The 2020 Annual Update of the National Income and Product Accounts

Chronicling 100 Years of the

U.S. Economy

August 2020

Volume 100, Number 8

The 2020 Annual Update of the National Income and Product Accounts

The Bureau of Economic Analysis (BEA) released its annual update of the National Income and Product Accounts (NIPAs) on July

30. For real gross domestic product (GDP) and most major components, the updates covered the most recent 5 years (2015-2019) and the first quarter of 2020; for selected

estimates of income and saving, the update extended to previous years.1 The reference year for price and quantity estimates remains 2012.

As is usual for NIPA annual updates, the revised estimates reflect newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated.

With this update, economic growth from 2014 to 2019 is revised up slightly, but the revised estimates are similar to the previously published estimates (chart 1):

Real GDP-aninflation-adjusted measure of the value of the goods and services produced by the nation's economy less the value of the goods and services used up in production- increased at an average annual rate of 2.5 percent; in the previously published estimates, real GDP increased 2.4 percent.

Real gross domestic income (GDI)-which measures the value of the production of goods and services in the United States as the incomes earned and the costs incurred in production-increased at an average annual rate of 2.1 percent; in the previously published estimates, real GDI increased at an average annual rate of 2.0 percent.

The average of real GDP and real GDI increased at an average annual rate of 2.3 percent; in the previously published estimates, the measure increased at an average annual rate of 2.2

percent.	- 1 -

The price index for gross domestic purchases increased at an average annual rate of 1.4 percent, unrevised from the previously published estimates.

Contributors to real GDP growth for 2015-2019 are little changed from the earlier estimates. Consumer spending remains the driving force behind the growth in GDP in all years. Revised estimates show that the contribution of private investment was stronger in 2018 than previously shown, while the contribution of consumer spending was weaker. In 2019, the contribution of fixed investment was stronger than previously shown, while the contributions of inventory investment and consumer spending were weaker.

For the period of expansion from the second quarter of 2009 through the fourth quarter of 2019, real GDP increased at an average annual rate of 2.3 percent, unrevised from the previously published estimate. The rate of growth in real GDI over this period was also unrevised at 2.4 percent.

The personal saving rate (personal saving as a percentage of disposable personal income) was revised down 0.1 percentage point to 7.5 percent for 2015 and up 0.1 percentage point to 6.9 percent for 2016. It was revised up 0.2 percentage point for 2017 and for 2018 to 7.2 percent and 7.8 percent, respectively. The largest revision was for 2019; it was revised down from 7.9 percent to 7.5 percent.

Sources of Revision

The updated NIPA estimates reflect the incorporation of newly available and revised source data, the adoption of improved estimating methods, and for quarterly and monthly measures, the incorporation of updated seasonal factors.

Major source data

The major source data incorporated as part of this year's update are summarized in table 1, and additional information on the NIPA components affected by the incorporation of newly available and revised source data is provided in table 13.2

Source data that affected the NIPA components include the following:

New Census Bureau Service Annual Survey (SAS) data for 2019 and revised data for 2015 through 2018, which replace Census Bureau Quarterly Services Report data for 2019 and previously incorporated SAS data for 2015 through 2018. SAS data most notably impacted estimates of consumer spending for services and private fixed investment in intellectual property products.

Revised Internal Revenue Service (IRS) tabulations of corporate tax returns for 2017 and new IRS tabulations of tax returns data for 2018 for corporations, sole proprietorships, and partnerships, which affected estimates of corporate profits, proprietors' income, and net interest.

Newly available Economic Census data for 2017, new Census Bureau Annual Survey of Manufactures (ASM) data for 2018, which replaced Census Bureau monthly industry shipments data, and revised monthly industry shipments data for 2015-2019, all of which impacted estimates of private investment in equipment and inventories.

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New Census Bureau Annual Retail Trade Survey (ARTS) data for 2018, which replaced Census Bureau monthly retail trade survey data, and revised ARTS data for 2015-2017, both of which impacted estimates of consumer spending for goods and private inventory investment.

Revised Bureau of Labor Statistics (BLS) Quarterly Census of Employment and Wages (QCEW) data for 2015-2019, which impacted estimates of private and government compensation.

Revised Department of Agriculture farm statistics for 2015-2019, which impacted estimates of farm output, inventory investment, and proprietors' income.

Revised BEA International Transactions Accounts (ITAs) data for 1999-2019, which impacted estimates of exports and imports of goods and services and income flows with the rest of the world.

Table 1. Summary of Major Source Data Incorporated

Agency	Data	Years covered and
	vintage
	Annual Capital Expenditures Survey	2017	(revised)
	2018	(new)
	Annual Wholesale Trade Survey	2015-2017 (revised)
	2018	(new)
	Annual Retail Trade Survey	2015-2017 (revised)
	2018	(new)
	Annual Survey of Manufactures	2018	(new)
	Economic Census	2017	(new)
	Monthly indicators of manufactures, merchant wholesale trade,	2015-2019 (revised)
	and retail trade
Census Bureau
Service Annual Survey	2015-2018 (revised)
	2019	(new)
		Fiscal year 2015-2017
	Annual Survey of State and Local Government Finances	(revised)
		Fiscal year 2018 (new)
	Monthly survey of construction spending (value put in place)	2015-2019 (revised)
	Quarterly Services Survey	2015-2019 (revised)
	American Community Survey	2018	(new)
	Current Population Survey/Housing Vacancy Survey	2015-2018 (revised)
	2019	(new)
Office of Management and	Federal budget	Fiscal years 2017-2020
Budget
	Tabulations of tax returns for corporations	2017	(revised)
	2018	(new)
Internal Revenue Service
Tabulations of tax returns for sole proprietorships and for	2018	(new)
	partnerships
Bureau of Labor Statistics	Quarterly Census of Employment and Wages	2015-2019 (revised)
Occupational Employment Statistics program	2019	(new)
Department of Agriculture	Farm statistics	2015-2019 (revised)
Bureau of Economic	International Transactions Accounts	1999-2019 (revised)
Analysis

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Methodology improvements

This year's update also reflects methodological changes to BEA's measures.

