News Release
Gross Domestic Product, 4th quarter 2006 (preliminary)
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Virginia H. Mannering: (202) 606-5304 BEA 07-06
Recorded message: (202) 606-5306
GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2006 (PRELIMINARY)
Real gross domestic product -- the output of goods and services produced by labor and property
located in the United States -- increased at an annual rate of 2.2 percent in the fourth quarter of 2006,
according to preliminary estimates released by the Bureau of Economic Analysis. In the third quarter,
real GDP increased 2.0 percent.
The GDP estimates released today are based on more complete source data than were available for
the advance estimates issued last month. In the advance estimates, the increase in real GDP was 3.5
percent (see "Revisions" on page 3).
The increase in real GDP in the fourth quarter primarily reflected positive contributions from
personal consumption expenditures (PCE), exports, state and local government spending, and federal
government spending that were partly offset by negative contributions from private inventory
investment and residential fixed investment. Imports, which are a subtraction in the calculation of GDP,
decreased.
The small acceleration in real GDP growth in the fourth quarter primarily reflected a downturn in
imports and accelerations in PCE, in exports, and in federal government spending that were partly offset
by downturns in private inventory investment, in equipment and software, and in nonresidential
structures.
Final sales of computers contributed 0.23 percentage point to the fourth-quarter growth in real
GDP after contributing 0.07 percentage point to the third-quarter growth. Motor vehicle output
subtracted 1.24 percentage points from the fourth-quarter growth in real GDP after contributing 0.76
percentage point to the third-quarter growth.
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 are annualized. "Real" estimates are in chained (2000)
dollars. Prices indexes are chain-type measures.
This news release is available on BEA's Web site at www.bea.gov/bea/rels.htm.
The price index for gross domestic purchases, which measures prices paid by U.S. residents,
increased 0.2 percent in the fourth quarter, 0.1 percentage point more than in the advance estimate; this
index increased 2.2 percent in the third quarter. Excluding food and energy prices, the price index for
gross domestic purchases increased 2.4 percent in the fourth quarter, compared with 2.2 percent in the
third.
Real personal consumption expenditures increased 4.2 percent in the fourth quarter, compared
with an increase of 2.8 percent in the third. Real nonresidential fixed investment decreased 2.4 percent,
in contrast to an increase of 10.0 percent. Nonresidential structures decreased 0.8 percent, in contrast to
an increase of 15.7 percent. Equipment and software decreased 3.2 percent, in contrast to an increase of
7.7 percent. Real residential fixed investment decreased 19.1 percent, compared with a decrease of 18.7
percent.
Real exports of goods and services increased 10.5 percent in the fourth quarter, compared with an
increase of 6.8 percent in the third. Real imports of goods and services decreased 2.2 percent, in
contrast to an increase of 5.6 percent.
Real federal government consumption expenditures and gross investment increased 4.4 percent in
the fourth quarter, compared with an increase of 1.3 percent in the third. National defense increased
12.3 percent, in contrast to a decrease of 1.2 percent. Nondefense decreased 10.2 percent, in contrast to
an increase of 6.5 percent. Real state and local government consumption expenditures and gross
investment increased 2.6 percent, compared with an increase of 1.9 percent.
The real change in private inventories subtracted 1.35 percentage points from the fourth-quarter
change in real GDP, after adding 0.06 percentage point to the third-quarter change. Private businesses
increased inventories $17.3 billion in the fourth quarter, following increases of $55.4 billion in the third
quarter and $53.7 billion in the second.
Real final sales of domestic product -- GDP less change in private inventories -- increased 3.6
percent in the fourth quarter, compared with an increase of 1.9 percent in the third.
Gross domestic purchases
Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever
produced -- increased 0.7 percent in the fourth quarter, compared with an increase of 2.0 percent in the
third.
Current-dollar GDP
Current-dollar GDP -- the market value of the nation's output of goods and services -- increased
3.9 percent, or $127.3 billion, in the fourth quarter to a level of $13,449.9 billion. In the third quarter,
current-dollar GDP increased 3.8 percent, or $125.3 billion.
Revisions
The preliminary estimate of the fourth-quarter increase in real GDP is 1.3 percentage points, or
$35.1 billion, lower than the advance estimate issued last month. The downward revision to the percent
change in real GDP primarily reflected downward revisions to private inventory investment and to
personal consumption expenditures for goods, as well as an upward revision to imports of goods.
Advance Preliminary
(Percent change from preceding quarter)
Real GDP.............................. 3.5 2.2
Current-dollar GDP..................... 5.0 3.9
Gross domestic purchases price index... 0.1 0.2
2006 GDP
Real GDP increased 3.3 percent in 2006 (that is, from the 2005 annual level to the 2006 annual
level), compared with an increase of 3.2 percent in 2005.
The major contributors to the increase in real GDP in 2006 were personal consumption
expenditures, exports, and equipment and software. Imports, which are a subtraction in the calculation
of GDP, increased.
The acceleration in real GDP primarily reflected an upturn in private inventory investment and
accelerations in exports, in nonresidential structures, and in state and local government spending that
were partly offset by a downturn in residential fixed investment.
The price index for gross domestic purchases increased 3.1 percent in 2006, compared with an
increase of 3.5 percent in 2005.
Current-dollar GDP increased 6.3 percent, or $788.8 billion, in 2006. Current-dollar GDP
increased 6.3 percent, or $743.3 billion, in 2005.
During 2006 (that is, measured from the fourth quarter of 2005 to the fourth quarter of 2006), real
GDP increased 3.1 percent, the same as during 2005. The price index for gross domestic purchases
increased 2.3 percent during 2006, compared with an increase of 3.6 percent during 2005.
BEA's national, international, regional, and industry estimates; the Survey of Current Business; and
BEA news releases are available without charge on BEA's Web site at www.bea.gov. By visiting the
site, you can also subscribe to receive free e-mail summaries of BEA releases and announcements.
* * *
Next release -- March 29, 2007, at 8:30 A.M. EDT for:
Gross Domestic Product: Fourth Quarter 2006 (Final)
Corporate Profits: Fourth Quarter 2006
Table 1.--Real Gross Domestic Product and Related Measures: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006r I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06r IV 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 3.9 3.2 3.3 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.0 2.2
Personal consumption expenditures... 3.9 3.5 3.2 2.1 3.6 5.8 2.3 4.7 2.9 3.9 4.3 2.7 4.2 3.9 .8 4.8 2.6 2.8 4.2
Durable goods..................... 6.4 5.5 5.0 .4 16.8 16.7 .7 6.1 1.7 8.7 6.1 2.4 12.8 9.0 -12.3 19.8 -.1 6.4 4.4
Nondurable goods.................. 3.6 4.5 3.7 3.8 2.3 7.7 1.8 4.3 1.7 3.7 5.4 5.2 4.9 3.4 3.9 5.9 1.4 1.5 6.0
Services.......................... 3.5 2.6 2.6 1.5 1.8 2.9 2.8 4.6 3.8 3.1 3.4 1.6 2.3 3.2 2.0 1.6 3.7 2.8 3.2
Gross private domestic investment... 9.8 5.4 4.2 -1.3 3.3 17.7 9.3 4.8 21.7 2.0 5.1 8.2 -3.6 5.2 16.2 7.8 1.0 -.8 -15.6
Fixed investment.................. 7.3 7.5 2.9 -.4 10.6 13.6 5.5 2.2 11.7 7.6 4.9 7.8 10.5 6.3 2.8 8.2 -1.6 -1.2 -8.5
Nonresidential.................. 5.9 6.8 7.3 -2.6 10.7 9.4 2.8 1.7 7.2 10.3 8.3 6.0 5.2 5.9 5.2 13.7 4.4 10.0 -2.4
Structures.................... 2.2 1.1 8.8 -6.9 14.7 -.8 -4.7 3.3 6.9 3.1 -2.0 5.3 -2.0 -7.0 12.0 8.7 20.3 15.7 -.8
Equipment and software........ 7.3 8.9 6.6 -1.0 9.3 13.2 5.6 1.2 7.3 13.0 12.3 6.3 7.9 11.0 2.8 15.6 -1.4 7.7 -3.2
Residential..................... 9.9 8.6 -4.2 4.1 10.5 22.2 10.6 3.1 19.8 3.2 -.6 11.1 20.0 7.1 -.9 -.3 -11.1 -18.7 -19.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 9.2 6.8 8.9 -5.3 -1.7 11.4 20.8 7.2 6.2 4.8 9.9 4.7 9.4 3.2 9.6 14.0 6.2 6.8 10.5
Goods........................... 9.0 7.5 10.5 2.0 -1.2 8.8 19.8 7.1 6.4 8.3 6.1 5.5 12.8 3.7 11.5 17.3 6.0 9.4 8.5
Services........................ 9.7 5.1 5.4 -20.0 -2.8 17.5 23.1 7.5 5.6 -2.8 19.2 2.9 2.0 2.1 5.5 6.7 6.7 .8 15.5
Imports........................... 10.8 6.1 5.8 -5.0 4.1 3.7 17.6 10.2 16.0 4.4 12.0 4.1 1.4 2.5 13.2 9.1 1.4 5.6 -2.2
Goods........................... 10.9 6.7 5.9 -3.9 8.6 .6 17.2 10.1 17.7 4.7 12.6 4.9 2.0 2.7 14.1 9.4 -.1 7.1 -3.8
Services........................ 10.0 2.8 5.3 -10.6 -15.7 21.2 19.6 10.9 7.6 3.1 9.0 -.2 -1.5 1.2 8.3 7.4 9.9 -2.6 7.1
Government consumption expenditures
and gross investment............... 1.9 .9 2.1 -1.4 6.1 1.5 .7 2.9 2.2 1.3 -1.9 1.6 1.1 3.4 -1.1 4.9 .8 1.7 3.3
Federal........................... 4.3 1.5 2.0 .1 19.7 .4 3.1 7.2 2.5 5.0 -5.2 3.4 .4 9.6 -4.6 8.8 -4.5 1.3 4.4
National defense................ 5.9 1.7 1.9 -4.4 36.3 -5.3 8.1 9.1 2.0 9.1 -9.1 4.5 2.9 11.2 -9.9 8.9 -2.0 -1.2 12.3
Nondefense...................... 1.2 1.1 2.1 9.0 -6.4 12.4 -6.0 3.6 3.5 -2.9 3.4 1.2 -4.4 6.2 7.1 8.5 -9.3 6.5 -10.2
State and local................... .5 .5 2.1 -2.2 -.8 2.1 -.6 .5 2.1 -.9 .1 .6 1.5 -.1 1.0 2.7 4.0 1.9 2.6
Addenda:
Final sales of domestic product... 3.5 3.5 3.1 1.3 4.5 6.9 2.1 3.4 2.6 4.0 2.6 3.3 5.6 4.4 -.3 5.6 2.1 1.9 3.6
Gross domestic purchases.......... 4.4 3.3 3.1 .9 4.0 6.6 3.0 4.4 5.5 3.1 3.3 3.4 2.4 4.0 2.7 5.3 2.0 2.0 .7
Final sales to domestic
purchasers....................... 4.0 3.6 2.9 1.1 5.1 6.1 2.5 4.0 4.1 4.0 3.2 3.3 4.6 4.2 .7 5.4 1.6 2.0 2.0
Gross national product (GNP)...... 3.8 3.1 ..... .8 4.1 7.3 3.5 3.5 2.9 3.3 2.0 3.6 3.0 4.9 .5 6.1 2.3 1.8 .....
