19 .07 .05 .09 .00 .10 .08 .12
Other......................... .18 .20 .00 1.37 .05 .75 .34 -.45 .56 -.06 .45 .00 .38 .34 -.33 -.28 .13 .19 .33
Gross private domestic investment. -1.47 -.18 .64 -1.30 4.65 -1.84 -.36 -1.96 -2.92 -1.39 -2.98 1.60 .69 1.66 -.09 -.57 .73 2.17 2.19
Fixed investment................ -.54 -.60 .67 1.83 1.60 -.10 .13 -.45 -1.60 -.88 -1.83 -.41 .08 .08 .31 .16 .90 2.30 1.48
Nonresidential................ -.56 -.82 .30 1.64 1.76 .28 .11 -.56 -1.76 -1.02 -1.71 -.81 -.33 -.12 -.01 -.06 .68 1.25 1.08
Structures.................. -.08 -.59 -.12 .21 .53 .29 .04 -.20 -.19 .07 -1.36 -.77 -.41 -.40 -.14 -.10 .09 -.04 -.03
Equipment and software...... -.47 -.23 .42 1.44 1.23 -.02 .07 -.37 -1.57 -1.09 -.35 -.03 .09 .28 .13 .04 .59 1.30 1.11
Information processing
equipment and software... -.10 .02 .54 1.13 .96 .33 .58 -.20 -.84 -.58 -.15 .09 .37 .53 -.06 .64 .64 1.05 .70
Computers and peripheral
equipment.............. .02 .11 .24 .22 .45 .12 .06 .16 -.22 -.26 .19 .22 .06 .28 .09 .21 .33 .39 .26
Software................ -.04 -.04 .14 .17 .18 .02 .20 -.07 -.24 -.16 -.21 -.05 .09 .21 -.06 .18 .15 .24 .23
Other................... -.08 -.05 .16 .74 .33 .19 .32 -.28 -.39 -.16 -.14 -.08 .21 .05 -.10 .26 .15 .41 .20
Industrial equipment...... -.14 -.09 -.05 .29 .14 .09 -.12 .04 -.53 -.30 -.22 .26 -.21 .00 -.04 -.10 -.02 .02 -.03
Transportation equipment.. -.18 -.14 -.11 -.12 .04 -.31 -.36 -.27 .00 -.25 .24 -.34 -.24 -.26 .20 -.37 -.09 -.05 .25
Other equipment........... -.05 -.02 .04 .13 .09 -.13 -.03 .06 -.21 .04 -.21 -.04 .17 .00 .04 -.13 .05 .28 .20
Residential................... .02 .23 .36 .19 -.16 -.38 .02 .12 .16 .14 -.12 .40 .41 .20 .32 .22 .22 1.05 .40
Change in private inventories... -.93 .41 -.03 -3.13 3.05 -1.74 -.49 -1.51 -1.32 -.51 -1.15 2.01 .61 1.58 -.40 -.74 -.17 -.13 .71
Farm.......................... .02 -.03 .02 -.51 .88 -.36 .34 .03 -.34 .14 -.26 .39 -.64 .34 -.02 .15 -.09 -.03 .10
Nonfarm....................... -.94 .44 -.05 -2.62 2.18 -1.38 -.83 -1.54 -.99 -.65 -.89 1.62 1.25 1.25 -.38 -.88 -.08 -.10 .61
Net exports of goods and services. -.19 -.70 -.35 -1.53 -.98 -.87 -.07 .46 -.25 -.42 -.50 -.65 -1.32 -.15 -1.47 .81 -1.34 .80 -.32
Exports......................... -.58 -.24 .20 .70 1.30 1.14 -.31 -.50 -1.54 -1.99 -1.02 .40 .80 .41 -.37 -.19 -.11 .92 1.81
Goods......................... -.48 -.29 .13 .65 1.03 1.36 -.45 -.44 -1.52 -1.50 -.54 -.19 .75 .28 -.64 .13 -.11 .56 1.29
Services...................... -.10 .04 .07 .05 .26 -.22 .14 -.06 -.02 -.48 -.47 .59 .05 .13 .27 -.31 .01 .36 .52
Imports......................... .39 -.45 -.55 -2.23 -2.27 -2.01 .24 .96 1.29 1.57 .52 -1.05 -2.12 -.56 -1.10 1.00 -1.24 -.12 -2.14
Goods......................... .39 -.42 -.55 -1.79 -2.03 -1.70 .19 .88 1.57 1.10 .35 -.66 -2.20 -.55 -.83 .81 -1.51 .18 -1.96
Services...................... -.01 -.03 .00 -.44 -.24 -.32 .04 .08 -.28 .47 .16 -.39 .09 -.02 -.27 .19 .27 -.30 -.17
Government consumption expenditures
and gross investment............. .48 .69 .62 -.56 .96 -.37 .22 .99 1.00 -.74 1.28 .85 .72 .46 1.29 -.07 1.36 .34 -.01
Federal......................... .22 .48 .56 -.93 .96 -.51 -.07 .50 .38 .00 .57 .52 .64 .26 1.11 -.01 1.46 .09 .05
National defense.............. .15 .35 .44 -.92 .61 -.29 .06 .27 .10 .09 .53 .33 .38 .19 .85 -.25 1.58 -.06 .13
Consumption expenditures.... .13 .29 .40 -.88 .60 -.30 .11 .29 .00 .03 .50 .32 .22 .09 .93 -.19 1.39 -.20 .19
Gross investment............ .02 .06 .04 -.04 .01 .01 -.05 -.01 .10 .06 .02 .01 .15 .10 -.07 -.06 .19 .13 -.05
Nondefense.................... .07 .14 .12 -.01 .35 -.22 -.13 .23 .28 -.09 .04 .20 .27 .07 .26 .24 -.12 .15 -.09
Consumption expenditures..... .07 .12 .11 .21 .28 -.13 -.06 .19 .19 -.02 .06 .14 .15 .13 .26 .25 -.26 .23 -.13
Gross investment............. .00 .02 .01 -.22 .07 -.09 -.07 .04 .09 -.07 -.02 .06 .11 -.06 .00 -.01 .14 -.08 .04
State and local................. .26 .21 .06 .36 .01 .15 .29 .49 .62 -.74 .71 .33 .08 .20 .18 -.06 -.10 .25 -.06
Consumption expenditures.... .20 .13 .06 .09 .16 .10 .21 .29 .22 .13 .21 .01 .17 .11 .19 .06 -.05 -.02 .04
Gross investment............ .06 .08 -.01 .28 -.15 .05 .08 .20 .40 -.88 .50 .31 -.09 .09 -.01 -.12 -.05 .27 -.10
Addenda:
Goods........................... -.71 .71 1.40 -.92 3.64 -1.19 .10 -1.17 -2.08 -1.40 1.38 2.54 -.37 2.12 -.92 1.37 .75 5.67 2.30
Services........................ 1.26 1.77 1.50 1.40 2.63 .80 1.95 .85 1.05 .77 1.61 2.25 2.38 1.37 2.02 .62 2.08 1.27 1.61
Structures...................... -.04 -.29 .23 .51 .15 -.07 .03 .09 .38 -.65 -1.00 -.08 -.10 -.13 .19 -.02 .26 1.27 .23
Motor vehicle output............ -.17 .38 .09 .21 -.62 -.73 -.47 -.53 .58 .05 .92 .39 .20 .37 -.18 -.23 .07 .82 .13
Final sales of computers........ .14 .10 .31 .52 .47 .10 .19 .45 -.20 -.19 .22 .06 .06 .35 .26 .26 .25 .65 .29
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 3.--Gross Domestic Product and Related Measures: Level and Change From Preceding Period
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of current dollars Billions of chained (2000) dollars
------------------------------------------------------ -------------------------------------------------------------------------------
Seasonally adjusted Seasonally adjusted Change from preceding
at annual rates at annual rates period
-------------------------------------------- -------------------------------------------- -------------------------
2003r IV 02 I 03 II 03 III 03 IV 03r 2003r IV 02 I 03 II 03 III 03 IV 03r 2003r III 03 IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 10,987.9 10,623.7 10,735.8 10,846.7 11,107.0 11,262.0 10,398.0 10,160.8 10,210.4 10,288.3 10,493.1 10,600.1 315.0 204.8 107.0
Personal consumption expenditures. 7,757.4 7,501.2 7,600.7 7,673.6 7,836.3 7,919.1 7,365.2 7,198.9 7,244.1 7,304.0 7,426.6 7,486.2 224.8 122.6 59.6
Durable goods................... 941.6 907.3 898.2 926.2 975.1 967.0 1,027.5 963.8 965.0 1,005.1 1,069.1 1,070.8 70.3 64.0 1.7
Motor vehicles and parts...... 424.0 410.4 402.1 414.5 447.2 432.2 441.9 419.0 414.5 429.5 466.9 456.7 18.6 37.4 -10.2
Furniture and household
equipment.................... 334.2 325.3 321.8 329.9 339.9 345.1 400.3 373.5 374.7 391.7 412.4 422.5 35.6 20.7 10.1