Services furnished without payment by financial intermediaries. Several changes have improved the accuracy of BEA's measures of services furnished without payment by financial intermediaries.

Beginning with 2015, measures of the imports of these "implicit" services are now included in the NIPAs; previously, only exports of these services were recorded. Additionally, the NIPA measures of both imports and exports of these services are now based directly on the corresponding measures from the ITAs.3 BEA previously derived the export measure in the NIPAs by allocating the total value of the implicit services to domestic sectors and to the rest of the world, based on Federal Reserve Board data on each sector's share of related assets and liabilities.4

BEA also updated its measures of the implicit services provided by commercial banks to include the services produced by international banking facilities (IBFs).5 Previously, BEA did not capture the implicit services produced by these facilities. The new measures are based on the Federal Deposit Insurance Corporation's (FDIC) Call Report data on the total assets and liabilities of IBFs. BEA derives a measure of the implicit services they export using FDIC microdata and then deducts the estimated exports from the total to derive the domestic consumption of these services. The result is added to the measure of total implicit financial services provided domestically by commercial banks to obtain a more comprehensive measure of the domestic share of these financial services.

BEA has simplified its allocation to sectors of the implicit financial services associated with depositor services by relying exclusively on Federal Reserve Board (FRB) data on by-sector shares of checkable deposits and currency and of time and savings deposits from the Financial Accounts of the United States. The FRB sectors align well with the Call Report categories underlying the NIPA estimates of these implicit services for commercial banks and savings institutions. Previously, the allocation used a complex combination of data from different sources that did not yield benefits in terms of accuracy and that included some discontinued data.

Additionally, the updated NIPA estimates more accurately measure the implicit services associated with depositors' and borrowers' services by using a reference rate for both resale agreements and repurchase agreements that is better aligned with the maturity structure of these agreements. Resale and repurchase agreements have a shorter maturity than conventional deposits and loans. The NIPAs now use a reference rate that is based on the quarterly average of the daily Secured Overnight Financing Rate published by the New York Federal Reserve Bank.6 Previously, the same reference rate was applied to all assets and liabilities.

Treasury inflation-protectedsecurities. The accuracy and consistency of BEA measures of Treasury Inflation-Protected Securities (TIPS) are improved in the following two ways:7

First, the NIPAs record quarterly and annual federal government payments of interest on TIPS on an accrual basis; the measures are the sum of (1) accrued fixed-rate interest payments on the original principal and (2) accrued interest on the difference between the original principal and an inflation-adjusted measure of the principal. Beginning with 1999, the quarterly measures of TIPS interest are now derived by interpolating measures of annual interest accruals based on data from the Treasury Department's Bureau of Public Debt (BPD). Previously, BEA estimates of

the interest payments were derived by aggregating the fixed-rate payments with monthly BPD

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measures of monthly interest accruals based on monthly Consumer Price Index (CPI)-based adjustments of the principal. The use of an annual accrual period for the BEA measures reduces the volatility of the series caused by the monthly inflation adjustments. Additionally, the annual accrual period more accurately reflects the fact that interest on these securities are paid to TIPS holders biannually, or when the securities mature, rather than monthly.

Second, beginning with 1999, the allocation of annual measures of the interest paid on TIPS to businesses, persons, and the rest of the world consistently includes an adjustment for inflation. Specifically, the gains and losses associated with the inflation adjustment that accrue to foreign holders of U.S. TIPS are now included in the NIPA measures of interest payments to the rest of the world. Previously, the inflation adjustment was allocated only to U.S. businesses and persons, while the allocation to the rest of the world was limited to the fixed-interest portion of TIPS payments. This improvement is consistent with a June 2020 change in the treatment of TIPS interest in BEA's ITAs.8

Consumer spending for video rentals. Beginning with 2019, quarterly measures of personal spending on "video streaming and rentals" are improved by using a 3-month moving average of HarrisX data as an indicator for the DVD rental portion of the measure. The HarrisX data are based on actual consumer costs of DVD rentals and the number of consumers that hold DVD rental subscriptions or that rent DVDs from physical outlets such as Redbox. Previously, the DVD portion of video streaming and rentals used the product of population and price as an indicator.

Updated seasonal factors. As with every annual update of the NIPAs, this year's update includes the incorporation of updated quarterly and monthly seasonal factors that capture changes in seasonal patterns that emerge over time. The updated seasonal factors reflect a mix of data that are seasonally adjusted by source agencies as well as data directly adjusted by BEA.

Presentational improvements

This year's annual update introduces additional detail for private fixed investment in research and development (R&D), a component of investment in intellectual property products. Starting with 2008, NIPA table group 5.6 (Private Fixed Investment in Intellectual Property Products) provides detail on R&D investment expenditures by software publishers, by financial and real estate services, by computer systems design and related services, and by other nonmanufacturing not elsewhere classified. Previously, this detail was included in the single category "all other nonmanufacturing."

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Gross Domestic Product

From 2014 to 2019, real GDP increased at an average annual rate of 2.5 percent, an upward revision of 0.1 percentage point from the prior estimate. Measures of current-dollar GDP were revised up for each year; it increased at an average annual rate of 4.1 percent (unrevised from previously published estimates).

Real GDP growth was revised up 0.2 percentage point for 2015, revised up 0.1 percentage point for 2016 and 2018, was unrevised for 2017, and revised down 0.1 percentage point for 2019 (table 2). The revisions to real GDP and its components primarily reflect revisions to current- dollar measures; price measures were not significantly revised.

For 2015, upward revisions to personal consumption expenditures (PCE), nonresidential fixed investment, and inventory investment and a downward revision to imports (a subtraction in the calculation of GDP), were partly offset by a downward revision to state and local government spending.

For 2016, a downward revision to imports and upward revisions to exports and PCE were partly offset by downward revisions to nonresidential fixed investment and inventory investment.

For 2017, downward revisions to inventory investment, nonresidential fixed investment, and federal government spending were offset by upward revisions to state and local government spending, exports, PCE, and residential fixed investment.