Disposable personal income........ 3.6 1.2 2.6 1.7 5.0 6.3 1.7 3.9 2.4 2.8 7.5 -4.0 .5 -.6 5.5 4.6 -1.5 3.2 5.3
Current-dollar measures:
GDP............................. 6.9 6.3 6.3 4.4 4.8 9.7 4.9 7.8 7.9 5.3 5.9 7.0 5.8 7.6 5.1 9.0 5.9 3.8 3.9
Final sales of domestic product. 6.5 6.7 6.1 4.6 5.8 9.1 4.4 7.3 6.4 6.2 5.9 6.9 8.2 7.8 3.0 9.1 5.5 3.8 5.3
Gross domestic purchases........ 7.6 6.9 6.3 5.1 4.7 9.1 4.9 8.9 9.7 5.8 7.0 6.7 5.8 8.5 6.3 8.2 6.1 4.2 .8
Final sales to domestic
purchasers..................... 7.2 7.2 6.1 5.3 5.7 8.5 4.4 8.5 8.3 6.7 7.0 6.7 8.1 8.8 4.3 8.2 5.7 4.2 2.2
GNP............................. 6.7 6.2 ..... 4.0 5.4 9.6 5.8 7.4 6.7 5.4 5.3 7.2 5.6 8.4 3.8 9.6 5.7 3.7 .....
Disposable personal income...... 6.4 4.1 5.4 4.8 5.7 8.9 3.2 7.7 6.0 4.7 10.7 -1.8 3.6 3.5 8.6 6.8 2.5 5.7 4.4
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2006.
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006r I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Percent change at annual rate:
Gross domestic product.......... 3.9 3.2 3.3 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.0 2.2
Percentage points at annual rates:
Personal consumption expenditures. 2.71 2.44 2.24 1.41 2.53 4.13 1.59 3.30 2.07 2.74 2.97 1.94 2.94 2.76 .53 3.38 1.81 1.96 2.88
Durable goods................... .54 .45 .41 .03 1.35 1.39 .06 .51 .14 .71 .50 .20 1.02 .74 -1.08 1.50 -.01 .50 .35
Motor vehicles and parts...... .07 .02 -.04 -.04 .65 .46 -.29 .09 -.14 .22 .17 -.29 .50 .38 -1.51 .60 -.04 .28 -.15
Furniture and household
equipment.................... .35 .29 .36 .05 .49 .67 .27 .33 .28 .36 .21 .27 .28 .40 .33 .65 .10 .20 .38
Other......................... .11 .14 .09 .02 .21 .26 .08 .10 .01 .13 .12 .21 .24 -.03 .10 .26 -.06 .03 .12
Nondurable goods................ .73 .90 .77 .75 .45 1.53 .36 .86 .34 .74 1.07 1.04 .98 .70 .79 1.20 .30 .32 1.19
Food.......................... .33 .51 .41 .39 .04 .61 .02 .54 .16 .28 .70 .53 .55 .61 .39 .64 .19 -.07 .62
Clothing and shoes............ .14 .17 .14 -.02 .29 .31 -.02 .32 -.14 .18 .19 .17 .25 .08 .27 .23 -.10 .15 .18
Gasoline, fuel oil, and other
energy goods................. .02 -.01 -.02 -.02 -.02 .10 .06 .00 .00 -.04 .01 .12 -.10 -.15 -.06 -.03 .02 .14 .03
Other......................... .24 .23 .24 .39 .14 .52 .30 .00 .32 .32 .16 .21 .28 .16 .19 .36 .19 .11 .37
Services........................ 1.45 1.09 1.06 .63 .73 1.21 1.18 1.92 1.59 1.30 1.39 .70 .94 1.32 .83 .67 1.52 1.14 1.34
Housing....................... .40 .30 .24 .11 .18 .35 .40 .49 .42 .37 .32 .29 .28 .24 .18 .24 .25 .27 .33
Household operation........... .10 .08 -.02 .00 .00 .02 .17 .11 .10 .06 .25 .01 .04 .09 .01 -.58 .31 .35 .15
Electricity and gas......... .02 .04 -.04 -.05 -.08 -.03 .12 .06 -.06 -.07 .25 .00 .00 .03 .03 -.58 .23 .32 .13
Other household operation... .08 .04 .03 .05 .08 .05 .05 .05 .16 .13 .00 .01 .04 .06 -.02 .00 .08 .04 .01
Transportation................ .03 .00 .04 .07 -.03 .03 .02 .05 .06 .00 .04 .02 -.03 -.04 .00 .10 .04 .03 .09
Medical care.................. .37 .43 .42 .47 .28 .28 .28 .33 .47 .53 .43 .32 .40 .53 .44 .52 .31 .25 .36
Recreation.................... .14 .08 .06 .02 .15 .13 .16 .18 .13 .09 .05 .13 .05 .05 .04 .09 .02 .08 .07
Other......................... .41 .20 .33 -.04 .16 .40 .15 .76 .42 .24 .30 -.07 .20 .44 .16 .31 .58 .15 .33
Gross private domestic investment. 1.49 .87 .70 -.16 .51 2.56 1.39 .74 3.17 .32 .82 1.32 -.61 .84 2.51 1.31 .17 -.13 -2.78
Fixed investment................ 1.11 1.17 .48 -.04 1.52 2.00 .83 .34 1.72 1.16 .77 1.22 1.62 1.02 .46 1.34 -.27 -.19 -1.43
Nonresidential................ .58 .67 .74 -.24 1.01 .92 .29 .18 .69 .97 .81 .59 .51 .59 .52 1.36 .45 1.01 -.26
Structures.................. .06 .03 .26 -.18 .35 -.02 -.12 .08 .17 .08 -.05 .14 -.06 -.20 .31 .25 .56 .46 -.03
Equipment and software...... .52 .64 .48 -.06 .66 .95 .41 .10 .52 .90 .86 .45 .56 .78 .21 1.11 -.10 .55 -.24
Information processing
equipment and software... .36 .30 .32 .31 .13 .82 .70 .30 .05 .21 .33 .43 .29 .26 .25 .74 -.04 .35 .02
Computers and peripheral
equipment.............. .10 .12 .11 .12 .00 .26 .21 -.03 -.03 .21 .17 .10 .10 .06 .16 .15 .03 .13 .01
Software................ .15 .09 .10 .06 .05 .32 .20 .17 .03 .12 .16 .03 .12 .07 .04 .18 .07 .09 .13
Other................... .11 .10 .11 .12 .08 .23 .29 .16 .05 -.12 .00 .30 .06 .13 .04 .40 -.14 .13 -.12
Industrial equipment...... -.05 .10 .07 .17 .14 -.14 -.22 -.09 -.05 .19 .05 .16 -.07 .23 .19 -.05 .16 .00 -.07
Transportation equipment.. .14 .15 .01 -.57 .31 .01 -.13 -.08 .46 .39 .40 -.14 .11 .27 -.31 .31 -.32 .15 -.18
Other equipment........... .07 .09 .08 .04 .08 .26 .07 -.04 .06 .10 .08 .01 .24 .03 .08 .11 .09 .05 -.01
Residential................... .53 .50 -.26 .20 .51 1.08 .55 .16 1.03 .18 -.04 .63 1.11 .43 -.06 -.02 -.72 -1.20 -1.16
Change in private inventories... .38 -.30 .22 -.12 -1.01 .56 .56 .40 1.44 -.84 .05 .09 -2.23 -.18 2.05 -.03 .44 .06 -1.35
Farm.......................... .07 -.06 .03 .19 -.16 -.06 -.05 .27 .61 -.48 -.38 .16 -.26 .28 .14 -.01 -.09 .02 -.01
Nonfarm....................... .31 -.24 .20 -.31 -.85 .62 .60 .13 .84 -.35 .43 -.06 -1.97 -.46 1.90 -.02 .54 .05 -1.34
Net exports of goods and services. -.65 -.26 -.03 .21 -.73 .51 -.47 -.73 -1.62 -.20 -.81 -.16 .72 -.06 -1.07 -.04 .42 -.19 1.50
Exports......................... .88 .68 .93 -.53 -.16 1.02 1.81 .69 .60 .46 .96 .47 .94 .33 .97 1.41 .66 .73 1.13
Goods......................... .60 .52 .76 .13 -.08 .55 1.20 .47 .43 .55 .42 .38 .88 .27 .80 1.20 .45 .71 .65
Services...................... .28 .16 .17 -.65 -.08 .47 .61 .22 .17 -.09 .54 .09 .06 .06 .17 .21 .21 .03 .48
Imports......................... -1.53 -.94 -.96 .74 -.57 -.51 -2.29 -1.42 -2.22 -.66 -1.77 -.63 -.22 -.39 -2.04 -1.46 -.24 -.93 .38
Goods......................... -1.29 -.87 -.82 .47 -.97 -.07 -1.86 -1.17 -2.03 -.59 -1.55 -.64 -.26 -.36 -1.84 -1.27 .01 -1.00 .56
