National Economic Accounts: What’s New and What’s Coming
Carol E. MoylanNational Economic Accounts Data Users’
ConferenceOctober 15, 2007
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Purpose of this Users’ Conference
For BEA to hear from you. For us to provide information to
you about: BEA’s national accounts BEA’s plans Issues that BEA faces
To give you an opportunity to meet us.
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BEA Strategic Plan
Priorities for national economic accounts: Addressing data gaps and other
shortcomings Improving consistency and
integration with other accounts Improving consistency with
international standards.
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What’s New?
Research and development satellite account Updated estimates released September 2007
(article in October 2007 Survey of Current Business).
First look at industry-level, regional, and international estimates of R&D investment.
Plan for implementation in benchmark input-output accounts and NIPAs for 2012/2013.
Integrated NIPA and Flow of Funds Accounts Joint project by BEA and Federal Reserve staff. Article in February 2007 Survey. Plans for regular update of estimates.
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What’s New? (cont’d)
Improved documentation for users: Release of paper reconciling growth rates
between the CPI and the PCE price index. Release of “Measuring the Economy: A
Primer on GDP and the National Income and Product Accounts.” This document is for novice users of the national accounts.
Release of “Introduction to the NIPAs (MP-1).” This is a more comprehensive introduction to the national accounts.
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Ongoing Research
Examples include: Health satellite account
a need for improved measures to guide policy discussions
Classification of personal consumption expenditures Modernization & improved
international comparability Issues in compensation and profits
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What’s Coming?
NIPA comprehensive revision –July 2009 — incorporate 2002 benchmark input-output accounts)
Updated international standards — System of National Accounts (2008)
Beginning in 2010 — flexible annual revisions.
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Strategic projects
Major conceptual changes that will be fully implemented after 2009:
Capitalize research & development Scheduled for 2013 comprehensive revision
Production account Part of updated SNA Joint work with BLS productivity program Estimates of labor and capital services for
all sectors.