Other......................... 183.4 171.6 174.3 181.8 188.0 189.7 187.3 173.0 177.6 185.9 191.4 194.5 17.1 5.5 3.1
Nondurable goods................ 2,209.7 2,119.2 2,175.7 2,170.8 2,230.0 2,262.2 2,121.0 2,061.8 2,090.5 2,096.9 2,134.3 2,162.4 77.4 37.4 28.1
Food.......................... 1,064.1 1,016.4 1,037.4 1,049.7 1,074.9 1,094.2 994.7 963.9 979.6 985.4 1,002.8 1,010.9 36.5 17.4 8.1
Clothing and shoes............ 311.2 306.4 304.8 307.5 315.1 317.3 334.4 323.4 325.7 331.9 339.5 340.6 15.3 7.6 1.1
Gasoline, fuel oil, and other
energy goods................. 210.3 193.0 222.4 196.9 209.2 212.7 198.9 201.0 203.1 192.9 194.7 204.8 -.4 1.8 10.1
Other......................... 624.1 603.4 611.1 616.7 630.8 637.9 593.6 573.8 582.2 587.4 598.3 606.8 26.3 10.9 8.5
Services........................ 4,606.2 4,474.7 4,526.8 4,576.6 4,631.2 4,689.9 4,225.7 4,175.4 4,190.7 4,208.4 4,237.2 4,266.4 83.9 28.8 29.2
Housing....................... 1,198.5 1,167.7 1,181.5 1,191.4 1,204.9 1,216.4 1,085.6 1,071.7 1,078.0 1,082.8 1,088.7 1,092.8 23.7 5.9 4.1
Household operation........... 425.9 412.9 422.6 424.2 428.5 428.3 396.2 395.6 396.6 393.4 396.8 398.0 1.7 3.4 1.2
Electricity and gas......... 164.2 156.0 163.1 163.9 165.8 164.0 145.1 147.9 148.0 143.1 144.5 144.9 -.1 1.4 .4
Other household operation... 261.7 256.9 259.5 260.3 262.7 264.3 251.2 247.6 248.5 250.5 252.4 253.2 2.0 1.9 .8
Transportation................ 293.6 291.5 292.3 292.8 295.3 294.1 278.2 281.3 281.6 278.8 277.2 275.1 -6.6 -1.6 -2.1
Medical care.................. 1,302.4 1,239.8 1,263.1 1,289.2 1,315.1 1,342.3 1,190.0 1,154.8 1,169.3 1,182.4 1,196.9 1,211.4 57.9 14.5 14.5
Recreation.................... 319.2 309.7 312.6 317.2 321.3 325.7 291.1 287.5 287.5 290.1 291.9 294.8 6.3 1.8 2.9
Other......................... 1,066.5 1,053.0 1,054.7 1,061.9 1,066.2 1,083.1 983.3 983.5 976.6 979.7 984.3 992.7 .1 4.6 8.4
Gross private domestic investment. 1,670.6 1,614.7 1,605.3 1,624.3 1,689.1 1,763.5 1,638.0 1,595.8 1,581.6 1,599.9 1,656.1 1,714.6 66.0 56.2 58.5
Fixed investment................ 1,673.0 1,594.6 1,606.2 1,630.1 1,699.5 1,756.0 1,635.2 1,573.5 1,577.7 1,601.4 1,661.0 1,700.6 69.4 59.6 39.6
Nonresidential................ 1,110.6 1,074.3 1,071.8 1,086.9 1,124.4 1,159.2 1,125.5 1,088.9 1,087.3 1,105.8 1,139.5 1,169.4 32.9 33.7 29.9
Structures.................. 259.2 256.3 256.1 259.2 259.8 261.9 237.5 239.0 236.5 238.8 237.7 236.9 -11.5 -1.1 -.8
Equipment and software...... 851.3 817.9 815.8 827.7 864.6 897.3 893.5 853.9 855.0 871.6 907.7 939.7 46.8 36.1 32.0
Information processing
equipment and software... 463.8 424.1 436.2 451.2 477.0 490.7 522.7 468.2 487.2 506.4 537.7 559.5 63.4 31.3 21.8
Computers and peripheral
equipment.............. 97.2 84.9 86.8 93.5 101.8 106.8 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 181.1 169.8 173.4 177.6 185.1 188.4 182.4 169.7 174.4 178.6 185.0 191.5 14.9 6.4 6.5
Other................... 185.4 169.3 175.9 180.1 190.2 195.5 194.8 177.1 184.3 188.6 200.2 206.0 17.7 11.6 5.8
Industrial equipment...... 133.6 135.6 133.4 133.2 134.1 133.5 131.1 133.9 131.4 131.0 131.4 130.6 -5.0 .4 -.8
Transportation equipment.. 121.3 128.8 119.8 115.3 117.8 132.2 116.6 127.2 117.4 115.1 113.7 120.1 -11.6 -1.4 6.4
Other equipment........... 132.7 129.4 126.3 128.1 135.7 140.9 128.5 126.1 122.6 123.9 131.1 136.3 4.2 7.2 5.2
Residential................... 562.4 520.3 534.4 543.2 575.1 596.9 505.3 481.0 486.4 491.7 516.7 526.6 35.0 25.0 9.9
Change in private inventories... -2.4 20.2 -.9 -5.8 -10.5 7.5 -.7 21.5 1.6 -4.5 -9.1 9.0 -6.4 -4.6 18.1
Farm.......................... -2.3 -4.8 .2 -2.7 -4.3 -2.3 -1.1 -3.5 1.2 -2.0 -2.8 -.7 2.2 -.8 2.1
Nonfarm....................... -.1 25.0 -1.2 -3.0 -6.2 9.8 .5 25.4 .3 -2.4 -5.9 10.0 -8.8 -3.5 15.9
Net exports of goods and services. -495.0 -476.1 -487.6 -505.5 -490.6 -496.2 -509.1 -511.5 -490.0 -526.0 -505.2 -515.2 -38.5 20.8 -10.0
Exports......................... 1,048.9 1,017.2 1,021.0 1,020.2 1,048.5 1,105.8 1,034.7 1,017.5 1,012.4 1,009.6 1,033.7 1,083.1 20.5 24.1 49.4
Goods......................... 725.5 698.3 707.6 707.7 722.1 764.5 720.5 703.2 706.5 703.5 718.2 753.7 13.3 14.7 35.5
Services...................... 323.4 318.8 313.3 312.5 326.4 341.3 314.0 314.0 305.7 305.9 315.2 329.1 7.2 9.3 13.9
Imports......................... 1,543.8 1,493.3 1,508.5 1,525.7 1,539.0 1,602.0 1,543.8 1,529.0 1,502.5 1,535.7 1,538.9 1,598.3 59.1 3.2 59.4
Goods......................... 1,283.3 1,240.8 1,254.2 1,272.4 1,275.6 1,331.2 1,308.6 1,288.1 1,266.2 1,307.4 1,302.4 1,358.2 60.2 -5.0 55.8
Services...................... 260.5 252.5 254.3 253.3 263.5 270.8 236.3 241.2 236.5 229.8 237.2 241.5 -.1 7.4 4.3
Government consumption expenditures
and gross investment............. 2,054.8 1,983.9 2,017.4 2,054.2 2,072.1 2,075.6 1,898.4 1,870.8 1,869.0 1,902.8 1,911.1 1,910.7 61.5 8.3 -.4
Federal......................... 757.2 710.0 723.0 764.7 769.6 771.5 704.3 675.8 675.5 712.0 714.3 715.5 56.3 2.3 1.2
National defense.............. 497.3 461.1 463.3 507.3 507.2 511.5 463.0 439.5 433.2 472.8 471.2 474.7 44.2 -1.6 3.5
Consumption expenditures.... 437.3 404.6 408.6 447.5 443.7 449.5 401.9 382.0 377.3 411.8 406.9 411.7 39.7 -4.9 4.8
Gross investment............ 60.0 56.6 54.7 59.8 63.5 62.0 61.0 57.4 55.7 60.8 64.5 63.0 4.4 3.7 -1.5
Nondefense.................... 259.9 248.9 259.7 257.4 262.4 260.0 241.4 236.4 242.4 239.3 243.1 240.8 12.2 3.8 -2.3
Consumption expenditures.... 225.6 216.1 227.3 221.4 228.5 225.2 207.1 203.6 209.9 203.4 209.3 206.0 10.8 5.9 -3.3
Gross investment............ 34.3 32.7 32.4 36.0 33.8 34.8 34.3 32.7 32.4 36.0 33.8 34.9 1.4 -2.2 1.1
State and local................. 1,297.6 1,273.9 1,294.5 1,289.6 1,302.5 1,304.0 1,194.6 1,195.3 1,193.8 1,191.4 1,197.4 1,195.9 5.5 6.0 -1.5
Consumption expenditures.... 1,045.6 1,024.2 1,045.8 1,040.9 1,046.3 1,049.5 956.9 956.4 957.8 956.6 956.0 957.1 6.4 -.6 1.1
Gross investment............ 252.0 249.7 248.7 248.7 256.2 254.5 237.8 239.0 236.0 234.7 241.5 238.8 -.8 6.8 -2.7
Residual.......................... ..... ..... ..... ..... ..... ..... -18.6 -2.5 -4.5 -11.5 -27.4 -31.1 ..... ..... .....