Services...................... -.24 -.07 -.14 .27 .40 -.44 -.43 -.25 -.18 -.08 -.22 .01 .04 -.03 -.20 -.19 -.25 .07 -.18
Government consumption expenditures
and gross investment............. .36 .17 .40 -.26 1.16 .29 .14 .55 .43 .24 -.37 .31 .21 .64 -.21 .94 .16 .32 .62
Federal......................... .30 .11 .14 .01 1.26 .03 .21 .49 .18 .34 -.38 .23 .03 .66 -.33 .61 -.32 .09 .30
National defense.............. .27 .08 .09 -.20 1.41 -.25 .35 .41 .09 .41 -.45 .21 .13 .52 -.49 .41 -.09 -.06 .54
Consumption expenditures.... .22 .05 .05 -.22 1.30 -.32 .31 .40 .00 .34 -.44 .25 .03 .45 -.47 .37 -.17 -.04 .44
Gross investment............ .05 .03 .04 .02 .12 .07 .05 .00 .10 .08 -.01 -.04 .10 .07 -.02 .05 .08 -.02 .11
Nondefense.................... .03 .03 .05 .21 -.16 .28 -.14 .09 .08 -.07 .08 .03 -.11 .14 .16 .20 -.23 .15 -.24
Consumption expenditures..... .03 .00 .04 .19 -.21 .27 -.12 .11 .03 -.06 .05 .01 -.09 .08 .05 .16 -.10 .13 -.19
Gross investment............. .00 .02 .01 .01 .06 .01 -.03 -.03 .05 -.01 .03 .01 -.02 .06 .11 .03 -.12 .02 -.05
State and local................. .06 .06 .26 -.27 -.10 .26 -.07 .06 .25 -.10 .01 .08 .18 -.01 .13 .33 .48 .23 .32
Consumption expenditures.... .10 .08 .18 -.19 -.07 -.04 .07 .19 .15 .08 .15 .02 .05 .14 .09 .17 .20 .30 .32
Gross investment............ -.04 -.02 .08 -.09 -.02 .30 -.15 -.13 .11 -.18 -.14 .06 .13 -.15 .03 .16 .28 -.08 .00
Addenda:
Goods........................... 1.56 1.43 1.89 1.27 .56 5.00 .81 1.20 .99 1.56 1.43 1.51 1.09 2.07 .97 3.86 1.12 1.17 1.16
Services........................ 1.84 1.31 1.36 .03 2.06 1.15 1.63 2.59 1.74 1.48 1.47 1.07 1.04 2.02 .46 1.39 1.40 1.63 2.19
Structures...................... .51 .49 .05 -.09 .85 1.33 .22 .05 1.31 .06 -.29 .82 1.13 .09 .33 .33 .04 -.84 -1.14
Motor vehicle output............ .12 .20 -.06 -.46 .36 .30 -.23 .33 -.24 .52 .06 .38 -.03 .70 -.71 .12 -.31 .76 -1.24
Final sales of computers........ .06 .16 .11 .12 -.02 .50 .15 -.13 -.14 .15 .26 .16 .20 .08 .20 .07 .04 .07 .23
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
-------------------------------------------- -------------------------------------------- -------------------------
2006r IV 05 I 06 II 06 III 06 IV 06r 2006r IV 05 I 06 II 06 III 06 IV 06r 2006r III 06 IV 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product....... 13,244.6 12,730.5 13,008.4 13,197.3 13,322.6 13,449.9 11,413.6 11,163.8 11,316.4 11,388.1 11,443.5 11,506.5 365.0 55.4 63.0
Personal consumption expenditures. 9,269.0 8,927.8 9,079.2 9,228.1 9,346.7 9,422.1 8,091.1 7,910.2 8,003.8 8,055.0 8,111.2 8,194.4 249.9 56.2 83.2
Durable goods................... 1,070.3 1,019.6 1,064.1 1,061.8 1,075.5 1,079.8 1,202.9 1,137.9 1,190.5 1,190.3 1,208.8 1,221.9 57.6 18.5 13.1
Motor vehicles and parts...... 444.7 421.6 442.7 441.7 451.3 443.3 447.4 426.3 445.1 443.7 452.9 447.9 -5.5 9.2 -5.0
Furniture and household
equipment.................... 404.6 386.0 402.3 401.3 403.2 411.5 550.6 511.5 538.5 542.9 551.7 569.2 60.0 8.8 17.5
Other......................... 221.0 212.0 219.1 218.8 221.0 225.0 224.4 216.3 224.6 222.5 223.4 227.3 11.8 .9 3.9
Nondurable goods................ 2,715.0 2,613.5 2,658.2 2,721.4 2,747.7 2,732.7 2,362.1 2,309.6 2,342.8 2,351.1 2,360.1 2,394.6 85.3 9.0 34.5
Food.......................... 1,281.2 1,233.7 1,262.3 1,274.0 1,280.7 1,307.6 1,110.9 1,085.7 1,103.4 1,108.8 1,106.8 1,124.6 45.2 -2.0 17.8
Clothing and shoes............ 358.6 349.1 355.4 355.1 358.7 365.3 392.5 383.1 391.1 387.4 392.6 399.1 19.8 5.2 6.5
Gasoline, fuel oil, and other
energy goods................. 338.3 322.1 316.2 359.1 369.4 308.5 197.6 196.6 196.0 196.3 198.7 199.3 -1.9 2.4 .6
Other......................... 736.9 708.6 724.2 733.3 738.9 751.4 671.3 652.4 662.6 668.3 671.5 682.7 27.4 3.2 11.2
Services........................ 5,483.7 5,294.7 5,356.8 5,444.9 5,523.5 5,609.6 4,550.0 4,476.7 4,494.5 4,535.4 4,566.6 4,603.3 113.4 31.2 36.7
Housing....................... 1,382.2 1,326.6 1,345.4 1,370.1 1,394.2 1,419.2 1,148.7 1,131.2 1,137.6 1,144.5 1,151.7 1,160.8 26.1 7.2 9.1
Household operation........... 506.5 506.1 494.8 499.1 512.3 519.7 416.3 419.8 404.3 412.5 422.1 426.2 -1.7 9.6 4.1
Electricity and gas......... 212.7 219.9 206.2 206.9 216.6 220.9 150.2 154.7 141.7 147.0 154.4 157.6 -3.6 7.4 3.2
Other household operation... 293.8 286.2 288.6 292.2 295.7 298.8 267.1 264.9 264.8 267.0 268.1 268.5 3.0 1.1 .4
Transportation................ 337.1 325.9 330.4 335.9 339.5 342.4 288.3 283.5 286.3 287.5 288.5 290.9 3.9 1.0 2.4
Medical care.................. 1,588.4 1,534.0 1,557.2 1,578.2 1,597.5 1,620.6 1,304.7 1,279.0 1,292.6 1,300.9 1,307.6 1,317.5 43.8 6.7 9.9
Recreation.................... 379.2 367.7 372.4 377.2 382.7 384.5 319.6 315.1 317.5 318.1 320.4 322.5 6.5 2.3 2.1
Other......................... 1,290.3 1,234.4 1,256.5 1,284.3 1,297.3 1,323.2 1,071.1 1,046.5 1,054.9 1,070.6 1,074.8 1,083.9 34.9 4.2 9.1
Gross private domestic investment. 2,211.6 2,154.5 2,214.8 2,237.1 2,235.5 2,159.0 1,945.1 1,927.0 1,963.6 1,968.5 1,964.8 1,883.5 78.8 -3.7 -81.3
Fixed investment................ 2,163.5 2,105.8 2,167.7 2,174.8 2,171.4 2,140.2 1,895.6 1,877.3 1,914.6 1,906.8 1,901.3 1,859.6 53.6 -5.5 -41.7
Nonresidential................ 1,396.4 1,304.3 1,359.2 1,384.3 1,420.8 1,421.3 1,313.0 1,248.2 1,288.8 1,302.8 1,334.2 1,326.0 89.2 31.4 -8.2
Structures.................. 410.8 359.7 378.2 406.3 426.9 431.7 273.7 254.2 259.6 271.9 282.0 281.4 22.2 10.1 -.6
Equipment and software...... 985.6 944.7 981.0 977.9 994.0 989.6 1,049.8 1,007.6 1,044.8 1,041.2 1,060.7 1,052.3 64.9 19.5 -8.4
Information processing
equipment and software... 485.0 461.3 482.4 479.9 489.6 487.9 602.1 567.3 595.9 594.3 608.6 609.5 49.5 14.3 .9
Computers and peripheral
equipment.............. 86.6 85.9 88.0 85.9 87.2 85.3 ..... ..... ..... ..... ..... ..... ..... ..... .....