For 2018, upward revisions to inventory investment and to nonresidential fixed investment, a downward revision to imports, and upward revisions to residential fixed investment and state and local government spending were partly offset by a downward revision to PCE. For 2019, downward revisions to PCE, inventory investment, state and local government spending, and exports were partly offset by upward revisions to nonresidential fixed investment and federal government spending.

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Table 2. Real Gross Domestic Product (GDP)

	Share of current-	Change from preceding period	Contribution to percent change in
	dollar GDP			real GDP
		(Percent)					(Percentage points)
	2019	2015	2016		2017	2018	2019	2015	2016	2017		2018	2019
Gross domestic product1	100.0	3.1	1.7		2.3	3.0	2.2	3.1	1.7	2.3		3.0	2.2
Personal consumption expenditures	67.9	3.8	2.8		2.6	2.7	2.4	2.6	1.9	1.8		1.9	1.6
Goods	21.1	4.8	3.6		4.0	4.1	3.7	1.0	0.8	0.9		0.9	0.8
Durable goods	7.2	7.6	5.8		6.9	6.8	4.8	0.5	0.4	0.5		0.5	0.3
Nondurable goods	13.9	3.4	2.5		2.6	2.7	3.1	0.5	0.4	0.4		0.4	0.4
Services	46.8	3.3	2.4		2.0	2.1	1.8	1.5	1.1	0.9		1.0	0.9
Gross private domestic investment	17.5	5.5	−1.5		3.5	6.3	1.7	1.0	−0.3	0.6		1.1	0.3
Fixed investment	17.3	3.8	1.8		3.8	5.2	1.9	0.7	0.3	0.6		0.9	0.3
Nonresidential	13.5	2.3	0.5		3.7	6.9	2.9	0.3	0.1	0.5		0.9	0.4
Structures	3.0	−0.9	−4.4		4.2	3.7	−0.6	0.0	−0.1	0.1		0.1	0.0
Equipment	5.8	3.0	−1.7		3.2	8.0	2.1	0.2	−0.1	0.2		0.5	0.1
Intellectual property products	4.7	3.8	7.6		4.2	7.8	6.4	0.2	0.3	0.2		0.3	0.3
Residential	3.8	10.2	6.6		4.0	−0.6	−1.7	0.3	0.2	0.2		0.0	−0.1
Change in private inventories	0.2	---	---		---	---	---	0.3	−0.6	0.0		0.2	0.0
Net exports of goods and services	−2.8	---	---		---	---	---	−0.8	−0.2	−0.2		−0.3	−0.2
Exports	11.7	0.4	0.3		3.9	3.0	−0.1	0.1	0.0	0.5		0.4	0.0
Goods	7.6	−0.4	0.5		4.1	4.2	−0.1	0.0	0.0	0.3		0.3	0.0
Services	4.1	2.0	−0.2		3.7	0.8	−0.1	0.1	0.0	0.2		0.0	0.0
Imports	14.6	5.2	1.7		4.7	4.1	1.1	−0.8	−0.3	−0.7		−0.6	−0.2
Goods	11.8	5.7	1.4		4.7	5.0	0.5	−0.7	−0.2	−0.6		−0.6	−0.1
Services	2.8	3.0	2.9		4.5	0.4	3.7	−0.1	−0.1	−0.1		0.0	−0.1
Government consumption expenditures and	17.5	1.8	1.8		0.9	1.8	2.3	0.3	0.3	0.2		0.3	0.4
gross investment
Federal	6.6	0.0	0.6		0.3	2.8	4.0	0.0	0.0	0.0		0.2	0.3
National defense	4.0	−2.1	−0.5		0.8	3.3	5.6	−0.1	0.0	0.0		0.1	0.2
Nondefense	2.6	3.3	2.2		−0.5	2.1	1.8	0.1	0.1	0.0		0.1	0.1
State and local	10.9	2.9	2.6		1.2	1.2	1.3	0.3	0.3	0.1		0.1	0.1
	Revisions (percentage points)
Gross domestic product	...	0.2	0.1		−0.1	0.1	−0.1	0.2	0.1	−0.1		0.1	−0.1
Personal consumption expenditures	...	0.1	0.1		0.0	−0.3	−0.2	0.1	0.0	0.0		−0.2	−0.1
Gross private domestic investment	...	0.6	−0.2		−0.9	1.2	−0.1	0.1	0.0	−0.2		0.2	0.0
Fixed investment	...	0.4	−0.1		−0.4	0.6	0.6	0.1	0.0	−0.1		0.1	0.1
Nonresidential	...	0.5	−0.2		−0.7	0.5	0.8	0.1	0.0	−0.1		0.1	0.1
Residential	...	0.0	0.1		0.5	0.9	−0.2	0.0	0.0	0.0		0.0	0.0
Change in private inventories	...	---	---		---	---	---	0.0	0.0	−0.1		0.1	−0.1
Net exports of goods and services	...	---	---		---	---	---	0.0	0.1	0.1		0.0	0.0
Exports	...	−0.1	0.3		0.4	0.0	−0.1	0.0	0.0	0.1		0.0	0.0
Imports	...	−0.1	−0.3		0.0	−0.3	0.1	0.0	0.1	0.0		0.0	0.0
Government consumption expenditures and gross	...	−0.1	0.0		0.2	0.1	0.0	0.0	0.0	0.0		0.0	0.0
investment
Federal	...	0.1	0.2		−0.5	−0.1	0.5	0.0	0.0	0.0		0.0	0.0
State and local	...	−0.3	0.0		0.6	0.2	−0.3	0.0	0.0	0.1		0.0	0.0

1. The estimates under the contribution columns are also percent changes.

Note. Percent changes are from NIPAtable 1.1.1, contributions are from NIPAtable 1.1.2, and shares are from NIPAtable 1.1.10.

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The revisions did not reverse the direction of change in real GDP for any quarter of the revision period (chart 2), and the quarterly pattern for real GDP changed for only 4 of the 21 quarters in the revision period, as highlighted in chart 2. The largest upward revision was 1.3 percentage points for the first quarter of 2018, and the largest downward revision was −0.8 percentage point for the second and third quarters of 2018.

