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Components of Consumption and Their Changes From 1959 until 1999 Gross Domestic Product GDP is the final value of all goods and services produced domestically in a year minus any trade deficit It can also be interpreted as the sum of the total spending of its component parts There are several components of GDP and those include Consumer Spending C commercial and residential Investment Spending Government Spending and Net Exports value of all exports minus the value of all imports The largest component of GDP is Consumer Spending totaling about 6255 trillion dollars in 1999 or sixty seven percent 67 of GDP Like GDP Consumer Spending here after C is also determined by several component parts C is the sum of consumer spending on Durable Goods DG goods that can be stores and have an average service life of three years Non-Durable Goods NDG storable goods with service life of less than three years and Services Spending S commodities that cannot be stored and must be consumed at the time of purchase T his paper will deal exclusively with the C component of GDP and more specifically with the components of C and their changes from 1959 until 1999 I choose to use Nominal GDP for my analysis because the actual dollar values are less important than the changes in the proportions of the components relative to GDP All of the data used in this paper came from or was derived from the Economic Report of the President February 2000 Appendix B prepared by the Counsel of Economic Advisors available online at httpw3accessgpogovusbudgetfy2001erphtmlerp4 In the period from 1959 until 1999 Consumption C increased from approximately 63 of GDP to about 68 with an overall increase of about 788 However the proportions of the components of C namely Durable goods spending DG Non-Durable goods spending NDG and Services spending S do not seem to move in a corresponding way Of the
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