Software................ 209.0 196.9 203.6 207.0 210.8 214.6 220.0 209.5 215.6 217.8 221.0 225.5 13.8 3.2 4.5
Other................... 189.4 178.4 190.8 187.1 191.7 188.1 209.1 197.5 211.6 206.7 211.3 207.0 15.5 4.6 -4.3
Industrial equipment...... 169.0 163.9 163.4 170.1 172.0 170.6 152.2 150.4 149.0 153.9 153.9 151.8 8.7 .0 -2.1
Transportation equipment.. 158.5 154.6 165.7 155.9 157.5 154.8 146.0 143.2 152.2 142.7 147.3 141.8 .6 4.6 -5.5
Other equipment........... 173.2 164.9 169.4 172.1 174.9 176.3 157.0 151.2 154.3 157.1 158.6 158.2 9.7 1.5 -.4
Residential................... 767.1 801.5 808.5 790.6 750.5 719.0 582.5 618.9 618.5 600.5 570.3 540.8 -25.5 -30.2 -29.5
Change in private inventories... 48.1 48.6 47.2 62.3 64.2 18.7 41.9 43.5 41.2 53.7 55.4 17.3 22.3 1.7 -38.1
Farm.......................... 3.1 5.8 5.4 2.3 2.5 2.3 2.8 4.8 4.3 1.9 2.5 2.4 2.6 .6 -.1
Nonfarm....................... 45.0 42.8 41.8 59.9 61.6 16.5 39.2 38.6 36.8 52.2 53.3 14.6 19.6 1.1 -38.7
Net exports of goods and services. -763.2 -775.4 -765.2 -781.8 -801.7 -704.3 -618.7 -636.6 -636.6 -624.2 -628.8 -585.1 .5 -4.6 43.7
Exports......................... 1,466.1 1,352.4 1,405.4 1,448.1 1,488.3 1,522.7 1,302.7 1,228.4 1,269.3 1,288.5 1,310.0 1,343.1 106.6 21.5 33.1
Goods......................... 1,035.5 944.3 989.3 1,019.1 1,055.8 1,077.6 931.4 870.8 906.2 919.5 940.4 959.7 88.2 20.9 19.3
Services...................... 430.7 408.1 416.0 429.0 432.5 445.1 371.8 357.8 363.6 369.5 370.3 383.9 18.9 .8 13.6
Imports......................... 2,229.4 2,127.8 2,170.6 2,229.8 2,290.1 2,226.9 1,921.4 1,865.0 1,905.9 1,912.7 1,938.8 1,928.1 106.1 26.1 -10.7
Goods......................... 1,880.0 1,799.3 1,832.6 1,879.0 1,938.8 1,869.7 1,641.9 1,595.8 1,631.9 1,631.7 1,660.1 1,644.0 92.0 28.4 -16.1
Services...................... 349.3 328.5 338.1 350.8 351.3 357.2 281.8 271.7 276.6 283.2 281.3 286.1 14.3 -1.9 4.8
Government consumption expenditures
and gross investment............. 2,527.2 2,423.6 2,479.6 2,513.9 2,542.1 2,573.1 1,998.3 1,963.5 1,987.1 1,991.2 1,999.4 2,015.5 40.3 8.2 16.1
Federal......................... 926.4 886.2 921.7 919.7 927.2 937.2 741.8 729.6 745.1 736.6 738.9 746.8 14.3 2.3 7.9
National defense.............. 621.0 590.9 613.5 616.5 618.1 635.7 492.8 481.4 491.8 489.3 487.8 502.2 9.2 -1.5 14.4
Consumption expenditures.... 542.0 516.9 537.7 537.7 539.3 553.2 418.1 410.0 419.0 414.7 413.7 424.9 4.8 -1.0 11.2
Gross investment............ 79.0 74.1 75.8 78.8 78.8 82.5 76.4 72.6 74.0 76.5 75.9 79.2 5.2 -.6 3.3
Nondefense.................... 305.5 295.3 308.2 303.2 309.0 301.5 248.8 248.0 253.1 247.0 250.9 244.3 5.1 3.9 -6.6
Consumption expenditures.... 266.0 254.2 265.9 264.6 269.8 263.9 211.2 208.7 212.8 210.1 213.4 208.4 3.9 3.3 -5.0
Gross investment............ 39.4 41.1 42.4 38.6 39.3 37.5 38.1 40.1 41.1 37.2 37.8 36.1 1.4 .6 -1.7
State and local................. 1,600.7 1,537.4 1,557.9 1,594.2 1,614.9 1,635.9 1,256.3 1,233.7 1,242.0 1,254.4 1,260.3 1,268.5 25.9 5.9 8.2
Consumption expenditures.... 1,287.9 1,243.4 1,256.2 1,280.7 1,300.0 1,314.9 1,005.9 991.9 996.1 1,001.2 1,009.0 1,017.2 17.9 7.8 8.2
Gross investment............ 312.8 294.0 301.7 313.5 315.0 321.0 250.2 241.6 245.7 253.1 251.1 251.1 8.1 -2.0 .0
Residual.......................... ..... ..... ..... ..... ..... ..... -85.8 -53.7 -78.7 -77.6 -88.3 -98.2 ..... ..... .....
Addenda:
Final sales of domestic product. 13,196.5 12,681.9 12,961.2 13,135.1 13,258.4 13,431.2 11,365.4 11,115.5 11,269.0 11,328.0 11,381.6 11,483.2 340.2 53.6 101.6
Gross domestic purchases........ 14,007.8 13,505.9 13,773.6 13,979.1 14,124.3 14,154.2 12,026.3 11,792.9 11,946.3 12,005.9 12,066.6 12,086.6 366.6 60.7 20.0
Final sales to domestic
purchasers..................... 13,959.7 13,457.3 13,726.4 13,916.8 14,060.1 14,135.5 11,978.1 11,744.6 11,898.7 11,945.9 12,004.7 12,063.2 342.0 58.8 58.5
Gross domestic product.......... 13,244.6 12,730.5 13,008.4 13,197.3 13,322.6 13,449.9 11,413.6 11,163.8 11,316.4 11,388.1 11,443.5 11,506.5 365.0 55.4 63.0
Plus: Income receipts from
the rest of the world.......... ..... 564.9 603.3 661.4 682.3 ..... ..... 496.1 526.4 571.4 586.5 ..... ..... 15.1 .....
