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Source: U.S. Bureau of Economic Analysis, National Income and Product Accounts, 1929-97, forthcoming; and Survey of Current Business, December 2000. http://www.bea.doc.gov/bea/dn2.htm * National income and product accounts The national income and product accounts (NIPA's) show the value and composition of the Nation's output and the distribution of incomes generated in its production. The accounts include estimates of gross domestic product (GDP)-the market value of the Nation's output of goods and services-in current and real terms, GDP price measures, the goods and services that make up GDP in current and real terms, national income, personal income, and corporate profits. In addition, BEA produces specialized measures such as estimates of auto and truck output, GDP of corporate business, housing output, and business inventories and sales. Estimates of gross product originating by industry are prepared annually in current and real terms. Measures of the inventory and fixed capital stocks consistent with the NIPA output measures are also provided. Further, the accounts provide a consistent framework within which estimates of analytical interest-such as the role of research and development in the U.S. economy or as the interaction of the economy and the environment-can be developed. The estimates of GDP are prepared each quarter in the following sequence: Advance estimates are released near the end of the first month after the end of the quarter; as more detailed and comprehensive data become available, preliminary and final estimates are released near the end of the second and third months, respectively. Monthly estimates of personal income and outlays are released near the end of the month following the reference month; estimates for the 2 to 4 most recent months are revised at that time. Ordinarily, annual NIPA revisions are carried out each summer and cover the months and quarters of the most recent calendar year and the preceding 2 years. (For example, the July 1994 revision covered 1991, 1992, and 1993.) These revisions are timed to incorporate newly available major annual source data. Comprehensive (benchmark) revisions are carried out at about 5-year intervals, a comprehensive revision was released in January 1996. Current quarterly NIPA estimates appear in a set of 54 "selected" tables each month in the SURVEY OF CURRENT BUSINESS. The full set of NIPA tables (138 tables) usually is published at the time of annual revisions and comprehensive revisions. Annual estimates of the fixed capital stock are reported shortly thereafter. DESCRIPTION: Gross product, or gross product originating (GPO), by industry is the contribution of each industry--including government--to GDP. An industry's GPO is conceptually equal to its gross output (sales or receipts and other operating income, plus inventory change) minus its intermediate inputs (consumption of goods and services purchased from other industries or imported). GPO also is defined as the sum of distributions by industry of the components of gross domestic income. Current-dollar GPO is estimated using the second definition. Chained (1996) dollar series are calculated as the product of the chain-type quantity index and the 1996 current-dollar series, divided by 100. Because the formula for the chain-type quantity indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive. The "Not allocated by industry" line is the difference between GDP and the statistical discrepancy and the sum of the detailed GPO industries. For current periods, this amount is small. However, it tends to become larger as one moves further from the base period. Except for fifteen industries, real GPO is estimated by the double-deflation method: Industry real gross output minus industry real intermediate input. Real GPO for the other fifteen industries is estimated either by directly deflating current-dollar GPO with an index of output prices or labor earnings or by extrapolating base-year (1992) GPO with an industry extrapolator series such as the number of employees or the number of hours worked. These industries are water transportation, transportation services, banking ("depository institutions" in the 1987 SIC), credit agencies other than banks ("nondepository institutions" in the 1987 SIC), real estate except nonfarm housing services, holding and other investment offices, business services, social services, membership organizations, miscellaneous professional services ("other services" in the 1987 SIC), government enterprises, Federal and State and local, general government, Federal and State and local, and private households. For 1959-86, all estimates are shown based on the 1972 Standard Industrial Classification (SIC). For 1987, estimates are shown first based on the 1972 SIC and then based on the 1987 SIC. Estimates for 1988-99 are based on the 1987 SIC. Indexes utilitzed are chain-type quantity indexes. GPO estimation methodology is found in "Gross Product by Industry, 1959-94," "Survey" (August, 1996). * 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. Copyright © 2006 Photius Coutsoukis and Information Technology Associates, all rights reserved. |