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715. Gross Domestic Product in Current and Real (1996) Dollars

[In billions of dollars (507.4 represents $507,400,000,000). For definition of gross domestic product and chained dollars, see Terms below table]

 
ITEM 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999
 
CURRENT DOLLARS
 
    Gross domestic product........................ 507.4 527.4 545.7 586.5 618.7 664.4 720.1 789.3 834.1 911.5 985.3 1,039.7 1,128.6 1,240.4 1,385.5 1,501.0 1,635.2 1,823.9 2,031.4 2,295.9 2,566.4 2,795.6 3,131.3 3,259.2 3,534.9 3,932.7 4,213.0 4,452.9 4,742.5 5,108.3 5,489.1 5,803.2 5,986.2 6,318.9 6,642.3 7,054.3 7,400.5 7,813.2 8,300.8 8,759.9 9,256.1
Personal consumption expenditures... ... 318.1 332.3 342.7 363.8 383.1 411.7 444.3 481.8 508.7 558.7 605.5 648.9 702.4 770.7 852.5 932.4 1,030.3 1,149.8 1,278.4 1,430.4 1,596.3 1,762.9 1,944.2 2,079.3 2,286.4 2,498.4 2,712.6 2,895.2 3,105.3 3,356.6 3,596.7 3,831.5 3,971.2 4,209.7 4,454.7 4,716.4 4,969.0 5,237.5 5,524.4 5,848.6 6,257.3
  Durable goods............................................. 42.7 43.3 41.8 46.9 51.6 56.7 63.3 68.3 70.4 80.8 85.9 85.0 96.9 110.4 123.5 122.3 133.5 158.9 181.2 201.7 214.4 214.2 231.3 240.2 281.2 326.9 363.3 401.3 419.7 450.2 467.8 467.6 443.0 470.8 513.4 560.8 589.7 616.5 642.9 698.2 758.6
  Nondurable goods......................................... 148.5 152.9 156.6 162.8 168.2 178.7 191.6 208.8 217.1 235.7 253.2 272.0 285.5 308.0 343.1 384.5 420.7 458.3 497.2 550.2 624.4 696.1 758.9 787.6 831.2 884.7 928.8 958.5 1,015.3 1,082.9 1,165.4 1,246.1 1,278.8 1,322.9 1,375.2 1,438.0 1,497.3 1,574.1 1,641.7 1,708.9 1,843.1
  Services......................................................... 127.0 136.1 144.3 154.1 163.4 176.4 189.5 204.7 221.2 242.3 266.4 292.0 320.0 352.3 385.9 425.5 476.1 532.6 600.0 678.4 757.4 852.7 954.0 1,051.5 1,174.0 1,286.9 1,420.6 1,535.4 1,670.3 1,823.5 1,963.5 2,117.8 2,249.4 2,415.9 2,566.1 2,717.6 2,882.0 3,047.0 3,239.8 3,441.5 3,655.6
Gross private domestic investment...................... 78.5 78.9 78.2 88.1 93.8 102.1 118.2 131.3 128.6 141.2 156.4 152.4 178.2 207.6 244.5 249.4 230.2 292.0 361.3 436.0 490.6 477.9 570.8 516.1 564.2 735.5 736.3 747.2 781.5 821.1 872.9 861.7 800.2 866.6 955.1 1,097.1 1,143.8 1,242.7 1,383.7 1,531.2 1,622.7
  Fixed investment............................................. 74.6 75.7 75.2 82.0 88.1 97.2 109.0 117.7 118.7 132.1 147.3 150.4 169.9 198.5 228.6 235.4 236.5 274.8 339.0 410.2 472.7 484.2 541.0 531.0 570.0 670.1 714.5 740.7 754.3 802.7 845.2 847.2 800.4 851.6 934.0 1,034.6 1,110.7 1,212.7 1,315.4 1,460.0 1,578.0