Less: Income payments to
the rest of the world.......... ..... 552.4 574.3 638.6 665.7 ..... ..... 483.8 499.7 550.3 570.9 ..... ..... 20.6 .....
Equals: Gross national product.. ..... 12,743.0 13,037.4 13,220.1 13,339.2 ..... ..... 11,175.6 11,342.7 11,408.5 11,458.5 ..... ..... 50.0 .....
Net domestic product............ 11,668.3 11,168.0 11,460.3 11,624.6 11,740.6 11,847.9 9,981.5 9,727.9 9,896.5 9,959.8 10,007.3 10,062.4 424.3 47.5 55.1
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006r I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP). 2.8 3.0 2.9 3.1 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.9 1.7
Personal consumption expenditures... 2.6 2.9 2.8 3.1 .7 2.4 1.5 3.7 3.6 1.9 3.0 2.3 3.1 4.1 2.9 2.0 4.0 2.4 -.9
Durable goods..................... -1.6 -.7 -1.3 -4.8 -4.2 -4.0 -3.5 .0 .3 -2.3 .3 .3 -.6 -2.9 -1.3 -1.0 -.8 -1.1 -2.7
Nondurable goods.................. 3.3 3.6 3.1 5.6 -2.9 3.9 .5 5.7 6.0 1.1 4.4 1.1 4.8 9.0 .6 1.1 8.3 2.3 -7.7
Services.......................... 3.2 3.2 3.4 3.6 3.5 3.0 3.0 3.5 3.2 3.1 3.0 3.2 3.1 3.2 5.0 3.1 2.9 3.0 3.0
Gross private domestic investment... 3.3 3.4 3.2 2.8 -.7 1.3 3.5 4.2 4.5 3.6 3.7 3.0 2.7 3.7 4.3 3.7 3.1 .6 3.2
Fixed investment.................. 3.4 3.5 3.3 3.1 -.8 1.3 3.5 4.3 4.6 3.6 3.7 3.1 2.7 4.0 4.6 3.8 3.0 .5 3.1
Nonresidential.................. 1.2 2.6 2.8 .1 -1.3 .7 1.4 1.0 2.1 1.4 2.6 3.6 2.0 2.2 3.5 3.7 3.0 .9 2.6
Structures.................... 6.2 11.3 11.4 4.8 -.2 2.3 4.2 6.7 7.8 10.2 12.0 11.6 9.2 13.2 16.8 12.4 10.7 5.3 5.4
Equipment and software........ -.4 -.4 -.3 -1.5 -1.7 .1 .4 -.9 .2 -1.5 -.5 .9 -.4 -1.5 -1.0 .6 .1 -.9 1.5
Residential..................... 7.3 5.1 4.0 9.4 .2 2.6 7.7 10.5 9.0 7.4 5.6 2.3 3.8 6.9 6.3 3.8 2.9 -.1 4.1
Change in private inventories..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports........................... 3.7 3.6 3.3 4.1 1.1 .9 3.0 6.1 5.0 1.8 4.0 4.6 3.6 2.6 2.8 2.3 6.1 4.5 -.8
Goods........................... 3.7 3.1 3.3 3.6 1.6 -.7 4.1 6.5 5.2 1.1 3.6 4.4 3.0 1.3 2.3 2.8 6.2 5.3 .0
Services........................ 3.5 4.8 3.3 5.3 -.2 4.7 .7 5.0 4.5 3.5 5.0 5.1 4.9 5.6 4.2 1.2 6.0 2.5 -3.0
Imports........................... 5.0 6.3 4.3 11.3 -3.9 2.6 .4 9.7 7.3 5.5 6.7 2.6 9.2 10.2 4.3 -.7 9.8 5.4 -8.6
Goods........................... 5.0 6.5 4.5 11.9 -6.7 2.5 .5 10.1 7.9 5.4 6.8 1.8 10.1 11.3 5.1 -1.6 10.6 5.8 -10.1
Services........................ 5.1 5.4 3.4 8.1 11.8 3.1 .0 8.0 4.4 6.2 6.3 6.8 5.1 4.3 -.1 4.5 5.5 3.2 -.1
Government consumption expenditures
and gross investment............... 4.4 5.6 4.4 9.2 1.3 2.5 2.2 6.8 5.3 4.6 5.7 7.0 4.6 5.9 4.7 4.4 4.8 2.8 1.6
Federal........................... 4.7 4.8 3.4 11.3 1.5 1.0 1.1 11.5 5.3 2.2 2.9 11.3 2.2 3.3 .4 7.6 3.8 2.0 .0
National defense................ 4.7 5.1 3.4 10.3 1.4 1.2 1.3 10.5 5.8 2.8 3.2 11.6 2.4 3.4 1.0 6.7 4.1 2.3 -.3
Nondefense...................... 4.7 4.1 3.5 12.9 1.6 .6 .6 13.7 4.3 .9 2.3 10.6 1.8 3.2 -.7 9.5 3.2 1.4 .8
State and local................... 4.3 6.2 4.9 8.1 1.1 3.3 2.9 4.1 5.3 6.1 7.4 4.6 6.1 7.4 7.3 2.6 5.4 3.4 2.6
Addenda:
Final sales of domestic product... 2.8 3.0 3.0 3.2 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.9 1.6
Gross domestic purchases.......... 3.1 3.5 3.1 4.1 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.2 .2
Final sales to domestic
purchasers....................... 3.1 3.5 3.1 4.2 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.2 .2
Gross national product (GNP)...... 2.8 3.0 ..... 3.2 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.2 3.3 3.3 1.9 .....
Implicit price deflators:
GDP............................. 2.8 3.0 2.9 3.2 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 1.9 1.6
Gross domestic purchases........ 3.1 3.5 3.1 4.1 .6 2.3 1.9 4.3 4.0 2.6 3.6 3.2 3.4 4.3 3.5 2.7 4.0 2.1 .2
GNP............................. 2.8 3.0 ..... 3.1 1.3 2.1 2.2 3.8 3.7 2.1 3.2 3.4 2.5 3.3 3.3 3.3 3.3 1.9 .....
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2004 2005 2006r IV 05 I 06 II 06 III 06 IV 06r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 109.031 112.546 116.264 113.719 115.274 116.004 116.569 117.210
Personal consumption expenditures.......... 112.430 116.349 120.057 117.373 118.761 119.521 120.355 121.590
Durable goods............................ 125.753 132.666 139.328 131.799 137.893 137.868 140.019 141.530
Nondurable goods......................... 111.913 116.924 121.308 118.608 120.313 120.742 121.204 122.974
Services................................. 110.055 112.925 115.810 113.945 114.398 115.440 116.234 117.167
Gross private domestic investment.......... 102.026 107.537 112.079 111.034 113.143 113.429 113.215 108.530
Fixed investment......................... 102.080 109.708 112.901 111.811 114.033 113.570 113.240 110.760
Nonresidential......................... 92.995 99.326 106.565 101.308 104.606 105.738 108.292 107.623
Structures........................... 79.418 80.302 87.404 81.174 82.893 86.819 90.044 89.860
Equipment and software............... 98.400 107.180 114.241 109.653 113.704 113.313 115.434 114.514
Residential............................ 125.281 136.050 130.344 138.495 138.391 134.368 127.601 121.015
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 102.201 109.105 118.831 112.054 115.783 117.536 119.495 122.510
Imports of goods and services.............. 115.962 123.007 130.197 126.377 129.146 129.608 131.378 130.654
Government consumption expenditures and
gross investment.......................... 112.720 113.731 116.072 114.048 115.423 115.657 116.136 117.073
Federal.................................. 123.813 125.701 128.174 126.053 128.728 127.262 127.669 129.037
State and local.......................... 107.094 107.660 109.930 107.954 108.682 109.762 110.277 111.000
Addenda:
Final sales of domestic product.......... 109.096 112.958 116.444 113.883 115.455 116.060 116.609 117.650
Gross domestic purchases................. 110.691 114.351 117.946 115.657 117.161 117.746 118.341 118.537
Final sales to domestic purchasers....... 110.761 114.755 118.128 115.825 117.345 117.810 118.390 118.967
Gross national product................... 109.039 112.399 ..... 113.390 115.085 115.753 116.260 .....
-----------------------------------------------------------------------------------------------------------------------------------
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
---------------------------------------------------
2004 2005 2006r IV 05 I 06 II 06 III 06 IV 06r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product............. 109.429 112.744 116.061 114.048 114.967 115.905 116.446 116.924
Personal consumption expenditures
(PCE)..................................... 108.373 111.493 114.563 112.873 113.445 114.573 115.241 114.991
Durable goods............................ 90.845 90.198 88.981 89.606 89.385 89.206 88.967 88.366
Nondurable goods......................... 107.617 111.530 114.959 113.177 113.484 115.769 116.442 114.141
Services................................. 112.863 116.529 120.521 118.281 119.194 120.059 120.960 121.869
Gross private domestic investment.......... 106.645 110.284 113.817 111.853 112.860 113.717 113.895 114.798
Fixed investment......................... 106.811 110.542 114.161 112.194 113.238 114.074 114.224 115.109
Nonresidential......................... 100.834 103.428 106.359 104.510 105.471 106.266 106.501 107.198
Structures........................... 120.951 134.647 149.967 141.476 145.684 149.432 151.372 153.380
Equipment and software............... 94.503 94.134 93.889 93.754 93.887 93.920 93.704 94.046
Residential............................ 120.618 126.714 131.774 129.536 130.765 131.696 131.655 132.981
Change in private inventories............ ..... ..... ..... ..... ..... ..... ..... .....