Addenda:
Final sales of domestic product. 10,990.3 10,603.6 10,736.7 10,852.4 11,117.4 11,254.5 10,395.0 10,138.9 10,206.4 10,289.5 10,497.7 10,586.4 318.1 208.2 88.7
Gross domestic purchases........ 11,482.8 11,099.9 11,223.4 11,352.2 11,597.5 11,758.2 10,903.6 10,668.0 10,697.6 10,809.9 10,995.4 11,111.5 352.1 185.5 116.1
Final sales to domestic
purchasers..................... 11,485.2 11,079.7 11,224.3 11,357.9 11,608.0 11,750.7 10,900.6 10,646.1 10,693.5 10,811.1 11,000.1 11,097.8 355.2 189.0 97.7
Gross domestic product.......... 10,987.9 10,623.7 10,735.8 10,846.7 11,107.0 11,262.0 10,398.0 10,160.8 10,210.4 10,288.3 10,493.1 10,600.1 315.0 204.8 107.0
Plus: Income receipts from
the rest of the world.......... 317.3 304.8 296.8 299.5 312.1 360.7 301.6 293.7 283.4 285.6 296.1 341.4 11.6 10.5 45.3
Less: Income payments to
the rest of the world.......... 273.6 266.9 269.0 266.2 274.3 284.8 260.1 256.1 256.4 253.8 260.7 269.6 -8.2 6.9 8.9
Equals: Gross national product.. 11,031.6 10,661.6 10,763.7 10,880.0 11,144.8 11,337.9 10,439.5 10,198.5 10,237.6 10,320.2 10,528.6 10,671.7 334.5 208.4 143.1
Net domestic product............ 9,677.0 9,323.3 9,430.1 9,543.3 9,797.9 9,936.7 9,087.5 8,858.4 8,903.4 8,983.4 9,181.7 9,281.3 289.0 198.3 99.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
Note.--Users are cautioned that particularly for components that
exhibit rapid change in prices relative to other prices in the
economy, the chained-dollar estimates should not be used to measure
the component's relative importance or its contribution to the
growth rate of more aggregate series. For accurate estimates of
the contributions to percent changes in real GDP, use table 2.
See "Explanatory Note" at the end of the tables.
Table 4.--Price Indexes for Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003r I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.4 1.5 1.7 3.4 2.0 1.9 1.8 3.2 3.2 1.6 1.6 1.1 1.5 1.5 1.7 2.3 1.1 1.6 1.5
Personal consumption expenditures... 2.0 1.4 1.8 3.5 2.0 1.9 1.8 3.2 2.5 .5 .4 .7 2.9 2.0 1.7 2.8 .5 1.8 1.0
Durable goods..................... -1.9 -2.9 -3.7 -1.8 -.5 -2.5 -1.0 -1.3 -3.1 -2.8 -2.2 -3.5 -2.9 -3.0 -3.0 -4.4 -3.9 -4.0 -3.9
Nondurable goods.................. 1.5 .5 2.1 5.2 3.7 3.4 1.4 1.3 3.7 -.9 -4.3 -.1 5.7 1.4 1.0 5.1 -2.1 3.8 .5
Services.......................... 3.2 2.7 2.9 3.9 1.7 2.1 2.6 5.1 3.2 1.8 3.3 2.0 2.8 3.4 3.1 3.2 2.7 2.0 2.3
Gross private domestic investment... 1.1 .0 .9 2.0 1.2 1.9 .8 .3 1.3 2.3 .0 -.7 -.7 -1.0 1.6 1.3 .0 2.0 3.6
Fixed investment.................. 1.1 .1 1.1 2.3 1.2 1.9 .9 .1 1.6 2.4 .0 -.8 -.7 -.7 1.7 1.9 .0 2.1 3.7
Nonresidential.................. -.2 -.9 -.2 .6 .3 1.4 .0 -1.8 .2 .6 -1.2 -1.3 -1.5 -1.5 .4 -.3 -1.2 1.6 1.8
Structures.................... 5.5 1.4 2.1 4.8 3.6 4.5 5.0 6.5 6.9 6.3 1.2 -.9 .5 .3 1.1 3.8 1.1 2.7 4.7
Equipment and software........ -2.2 -1.7 -.9 -.8 -.8 .4 -1.7 -4.7 -2.1 -1.6 -2.1 -1.4 -2.1 -2.1 .2 -1.6 -1.8 1.2 1.0
Residential..................... 4.6 2.4 3.9 7.1 3.9 3.2 3.4 5.3 5.1 7.0 2.9 .3 1.1 .9 4.5 6.4 2.2 3.1 7.5
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... -.4 -.4 2.1 2.7 2.1 .9 .4 .1 -1.2 -2.1 -3.6 -1.2 2.9 3.3 .6 3.6 .8 1.6 2.6
Goods........................... -.7 -.7 2.0 1.3 1.6 .3 .4 -.1 -1.6 -2.6 -3.8 -1.4 2.1 3.3 .6 3.5 1.7 -.2 3.6
Services........................ .4 .3 2.2 6.2 3.5 2.5 .6 .6 -.3 -1.0 -3.0 -.9 4.6 3.2 .6 3.8 -1.3 5.7 .4
Imports........................... -2.5 -1.0 3.6 5.9 .7 4.2 .7 -2.8 -6.0 -5.3 -9.8 -1.6 10.5 3.7 .8 11.7 -4.1 2.7 .9
Goods........................... -3.0 -1.7 2.9 6.8 1.2 4.5 .8 -3.7 -6.6 -6.6 -11.1 -2.1 10.7 2.7 .5 11.8 -6.8 2.6 .3
Services........................ .2 2.5 7.4 1.3 -2.0 2.5 .3 2.1 -3.0 1.4 -2.9 .7 9.3 8.6 2.0 11.3 10.4 3.3 3.8
Government consumption expenditures
and gross investment............... 2.6 2.6 2.9 6.6 1.7 4.5 2.7 2.7 2.2 2.0 1.4 3.6 3.3 2.2 1.8 7.3 .1 1.7 .7
Federal........................... 2.1 2.7 2.5 7.2 -1.1 5.0 1.6 2.0 1.6 2.4 1.7 5.9 2.3 1.2 -.5 7.7 1.4 1.3 .3
National defense................ 2.2 2.5 2.6 8.2 -.2 3.6 .9 3.6 1.6 2.4 .8 5.2 2.3 1.8 -.6 8.0 1.2 1.3 .4
Nondefense...................... 1.9 3.2 2.3 5.4 -2.6 7.5 2.7 -.7 1.8 2.3 3.6 7.3 2.1 .2 -.4 7.2 1.6 1.3 .1
State and local................... 2.9 2.5 3.1 6.3 3.2 4.2 3.2 3.0 2.5 1.8 1.3 2.4 3.8 2.7 3.0 7.1 -.7 2.0 1.0
Addenda:
Final sales of domestic product... 2.4 1.5 1.7 3.4 2.0 1.9 1.8 3.1 3.2 1.6 1.6 1.1 1.4 1.5 1.8 2.4 1.1 1.6 1.5
Gross domestic purchases.......... 2.0 1.4 1.9 3.8 1.8 2.3 1.8 2.6 2.3 1.0 .5 1.0 2.4 1.6 1.7 3.4 .4 1.8 1.3
Final sales to domestic
purchasers....................... 2.0 1.4 1.9 3.8 1.8 2.3 1.8 2.6 2.3 1.0 .5 .9 2.4 1.6 1.7 3.5 .4 1.8 1.4
Gross national product (GNP)...... 2.4 1.5 1.7 3.3 2.0 1.9 1.8 3.2 3.1 1.6 1.6 1.1 1.5 1.5 1.7 2.3 1.1 1.7 1.5
Implicit price deflators:
GDP............................. 2.4 1.5 1.7 3.6 1.7 2.1 1.6 3.1 3.2 1.6 1.9 .7 1.9 1.0 1.8 2.3 1.1 1.6 1.5
Gross domestic purchases........ 2.0 1.4 1.9 4.1 1.6 2.5 1.6 2.6 2.3 1.0 .8 .6 2.9 1.2 1.8 3.4 .4 1.8 1.3
GNP............................. 2.4 1.5 1.7 3.6 1.7 2.1 1.6 3.1 3.2 1.6 1.9 .7 2.0 1.0 1.8 2.3 1.1 1.6 1.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 5.--Real Gross Domestic Product, Quantity Indexes
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2001 2002 2003r IV 02 I 03 II 03 III 03 IV 03r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 100.506 102.710 105.918 103.502 104.008 104.801 106.887 107.977
Personal consumption expenditures.......... 102.452 105.951 109.286 106.819 107.489 108.378 110.197 111.081
Durable goods............................ 104.144 110.868 119.017 111.638 111.779 116.420 123.834 124.037
Nondurable goods......................... 101.852 104.949 108.926 105.885 107.358 107.685 109.607 111.053
Services................................. 102.382 105.420 107.555 106.276 106.664 107.115 107.849 108.591
Gross private domestic investment.......... 91.650 90.580 94.386 91.953 91.135 92.186 95.424 98.800
Fixed investment......................... 96.826 93.258 97.392 93.718 93.968 95.378 98.932 101.290
Nonresidential......................... 95.517 88.683 91.349 88.378 88.248 89.751 92.485 94.913
Structures........................... 97.465 79.492 75.828 76.304 75.523 76.244 75.906 75.638
Equipment and software............... 94.825 92.144 97.234 92.927 93.047 94.851 98.779 102.260
Residential............................ 100.351 105.228 113.073 107.629 108.828 110.021 115.616 117.827
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 94.773 92.512 94.385 92.818 92.353 92.097 94.290 98.800
Imports of goods and services.............. 97.377 100.609 104.612 103.610 101.810 104.059 104.277 108.302
Government consumption expenditures and
gross investment.......................... 102.750 106.697 110.271 108.666 108.563 110.527 111.008 110.986
Federal.................................. 103.746 111.958 121.690 116.764 116.713 123.025 123.406 123.616
State and local.......................... 102.248 104.047 104.533 104.593 104.463 104.248 104.779 104.642
Addenda:
Final sales of domestic product.......... 101.441 103.242 106.501 103.877 104.569 105.420 107.553 108.462
