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Home > Publications > Survey of Current Business > February 2005 - Volume 85 - Number 2


February 2005 - Volume 85 - Number 2

Business Situation: Advance Estimates for the Fourth Quarter of 2004 and for 2004

Economic growth slowed in the fourth quarter. Real GDP increased 3.1 percent after increasing 4.0 percent in the third quarter; the slowdown mainly reflected an increase in the trade deficit and a slowdown in consumer spending for durable goods. Inflation picked up: The price index for gross domestic purchases increased 2.7 percent after increasing 1.9 percent, mainly reflecting an acceleration in energy prices. Real disposable personal income surged, increasing 8.4 percent after increasing 2.0 percent.

In 2004, real GDP increased 4.4 percent after increasing 3.0 percent in 2003. The acceleration reflected accelerations in nonresidential fixed investment, in exports, and in consumer spending and an upturn in inventory investment. Inflation remained moderate. | PDF

Reliability of the NIPA Estimates of U.S. Economic Activity

The results of the most recent review of the estimates of GDP and of gross domestic income confirm that these estimates continue to present an accurate picture of U.S. economic activity. Specifically, the quarterly estimates reliably indicate whether U.S. economic growth is contracting or expanding and whether it is accelerating or decelerating. The estimates also accurately show current economic growth and the long-term trends in growth. | PDF

Research Spotlight: Hedonic Price Indexes for Digital Cameras

This research tested five methods of adjustment to account for differences in the quality of digital cameras. All five methods produced similar results. These results suggest that simple, hedonic price indexes may be used to accurately control for the quality of products with rapidly changing features, such as digital cameras, and to reliably supplement the more conventional matched-model methods. | PDF

Looking Ahead

Federal Budget Estimates for Fiscal Year 2006. An adjusted presentation of the administratation's budget estimates from the Budget of the United States Government that is consistent with the framework of the NIPAs is scheduled to be published in an upcoming issue of the Survey.

Index to the NIPA Tables. An updated index to the estimates that are presented in the NIPA tables will be published in an upcoming issue of the Survey. This index will reflect the changes in classifications and presentation that resulted from the 2003 comprehensive NIPA revision and the 2004 annual NIPA revision.

BEA Current and Historical Data

National Data

  • Selected NIPA tables | PDF 
  • Other NIPA and NIPA-related tables | PDF  
  • Historical measures | PDF 
  • Charts | PDF

International Data

  • Transactions tables | PDF 
  • Investment tables | PDF  
  • Charts | PDF

Regional Data

  • State and regional tables | PDF 
  • Local area table | PDF 
  • Charts | PDF 

Appendixes

  • Additional information about the NIPA estimates | PDF
  • Suggested reading | PDF