    Nonresidential............................................. 46.5 49.4 48.8 53.1 56.0 63.0 74.8 85.4 86.4 93.4 104.7 109.0 114.1 128.8 153.3 169.5 173.7 192.4 228.7 278.6 331.6 360.9 418.4 425.3 417.4 490.3 527.6 522.5 526.7 568.4 613.4 630.3 608.9 626.1 682.2 748.6 825.1 899.4 986.1 1,091.3 1,166.7
      Structures.................................................. 18.1 19.6 19.7 20.8 21.2 23.7 28.3 31.3 31.5 33.6 37.7 40.3 42.7 47.2 55.0 61.2 61.4 65.9 74.6 91.4 114.9 133.9 164.6 175.0 152.7 176.0 193.3 175.8 172.1 181.6 193.4 202.5 183.4 172.2 179.4 187.5 204.6 225.0 254.1 272.8 273.4
      Producers' durable equipment................... 28.4 29.8 29.1 32.3 34.8 39.2 46.5 54.0 54.9 59.9 67.0 68.7 71.5 81.7 98.3 108.2 112.4 126.4 154.1 187.2 216.7 227.0 253.8 250.3 264.7 314.3 334.3 346.8 354.7 386.8 420.0 427.8 425.4 453.9 502.8 561.1 620.5 674.4 732.1 818.5 893.4
    Residential.................................................... 28.1 26.3 26.4 29.0 32.1 34.3 34.2 32.3 32.4 38.7 42.6 41.4 55.8 69.7 75.3 66.0 62.7 82.5 110.3 131.6 141.0 123.2 122.6 105.7 152.5 179.8 186.9 218.1 227.6 234.2 231.8 216.8 191.5 225.5 251.8 286.0 285.6 313.3 329.2 368.7 411.3
  Change in business inventories.................... 3.9 3.2 3.0 6.1 5.6 4.8 9.2 13.6 9.9 9.1 9.2 2.0 8.3 9.1 15.9 14.0 -6.3 17.1 22.3 25.8 18.0 -6.3 29.8 -14.9 -5.8 65.4 21.8 6.6 27.1 18.5 27.7 14.5 -0.2 15.0 21.1 62.6 33.0 30.0 68.3 71.2 44.6
Net exports of goods and services....................... -1.7 2.4 3.4 2.4 3.3 5.5 3.9 1.9 1.4 -1.3 -1.2 1.2 -3.0 -8.0 0.6 -3.1 13.6 -2.3 -23.7 -26.1 -24.0 -14.9 -15.0 -20.5 -51.7 -102.0 -114.2 -131.9 -142.3 -106.3 -80.7 -71.4 -20.7 -27.9 -60.5 -87.1 -84.3 -89.0 -88.3 -149.6 -253.9
  Exports............................................................... 20.6 25.3 26.0 27.4 29.4 33.6 35.4 38.9 41.4 45.3 49.3 57.0 59.3 66.2 91.8 124.3 136.3 148.9 158.8 186.1 228.7 278.9 302.8 282.6 277.0 303.1 303.0 320.3 365.6 446.9 509.0 557.2 601.6 636.8 658.0 725.1 818.6 874.2 968.0 966.3 998.3
    Goods............................................................. 16.5 20.5 20.9 21.7 23.3 26.7 27.8 30.7 32.2 35.3 38.3 44.5 45.6 51.8 73.9 101.0 109.6 117.8 123.7 145.4 184.0 225.8 239.1 215.0 207.3 225.6 222.2 226.0 257.5 325.8 371.7 398.5 426.4 448.7 459.7 509.6 583.8 618.4 689.0 681.3 699.0
    Services.......................................................... 4.2 4.8 5.1 5.7 6.1 6.9 7.6 8.2 9.2 10.0 11.0 12.4 13.8 14.4 17.8 23.3 26.7 31.1 35.1 40.7 44.7 53.2 63.7 67.6 69.7 77.5 80.8 94.3 108.1 121.1 137.3 158.6 175.2 188.1 198.3 215.5 234.7 255.8 279.0 285.1 299.3