Gross domestic purchases................. 100.672 103.482 106.935 104.625 104.915 106.016 107.836 108.974
Final sales to domestic purchasers....... 101.575 103.998 107.502 104.992 105.459 106.619 108.483 109.446
Gross national product................... 100.462 102.527 105.921 103.476 103.873 104.711 106.825 108.277
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 6.--Price Indexes for Gross Domestic Product
[Index numbers, 2000=100]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted
---------------------------------------------------
2001 2002 2003r IV 02 I 03 II 03 III 03 IV 03r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 102.376 103.949 105.686 104.571 105.163 105.440 105.870 106.270
Personal consumption expenditures.......... 102.039 103.429 105.325 104.203 104.927 105.065 105.522 105.787
Durable goods............................ 98.086 95.208 91.682 94.136 93.074 92.147 91.207 90.298
Nondurable goods......................... 101.530 102.075 104.179 102.789 104.079 103.529 104.488 104.618
Services................................. 103.168 105.946 109.007 107.174 108.028 108.758 109.306 109.935
Gross private domestic investment.......... 101.070 101.119 102.064 101.259 101.586 101.589 102.093 102.988
Fixed investment......................... 101.087 101.155 102.296 101.341 101.808 101.796 102.319 103.260
Nonresidential......................... 99.770 98.859 98.669 98.658 98.579 98.293 98.678 99.124
Structures........................... 105.518 106.974 109.168 107.274 108.268 108.559 109.288 110.556
Equipment and software............... 97.786 96.121 95.275 95.781 95.404 94.961 95.251 95.483
Residential............................ 104.628 107.105 111.263 108.184 109.881 110.485 111.321 113.363
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 99.628 99.273 101.354 99.964 100.842 101.044 101.434 102.094
Imports of goods and services.............. 97.537 96.519 100.031 97.694 100.435 99.381 100.042 100.265
Government consumption expenditures and
gross investment.......................... 102.587 105.207 108.246 106.055 107.951 107.966 108.433 108.635
Federal.................................. 102.065 104.858 107.507 105.066 107.032 107.399 107.755 107.842
State and local.......................... 102.853 105.382 108.627 106.580 108.435 108.246 108.778 109.049
Addenda:
Final sales of domestic product.......... 102.381 103.955 105.723 104.585 105.198 105.474 105.906 106.313
Gross domestic purchases................. 101.974 103.374 105.327 104.065 104.934 105.031 105.496 105.847
Final sales to domestic purchasers....... 101.978 103.379 105.362 104.077 104.968 105.062 105.531 105.888
Gross national product................... 102.372 103.936 105.684 104.556 105.156 105.438 105.872 106.268
Implicit price deflators:
Gross domestic product................. 102.373 103.945 105.673 104.556 105.146 105.427 105.851 106.244
Final sales of domestic product........ 102.381 103.955 105.726 104.583 105.196 105.471 105.904 106.311
Gross domestic purchases............... 101.971 103.370 105.312 104.048 104.915 105.017 105.476 105.820
Final sales to domestic purchasers..... 101.978 103.379 105.363 104.072 104.964 105.058 105.526 105.883
Gross national product................. 102.368 103.932 105.671 104.541 105.138 105.425 105.853 106.243
-----------------------------------------------------------------------------------------------------------------------------------
r Revised.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.1 3.5 1.9 -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .5 2.2 3.1
Personal consumption expenditures...... 4.1 2.8 2.0 .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 3.4 3.1
Durable goods........................ 6.0 2.2 -.3 -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.1 6.5 7.4
Nondurable goods..................... 3.3 2.8 1.6 -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 1.9 3.0 3.8
Services............................. 4.0 3.0 2.9 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 3.0 2.0
Gross private domestic investment...... 2.4 4.0 -3.4 -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -8.4 -1.2 4.2
Fixed investment..................... 3.3 3.0 -2.1 -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.2 -3.7 4.4
Nonresidential..................... 5.2 5.6 .5 -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.5 -7.2 3.0
Structures....................... .6 2.0 1.5 -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.5 -18.4 -4.6
Equipment and software........... 7.5 7.3 .0 -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -5.2 -2.8 5.5
Residential........................ -1.0 -3.0 -8.6 -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.9 7.5
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 16.0 11.5 9.0 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.2 -2.4 2.0
Goods.............................. 18.8 11.9 8.4 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.9
Services........................... 9.0 10.3 10.5 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.1 1.4 2.3
Imports.............................. 3.9 4.4 3.6 -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.6 3.3 4.0
Goods.............................. 4.0 4.3 3.0 -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.8
Services........................... 3.4 4.9 6.5 -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 .4 1.4 -.1
Government consumption expenditures
and gross investment.................. 1.3 2.6 3.2 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 2.8 3.8 3.3
Federal.............................. -1.6 1.5 2.0 -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.7 7.9 8.7
National defense................... -.5 -.5 .0 -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 8.9 10.6
Nondefense......................... -5.1 8.3 8.3 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.5 6.2 5.3
State and local...................... 3.7 3.4 4.1 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 2.2 1.8 .5
Addenda:
Final sales of domestic product...... 4.3 3.4 2.1 .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.4 1.8 3.2
Gross domestic purchases............. 3.2 3.0 1.4 -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .7 2.8 3.3
Final sales to domestic purchasers... 3.4 2.8 1.6 -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.6 2.4 3.4
Gross national product............... 4.2 3.5 2.0 -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .5 2.1 3.3
Real disposable personal income...... 4.3 2.8 1.9 .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.8 3.8 2.6
Price indexes:
Gross domestic purchases........... 3.4 3.8 4.1 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.4 1.9
Gross domestic purchases excluding
food and energy................... 3.7 3.6 3.7 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.7 1.4
GDP................................ 3.4 3.8 3.9 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.5 1.7
GDP excluding food and energy...... 3.4 3.6 3.7 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 1.8 1.4
Personal consumption expenditures.. 4.0 4.4 4.6 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.0 1.4 1.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2003.
