108thCongress,1stSessionEconomicIndicatorsAUGUST2003(IncludesdataavailableasofSeptember8,2003)PreparedfortheJointEconomicCommitteebytheCouncilofEconomicAdvisersUNITEDSTATESGOVERNMENTPRINTINGOFFICEWASHINGTON:2003iiJOINTECONOMICCOMMITTEE(CreatedpursuanttoSec.5(a)ofPublicLaw304,79thCong.)ROBERTF.BENNETT,Utah,ChairmanJIMSAXTON,NewJersey,ViceChairmanSENATEHOUSEOFREPRESENTATIVESSAMBROWNBACK(Kansas)JEFFSESSIONS(Alabama)JOHNSUNUNU(NewHampshire)LAMARALEXANDER(Tennessee)SUSANM.COLLINS(Maine)JACKREED(RhodeIsland)EDWARDM.KENNEDY(Massachusetts)PAULS.SARBANES(Maryland)JEFFBINGAMAN(NewMexico)PAULRYAN(Wisconsin)JENNIFERDUNN(Washington)PHILENGLISH(Pennsylvania)ADAMH.PUTNAM(Florida)RONPAUL(Texas)PETESTARK(California)CAROLYNB.MALONEY(NewYork)MELVINL.WATT(NorthCarolina)BARONP.HILL(Indiana)DONALDB.MARRON,ExecutiveDirectorCOUNCILOFECONOMICADVISERSN.GREGORYMANKIW,ChairmanHARVEYS.ROSEN,Member-DesignateKRISTINJ.FORBES,Member-Designate[PUBLICLAW120—81STCONGRESS;CHAPTER237—1STSESSION]JOINTRESOLUTION[S.J.Res.55]Toprintthemonthlypublicationentitled‘‘EconomicIndicators’’ResolvedbytheSenateandHouseofRepresentativesoftheUnitedStatesofAmericainCongressassembled,ThattheJointEconomicCommitteebeauthorizedtoissueamonthlypublicationentitled‘‘EconomicIndicators,’’andthatasufficientquantitybeprintedtofurnishonecopytoeachMemberofCongress;theSecretaryandtheSergeantatArmsoftheSenate;theClerk,SergeantatArms,andDoorkeeperoftheHouseofRepresentatives;twocopiestothelibrariesoftheSenateandHouse,andtheCongressionalLibrary;sevenhundredcopiestotheJointEconomicCommittee;andtherequirednumbersofcopiestotheSuperintendentofDocumentsfordistributiontodepositorylibraries;andthattheSuperintendentofDocumentsbeauthorizedtohavecopiesprintedforsaletothepublic.ApprovedJune23,1949.ChartspreparedbytheArtProductionSection,DesignandGraphicsBranch,OfficeoftheSecretary,DepartmentofCommerce.EconomicIndicators,publishedmonthly,isavailableat$3.00asinglecopy($3.75foreign),orbysubscriptionat$33.00peryear($41.25forforeignmailing)from:SUPERINTENDENTOFDOCUMENTSGOVERNMENTPRINTINGOFFICEWASHINGTON,D.C.20402ForsalebytheU.S.GovernmentPrintingOfficeSuperintendentofDocuments,MailStop:SSOP,Washington,DC20402–93281TOTALOUTPUT,INCOME,ANDSPENDINGGROSSDOMESTICPRODUCTInthesecondquarterof2003,accordingtorevisedestimates,current-dollargrossdomesticproduct(GDP)rose4.0percent(annualrate),realGDP(GDPinchained1996dollars)rose3.1percent,andtheimplicitpricedeflatorrose0.9percent.[Billionsofcurrentdollars;quarterlydataatseasonallyadjustedannualrates]PeriodGrossdomesticproductPersonalcon-sumptionexpendi-turesGrossprivatedomesticinvest-mentExportsandimportsofgoodsandservicesGovernmentconsumptionexpendituresandgrossinvestmentFinalsalesofdomesticproductGrossdomesticpur-chases1Adden-dum:GrossnationalproductNetexportsExportsImportsTotalFederalStateandlocalTotalNationaldefenseNon-defense1993......................6,642.34,454.7955.1¥60.5658.0718.51,293.0527.3364.9162.4765.76,621.26,702.86,666.71994......................7,054.34,716.41,097.1¥87.1725.1812.11,327.9521.1355.1165.9806.86,991.87,141.47,071.11995......................7,400.54,969.01,143.8¥84.3818.6902.81,372.0521.5350.6170.9850.57,367.57,484.87,420.91996......................7,813.25,237.51,242.7¥89.0874.2963.11,421.9531.6357.0174.6890.47,783.27,902.17,831.21997......................8,318.45,529.31,390.5¥89.3966.41,055.81,487.9538.2352.6185.6949.78,255.58,407.78,325.41998......................8,781.55,856.01,538.7¥151.7964.91,116.71,538.5539.2349.1190.1999.38,708.48,933.38,778.11999......................9,274.36,246.51,636.7¥249.9989.31,239.21,641.0565.0364.3200.71,076.09,214.89,524.29,297.12000......................9,824.66,683.71,755.4¥365.51,101.11,466.61,751.0589.2374.9214.31,161.89,761.110,190.19,848.02001......................10,082.26,987.01,586.0¥348.91,034.11,383.01,858.0628.1399.9228.21,229.910,142.510,431.010,104.12002......................10,446.27,303.71,593.2¥423.61,014.91,438.51,972.9693.7447.4246.31,279.210,442.410,869.910,436.72000:I.................9,649.56,552.21,711.4¥330.61,055.91,386.51,716.5575.7365.5210.21,140.89,602.69,980.19,670.5II................9,820.76,638.71,786.3¥353.21,098.01,451.11,748.8598.5379.1219.41,150.39,731.510,173.99,846.4III..............9,874.86,736.11,766.4¥384.91,130.91,515.81,757.2589.7375.0214.71,167.49,813.610,259.79,892.5IV...............9,953.66,808.01,757.4¥393.21,119.81,513.01,781.4592.9380.0213.01,188.59,896.610,346.89,982.82001:I.................10,028.16,904.71,671.1¥372.71,100.01,472.81,825.0613.3391.4221.91,211.710,055.310,400.810,038.0II................10,049.96,959.81,597.2¥365.71,059.71,425.31,858.5624.8395.2229.61,233.710,107.010,415.510,081.0III..............10,097.76,983.71,574.9¥312.61,005.81,318.41,851.7627.4400.3227.21,224.310,158.310,410.410,109.3IV...............10,152.97,099.91,500.7¥344.5971.11,315.61,896.8646.9412.8234.11,249.810,249.410,497.410,188.12002:I.................10,313.17,174.21,559.4¥360.1977.51,337.51,939.5672.0431.7240.31,267.510,343.010,673.110,314.9II...............10,