  Imports............................................................... 22.3 22.8 22.7 25.0 26.1 28.1 31.5 37.1 39.9 46.6 50.5 55.8 62.3 74.2 91.2 127.5 122.7 151.1 182.4 212.3 252.7 293.8 317.8 303.2 328.6 405.1 417.2 452.2 507.9 553.2 589.7 628.6 622.3 664.6 718.5 812.1 902.8 963.1 1,056.3 1,115.9 1,252.2
    Goods................................................................ 15.3 15.2 15.1 16.9 17.7 19.4 22.2 26.3 27.8 33.9 36.8 40.9 46.6 56.9 71.8 104.5 99.0 124.6 152.6 177.4 212.8 248.6 267.8 250.5 272.7 336.3 343.3 370.0 414.8 452.1 484.5 508.0 500.7 544.9 592.8 676.7 757.6 808.3 885.1 930.4 1,049.1
    Services......................................................... 7.0 7.6 7.6 8.1 8.4 8.7 9.3 10.7 12.2 12.6 13.7 14.9 15.8 17.3 19.3 22.9 23.7 26.5 29.8 34.8 39.9 45.3 49.9 52.6 56.0 68.8 73.9 82.2 93.1 101.1 105.2 120.6 121.6 119.8 125.7 135.4 145.2 154.8 171.2 185.5 203.1
Government consumption expenditures
and gross investment...................................... 112.5 113.8 121.5 132.2 138.5 145.1 153.7 174.3 195.3 212.8 224.6 237.1 251.0 270.1 287.9 322.4 361.1 384.5 415.3 455.6 503.5 569.7 631.4 684.4 735.9 800.8 878.3 942.3 997.9 1,036.9 1,100.2 1,181.4 1,235.5 1,270.5 1,293.0 1,327.9 1,372.0 1,421.9 1,481.0 1,529.7 1,630.1
  Federal.............................................................. 67.4 65.9 69.5 76.9 78.5 79.8 82.1 94.4 106.8 114.0 116.1 116.4 117.6 125.6 127.8 138.2 152.1 160.6 176.0 191.9 211.6 245.3 281.8 312.8 344.4 376.4 413.4 438.7 460.4 462.6 482.6 508.4 527.4 534.5 527.3 521.1 521.5 531.6 537.8 538.7 570.6
    National defense.......................................... 56.0 55.2 58.1 62.8 62.7 61.8 62.4 73.8 85.8 92.2 92.6 90.9 89.0 93.5 93.9 99.7 107.9 113.2 122.6 132.0 146.7 169.6 197.8 228.3 252.5 283.5 312.4 332.2 351.2 355.9 363.2 374.9 384.5 378.5 364.9 355.1 350.6 357.0 352.5 348.6 364.5
    Nondefense................................................. 11.4 10.7 11.3 14.1 15.8 18.0 19.7 20.7 21.0 21.8 23.5 25.5 28.6 32.2 33.9 38.5 44.2 47.4 53.5 59.8 65.0 75.6 84.0 84.5 92.0 92.8 101.0 106.5 109.3 106.8 119.3 133.6 142.9 156.0 162.4 165.9 170.9 174.6 185.3 190.1 206.1
  State and local................................................ 45.1 47.9 52.0 55.3 59.9 65.3 71.6 79.9 88.6 98.8 108.5 120.7 133.5 144.4 160.1 184.2 209.0 223.9 239.3 263.8 291.8 324.4 349.6 371.6 391.5 424.4 464.9 503.6 537.5 574.3 617.7 673.0 708.1 736.0 765.7 806.8 850.5 890.4 943.2 991.0 1,059.4
 