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03r IV 03r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 4.1 4.8 3.5 2.2 1.9 .2 .0 .0 1.2 1.8 3.0 2.8 2.1 2.4 3.6 4.3
Personal consumption expenditures...... 5.5 4.6 4.5 4.1 2.6 2.5 2.0 2.7 3.6 3.7 3.7 2.7 2.3 2.5 3.7 4.0
Durable goods........................ 13.7 5.9 5.2 4.7 -.4 4.5 3.2 9.4 9.3 7.0 8.1 1.8 1.5 5.6 11.0 11.1
Nondurable goods..................... 3.7 4.1 4.3 3.0 3.0 1.3 1.5 1.7 3.1 3.5 2.8 2.8 2.7 2.9 4.7 4.9
Services............................. 4.7 4.5 4.4 4.5 3.1 2.7 2.0 1.8 2.6 3.1 3.2 2.9 2.3 1.7 1.9 2.2
Gross private domestic investment...... 4.4 11.2 5.8 1.4 .3 -10.1 -9.7 -13.5 -8.6 -3.3 1.6 6.5 2.8 2.8 3.6 7.4
Fixed investment..................... 7.8 7.7 5.5 5.1 1.6 -3.0 -4.2 -7.0 -7.0 -4.6 -3.1 .2 1.1 2.4 6.1 8.1
Nonresidential..................... 9.4 9.9 7.9 7.8 3.1 -4.0 -6.5 -10.2 -10.8 -8.2 -6.4 -2.8 -1.2 1.3 4.6 7.4
Structures....................... 2.7 6.3 9.6 8.8 5.3 -.4 -2.1 -12.4 -17.0 -19.0 -22.6 -14.9 -9.8 -5.3 -1.9 -.9
Equipment and software........... 11.7 11.1 7.3 7.5 2.4 -5.2 -8.2 -9.4 -8.5 -4.0 .1 1.6 1.8 3.4 6.7 10.0
Residential........................ 3.7 1.9 -.7 -1.9 -2.2 -.4 2.4 1.7 3.2 4.4 4.7 7.1 6.1 5.0 9.2 9.5
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 8.2 10.2 10.1 6.5 3.7 -2.8 -9.8 -11.5 -9.5 -4.2 1.6 3.3 1.7 -.7 .6 6.4
Goods.............................. 10.2 12.6 13.7 8.5 4.8 -3.5 -12.2 -12.7 -12.1 -4.9 1.2 .8 2.0 -1.3 -.3 7.2
Services........................... 3.6 4.5 1.6 1.8 .9 -1.3 -3.5 -8.3 -3.0 -2.5 2.6 9.3 1.1 .7 2.6 4.8
Imports.............................. 13.6 14.0 13.8 11.2 5.2 -.9 -6.8 -7.4 -4.0 2.2 6.2 9.4 5.3 3.5 2.6 4.5
Goods.............................. 14.3 14.6 14.1 11.3 5.3 -2.1 -7.5 -7.9 -4.8 3.3 7.1 9.9 6.4 4.6 2.9 5.4
Services........................... 10.1 11.1 12.4 10.6 4.7 5.1 -3.3 -4.5 .5 -3.3 1.9 6.7 .2 -1.8 1.2 .1
Government consumption expenditures
and gross investment.................. 2.7 3.5 1.7 .4 2.6 2.7 2.1 3.6 3.3 2.9 4.6 4.5 3.3 4.1 3.9 2.1
Federal.............................. .9 4.6 .3 -2.2 3.8 1.4 3.6 6.3 6.2 7.1 8.2 10.1 7.9 10.9 10.2 5.9
National defense................... -.4 3.6 -1.6 -3.5 4.4 1.0 3.6 6.6 6.8 8.5 9.1 10.9 7.2 14.4 12.7 8.0
Nondefense......................... 3.4 6.3 3.9 .3 2.7 2.0 3.5 5.7 5.1 4.6 6.5 8.7 9.2 4.7 5.6 1.9
State and local...................... 3.6 2.9 2.4 1.7 2.0 3.3 1.4 2.3 1.9 .8 2.8 1.6 .8 .5 .5 .0
Addenda:
Final sales of domestic product...... 4.6 4.2 3.5 2.9 2.2 1.5 1.0 1.1 1.4 1.6 2.2 1.8 1.9 2.4 4.0 4.4
Gross domestic purchases............. 4.9 5.5 4.2 3.0 2.2 .3 .0 .1 1.6 2.5 3.5 3.6 2.6 2.8 3.8 4.2
Final sales to domestic purchasers... 5.4 4.9 4.2 3.6 2.4 1.6 1.0 1.3 1.8 2.2 2.8 2.7 2.3 2.8 4.1 4.2
Gross national product............... 4.1 4.8 3.5 2.4 1.8 .1 -.2 .2 1.1 1.6 3.1 2.4 2.2 2.7 3.8 4.6
Real disposable personal income...... 4.4 4.9 5.7 4.4 2.0 1.0 2.6 1.3 4.0 5.4 2.2 3.5 1.6 1.7 3.7 3.6
Price indexes:
Gross domestic purchases........... 2.6 2.5 2.5 2.4 2.1 2.3 1.9 1.6 1.2 1.2 1.4 1.7 2.3 1.8 1.8 1.7
Gross domestic purchases excluding
food and energy................... 1.9 1.8 1.9 1.8 1.7 1.8 1.9 2.1 1.8 1.7 1.6 1.4 1.6 1.4 1.3 1.4
GDP................................ 2.1 2.1 2.3 2.2 2.2 2.5 2.4 2.4 1.9 1.4 1.4 1.4 1.7 1.6 1.7 1.6
GDP excluding food and energy...... 2.1 2.0 2.1 2.0 1.8 2.0 2.1 2.3 2.1 1.9 1.8 1.5 1.6 1.4 1.3 1.3
Personal consumption expenditures.. 2.7 2.5 2.4 2.3 2.2 2.3 2.0 1.6 1.0 1.1 1.5 1.8 2.4 1.8 1.7 1.5
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2003.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003r IV 02 I 03 II 03 III 03r IV 03r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 10,100.8 10,480.8 10,987.9 10,623.7 10,735.8 10,846.7 11,107.0 11,262.0
Plus: Income receipts from the rest of the
world..................................... 319.0 299.1 317.3 304.8 296.8 299.5 312.1 360.7
Less: Income payments to the rest of the
world..................................... 283.8 277.6 273.6 266.9 269.0 266.2 274.3 284.8
Equals: Gross national product............. 10,135.9 10,502.3 11,031.6 10,661.6 10,763.7 10,880.0 11,144.8 11,337.9
Less: Consumption of fixed capital......... 1,266.9 1,288.6 1,310.9 1,300.4 1,305.7 1,303.4 1,309.1 1,325.3
Less: Statistical discrepancy.............. -112.2 -77.2 17.8 -15.7 23.2 -8.3 38.2 18.3
Equals: National income.................... 8,981.2 9,290.8 9,702.8 9,376.9 9,434.8 9,584.9 9,797.5 9,994.2
Compensation of employees................ 5,940.4 6,019.1 6,198.1 6,058.0 6,115.8 6,164.8 6,229.4 6,282.4
Wage and salary accruals............... 4,942.9 4,974.6 5,095.6 4,999.1 5,034.6 5,070.8 5,118.8 5,158.3
Supplements to wages and salaries...... 997.6 1,044.5 1,102.4 1,058.8 1,081.2 1,093.9 1,110.6 1,124.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 770.6 797.7 846.9 812.2 813.5 838.8 860.9 874.3
Rental income of persons with capital
consumption adjustment.................. 163.1 173.0 164.2 159.0 163.2 153.4 157.0 183.0
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 770.4 904.2 1,069.9 934.9 927.1 1,022.8 1,124.2 1,205.6
Net interest and miscellaneous payments.. 568.4 582.4 583.2 589.7 589.3 581.7 579.9 581.8
Taxes on production and imports less
subsidies............................... 674.5 721.8 740.4 732.8 729.4 725.2 745.2 761.8
Business current transfer payments....... 92.5 89.8 95.2 86.2 90.1 92.5 97.1 101.2
Current surplus of government
enterprises............................. 1.2 2.8 5.0 4.1 6.3 5.8 3.7 4.1
Addendum:
Gross domestic income.................... 10,213.0 10,558.0 10,970.0 10,639.4 10,712.7 10,855.0 11,068.8 11,243.6
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2003.