Personal Consumption Expenditures

The updated estimates of PCE primarily reflect the incorporation of source data, including newly available and revised Census Bureau SAS data and ARTS data, newly available and revised FRB Financial Accounts of the United States data, and newly available and revised IRS tabulations of corporate and sole proprietors and partnerships tax return data.

The change in real PCE was revised up 0.1 percentage point for 2015 and 2016, was unrevised for 2017, was revised down 0.3 percentage point for 2018, and was revised down 0.2 percentage point for 2019 (table 3).

For 2015 and 2016, the revisions were primarily due to upward revisions to services. For 2018, the revision was due to downward revisions in services, including health care, food services and accommodations, financial services and insurance, and services provided by nonprofit institutions serving households.

For 2019, the revision was primarily due to downward revisions in services, including health care, food services and accommodations, recreation services, and services provided by nonprofit institutions serving households.

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Table 3. Real Personal Consumption Expenditures (PCE)

	Share of current-	Change from preceding period	Contribution to percent change in
	dollar PCE			real PCE
		(Percent)					(Percentage points)
	2019	2015	2016		2017	2018	2019	2015	2016	2017		2018	2019
Personal consumption expenditures1	100.0	3.8	2.8		2.6	2.7	2.4	3.8	2.8	2.6		2.7	2.4
Goods	31.0	4.8	3.6		4.0	4.1	3.7	1.5	1.1	1.3		1.3	1.2
Durable goods	10.5	7.6	5.8		6.9	6.8	4.8	0.8	0.6	0.7		0.7	0.5
Motor vehicles and parts	3.6	7.6	3.3		5.0	4.3	−0.5	0.3	0.1	0.2		0.2	0.0
Furnishings and durable household	2.5	9.2	8.0		8.0	6.9	3.4	0.2	0.2	0.2		0.2	0.1
equipment
Recreational goods and vehicles	3.0	6.2	9.8		10.8	10.8	13.2	0.2	0.3	0.3		0.3	0.4
Other durable goods	1.5	7.8	2.0		3.4	5.7	5.1	0.1	0.0	0.1		0.1	0.1
Nondurable goods	20.5	3.4	2.5		2.6	2.7	3.1	0.7	0.5	0.5		0.6	0.6
Food and beverages purchased for off-	7.1	1.5	3.1		3.4	2.4	1.7	0.1	0.2	0.2		0.2	0.1
premises consumption
Clothing and footwear	2.8	3.5	2.3		1.6	3.7	3.7	0.1	0.1	0.1		0.1	0.1
Gasoline and other energy goods	2.3	4.7	0.5		−0.6	−0.6	−0.5	0.1	0.0	0.0		0.0	0.0
Other nondurable goods	8.3	4.6	2.7		3.2	3.6	5.3	0.4	0.2	0.3		0.3	0.4
Services	69.0	3.3	2.4		2.0	2.1	1.8	2.3	1.6	1.4		1.4	1.3
Household consumption expenditures (for	66.0	3.6	2.3		2.1	2.0	2.1	2.3	1.5	1.4		1.4	1.4
services)
Housing and utilities	18.4	2.4	1.5		0.8	1.3	1.2	0.5	0.3	0.2		0.2	0.2
Health care	16.9	5.4	4.0		2.3	2.4	2.7	0.9	0.7	0.4		0.4	0.5
Transportation services	3.3	3.7	4.3		3.7	3.8	1.6	0.1	0.1	0.1		0.1	0.1
Recreation services	4.0	3.7	2.9		1.1	2.2	1.3	0.2	0.1	0.0		0.1	0.1
Food services and accommodations	6.9	4.3	2.2		2.5	2.8	1.2	0.3	0.2	0.2		0.2	0.1
Financial services and insurance	8.1	2.4	−2.0		2.1	0.3	2.1	0.2	−0.2	0.2		0.0	0.2
Other services	8.4	3.2	3.5		3.9	3.4	4.0	0.3	0.3	0.3		0.3	0.3
Final consumption expenditures of NPISHs	3.0	−2.0	4.5		0.2	3.1	−3.0	−0.1	0.1	0.0		0.1	−0.1
Gross output of NPISHs	11.4	2.5	3.9		1.4	2.4	1.3	0.3	0.4	0.2		0.3	0.2
Less: Receipts from sales of goods and	8.4	4.3	3.7		1.8	2.1	3.0	0.4	0.3	0.2		0.2	0.3
services by NPISHs
	Revisions (percentage points)
Personal consumption expenditures	...	0.1	0.1		0.0	−0.3	−0.2	0.1	0.1	0.0		−0.3	−0.2
Goods	...	0.1	0.0		0.1	0.0	0.0	0.0	0.0	0.0		0.0	0.0
Durable goods	...	0.1	−0.3		0.0	0.5	0.0	0.0	0.0	0.0		0.1	0.0
Nondurable goods	...	0.0	0.1		0.1	−0.3	−0.1	0.0	0.0	0.0		−0.1	0.0
Services	...	0.1	0.1		0.0	−0.4	−0.3	0.1	0.0	0.0		−0.3	−0.2

NPISHs Nonprofit institutions serving households

1. The estimates under the contribution columns are also percent changes.

Note. Percent changes are from NIPA table 2.3.1, contributions are from NIPA table 2.3.2, and shares are calculated from NIPA table 2.3.5.

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The largest upward revision to the quarterly estimates was to the first quarter of 2017; the largest downward revision was to the second quarter of 2019. The quarterly pattern of real PCE is changed for 6 of the 21 quarters of the revision period, as highlighted in chart 3.

Private Fixed Investment

Revisions to private fixed investment primarily reflect the incorporation of source data, including revised Census Bureau construction spending (value put in place) data, newly available ASM data, new Economic Census data, and newly available and revised SAS data.

The change in real private fixed investment was revised up 0.4 percentage point for 2015, was revised down 0.1 percentage point for 2016, was revised down 0.4 percentage point for 2017, and was revised up 0.6 percentage point for both 2018 and 2019 (table 4).

