Appendix A.4. Bureau of Economic Analysis

National Income and Product Accounts

The National Income and Product Accounts (NIPAs), produced by the Bureau of Economic Analysis, are a set of economic accounts that provide information on the value and composition of output produced in the United States during a given period. NIPAs represent measures of economic activity in the United States, including production, income distribution, and personal savings. NIPAs also include data on employee compensation and wages. These estimations were first calculated in the early 1930s to help the government design economic policies to combat the Great Depression. Most of the NIPA series are published quarterly, with annual reviews of estimates from the three most recent years conducted in the summer.

Revisions to the NIPAs have been made over the years to create a more comprehensive economic picture of the United States. For example, in 1976, consumption of fixed capital (CFC) estimates shifted to a current-cost basis. In 1991, NIPAs began to use gross domestic product (GDP) instead of gross national product (GNP) as the primary measure of U.S. production. (At that time, virtually all other countries were already using GDP as their primary measure of production.) In the 2003 comprehensive revision, a more complete and accurate measure of insurance services was adopted. The incorporation of a new classification system for personal consumption expenditures (PCE) was among the changes contained in the 2009 comprehensive revision. The comprehensive revision of 2013 included the treatment of research and development expenditures by business, government, and nonprofit institutions serving households as fixed investment. The 2017 annual update of the NIPA accounts contained estimates that reflected the incorporation of newly available and revised source data and the adoption of improved estimating methods. Information on the 2018 comprehensive update of the NIPA accounts and the 2019 and 2020 annual updates of the NIPA accounts is available at https://www.bea.gov/information-previous-updates-nipa-accounts.

NIPAs are slowly being integrated with other federal account systems, such as the federal account system of the Bureau of Labor Statistics.

Further information on NIPAs may be obtained from

U.S. Department of Commerce
Bureau of Economic Analysis
https://www.bea.gov/