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003r IV 02 I 03 II 03 III 03r IV 03r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 8,713.1 8,910.3 9,203.7 8,981.3 9,048.7 9,145.9 9,256.3 9,363.9
Compensation of employees, received...... 5,940.4 6,019.1 6,198.1 6,058.0 6,114.4 6,166.2 6,229.4 6,282.4
Wage and salary disbursements.......... 4,942.9 4,974.6 5,095.6 4,999.1 5,033.2 5,072.2 5,118.8 5,158.3
Supplements to wages and salaries...... 997.6 1,044.5 1,102.4 1,058.8 1,081.2 1,093.9 1,110.6 1,124.0
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 770.6 797.7 846.9 812.2 813.5 838.8 860.9 874.3
Farm................................... 25.0 14.3 19.5 16.3 13.0 20.0 21.5 23.3
Nonfarm................................ 745.6 783.4 827.4 795.9 800.5 818.8 839.4 850.9
Rental income of persons with capital
consumption adjustment.................. 163.1 173.0 164.2 159.0 163.2 153.4 157.0 183.0
Personal income receipts on assets....... 1,374.9 1,378.5 1,393.3 1,392.0 1,388.6 1,390.2 1,389.2 1,405.2
Personal interest income............... 1,003.7 982.4 964.6 981.2 970.6 964.9 957.0 965.7
Personal dividend income............... 371.2 396.2 428.7 410.8 418.0 425.3 432.2 439.5
Personal current transfer receipts....... 1,192.6 1,292.2 1,377.5 1,315.6 1,337.6 1,369.7 1,398.7 1,403.8
Less: Contributions for government
social insurance........................ 728.5 750.3 776.2 755.5 768.7 772.3 779.0 784.7
Less: Personal current taxes............... 1,243.7 1,053.1 990.6 1,045.6 1,009.4 1,000.2 938.5 1,014.5
Equals: Disposable personal income......... 7,469.4 7,857.2 8,213.1 7,935.6 8,039.2 8,145.8 8,317.8 8,349.4
Less: Personal outlays..................... 7,342.2 7,674.0 8,043.0 7,789.2 7,888.3 7,956.7 8,118.5 8,208.6
Equals: Personal saving.................... 127.2 183.2 170.0 146.4 151.0 189.0 199.3 140.8
Personal saving as a percentage of
disposable personal income.............. 1.7 2.3 2.1 1.8 1.9 2.3 2.4 1.7
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 7,320.2 7,596.7 7,797.8 7,615.8 7,662.0 7,753.5 7,882.9 7,893.0
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2003.
1. Personal income is also equal to national income less corporate
profits with inventory valuation and capital consumption adjustments,
taxes on production and imports less subsidies, contributions for
government social insurance, net interest and miscellaneous payments,
business current transfer payments, current surplus of government
enterprises, and wage accruals less disbursements, plus personal
income receipts on assets, and personal current transfer receipts.
2. Equals disposable personal income deflated by the implicit price
deflator for personal consumption expenditures.
Table 11.--Corporate Profits: Level and Percent Change
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Billions of dollars Percent change from preceding period
---------------------------------------------------------------- ------------------------------------------------------
Seasonally adjusted Quarterly Quarter one
at annual rates rates year ago
--------------------------------------- ------------------------------- -------
2001 2002 2003 IV 02 I 03 II 03 III 03 IV 03 2002 2003 I 03 II 03 III 03 IV 03 IV 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments......................... 770.4 904.2 1,069.9 934.9 927.1 1,022.8 1,124.2 1,205.6 17.4 18.3 -.8 10.3 9.9 7.2 29.0
Less: Taxes on corporate income...... 201.1 195.0 224.9 202.9 213.9 211.4 230.6 243.7 -3.0 15.3 5.5 -1.2 9.0 5.7 20.1
Equals: Profits after tax with
inventory valuation and capital
consumption adjustments............. 569.3 709.1 845.0 732.0 713.2 811.3 893.7 961.9 24.6 19.2 -2.6 13.8 10.1 7.6 31.4
Net dividends...................... 373.2 398.3 431.0 413.1 420.3 427.5 434.3 441.8 6.7 8.2 1.8 1.7 1.6 1.7 7.0
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 196.0 310.8 414.1 318.9 292.9 383.8 459.3 520.2 58.6 33.2 -8.2 31.0 19.7 13.2 63.1
Cash flow:
Net cash flow with inventory
valuation and capital consumption
adjustments....................... 937.3 1,058.2 1,164.1 1,070.8 1,043.3 1,129.4 1,206.6 1,277.2 12.9 10.0 -2.6 8.3 6.8 5.9 19.3
Undistributed profits with
inventory valuation and capital
consumption adjustments......... 196.0 310.8 414.1 318.9 292.9 383.8 459.3 520.2 58.6 33.2 -8.2 31.0 19.7 13.2 63.1
Consumption of fixed capital..... 741.3 747.3 750.1 751.9 750.4 745.6 747.2 757.1 .8 .4 -.2 -.6 .2 1.3 .7
Less: Inventory valuation
adjustment........................ 9.1 -2.2 -12.6 -10.8 -28.1 1.2 -1.8 -21.7 ..... ..... ..... ..... ..... ..... .....
Equals: Net cash flow.............. 928.2 1,060.4 1,176.7 1,081.7 1,071.4 1,128.2 1,208.4 1,298.9 14.2 11.0 -1.0 5.3 7.1 7.5 20.1
Addenda:
Profits before tax (without
inventory valuation and capital
consumption adjustments).......... 696.8 745.0 856.4 795.0 809.0 792.5 865.9 958.1 6.9 15.0 1.8 -2.0 9.3 10.6 20.5
Profits after tax (without
inventory valuation and capital
consumption adjustments).......... 495.6 549.9 631.5 592.1 595.0 581.0 635.4 714.5 11.0 14.8 .5 -2.4 9.4 12.4 20.7
Inventory valuation adjustment..... 9.1 -2.2 -12.6 -10.8 -28.1 1.2 -1.8 -21.7 ..... ..... ..... ..... ..... ..... .....