For 2015, the revision was primarily due to an upward revision to nonresidential structures, particularly power and communication structures.

For 2016, the revision was primarily due to downward revisions to equipment and intellectual property products that were partly offset by an upward revision to nonresidential structures.

For 2017, the revision was primarily due to a downward revision to equipment that was partly offset by upward revisions to intellectual property products and to residential structures.

For 2018, the revision was due to upward revisions to equipment, particularly to "other" equipment and industrial equipment, to residential structures, and to intellectual property products.

For 2019, the revision was due to upward revisions to nonresidential structures, particularly to mining exploration, shafts, and wells and power and communication structures, and to equipment. These upward revisions were partly offset by downward revisions to intellectual property products, particularly software, and to residential structures.

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Table 4. Real Private Fixed Investment (PFI)

	Share of current-dollar	Change from preceding period	Contribution to percent change in
	PFI			real PFI
		(Percent)					(Percentage points)
	2019	2015	2016	2017	2018	2019	2015	2016	2017		2018	2019
Private fixed investment1	100.0	3.8	1.8	3.8	5.2	1.9	3.8	1.8	3.8		5.2	1.9
Nonresidential	78.2	2.3	0.5	3.7	6.9	2.9	1.9	0.4	2.9		5.3	2.2
Structures	17.6	−0.9	−4.4	4.2	3.7	−0.6	−0.2	−0.8	0.7		0.7	−0.1
Commercial and health care	5.3	12.1	16.7	3.2	1.3	−2.3	0.5	0.8	0.2		0.1	−0.1
Manufacturing	2.1	34.4	−4.9	−13.4	−1.8	4.6	0.7	−0.1	−0.3		0.0	0.1
Power and communication	3.5	3.4	2.2	−4.6	−5.7	3.5	0.1	0.1	−0.2		−0.2	0.1
Mining exploration, shafts, and wells	3.3	−28.6	−42.1	38.8	25.2	−2.1	−1.8	−1.8	0.9		0.8	−0.1
Other structures	3.4	10.5	7.2	3.8	1.3	−3.4	0.3	0.2	0.1		0.1	−0.1
Equipment	33.5	3.0	−1.7	3.2	8.0	2.1	1.1	−0.6	1.1		2.7	0.7
Information processing equipment	10.7	6.2	4.5	7.4	8.6	3.0	0.7	0.5	0.8		0.9	0.3
Computers and peripheral	3.3	0.4	−0.7	7.7	12.2	5.5	0.0	0.0	0.2		0.4	0.2
equipment
Other	7.4	8.7	6.6	7.3	7.2	2.0	0.7	0.5	0.6		0.6	0.2
Industrial equipment	7.0	0.1	−1.4	5.5	8.2	2.1	0.0	−0.1	0.4		0.6	0.2
Transportation equipment	8.4	10.5	−5.8	−1.6	5.8	−0.4	1.0	−0.6	−0.1		0.5	0.0
Other equipment	7.4	−6.6	−5.6	0.6	9.6	3.5	−0.6	−0.4	0.0		0.7	0.3
Intellectual property products	27.1	3.8	7.6	4.2	7.8	6.4	0.9	1.9	1.1		2.0	1.7
Software	11.1	4.9	8.0	8.3	11.2	7.9	0.5	0.8	0.9		1.2	0.8
Research and development	13.6	2.9	8.3	1.4	6.0	5.9	0.4	1.0	0.2		0.8	0.8
Entertainment, literary, and artistic	2.5	3.8	2.8	2.2	3.2	2.3	0.1	0.1	0.1		0.1	0.1
originals
Residential	21.8	10.2	6.6	4.0	−0.6	−1.7	1.9	1.4	0.9		−0.1	−0.4
Structures	21.4	10.2	6.6	3.9	−0.6	−1.8	1.9	1.3	0.9		−0.1	−0.4
Permanent site	9.4	11.8	6.5	4.4	1.8	−4.8	1.0	0.6	0.4		0.2	−0.5
Single family	7.6	11.4	5.2	6.7	2.8	−6.3	0.8	0.4	0.5		0.2	−0.5
Multifamily	1.8	13.4	12.2	−4.7	−2.1	1.8	0.2	0.2	−0.1		0.0	0.0
Other structures	12.1	9.0	6.6	3.6	−2.6	0.8	1.0	0.8	0.4		−0.3	0.1
Equipment	0.4	8.7	8.6	7.0	1.2	1.2	0.0	0.0	0.0		0.0	0.0
	Revisions (percentage points)
Private fixed investment	...	0.4	−0.1	−0.4	0.6	0.6	0.4	−0.1	−0.4		0.6	0.6
Nonresidential	...	0.5	−0.2	−0.7	0.5	0.8	0.4	−0.2	−0.5		0.4	0.6
Structures	...	2.1	0.6	−0.5	−0.4	3.7	0.4	0.1	−0.1		−0.1	0.7
Equipment	...	−0.2	−0.4	−1.5	1.2	0.8	−0.1	−0.2	−0.6		0.4	0.3
Intellectual property products	...	0.2	−0.3	0.5	0.4	−1.1	0.1	−0.1	0.2		0.1	−0.3
Residential	...	0.0	0.1	0.5	0.9	−0.2	0.0	0.0	0.1		0.2	−0.1
Structures	...	0.0	0.2	0.5	0.9	−0.3	0.0	0.0	0.1		0.2	−0.1
Equipment	...	0.2	0.0	−0.2	0.4	0.7	0.0	0.0	0.0		0.0	0.0

1. The estimates under the contribution columns are also percent changes.

Note. Percent changes are from NIPA table 5.3.1, contributions are from NIPA table 5.3.2, and shares are calculated from NIPA table 5.3.5.

- 11 -

The quarterly pattern of real private fixed investment was changed in 4 of the 21 quarters of the revision period, as highlighted in chart 4. The largest upward revision was for the third quarter of 2019, and the largest downward revisions were for the second quarter of 2016 and the second quarter of 2017.