CHAINED (1996) DOLLARS
 
    Gross domestic product........................ 2,319.0 2,376.7 2,432.0 2,578.9 2,690.4 2,846.5 3,028.5 3,227.5 3,308.3 3,466.1 3,571.4 3,578.0 3,697.7 3,898.4 4,123.4 4,099.0 4,084.4 4,311.7 4,511.8 4,760.6 4,912.1 4,900.9 5,021.0 4,919.3 5,132.3 5,505.2 5,717.1 5,912.4 6,113.3 6,368.4 6,591.8 6,707.9 6,676.4 6,880.0 7,062.6 7,347.7 7,543.8 7,813.2 8,144.8 8,495.7 8,848.2
Personal consumption expenditures... ... 1,470.7 1,510.8 1,541.2 1,617.3 1,684.0 1,784.8 1,897.6 2,006.1 2,066.2 2,184.2 2,264.8 2,317.5 2,405.2 2,550.5 2,675.9 2,653.7 2,710.9 2,868.9 2,992.1 3,124.7 3,203.2 3,193.0 3,236.0 3,275.5 3,454.3 3,640.6 3,820.9 3,981.2 4,113.4 4,279.5 4,393.7 4,474.5 4,466.6 4,594.5 4,748.9 4,928.1 5,075.6 5,237.5 5,417.3 5,681.8 5,983.6
  Durable goods............................................. (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 455.2 481.5 491.7 487.1 454.9 479.0 518.3 557.7 583.5 616.5 657.4 731.5 815.7
  Nondurable goods......................................... (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 1,274.5 1,315.1 1,351.0 1,369.6 1,364.0 1,389.7 1,430.3 1,485.1 1,529.0 1,574.1 1,619.9 1,685.3 1,776.1
  Services......................................................... (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 2,379.3 2,477.2 2,546.0 2,616.2 2,651.8 2,729.7 2,802.5 2,886.2 2,963.4 3,047.0 3,140.3 3,268.0 3,400.1
Gross private domestic investment...................... 272.9 272.8 271.0 305.3 325.7 352.6 402.0 437.3 417.2 441.3 466.9 436.2 485.8 543.0 606.5 561.7 462.2 555.5 639.4 713.0 735.4 655.3 715.6 615.2 673.7 871.5 863.4 857.7 879.3 902.8 936.5 907.3 829.5 899.8 977.9 1,107.0 1,140.6 1,242.7 1,385.8 1,547.4 1,637.7
  Fixed investment............................................. (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 856.0 887.1 911.2 894.6 832.5 886.5 958.4 1,045.9 1,109.2 1,212.7 1,316.0 1,471.8 1,590.5
    Nonresidential............................................. (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 572.5 603.6 637.0 641.7 610.1 630.6 683.6 744.6 817.5 899.4 995.7 1,122.5 1,215.8
      Structures.................................................. (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 224.3 227.1 232.7 236.1 210.1 197.3 198.9 200.5 210.1 225.0 244.0 254.1 248.1
      Producers' durable equipment................... (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 360.0 386.9 414.0 415.7 407.2 437.5 487.1 544.9 607.6 674.4 751.9 870.6 974.9
    Residential.................................................... (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 290.7 289.2 277.3 253.5 221.1 257.2 276.0 302.7 291.7 313.3 320.6 350.2 376.1
  Change in business inventories.................... (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 29.6 18.4 29.6 16.5 -1.0 17.1 20.0 66.8 30.4 30.0 69.1 74.3 42.2
Net exports of goods and services....................... (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) -156.2 -112.1 -79.4 -56.5 -15.8 -19.8 -59.1 -86.5 -78.4 -89.0 -112.1 -217.6 -323.0
  Exports............................................................... 72.4 87.5 88.9 93.7 100.7 114.2 116.5 124.3 127.0 136.3 143.7 159.3 160.4 173.5 211.4 231.6 230.0 243.6 249.7 275.9 302.4 334.8 338.6 314.6 306.9 332.6 341.6 366.8 408.0 473.5 529.4 575.7 613.2 651.0 672.7 732.8 808.2 874.2 983.1 1,004.6 1,042.3
    Goods............................................................. (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 271.4 322.6 363.2 393.2 421.1 449.8 463.4 508.2 568.8 618.4 708.1 722.8 751.9
    Services.......................................................... (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 139.1 152.0 166.7 183.5 192.9 201.7 209.9 225.1 239.5 255.8 275.2 282.0 290.9
  Imports............................................................... 106.6 108.0 107.3 119.5 122.7 129.2 142.9 164.2 176.2 202.4 213.9 223.1 235.0 261.3 273.4 267.2 237.5 284.0 315.0 342.3 347.9 324.8 333.4 329.2 370.7 461.0 490.7 531.9 564.2 585.6 608.8 632.2 629.0 670.8 731.8 819.4 886.6 963.1 1,095.2 1,222.2 1,365.4
    Goods................................................................ (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 445.8 463.9 483.4 497.9 497.6 543.7 598.4 677.9 739.1 808.3 923.2 1,031.6 1,162.5
    Services......................................................... (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 120.2 123.4 126.9 136.6 133.4 128.0 134.0 141.9 147.7 154.8 172.1 190.7 203.9
Government consumption expenditures
and gross investment...................................... 661.4 661.3 693.2 735.0 752.4 767.1 791.1 862.1 927.1 956.6 952.5 931.1 913.8 914.9 908.3 924.8 942.5 943.3 952.7 982.2 1,001.1 1,020.9 1,030.0 1,046.0 1,081.0 1,118.4 1,190.5 1,255.2 1,292.5 1,307.5 1,343.5 1,387.3 1,403.4 1,410.0 1,398.8 1,400.1 1,406.4 1,421.9 1,453.7 1,478.8 1,534.1
  Federal.............................................................. (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 597.8 586.9 594.7 606.8 604.9 595.1 572.0 551.3 536.5 531.6 530.7 525.9 540.8
    National defense.......................................... (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 450.2 446.8 443.3 443.2 438.4 417.1 394.7 375.9 361.9 357.0 348.3 341.7 347.8
    Nondefense................................................. (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 146.5 138.9 150.5 163.0 166.0 177.9 177.3 175.5 174.6 174.6 182.5 184.2 192.9
  State and local................................................ (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) (NA) 695.6 721.4 749.5 781.1 798.9 815.3 827.0 848.9 869.9 890.4 923.0 952.7 993.1
Residual................................................ -52.7 -48.3 -55.7 -53.8 -50.7 -44.0 -36.9 -39.5 -54.3 -51.0 -43.7 -43.4 -32.8 -22.2 -5.7 -6.0 -23.3 -15.0 -7.0 6.9 17.1 21.0 33.1 -3.2 -13.2 2.3 -9.1 -17.0 -37.1 -21.4 -13.4 -16.3 -18.0 -17.6 -10.4 -10.0 0.2 -0.2 -0.2 0.6 4.8