Capital consumption adjustment..... 64.5 161.5 226.2 150.7 146.3 229.2 260.1 269.2 150.3 40.1 -2.9 56.7 13.5 3.5 78.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Table 12.--Corporate Profits by Industry: Level and Change From Preceding Period
[Billions of dollars]
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Level Change from preceding period
---------------------------------------------------------------- ----------------------------------------------
Seasonally adjusted at annual rates
--------------------------------------- ----------------------------------------------
2001 2002 2003 IV 02 I 03 II 03 III 03 IV 03 2002 2003 I 03 II 03 III 03 IV 03
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 770.4 904.2 1,069.9 934.9 927.1 1,022.8 1,124.2 1,205.6 133.8 165.7 -7.8 95.7 101.4 81.4
Domestic industries.......................... 608.9 750.8 904.9 767.9 778.4 874.3 966.5 1,000.4 141.9 154.1 10.5 95.9 92.2 33.9
Financial.................................. 213.3 259.1 287.9 248.6 268.4 279.6 299.2 304.4 45.8 28.8 19.8 11.2 19.6 5.2
Nonfinancial............................... 395.6 491.7 617.0 519.3 510.0 594.7 667.3 696.0 96.1 125.3 -9.3 84.7 72.6 28.7
Rest of the world............................ 161.5 153.4 165.0 166.9 148.7 148.5 157.7 205.2 -8.1 11.6 -18.2 -.2 9.2 47.5
Receipts from the rest of the world........ 178.6 202.4 239.4 214.0 215.4 220.8 236.2 285.3 23.8 37.0 1.4 5.4 15.4 49.1
Less: Payments to the rest of the world.... 17.1 49.1 74.4 47.0 66.6 72.3 78.4 80.1 32.0 25.3 19.6 5.7 6.1 1.7
Corporate profits with inventory
valuation adjustment.................... 705.9 742.7 843.8 784.2 780.9 793.6 864.2 936.4 36.8 101.1 -3.3 12.7 70.6 72.2
Domestic industries.......................... 544.4 589.4 678.7 617.2 632.1 645.1 706.4 731.2 45.0 89.3 14.9 13.0 61.3 24.8
Financial.................................. 225.6 255.1 268.8 243.4 261.8 260.6 274.6 278.0 29.5 13.7 18.4 -1.2 14.0 3.4
Federal Reserve banks.................... 28.3 22.9 19.6 21.2 21.2 20.5 18.9 17.8 -5.4 -3.3 .0 -.7 -1.6 -1.1
Other financial.......................... 197.3 232.2 249.2 222.1 240.7 240.1 255.7 260.3 34.9 17.0 18.6 -.6 15.6 4.6
Nonfinancial............................... 318.8 334.3 410.0 373.9 370.3 384.5 431.8 453.2 15.5 75.7 -3.6 14.2 47.3 21.4
Utilities................................ 24.1 22.0 24.4 22.8 28.1 21.1 21.5 26.7 -2.1 2.4 5.3 -7.0 .4 5.2
Manufacturing............................ 54.0 73.3 96.6 95.1 87.1 80.3 97.7 121.1 19.3 23.3 -8.0 -6.8 17.4 23.4
Durable goods.......................... -24.9 8.8 20.2 25.2 17.1 13.9 19.4 30.3 33.7 11.4 -8.1 -3.2 5.5 10.9
Fabricated metal products............ 9.7 9.7 12.3 12.1 8.9 12.1 12.6 15.5 .0 2.6 -3.2 3.2 .5 2.9
Machinery............................ 3.2 1.5 -2.6 -1.3 -2.8 -2.7 -2.4 -2.5 -1.7 -4.1 -1.5 .1 .3 -.1
Computer and electronic products..... -49.4 -18.4 -2.6 -1.2 -5.6 -1.8 -1.5 -1.7 31.0 15.8 -4.4 3.8 .3 -.2
Electrical equipment, appliances,
and components...................... 2.0 1.7 -1.7 .7 .7 -.9 -1.5 -5.1 -.3 -3.4 .0 -1.6 -.6 -3.6
Motor vehicles, bodies and trailers,
and parts........................... -7.2 -1.0 1.1 -1.7 7.3 -1.9 -3.5 2.4 6.2 2.1 9.0 -9.2 -1.6 5.9
Other durable goods.................. 16.7 15.3 13.8 16.6 8.6 9.1 15.7 21.7 -1.4 -1.5 -8.0 .5 6.6 6.0
Nondurable goods....................... 78.9 64.6 76.4 69.9 70.0 66.4 78.4 90.8 -14.3 11.8 .1 -3.6 12.0 12.4
Food and beverage and tobacco
products............................ 27.5 32.8 32.8 32.4 32.4 30.6 31.8 36.6 5.3 .0 .0 -1.8 1.2 4.8
Petroleum and coal products.......... 29.9 6.4 22.3 8.7 20.2 20.6 19.5 28.9 -23.5 15.9 11.5 .4 -1.1 9.4
Chemical products.................... 13.8 17.5 18.7 19.4 18.9 15.8 23.7 16.6 3.7 1.2 -.5 -3.1 7.9 -7.1
Other nondurable goods............... 7.7 7.9 2.5 9.4 -1.5 -.5 3.4 8.8 .2 -5.4 -10.9 1.0 3.9 5.4
Wholesale trade.......................... 51.6 49.1 45.4 47.9 39.8 42.6 51.0 48.2 -2.5 -3.7 -8.1 2.8 8.4 -2.8
Retail trade............................. 71.1 76.7 80.1 73.9 72.9 85.0 84.3 78.2 5.6 3.4 -1.0 12.1 -.7 -6.1
Transportation and warehousing........... -.1 -2.3 11.9 2.4 5.6 12.9 14.7 14.5 -2.2 14.2 3.2 7.3 1.8 -.2
Information.............................. -27.2 -20.2 -5.4 -12.6 -11.4 -8.0 2.3 -4.7 7.0 14.8 1.2 3.4 10.3 -7.0
Other nonfinancial....................... 145.3 135.5 157.0 144.4 148.1 150.7 160.2 169.1 -9.8 21.5 3.7 2.6 9.5 8.9
Rest of the world............................ 161.5 153.4 165.0 166.9 148.7 148.5 157.7 205.2 -8.1 11.6 -18.2 -.2 9.2 47.5
-------------------------------------------------------------------------------------------------------------------------------------------------------------
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Table 13.--Gross Value Added of Nonfinancial Corporate Business
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Seasonally adjusted at annual rates
---------------------------------------------------
2001 2002 2003 IV 02 I 03 II 03 III 03r IV 03
-----------------------------------------------------------------------------------------------------------------------------------
Billions of dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business.................... 5,299.3 5,410.6 5,646.8 5,479.3 5,479.2 5,581.7 5,720.2 5,806.0
Consumption of fixed capital............... 610.5 618.2 623.3 623.4 622.9 619.4 621.3 629.4
Net value added............................ 4,688.9 4,792.4 5,023.5 4,856.0 4,856.3 4,962.3 5,098.9 5,176.6
Compensation of employees................ 3,597.0 3,570.1 3,663.9 3,596.8 3,612.6 3,640.5 3,683.1 3,719.3
Wage and salary accruals............... 3,016.7 2,971.8 3,032.0 2,982.1 2,992.7 3,013.7 3,047.0 3,074.6
Supplements to wages and salaries...... 580.4 598.3 631.9 614.7 619.9 626.8 636.1 644.7
Taxes on production and imports less
subsidies............................... 440.3 464.5 480.8 471.5 474.1 469.0 486.0 494.2
Net operating surplus.................... 651.5 757.7 878.8 787.6 769.6 852.8 929.7 963.1
Net interest and miscellaneous
payments.............................. 205.8 206.9 203.7 207.0 204.5 201.4 202.9 206.2
Business current transfer payments..... 50.0 59.1 58.1 61.4 55.1 56.7 59.6 60.9
Corporate profits with inventory
valuation and capital consumption
adjustments........................... 395.6 491.7 617.0 519.3 510.0 594.7 667.3 696.0
Taxes on corporate income............ 108.7 101.6 129.4 114.5 119.8 117.7 133.6 146.6
Profits after tax with inventory
valuation and capital consumption
adjustments......................... 286.9 390.2 487.6 404.8 390.2 477.0 533.7 549.4
Net dividends...................... 248.2 257.2 271.8 265.7 265.8 274.8 270.8 275.7
Undistributed profits with
inventory valuation and capital
consumption adjustments........... 38.7 133.0 215.8 139.1 124.4 202.2 262.9 273.7
Addenda:
Profits before tax (without inventory
valuation and capital consumption
adjustments)............................ 309.6 336.5 422.6 384.7 398.4 383.4 433.6 474.9
Profits after tax (without inventory
valuation and capital consumption
adjustments)............................ 200.9 234.9 293.1 270.3 278.6 265.7 299.9 328.3
Inventory valuation adjustment........... 9.1 -2.2 -12.6 -10.8 -28.1 1.2 -1.8 -21.7
Capital consumption adjustment........... 76.8 157.5 207.1 145.4 139.7 210.1 235.5 242.8
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Billions of chained (2000) dollars
----------------------------------------------------------------------------------------
Gross value added of nonfinancial
corporate business\1\................. 5,235.4 5,339.0 5,561.4 5,405.7 5,412.1 5,505.2 5,629.6 5,698.8
Consumption of fixed capital\2\............ 609.0 624.1 636.8 635.0 634.5 630.9 639.4 642.5
Net value added\3\......................... 4,626.4 4,714.9 4,924.6 4,770.8 4,777.6 4,874.2 4,990.2 5,056.3
----------------------------------------------------------------------------------------
Dollars
----------------------------------------------------------------------------------------
Price, costs, and profits per unit of real
gross value added of nonfinancial
corporate business:
Price per unit of real gross value added
of nonfinancial corporate business\4\... 1.012 1.013 1.015 1.014 1.012 1.014 1.016 1.019
Compensation of employees (unit labor
cost)................................... .687 .669 .659 .665 .668 .661 .654 .653
Unit nonlabor cost....................... .250 .253 .246 .252 .251 .245 .243 .243
Consumption of fixed capital........... .117 .116 .112 .115 .115 .113 .110 .110
Taxes on production and imports less
subsidies plus business current
transfer payments..................... .094 .098 .097 .099 .098 .095 .097 .097
Net interest and miscellaneous payments .039 .039 .037 .038 .038 .037 .036 .036
Corporate profits with inventory valuation
and capital consumption adjustments (unit
profits from current production)........ .076 .092 .111 .096 .094 .108 .119 .122
Taxes on corporate income.............. .021 .019 .023 .021 .022 .021 .024 .026
Profits after tax with inventory
valuation and capital consumption
adjustments........................... .055 .073 .088 .075 .072 .087 .095 .096
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2003.