Change in Private Inventories

Revisions to inventory investment primarily reflect Census Bureau data on inventory book values from a number of surveys, including newly available data from the Census Bureau's Economic Census and from its ASM, ARTS, and Annual Wholesale Trade Survey, and from revised monthly inventory data. Revisions also reflect newly available and revised IRS Statistics of Income data and revised data from the Department of Agriculture for farm inventories.

Change in real private inventories, or real inventory investment, was revised up $5.1 billion for 2015, revised up $1.6 billion for 2016, revised down $15.9 billion for 2017, revised up $5.3 billion for 2018, and revised down $18.4 billion for 2019 (table 5; additionally, chart 5 shows quarterly changes).

For 2015, there were upward revisions to wholesale trade, to retail trade, and to mining, utilities, and construction.

For 2016, an upward revision to wholesale trade was partly offset by a downward revision to retail trade and smaller downward revisions to manufacturing, to farm, and to mining, utilities, and construction.

For 2017, the revision was primarily due to a downward revision to manufacturing; other downward revisions were spread across industries.

For 2018, upward revisions to wholesale trade, to manufacturing, and to retail trade were partly offset by downward revisions to mining, utilities, construction, and to "other" industries.

- 12 -

For 2019, downward revisions to wholesale trade, to manufacturing, to farm, and to "other" industries were partly offset by upward revisions to retail trade and to mining, utilities, and construction.

Table 5. Change in Real Private Inventories by Industry

[Billions of chained (2012) dollars]

			Level				Change from preceding period
	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019
Change in private inventories1	137.6	24.5	15.8	53.4	48.5	51.3	−113.0	−8.8	37.6	−4.9
Farm	1.1	−6.7	−6.4	−7.8	−16.9	4.6	−7.8	0.3	−1.4	−9.1
Mining, utilities, and construction	20.1	8.2	−15.1	−11.8	7.2	15.5	−11.9	−23.3	3.3	19.0
Manufacturing	38.4	−0.9	−0.5	9.3	20.7	19.9	−39.3	0.4	9.8	11.4
Durable-goods industries	18.5	−10.0	0.1	11.9	14.8	2.8	−28.4	10.1	11.8	2.9
Nondurable-goods industries	20.3	10.5	−0.7	−3.3	5.5	17.8	−9.8	−11.2	−2.6	8.8
Wholesale trade	39.3	7.0	20.3	33.6	15.0	−0.6	−32.2	13.2	13.3	−18.6
Durable-goods industries	9.6	0.5	13.7	31.2	5.0	−16.3	−9.1	13.2	17.5	−26.3
Nondurable-goods industries	30.4	6.8	6.5	2.0	10.1	16.6	−23.6	−0.3	−4.5	8.1
Retail trade	29.7	23.8	13.4	25.9	14.4	14.2	−5.9	−10.5	12.6	−11.5
Motor vehicle and parts dealers	10.0	17.6	12.6	20.3	9.8	0.3	7.6	−5.0	7.8	−10.5
Food and beverage stores	2.0	1.6	1.5	1.3	0.9	1.2	−0.5	−0.1	−0.2	−0.4
General merchandise stores	2.8	−1.0	−3.3	1.8	−1.4	3.9	−3.8	−2.3	5.1	−3.2
Other retail stores	15.0	5.9	2.9	3.2	5.5	8.7	−9.1	−3.0	0.2	2.3
Other industries	9.4	−8.4	1.8	1.5	5.2	−2.1	−17.8	10.1	−0.3	3.7
Residual2	−1.7	−0.6	2.3	3.1	2.9	−1.7	1.1	2.8	0.8	−0.1
			Revisions
Change in private inventories	5.1	1.6	−15.9	5.3	−18.4	5.1	−3.6	−17.4	21.1	−23.7
Farm	−0.1	−0.1	−1.7	1.2	−5.8	−0.1	−0.1	−1.5	2.8	−7.0
Mining, utilities, and construction	1.1	−0.1	0.0	−10.0	1.8	1.1	−1.2	0.1	−10.0	11.8
Manufacturing	0.0	−0.2	−10.8	7.4	−7.9	0.0	−0.2	−10.5	18.1	−15.2
Wholesale trade	2.1	3.4	−3.3	7.4	−10.1	2.1	1.3	−6.7	10.7	−17.5
Retail trade	2.0	−1.3	−0.1	3.5	3.5	2.0	−3.3	1.3	3.6	0.0
Other industries	0.0	0.0	−0.5	−3.9	−0.8	0.0	0.0	−0.5	−3.4	3.1

1. The levels are from NIPAtable 5.7.6B.
2. The residual is the difference between the first line and the sum of the most detailed lines.

Note. The chained-dollar series are calculated as the period-to-period change in end-of-period inventories. Because the formula for the chain-type quantity indexes uses weights of more than one period, chained-dollar estimates are usually not additive.

- 13 -

Exports of Goods and Services

The revisions to the real measures of exports are due to the incorporation of revised data from the ITAs; revisions to exports prices are small. As with the NIPAs, the ITAs are updated each year; the most recent update was released in June 2020 (see "Discontinuities in the Estimates of Foreign Transactions in the National Income and Product Accounts").9

The percent change in real exports was revised up 0.3 percentage point for 2016 and 0.4 percentage point for 2017 (table 6). For 2015 and 2019, revisions to the percent change in real exports were small and downward (−0.1 percentage point); the measure for 2018 was unrevised.

For 2015, the revision was due to a downward revision to exports of services.

For 2016 and 2017, the revisions were primarily due to upward revisions to services, particularly other business services and charges for the use of intellectual property not elsewhere classified (n.e.c.). For 2017, the revision was also due to an upward revision to petroleum and products and was partly offset by a downward revision to travel services. For 2018, upward revisions to services were offset by downward revisions to goods. For 2019, the revision was due to a downward revision to goods that was partly offset by an upward revision to services.