Source: U.S. Bureau of Economic Analysis, National Income and Product National Income and Product Accounts of the United States, 1929-97, vol. 1, forthcoming; and Survey of Current Business, May 2000.

http://www.bea.doc.gov/bea/dn1.htm **************************************************************************************** Terms

National income and product account

GDP is measured as the sum of personal consumption expenditures, gross private domestic investment (including change in business inventories and before deduction of charges for CFC), net exports of goods and services (exports less imports), and government consumption expenditures and gross investment. GDP excludes intermediate purchases of goods and services by business.

Personal consumption expenditures is goods and services purchased by persons resident in the United States. Personal consumption expenditures (PCE) consists mainly of purchases of new goods and of services by individuals from business. In addition, PCE includes purchases of new goods and of services by nonprofit institutions (including compensation of employees), net purchases of used goods by individuals and nonprofit institutions, and purchases abroad of goods and services by U.S. residents. PCE also includes purchases for certain goods and services provided by government agenciesprimarily tuition payments for higher education, charges for medical care, and charges for water and sanitary services. Finally, PCE includes imputed purchases that keep PCE invariant to changes in the way that certain activities are carried outfor example, whether housing is rented or owned, whether financial services are explicitly charged, or whether employees are paid in cash or in kind.

The following conventions are used to classify each PCE commodity: Durable goods are commodities that can be stored or inventoried and that have an average life of at least 3 years; nondurable goods are all other commodities that can be stored or inventoried; and services are commodities that cannot be stored and that are consumed at the place and time of purchase.