1. Effective December 10, 2003, the price index used to estimate
gross value added of nonfinancial corporate business has been
revised to reflect the 2000 reference year. Effective with the
estimates scheduled for release in July 2004, the current-dollar
value added will be deflated by a revised chain-type price index
calculated using gross value added price indexes for each
nonfinancial industry.
2. Chained-dollar consumption of fixed capital of nonfinancial
corporate business is calculated as the product of the chain-type
quantity index and the 2000 current-dollar value of the corresponding
series, divided by 100.
3. Chained-dollar net value added of nonfinancial corporate
business is the difference between the gross value added and the
consumption of fixed capital.
4. The deflator for gross value added of nonfinancial corporate
business divided by 100.
Note.--Estimates in this table are based on the 1997 North
American Industry Classification System (NAICS).
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2001 2002 2003r I 00 II 00 III 00 IV 00 I 01 II 01 III 01 IV 01 I 02 II 02 III 02 IV 02 I 03 II 03 III 03 IV 03r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... .5 2.2 3.1 1.0 6.4 -.5 2.1 -.2 -.6 -1.3 2.0 4.7 1.9 3.4 1.3 2.0 3.1 8.2 4.1
Goods............................. -2.0 2.1 4.3 -2.4 10.5 -3.3 .2 -3.4 -6.0 -4.1 4.1 7.7 -1.1 6.5 -2.8 4.3 2.2 18.3 7.1
Services.......................... 2.3 3.1 2.6 2.5 4.8 1.5 3.6 1.6 1.9 1.4 2.9 3.9 4.2 2.4 3.5 1.0 3.6 2.1 2.8
Structures........................ -.4 -3.0 2.4 5.9 1.6 -.7 .4 1.0 4.0 -6.4 -9.6 -1.0 -1.1 -1.4 2.1 -.3 2.8 13.9 2.4
Motor vehicle output.............. -4.8 11.4 2.7 5.2 -14.7 -18.1 -12.6 -14.6 19.1 1.5 30.2 11.3 5.5 10.8 -4.9 -6.4 2.1 26.6 3.7
GDP excluding motor vehicle
output........................... .7 1.9 3.1 .9 7.4 .3 2.7 .3 -1.3 -1.4 1.1 4.5 1.8 3.1 1.5 2.3 3.1 7.6 4.2
Final sales of computers\1\....... 13.6 11.1 41.0 62.4 49.6 9.2 18.6 52.2 -17.1 -17.9 27.2 5.0 6.6 50.9 34.8 34.6 32.8 93.4 32.3
GDP excluding final sales of
computers........................ .4 2.1 2.8 .5 6.0 -.6 1.9 -.7 -.4 -1.1 1.8 4.7 1.8 3.0 1.0 1.7 2.8 7.6 3.9
Farm gross value added\2\......... -4.2 1.9 3.2 65.1 5.2 4.8 -18.2 -2.0 -15.8 -16.6 100.1 -64.2 94.9 50.5 -1.5 -39.5 59.0 -3.2 -16.6
Nonfarm business gross value
added\3\......................... .1 2.3 3.7 -.1 7.5 -.8 2.2 -.8 -1.0 -2.5 1.6 6.7 .8 4.0 1.6 2.4 3.8 10.4 4.2
Price indexes:
GDP............................... 2.4 1.5 1.7 3.4 2.0 1.9 1.8 3.2 3.2 1.6 1.6 1.1 1.5 1.5 1.7 2.3 1.1 1.6 1.5
GDP excluding food and energy..... 2.1 1.8 1.4 3.0 1.6 1.7 1.7 2.3 2.3 2.1 2.6 1.4 1.6 1.5 1.6 1.7 .7 1.3 1.4
GDP excluding final sales of
computers........................ 2.7 1.8 1.8 3.6 2.2 2.1 1.9 3.7 3.4 1.8 1.8 1.4 1.6 1.7 1.9 2.5 1.2 1.8 1.6
Gross domestic purchases.......... 2.0 1.4 1.9 3.8 1.8 2.3 1.8 2.6 2.3 1.0 .5 1.0 2.4 1.6 1.7 3.4 .4 1.8 1.3
Gross domestic purchases excluding
food and energy.................. 1.9 1.7 1.4 2.9 1.3 1.6 1.4 2.3 2.0 1.9 2.3 1.2 1.5 1.5 1.5 1.8 .9 1.3 1.5
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 2.3 1.6 2.1 4.0 2.1 2.5 2.0 3.2 2.6 1.3 .8 1.2 2.6 1.8 2.0 3.6 .5 2.0 1.5
Personal consumption expenditures. 2.0 1.4 1.8 3.5 2.0 1.9 1.8 3.2 2.5 .5 .4 .7 2.9 2.0 1.7 2.8 .5 1.8 1.0
Personal consumption expenditures
excluding food and energy........ 1.9 1.7 1.2 2.4 1.3 .9 1.5 2.8 1.9 1.3 2.5 1.0 1.9 2.0 1.5 .9 .8 1.0 1.2
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised.
1. For some components of final sales of computers, includes
computer parts.
2. Farm output less intermediate goods and services purchased.
3. Consists of GDP less gross value added of farm, of
households and institutions, and of general government.
See "Explanatory Note" at the end of the tables.
Explanatory Note: NIPA Measures of Quantities and Prices
Current-dollar GDP is a measure of the market value of goods, services, and structures produced in
the economy in a particular period. Changes in current-dollar GDP can be decomposed into quantity and
price components. Quantities, or "real" measures, and prices are expressed as index numbers with the
reference year -- at present, the year 2000 -- equal to 100.
Annual changes in quantities and prices are calculated using a Fisher formula that incorporates
weights from two adjacent years. (Quarterly changes in quantities and prices are calculated using a
Fisher formula that incorporates weights from two adjacent quarters; quarterly indexes are adjusted for
consistency to the annual indexes before percent changes are calculated.) For example, the 2001-02
annual percent change in real GDP uses prices for 2001 and 2002 as weights, and the 2001-02 annual
percent change in GDP prices uses quantities for 2001 and 2002 as weights. These annual changes are
"chained" (multiplied) together to form time series of quantity and price indexes. Percent changes in
Fisher indexes are not affected by the choice of reference year. (BEA also publishes a measure of the
price level known as the implicit price deflator (IPD), which is calculated as the ratio of the
current-dollar value to the corresponding chained-dollar value, multiplied by 100. The values of the IPD
are very close to the values of the corresponding "chain-type" price index.)
Index numbers of quantity and price indexes for GDP and its major components are presented in this
release in tables 5 and 6. Percent changes from the preceding period are presented in tables 1, 4, 7, and 8.
Contributions by major components to changes in real GDP are presented in table 2.
Measures of real GDP and its major components are also presented in dollar-denominated form,
designated "chained (2000) dollar estimates." For most series, these estimates, which are presented in
table 3, are computed by multiplying the current-dollar value in 2000 by a corresponding quantity index
number and then dividing by 100. For example, if a current-dollar GDP component equaled $100 in
2000 and if real output for this component increased 10 percent in 2001, then the chained (2000) dollar
value of this component in 2001 would be $110 (= $100 x 110 / 100). Percent changes calculated from
chained-dollar estimates and from chain-type quantity indexes are the same; any differences will be small
and due to rounding.
Chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar
estimate of GDP (or to any intermediate aggregate). This is because the relative prices used as weights
for any period other than the reference year differ from those of the reference year. A measure of the
extent of such differences is provided by a "residual" line, which indicates the difference between GDP
(or other major aggregate) and the sum of the most detailed components in the table. For periods close to
the reference year, when there usually has not been much change in the relative prices that are used as
weights, the residuals tend to be small, and the chained-dollar estimates can be used to approximate the
contributions to growth and to aggregate the detailed estimates. For periods further from the reference
year, the residuals tend to be larger, and the chained-dollar estimates are less useful for analyses of
contributions to growth. Thus, the contributions to percent change shown in table 2 provide a better
measure of the composition of GDP growth. In particular, for components for which relative prices are
changing rapidly, calculation of contributions using chained-dollar estimates may be misleading even just
a few years from the reference year.
Reference: "Chained-Dollar Indexes: Issues, Tips on Their Use, and Upcoming Changes," November
2003 Survey, pp. 8-16.
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