Table 6. Real Exports of Goods and Services

	Share of current-dollar	Change from preceding period	Contribution to percent change in
	exports		real exports
		(Percent)					(Percentage points)
	2019	2015	2016	2017	2018	2019	2015	2016	2017	2018	2019
Exports of goods and services1	100.0	0.4	0.3	3.9	3.0	−0.1	0.4	0.3	3.9	3.0	−0.1
Exports of goods	65.1	−0.4	0.5	4.1	4.2	−0.1	−0.2	0.4	2.6	2.7	−0.1
Foods, feeds, and beverages	5.2	1.9	5.8	0.4	−0.1	−1.3	0.1	0.3	0.0	0.0	−0.1
Industrial supplies and materials	21.0	0.0	1.8	8.7	6.7	3.5	0.0	0.3	1.6	1.3	0.7
Capital goods, except automotive	21.8	−1.3	−2.1	2.5	4.6	−3.2	−0.3	−0.5	0.6	1.0	−0.7
Automotive vehicles, engines, and parts	6.5	−4.9	−0.2	4.7	−0.2	1.9	−0.3	0.0	0.3	0.0	0.1
Consumer goods, except food and	8.2	1.6	0.2	3.4	3.2	−0.6	0.1	0.0	0.3	0.3	−0.1
automotive
Other	2.5	6.0	7.7	−4.8	4.5	−3.2	0.2	0.2	−0.1	0.1	−0.1
Exports of services	34.9	2.0	−0.2	3.7	0.8	−0.1	0.7	−0.1	1.3	0.3	−0.1
Transport	3.6	−1.4	−0.1	3.8	6.7	−2.3	−0.1	0.0	0.1	0.2	−0.1
Travel (for all purposes including	7.7	1.1	−0.7	−1.4	−0.9	−3.4	0.1	−0.1	−0.1	−0.1	−0.3
education)
Charges for the use of intellectual	4.7	−14.6	0.9	2.6	−1.7	−2.8	−0.8	0.0	0.1	−0.1	−0.1
property n.e.c.
Other business services	17.2	10.7	0.6	6.8	0.6	2.7	1.5	0.1	1.1	0.1	0.5
Government goods and services n.e.c.	0.9	2.9	−6.6	5.1	7.6	1.2	0.0	−0.1	0.0	0.1	0.0
Other	0.9	−4.0	−9.7	−1.6	1.3	−3.1	0.0	−0.1	0.0	0.0	0.0
	Revisions (percentage points)
Exports of goods and services	...	−0.1	0.3	0.4	0.0	−0.1	−0.1	0.3	0.4	0.0	−0.1
Exports of goods	...	0.0	−0.1	0.2	−0.1	−0.3	0.0	0.0	0.1	−0.1	−0.2
Exports of services	...	−0.2	0.9	1.0	0.1	0.3	0.0	0.3	0.3	0.0	0.1

1. The estimates under the contribution columns are also percent changes.

Note. Percent changes are from NIPA table 4.2.1, contributions are from NIPA table 4.2.2, and shares are calculated from NIPA table 4.2.5.

- 14 -

The quarterly pattern of real exports is changed for 2 of the 21 quarters in the revision period, as highlighted in chart 6. The largest upward revision was to the first quarter of 2017; the largest downward revision was to the second quarter of 2018.

Imports of Goods and Services

As with exports, the revisions to imports primarily reflect updated data from the ITAs. The percent change in real imports was revised down 0.1 percentage point for 2015, revised down

0.3 percentage point for 2016 and 2018, and revised up 0.1 percentage point for 2019; it was unrevised for 2017 (table 7).

For 2015, the revision was due to downward revisions to imports of services, particularly travel services and intellectual property products, that were partly offset by an upward revision to other business services.

For 2016, the revision was due to downward revisions to services, particularly transport services, and to goods.

For 2018, the revision was due to downward revisions to imports of services, particularly "other" business services, and to goods.

For 2019, the revision was primarily due to an upward revision to imports of goods, particularly consumer goods except food and automotive, capital goods except automotive, and petroleum and products, that was offset by a downward revision to imports of services, particularly charges for the use of intellectual property n.e.c.

- 15 -

Table 7. Real Imports of Goods and Services

	Share of current-dollar	Change from preceding period	Contribution to percent change in
	imports		real imports
		(Percent)							(Percentage points)
	2019	2015		2016		2017	2018	2019	2015	2016	2017	2018	2019
Imports of goods and services1	100.0	5.2		1.7		4.7	4.1	1.1	5.2	1.7	4.7	4.1	1.1
Imports of goods	80.8	5.7		1.4		4.7	5.0	0.5	4.7	1.1	3.8	4.0	0.4
Foods, feeds, and beverages	4.8	4.0		1.4		2.3	7.8	2.7	0.2	0.1	0.1	0.4	0.1
Industrial supplies and materials	16.6	1.6		2.9		1.6	0.1	−5.3	0.3	0.5	0.3	0.0	−1.0
Capital goods, except automotive	21.8	4.3		1.0		9.4	8.2	−0.6	0.9	0.2	2.0	1.8	−0.1
Automotive vehicles, engines, and parts	12.1	8.4		1.0		2.8	3.7	1.9	1.0	0.1	0.4	0.4	0.2
Consumer goods, except food and	21.0	9.3		0.2		4.5	7.7	3.3	1.9	0.0	1.0	1.6	0.7
automotive
Other	4.5	9.9		4.2		2.8	−3.4	10.9	0.4	0.2	0.1	−0.2	0.4
Imports of services	19.2	3.0		2.9		4.5	0.4	3.7	0.5	0.5	0.8	0.1	0.7
Transport	3.4	7.3		−2.8		2.4	4.5	1.1	0.3	−0.1	0.1	0.2	0.0
Travel (for all purposes including	4.3	1.1		8.6		6.8	5.1	6.4	0.0	0.3	0.3	0.2	0.3
education)
Charges for the use of intellectual	1.4	−16.5		18.4		3.8	−3.3	−4.2	−0.3	0.2	0.1	−0.1	−0.1
property n.e.c.
Other business services	8.7	7.3		1.8		4.7	−3.1	5.0	0.6	0.2	0.4	−0.3	0.4
Government goods and services n.e.c.	0.8	−2.2		−2.6		−1.2	−1.1	5.4	0.0	0.0	0.0	0.0	0.0
Other	0.6	−11.2		−10.8		7.3	10.7	−0.3	−0.1	−0.1	0.0	0.1	0.0
	Revisions (percentage points)
Imports of goods and services	...	−0.1		−0.3		0.0	−0.3	0.1	−0.1	−0.3	0.0	−0.3	0.1
Imports of goods	...	0.0		−0.1		−0.1	0.0	0.2	0.0	−0.1	−0.1	0.0	0.2
Imports of services	...	−0.5		−1.5		0.1	−1.2	−0.5	−0.1	−0.3	0.0	−0.2	−0.1

1. The estimates under the contribution columns are also percent changes.

Note. Percent changes are from NIPA table 4.2.1, contributions are from NIPA table 4.2.2, and shares are calculated from NIPA table 4.2.5.

