National Income and Product Accounts - Part 1

Survey of Current Business, April, 2000

On March 30, 2000, as part of the 11th comprehensive, or benchmark, revision of the national income and product accounts (NIPA's), the Bureau of Economic Analysis (BEA) released revised NIPA estimates for 1929-58 and estimates of fixed assets and consumer durable goods for 1925-98. In addition, BEA released revised NIPA estimates beginning with 1959 that incorporated three corrections and one previously announced methodological improvement. (See "Improved Estimates of the National Income and Product Accounts for 1929-99" in this issue.) The effects of the corrections and revisions on the NIPA estimates are discussed below, followed by an updated set of NIPA tables that present annual estimates for 1995-99 and quarterly estimates for 1997-99.

NIPA series affected by corrections and revisions

The corrections, which begin with 1959, were to (A) real services furnished without payment by financial intermediaries, (B) private consumption of fixed capital and the capital consumption adjustment, and (C) the allocation of indirect business tax and nontax liabilities by legal form of organization and by industry. The methodology improvement, which begins with 1977, was to (D) gross product of nonfinancial corporate business and reflects the use of a new industry-based price index for deflation.

Lists of the series and of the line items and columns of the NIPA tables affected by the corrections and revisions follow.

A. For the correction to real services furnished without payment by financial intermediaries, the current-dollar measures are not affected, but the other measures (including chained (1996) dollars, chain-type price indexes, implicit price deflators, percent changes, contributions to percent change, and per capita) are affected. In tables showing real (chained (1996) dollar) estimates, the residuals will also be revised if any of the detailed components are revised. The following NIPA series are affected by this correction:

Gross Domestic Product and Related Aggregates

Gross domestic product (GDP)
Final sales of domestic product
Gross domestic purchases
Final sales to domestic purchasers
Gross national product (GNP)
GDP less motor vehicle output
GDP less final sales of computers
Gross domestic purchases less final sales of computers
Gross domestic purchases less food and energy
Gross business product
Gross nonfarm business product
Gross nonfarm business product less housing
Gross farm product
Net national product
Gross domestic income
Gross national income
Net domestic product
Net business product
Net nonfarm business product
Net nonfarm business product less housing
Net farm product
Command-basis GNP
Command-basis exports of goods and services and income receipts
 from the rest of the world
Terms of trade
Services in GDP

Personal Income and Outlays

Disposable personal income (DPI)
Per capita real DPI
Personal consumption expenditures (PCE)
PCE for services
PCE for "other" services
PCE for personal business services
PCE for services furnished without payment by financial
 intermediaries except life insurance carriers
PCE less food and energy

Government Current Receipts and Expenditures

Government consumption expenditures and gross investment
Federal consumption expenditures and gross investment
Nondefense consumption expenditures and gross investment
Nondefense consumption expenditures
Nondefense consumption expenditures for services
Nondefense consumption expenditures for "other" services
State and local consumption expenditures and gross investment
State and local consumption expenditures
State and local consumption expenditures for services
State and local consumption expenditures for "other" services

Foreign Transactions

Net exports of goods and services
Exports of goods and services
Exports of services
Exports of "other" services
Income payments to the rest of the world
Exports of goods and services and income receipts from the rest
  of the world

Other Measures

Final sales of domestic business
Ratio of private inventories to final sales
Ratio of nonfarm inventories to final sales
Intermediate goods and services purchased (farm sector)
Intermediate goods and services other than rent (farm sector)
Gross farm product
Net farm product

B. For the correction to private consumption of fixed capital and the capital consumption adjustment, the current-dollar measures, real measures, and other measures are affected. The following NIPA series are affected by this correction:

National Income and Product

Consumption of fixed capital (CFC)
Private CFC
Capital consumption adjustment (CCAdj)
Net national product
National income
Corporate profits with inventory valuation adjustment (IVA) and
  CCAdj
Net domestic product
Net business product
Net nonfarm business product
Net nonfarm business product less housing
Corporate profits after tax with IVA and CCAdj
Undistributed corporate profits with IVA and CCAdj
Corporate CCAdj
Domestic business income
Corporate business income
Domestic income
CFC of corporate business
Net product of corporate business
Domestic income of corporate business
CFC of non financial corporate business
Net product of nonfinancial corporate business
Domestic income of non financial corporate business
Corporate profits of nonfinancial corporate business with IVA and
  CCAdj
CCAdj of nonfinancial corporate business

Saving, Investment, and Other Measures

Net private domestic investment
CFC for private fixed investment
Net private fixed investment
CFC for nonresidential fixed investment
Net nonresidential fixed investment
CFC for equipment and software
Net fixed investment in equipment and software
Corporate profits with IVA and CCAdj of domestic industries
Corporate profits with IVA and CCAdj of financial domestic
  industries
Corporate profits with IVA and CCAdj of nonfinancial domestic
  industries
Unit nonlabor cost (for nonfinancial corporate business)
CFC unit nonlabor cost (for non financial corporate business)
Corporate profits with IVA and CCAdj (unit profits from current
  production) (for nonfinancial corporate business)
Corporate profits after tax with IVA and CCAdj (unit profits from
  current production) (for nonfinancial corporate business)
CFC of financial corporate business
CFC of nonfarm business
CFC of nonfarm business less housing
CCAdj for current-cost valuation
CCAdj for domestic corporate business for current-cost valuation
CCAdj for domestic financial corporate business
CCAdj for domestic financial corporate business for current-cost
  valuation
CCAdj for domestic nonfinancial corporate business for current-cost
  valuation
CCAdj for national income
CFC excluding imputations