Exports of goods and services.............. 105.151 108.949 112.540 110.108 110.737 112.400 113.631 113.390
Imports of goods and services.............. 104.678 111.268 116.048 114.117 113.918 116.608 118.143 115.522
Government consumption expenditures and
gross investment.......................... 114.718 121.183 126.468 123.444 124.791 126.262 127.150 127.671
Federal.................................. 115.249 120.726 124.891 121.479 123.721 124.871 125.482 125.490
State and local.......................... 114.417 121.463 127.411 124.620 125.434 127.095 128.147 128.969
Addenda:
PCE excluding food and energy............ 107.314 109.559 111.982 110.418 110.983 111.738 112.337 112.868
Market-based PCE\1\...................... 107.393 110.339 113.173 111.647 112.116 113.272 113.879 113.424
Market-based PCE excluding food
and energy\1\........................... 105.865 107.713 109.708 108.375 108.810 109.524 110.033 110.465
Final sales of domestic product.......... 109.455 112.783 116.114 114.101 115.025 115.961 116.498 116.972
Gross domestic purchases................. 109.210 112.981 116.497 114.541 115.313 116.455 117.080 117.142
Final sales to domestic purchasers....... 109.235 113.021 116.551 114.594 115.371 116.510 117.133 117.189
Gross national product................... 109.419 112.733 ..... 114.038 114.958 115.897 116.440 .....
Implicit price deflators:
Gross domestic product................. 109.426 112.737 116.042 114.034 114.951 115.887 116.420 116.890
Final sales of domestic product........ 109.455 112.783 116.110 114.092 115.017 115.952 116.490 116.964
Gross domestic purchases............... 109.207 112.975 116.476 114.526 115.296 116.435 117.053 117.107
Final sales to domestic purchasers..... 109.235 113.021 116.543 114.583 115.360 116.499 117.122 117.178
Gross national product................. 109.416 112.726 ..... 114.025 114.942 115.879 116.414 .....
-----------------------------------------------------------------------------------------------------------------------------------
r Revised
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions. Percentage changes for these series are
included in the addenda to table 8 and in appendix table A.
See "Explanatory Note" at the end of the tables.
Table 7.--Real Gross Domestic Product: Percent Change from Preceding Year
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... -.2 3.3 2.7 4.0 2.5 3.7 4.5 4.2 4.5 3.7 .8 1.6 2.5 3.9 3.2 3.3
Personal consumption expenditures...... .2 3.3 3.3 3.7 2.7 3.4 3.8 5.0 5.1 4.7 2.5 2.7 2.8 3.9 3.5 3.2
Durable goods........................ -5.6 5.9 7.8 8.4 4.4 7.8 8.6 11.3 11.7 7.3 4.3 7.1 5.8 6.4 5.5 5.0
Nondurable goods..................... -.2 2.0 2.7 3.5 2.2 2.6 2.7 4.0 4.6 3.8 2.0 2.5 3.2 3.6 4.5 3.7
Services............................. 1.7 3.5 2.8 2.9 2.6 2.9 3.3 4.2 4.0 4.5 2.4 1.9 1.9 3.5 2.6 2.6
Gross private domestic investment...... -8.1 8.1 8.9 13.6 3.1 8.9 12.4 9.8 7.8 5.7 -7.9 -2.6 3.6 9.8 5.4 4.2
Fixed investment..................... -6.5 5.9 8.6 9.3 6.5 9.0 9.2 10.2 8.3 6.5 -3.0 -5.2 3.4 7.3 7.5 2.9
Nonresidential..................... -5.4 3.2 8.7 9.2 10.5 9.3 12.1 11.1 9.2 8.7 -4.2 -9.2 1.0 5.9 6.8 7.3
Structures....................... -11.1 -6.0 -.7 1.8 6.4 5.6 7.3 5.1 -.4 6.8 -2.3 -17.1 -4.1 2.2 1.1 8.8
Equipment and software........... -2.6 7.3 12.5 11.9 12.0 10.6 13.8 13.3 12.7 9.4 -4.9 -6.2 2.8 7.3 8.9 6.6
Residential........................ -9.6 13.8 8.2 9.6 -3.2 8.0 1.9 7.6 6.0 .8 .4 4.8 8.4 9.9 8.6 -4.2
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 6.6 6.9 3.2 8.7 10.1 8.4 11.9 2.4 4.3 8.7 -5.4 -2.3 1.3 9.2 6.8 8.9
Goods.............................. 6.9 7.5 3.3 9.7 11.7 8.8 14.3 2.2 3.8 11.2 -6.1 -4.0 1.8 9.0 7.5 10.5
Services........................... 6.0 5.5 3.2 6.3 6.3 7.2 5.9 2.9 5.6 2.9 -3.7 1.9 .0 9.7 5.1 5.4
Imports.............................. -.6 7.0 8.8 11.9 8.0 8.7 13.6 11.6 11.5 13.1 -2.7 3.4 4.1 10.8 6.1 5.8
Goods.............................. -.1 9.3 10.1 13.3 9.0 9.3 14.4 11.7 12.4 13.5 -3.2 3.7 4.9 10.9 6.7 5.9
Services........................... -2.6 -2.6 2.9 5.7 3.3 5.5 9.4 11.4 6.9 11.1 -.3 2.1 .0 10.0 2.8 5.3
Government consumption expenditures
and gross investment.................. 1.1 .5 -.9 .0 .5 1.0 1.9 1.9 3.9 2.1 3.4 4.4 2.5 1.9 .9 2.1
Federal.............................. -.2 -1.7 -4.2 -3.7 -2.7 -1.2 -1.0 -1.1 2.2 .9 3.9 7.0 6.8 4.3 1.5 2.0
National defense................... -1.1 -5.0 -5.6 -4.9 -3.8 -1.4 -2.8 -2.1 1.9 -.5 3.9 7.4 8.7 5.9 1.7 1.9
Nondefense......................... 2.4 6.9 -.7 -1.2 -.4 -.7 2.6 .7 2.8 3.5 3.9 6.3 3.4 1.2 1.1 2.1
State and local...................... 2.1 2.2 1.4 2.6 2.6 2.3 3.6 3.6 4.7 2.7 3.2 3.1 .2 .5 .5 2.1
Addenda:
Final sales of domestic product...... .1 3.0 2.6 3.4 3.0 3.7 4.0 4.2 4.5 3.8 1.6 1.2 2.5 3.5 3.5 3.1
Gross domestic purchases............. -.8 3.3 3.2 4.4 2.4 3.8 4.8 5.3 5.3 4.4 .9 2.2 2.8 4.4 3.3 3.1
Final sales to domestic purchasers... -.6 3.1 3.2 3.8 2.8 3.8 4.3 5.3 5.4 4.5 1.8 1.8 2.8 4.0 3.6 2.9
Gross national product............... -.3 3.3 2.7 3.9 2.6 3.7 4.4 4.0 4.6 3.7 .8 1.5 2.7 3.8 3.1 .....
Real disposable personal income...... .5 3.4 1.0 2.7 2.8 3.0 3.5 5.8 3.0 4.8 1.9 3.1 2.2 3.6 1.2 2.6
Price indexes:
Gross domestic purchases........... 3.3 2.3 2.2 2.1 2.1 1.8 1.4 .6 1.6 2.5 2.0 1.6 2.3 3.1 3.5 3.1
Gross domestic purchases excluding
food and energy................... 3.5 2.6 2.3 2.2 2.2 1.5 1.3 1.0 1.4 1.9 1.9 1.9 1.9 2.7 2.8 2.7
GDP................................ 3.5 2.3 2.3 2.1 2.0 1.9 1.7 1.1 1.4 2.2 2.4 1.7 2.1 2.8 3.0 2.9
GDP excluding food and energy...... 3.6 2.5 2.4 2.2 2.1 1.7 1.7 1.2 1.5 2.0 2.1 2.1 1.9 2.7 3.0 2.9
Personal consumption expenditures.. 3.6 2.9 2.3 2.1 2.1 2.2 1.7 .9 1.7 2.5 2.1 1.4 2.0 2.6 2.9 2.8
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2006.