Gross private domestic investment consists of fixed investment and change in business inventories. Fixed investment consists of both nonresidential fixed investment and residential fixed investment. It consists of purchases of fixed assets, which are commodities that will be used in a production process for more than 1 year, including replacements and additions to the capital stock, and it is measured before a deduction for consumption of fixed capital. It covers all investment by private businesses and by nonprofit institutions in the United States, regardless of whether the investment is owned by U.S. residents. (Purchases of the same types of equipment and structures by government agencies are included in government gross investment.) It excludes investment by U.S. residents in other countries. Nonresidential fixed investment consists of both structures and producers' durable equipment (PDE).

Nonresidential structures consists of new construction, brokers' commissions on sales of structures, and net purchases of used structures by private business and by nonprofit institutions from government agencies. New construction also includes hotels and motels and mining exploration, shafts, and wells.

Nonresidential PDE consists of private business purchases on capital account of new machinery, equipment such as furniture, and vehicles (except for personal-use portions of equipment purchased for both business and personal use, which are included in PCE), dealers' margins on sales of used equipment, and net purchases of used equipment from government agencies, from persons, and from the rest of the world.

Residential fixed investment consists of private structures and of residential PDEequipment owned by landlords and rented to tenants. Investment in structures consists of new units, improvements to existing units, mobile homes, brokers' commissions on the sale of residential property, and net purchases of used structures from government agencies.

Change in business inventories is the change in the physical volume of goods purchased by private business for use in the production of other commodities or for resale, valued in average prices of the period. It differs from the change in the book value of inventories reported by most business; the difference is the inventory valuation adjustment (described on the next page).

Net exports of goods and services is exports less imports of goods and services. Receipts and payments of factor income and transfer payments to the rest of the world (net) are excluded.

Government consumption expenditures and gross investment consists of net purchases of goods, services, and structures from business and from the rest of the world by general government; payments by general government to households in the form of compensation of employees; the consumption of general government fixed capital, which represents the value of the current services of fixed assets of general government; net purchases of fixed assets by government enterprises; inventory change of government enterprises; and a deduction for general government salesprimarily tuition payments for higher education and charges for medical care. Of this total, gross investment is net purchases of new and used structures and equipment by general government and government enterprises; all other transactions are consumption expenditures. Government consumption expenditures and gross investment excludes purchases by government enterprises (except for fixed assets), transfer payments, interest paid or received by government, subsidies, and transactions in financial assets and in nonproduced assets, such as land.

Chained-dollar measures

BEA also prepares measures of real GDP and its components in a dollar-denominated form, designated "chained (1992) dollar estimates." For GDP and most other series, these estimates are computed by multiplying the 1996 current-dollar value by a corresponding quantity index number and then dividing by 100.

For analyses of changes over time in an aggregate or in a component, the percentage changes calculated from the chained-dollar estimates and from the chain-type quantity indexes are the same; any differences will be small and due to rounding. However, because the relative prices used as weights for any period other than the base period differ from those used for the base period, the chained-dollar values for the detailed GDP components do not necessarily sum to the chained-dollar estimate of GDP or to any intermediate aggregate. A measure of the extent of such differences is provided in most chained-dollar tables by a "residual" line, which indicates the difference between GDP (or an other major aggregate) and the sum of the most detailed components in the table.

For periods close to the base year, when there usually has not been much change in the relative prices that are used as the weights for the chain-type index, the residuals tend to be small, and the chained (1996) dollar estimates can be used to approximate the contributions to growth and to aggregate the detailed estimates.

As one moves further from the base year, the residual tends to become larger, and the chained-dollar estimates become less useful for analyses of contributions to growth. In general, the use of chained-dollar estimates to calculate component shares or component contributions to real growth may be misleading for periods away from the base year. In particular, for components for which relative prices are changing rapidly, these calculations may be misleading even just a few years from the base year.

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http://www.allcountries.org/uscensus/715_gross_domestic_product_in_current_and.html

These tables are based on figures supplied by the United States Census Bureau, U.S. Department of Commerce and are subject to revision by the Census Bureau.

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