Table 8.--Real Gross Domestic Product: Percent Change From Quarter One Year Ago
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06r IV 06r
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP).... 1.5 1.8 3.1 3.7 4.3 4.5 3.4 3.4 3.3 3.1 3.4 3.1 3.7 3.5 3.0 3.1
Personal consumption expenditures
(PCE)................................. 2.0 2.3 3.2 3.4 4.1 3.9 3.5 4.0 3.5 3.8 3.8 2.9 3.4 3.0 2.7 3.6
Durable goods........................ 2.4 5.5 6.7 8.3 9.8 6.1 4.2 5.6 4.7 7.4 7.5 2.5 6.6 3.4 2.8 7.4
Nondurable goods..................... 2.3 2.5 4.3 3.9 4.0 3.8 2.9 3.8 4.0 4.8 4.7 4.4 4.5 3.6 3.2 3.7
Services............................. 1.8 1.6 2.0 2.2 3.0 3.5 3.6 3.7 3.0 2.6 2.6 2.3 2.3 2.6 2.5 2.8
Gross private domestic investment...... 1.3 1.6 4.4 7.0 8.6 13.2 9.2 8.2 9.0 2.8 3.6 6.3 6.2 7.4 5.9 -2.3
Fixed investment..................... -1.0 1.9 5.4 7.2 7.9 8.2 6.7 6.6 8.0 7.7 7.4 6.8 6.9 3.9 2.0 -.9
Nonresidential..................... -3.9 .1 2.9 4.9 6.1 5.2 5.5 6.9 8.0 7.4 6.3 5.6 7.4 7.2 8.3 6.2
Structures....................... -11.9 -3.9 .1 .2 2.9 1.1 2.0 2.7 3.2 1.0 -1.6 1.8 2.6 8.0 14.1 10.7
Equipment and software........... -.9 1.5 3.9 6.6 7.2 6.7 6.7 8.3 9.7 9.8 9.3 7.0 9.2 6.8 6.0 4.4
Residential........................ 5.5 5.7 10.6 11.7 11.4 13.7 9.0 6.1 8.1 8.1 9.1 9.0 6.1 -1.5 -8.1 -12.6
Change in private inventories........ ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Net exports of goods and services...... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... ..... .....
Exports.............................. 1.1 -1.9 .1 5.8 9.1 11.2 9.6 7.0 6.4 7.2 6.8 6.7 9.0 8.2 9.1 9.3
Goods.............................. 2.0 -1.6 -.1 7.1 8.4 10.4 10.3 7.0 6.6 8.1 7.0 8.3 11.2 9.5 11.0 10.2
Services........................... -1.0 -2.4 .5 3.0 10.9 13.2 7.9 7.1 5.9 5.0 6.3 3.1 4.0 5.2 4.9 7.3
Imports.............................. 5.3 3.3 2.8 4.8 8.8 11.7 11.9 10.6 9.0 5.4 4.9 5.2 6.4 6.4 7.2 3.4
Goods.............................. 6.4 4.7 3.2 5.3 9.0 11.2 12.3 11.2 9.8 6.0 5.5 5.8 6.9 6.4 7.5 3.0
Services........................... .1 -3.3 1.0 2.2 7.9 14.7 10.1 7.6 4.8 2.5 2.0 1.9 3.7 6.6 5.6 5.3
Government consumption expenditures
and gross investment.................. 2.6 2.9 2.7 1.7 2.8 1.8 1.8 1.1 .8 .5 1.0 1.2 2.1 2.0 1.6 2.7
Federal.............................. 6.3 8.0 7.3 5.5 7.4 3.3 4.4 2.3 1.3 .8 1.9 2.1 3.4 2.1 .1 2.4
National defense................... 6.3 11.7 9.1 7.5 11.1 3.3 7.0 2.5 1.4 1.6 2.1 1.9 2.9 1.7 -1.3 4.3
Nondefense......................... 6.5 1.3 4.0 1.9 .6 3.2 -.5 1.8 1.2 -.7 1.5 2.4 4.2 2.9 2.9 -1.5
State and local...................... .7 .2 .3 -.4 .3 1.0 .3 .4 .5 .3 .5 .8 1.3 1.9 2.4 2.8
Addenda:
Final sales of domestic product...... 1.1 1.8 3.2 3.7 4.2 3.7 3.0 3.1 3.1 3.9 4.0 3.2 3.8 2.9 2.3 3.3
Gross domestic purchases............. 2.0 2.3 3.3 3.6 4.5 4.9 4.0 4.1 3.8 3.0 3.3 3.1 3.6 3.5 3.0 2.5
Final sales to domestic purchasers... 1.7 2.4 3.4 3.7 4.4 4.2 3.6 3.8 3.6 3.8 3.8 3.2 3.7 3.0 2.4 2.7
Gross national product............... 1.6 2.2 3.3 3.9 4.6 4.3 3.3 2.9 3.0 3.0 3.4 3.0 3.6 3.4 2.7 .....
Real disposable personal income...... .6 1.3 3.3 3.7 4.2 3.6 2.7 4.1 2.1 1.6 .8 .3 2.5 2.0 2.9 2.9
Price indexes:
Gross domestic purchases........... 2.6 2.1 2.3 2.2 2.2 3.1 3.2 3.7 3.4 3.2 3.6 3.6 3.5 3.6 3.1 2.3
Gross domestic purchases excluding
food and energy................... 1.9 1.8 1.9 1.9 2.1 2.6 2.8 3.0 3.0 2.8 2.8 2.8 2.7 2.9 2.8 2.6
GDP................................ 2.1 2.1 2.2 2.2 2.3 2.9 2.9 3.2 3.1 2.8 3.1 3.1 3.1 3.3 2.9 2.5
GDP excluding food and energy...... 2.0 1.9 1.9 1.9 2.1 2.6 2.9 3.1 3.1 2.9 2.9 3.0 2.9 3.1 2.9 2.6
PCE................................ 2.3 1.8 1.9 1.9 2.0 2.8 2.7 3.0 2.7 2.6 3.1 3.1 3.0 3.3 2.8 1.9
PCE excluding food and energy...... 1.5 1.4 1.3 1.4 1.8 2.1 2.1 2.2 2.2 2.0 2.0 2.1 2.0 2.2 2.4 2.2
Market-based PCE\1\................ 2.3 1.7 1.8 1.6 1.7 2.4 2.3 2.7 2.5 2.4 3.1 3.0 2.9 3.2 2.6 1.6
Market-based PCE excluding food
and energy\1\..................... 1.3 1.2 1.1 1.0 1.3 1.5 1.4 1.7 1.8 1.7 1.7 1.8 1.6 1.9 2.0 1.9
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2006.
1. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
Table 9.--Relation of Gross Domestic Product, Gross National Product, and National Income
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2004 2005 2006r IV 05 I 06 II 06 III 06r IV 06r
-----------------------------------------------------------------------------------------------------------------------------------
Gross domestic product..................... 11,712.5 12,455.8 13,244.6 12,730.5 13,008.4 13,197.3 13,322.6 13,449.9
Plus: Income receipts from the rest of the
world..................................... 410.2 513.3 ..... 564.9 603.3 661.4 682.3 .....
Less: Income payments to the rest of the
world..................................... 363.9 481.5 ..... 552.4 574.3 638.6 665.7 .....
Equals: Gross national product............. 11,758.7 12,487.7 ..... 12,743.0 13,037.4 13,220.1 13,339.2 .....
Less: Consumption of fixed capital......... 1,436.2 1,604.8 1,576.2 1,562.5 1,548.0 1,572.8 1,582.0 1,602.1
Less: Statistical discrepancy.............. 66.7 71.0 ..... 74.3 -61.9 35.8 23.5 .....
Equals: National income.................... 10,255.9 10,811.8 ..... 11,106.2 11,551.3 11,611.5 11,733.7 .....
Compensation of employees................ 6,650.3 7,030.3 7,489.4 7,184.4 7,400.3 7,425.5 7,489.3 7,642.4
Wage and salary accruals............... 5,377.1 5,664.8 6,035.1 5,787.0 5,970.1 5,980.9 6,027.6 6,161.8
Supplements to wages and salaries...... 1,273.2 1,365.5 1,454.3 1,397.4 1,430.3 1,444.5 1,461.6 1,480.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.1 970.7 1,015.0 996.8 1,008.3 1,011.9 1,014.8 1,025.1
Rental income of persons with capital
consumption adjustment.................. 127.0 72.8 76.7 81.5 76.8 71.4 78.3 80.5
Corporate profits with inventory
valuation and capital consumption
adjustments............................. 1,182.6 1,330.7 ..... 1,393.5 1,569.1 1,591.8 1,653.3 .....
Net interest and miscellaneous payments.. 485.1 483.4 510.6 490.0 514.8 513.2 498.6 515.9
Taxes on production and imports less
subsidies............................... 819.4 865.1 912.2 874.2 897.4 914.0 916.8 920.8
Business current transfer payments....... 85.5 74.2 93.1 99.1 93.8 93.1 92.8 92.8
Current surplus of government
enterprises............................. -5.0 -15.4 -9.9 -13.3 -9.2 -9.4 -10.2 -10.9
Addendum:
Gross domestic income.................... 11,645.8 12,384.8 ..... 12,656.2 13,070.3 13,161.6 13,299.1 .....
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2006.
Table 10.--Personal Income and Its Disposition
[Billions of dollars]
-----------------------------------------------------------------------------------------------------------------------------------
Seasonally adjusted at annual rates
---------------------------------------------------
2004 2005 2006r IV 05 I 06 II 06 III 06r IV 06r
-----------------------------------------------------------------------------------------------------------------------------------
Personal income\1\......................... 9,731.4 10,239.2 10,884.0 10,483.7 10,721.4 10,807.3 10,939.4 11,067.9
Compensation of employees, received...... 6,665.3 7,030.3 7,476.9 7,184.4 7,400.3 7,425.5 7,489.3 7,592.4
Wage and salary disbursements.......... 5,392.1 5,664.8 6,022.6 5,787.0 5,970.1 5,980.9 6,027.6 6,111.8
Supplements to wages and salaries...... 1,273.2 1,365.5 1,454.3 1,397.4 1,430.3 1,444.5 1,461.6 1,480.6
Proprietors' income with inventory
valuation and capital consumption
adjustments............................. 911.1 970.7 1,015.0 996.8 1,008.3 1,011.9 1,014.8 1,025.1
Farm................................... 36.2 30.2 22.6 28.7 23.9 17.5 21.7 27.4
Nonfarm................................ 874.9 940.4 992.4 968.1 984.4 994.3 993.2 997.8
Rental income of persons with capital
consumption adjustment.................. 127.0 72.8 76.7 81.5 76.8 71.4 78.3 80.5
Personal income receipts on assets....... 1,427.9 1,519.4 1,657.6 1,580.2 1,602.3 1,647.7 1,683.6 1,696.9
Personal interest income............... 890.8 945.0 1,018.1 981.7 989.1 1,019.2 1,035.8 1,028.1
Personal dividend income............... 537.1 574.4 639.6 598.5 613.2 628.5 647.8 668.8
Personal current transfer receipts....... 1,426.5 1,526.6 1,602.3 1,539.8 1,570.4 1,589.7 1,618.6 1,630.2
Less: Contributions for government
social insurance........................ 826.4 880.6 944.5 898.9 936.7 938.8 945.2 957.2
Less: Personal current taxes............... 1,049.8 1,203.1 1,360.9 1,247.6 1,332.6 1,361.0 1,362.5 1,387.4
Equals: Disposable personal income......... 8,681.6 9,036.1 9,523.1 9,236.1 9,388.8 9,446.2 9,577.0 9,680.5
Less: Personal outlays..................... 8,507.2 9,070.9 9,625.2 9,264.5 9,418.5 9,577.0 9,710.0 9,795.3
Equals: Personal saving.................... 174.3 -34.8 -102.1 -28.5 -29.7 -130.8 -133.0 -114.8
Personal saving as a percentage of
disposable personal income.............. 2.0 -.4 -1.1 -.3 -.3 -1.4 -1.4 -1.2
Addendum:
Disposable personal income, billions of
chained (2000) dollars\2\............... 8,010.8 8,104.6 8,312.9 8,183.3 8,276.8 8,245.4 8,311.0 8,419.1
-----------------------------------------------------------------------------------------------------------------------------------
r Revised. Revisions include changes to series affected by the
introduction of revised wage and salary estimates for the third
quarter of 2006.
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.
Appendix Table A.--Real Gross Domestic Product and Related Aggregates and Price Indexes: Percent Change From Preceding Period
[Quarters seasonally adjusted at annual rates]
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
2004 2005 2006r I 03 II 03 III 03 IV 03 I 04 II 04 III 04 IV 04 I 05 II 05 III 05 IV 05 I 06 II 06 III 06 IV 06r
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Gross domestic product (GDP) and
related aggregates:
GDP............................... 3.9 3.2 3.3 1.2 3.5 7.5 2.7 3.9 4.0 3.1 2.6 3.4 3.3 4.2 1.8 5.6 2.6 2.0 2.2
Goods............................. 4.9 4.6 6.2 3.9 1.6 16.2 2.5 3.7 3.0 5.0 4.6 4.9 3.5 6.7 3.1 12.8 3.6 3.8 3.7
Services.......................... 3.2 2.3 2.3 .1 3.6 1.9 2.8 4.5 3.0 2.5 2.5 1.8 1.8 3.5 .8 2.4 2.4 2.8 3.8
Structures........................ 5.2 4.6 .5 -1.0 9.2 14.1 2.2 .5 13.6 .6 -2.7 8.0 11.1 .7 3.1 2.9 .3 -7.4 -10.1
Motor vehicle output.............. 3.5 5.9 -1.8 -11.8 10.9 8.9 -6.5 9.9 -7.1 16.6 1.9 12.0 -.7 22.6 -19.1 3.8 -9.4 27.4 -33.4
GDP excuding motor vehicle
output........................... 3.9 3.1 3.5 1.7 3.2 7.4 3.0 3.6 4.5 2.7 2.6 3.1 3.4 3.6 2.6 5.6 3.0 1.2 3.6
Final sales of computers\1\....... 8.2 24.5 16.9 16.9 -2.5 90.4 20.0 -16.0 -17.4 23.0 42.8 24.3 31.5 11.6 33.8 9.5 6.7 11.7 43.0
GDP excluding final sales of
computers........................ 3.9 3.1 3.2 1.1 3.5 7.0 2.5 4.0 4.2 3.0 2.4 3.3 3.1 4.1 1.6 5.6 2.5 1.9 2.0
Farm gross value added\2\......... 7.4 1.0 4.8 -16.1 26.6 -34.7 -36.1 120.0 -17.4 19.4 23.7 -2.0 -24.6 11.3 8.1 14.1 3.9 -2.0 -.7
Nonfarm business gross value
added\3\......................... 4.3 3.8 3.8 1.2 4.3 11.0 1.6 3.6 5.2 3.2 2.4 4.2 4.4 4.9 1.8 6.7 2.7 1.9 2.5
Price indexes:
GDP............................... 2.8 3.0 2.9 3.1 1.3 2.1 2.2 3.7 3.7 2.1 3.2 3.5 2.4 3.3 3.3 3.3 3.3 1.9 1.7
GDP excluding food and energy..... 2.7 3.0 2.9 2.7 1.1 1.7 2.1 3.4 3.4 2.6 3.1 3.4 2.4 2.8 3.3 3.1 3.0 2.2 2.3
GDP excluding final sales of
computers........................ 2.9 3.2 3.1 3.3 1.4 2.2 2.3 3.8 3.7 2.2 3.4 3.7 2.6 3.4 3.4 3.4 3.5 2.0 1.8
Gross domestic purchases.......... 3.1 3.5 3.1 4.1 .6 2.2 1.9 4.3 4.1 2.6 3.6 3.2 3.3 4.4 3.5 2.7 4.0 2.2 .2
Gross domestic purchases excluding
food and energy.................. 2.7 2.8 2.7 2.6 1.3 1.8 2.0 3.5 3.3 2.5 2.9 3.4 2.3 2.5 3.0 3.0 2.9 2.2 2.4
Gross domestic purchases excluding
final sales of computers to
domestic purchasers.............. 3.2 3.7 3.3 4.4 .7 2.4 2.0 4.4 4.2 2.8 3.8 3.4 3.5 4.6 3.7 2.9 4.2 2.3 .3
Personal consumption expenditures
(PCE)............................ 2.6 2.9 2.8 3.1 .7 2.4 1.5 3.7 3.6 1.9 3.0 2.3 3.1 4.1 2.9 2.0 4.0 2.4 -.9
Personal consumption expenditures
excluding food and energy........ 2.0 2.1 2.2 1.1 1.3 1.8 1.6 2.5 2.5 1.7 2.3 2.4 1.9 1.6 2.5 2.1 2.7 2.2 1.9
Market-based PCE\4\............... 2.3 2.7 2.6 3.1 .3 2.2 .9 3.3 3.4 1.5 2.9 2.1 3.1 4.3 2.5 1.7 4.2 2.2 -1.6
Market-based PCE excluding food
and energy\4\.................... 1.5 1.7 1.9 .7 1.0 1.4 .9 1.7 1.9 1.2 1.8 2.2 1.7 1.2 1.9 1.6 2.7 1.9 1.6
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------
r Revised
1. Some components of final sales of computers include
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.
4. This index is a supplemental measure that is based on household
expenditures for which there are observable price measures. It
excludes most implicit prices (for example, the services furnished
without payment by financial intermediaries) and the expenses of
nonprofit institutions.
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 2004-05
annual percent change in real GDP uses prices for 2004 and 2005 as weights, and the 2004-05 annual
percent change in GDP prices uses quantities for 2004 and 2005 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.