The quarterly pattern of real imports was changed for 5 of the 21 quarters of the revision period, as highlighted in chart 7. The largest upward revision was to the second quarter of 2019; the largest downward revisions were to the first quarter of 2016 and the third quarter of 2019.

- 16 -

Discontinuities in the Estimates of Foreign Transactions in the National Income and

Product Accounts

The update schedule for successive vintages of GDP and related estimates is primarily determined by the availability of revised or newly available source data. This is also true for the other accounts prepared by BEA, including the ITAs, which provide the major source data underlying the NIPA foreign transactions estimates.

Like the NIPAs, the ITAs are updated annually; the revisions are typically released in June. Annual updates to the NIPAs are typically released in July, resulting in production constraints that sometimes prevent BEA from incorporating the entire period of the most recent ITA revisions. As a result, a discontinuity between the ITA and NIPA estimates may result in periods in which the ITA estimates have been updated but the NIPAs could not be updated.

This year's update of the NIPAs, released on July 30, 2020, generally incorporated estimates of foreign transactions for 2015-2019 from the annual update of the ITAs released in June 2020 at their "best level." However, for most transactions, revisions to the data from the June 2020 update of the ITAs for the years prior to 2015 were not incorporated. As a result, there are discontinuities between the NIPA estimates for 2014 and those for 2015, as reflected in the following table. The amount of the discontinuity is small; for current-dollar net exports of goods and series (and for current-dollar GDP), the decrease from 2014-2015 was understated by $5.4 billion. The revisions to the ITAs for years prior to 2015 will be incorporated in a future update of the NIPAs.

Discontinuities in NIPA Foreign Transactions, 1999-2014

(Billions of dollars)

		2014		2015	Change from
			2014 to 2015
	Published	Discontinuity	Adjusted	Published	Published	Adjusted
Net exports of goods and services	−507.7	5.4	−502.3	−526.6	−18.9	−24.3
Exports	2,371.7	15.6	2,387.3	2,265.9	−105.8	−121.4
Goods	1,615.0	0.0	1,615.0	1,494.6	−120.4	−120.4
Services	756.7	15.6	772.3	771.3	14.6	−1.0
Imports	2,879.4	10.2	2,889.6	2,792.4	−87.0	−97.2
Goods	2,391.6	0.0	2,391.6	2,288.1	−103.5	−103.5
Services	487.8	10.2	498.0	504.4	16.6	6.4
Net receipts of income	241.0	−18.1	222.9	220.4	−20.6	−2.5
Income receipts	853.5	21.4	874.9	860.8	7.3	−14.1
Wage and salary receipts	6.5	0.0	6.5	6.6	0.1	0.1
Income receipts on assets	847.0	21.4	868.4	854.2	7.2	−14.2
Interest	153.7	21.4	175.1	184.1	30.4	9.0
Dividends	355.5	0.0	355.5	352.1	−3.4	−3.4
Reinvested earnings on U.S. direct investment abroad	337.9	0.0	337.9	318.0	−19.9	−19.9
Income payments	612.5	39.5	652.0	640.4	27.9	−11.6
Wage and salary payments	17.1	−1.1	16.0	16.7	−0.4	0.7
Income payments on assets	595.4	40.6	636.0	623.7	28.3	−12.3
Interest	306.9	40.6	347.5	348.8	41.9	1.3
Dividends	193.9	0.0	193.9	189.4	−4.5	−4.5
Reinvested earnings on foreign direct investment in the	94.6	0.0	94.6	85.6	−9.0	−9.0
United States
Current taxes and transfer payments to the rest of the world	−99.0	0.0	−99.0	−117.5	−18.5	−18.5
(net)
	Addenda
Gross domestic product	17,527.3	5.4	17,532.7	18,238.3	711.0	705.6
Gross national product	17,768.3	−12.7	17,755.6	18,458.7	690.4	703.1

- 17 -

Government Consumption Expenditures and Gross

Investment

The revisions to the real estimates of state and local government spending primarily reflect revised and newly available source data from Census Bureau surveys of government finances, which are used to estimate most components of spending by state and local governments, revised BLS QCEW data for 2015-2018, and new QCEW data for 2019, which are used to prepare estimates of government compensation, and new Department of Health and Human Services Medical Expenditures Panel Survey data for 2018-2019.

Revisions to federal government spending primarily reflect revisions to revised allocations of Office of Management and Budget (OMB) data from the federal budget for fiscal year (FY) 2017 and FY 2018, revised FY 2019 OMB budget data for 2018 and 2019, and newly available preliminary OMB budget data for FY 2019. Prices were not significantly changed.

The percent change in real government spending was revised down 0.1 percentage point for 2015, was revised up 0.2 percentage point for 2017, and was revised up 0.1 percentage point for 2018; it was unrevised for 2016 and 2019 (table 8).

For 2015, the revision was primarily due to a downward revision to state and local government consumption expenditures.

For 2017 and 2018, the revisions were primarily due to upward revisions to state and local spending that were partly offset by downward revisions to federal government spending.

Table 8. Real Government Consumption Expenditures and Gross Investment (CEGI)

	Share of current-	Change from preceding period	Contribution to percent change in
	dollar CEGI			real CEGI
		(Percent)					(Percentage points)
	2019	2015	2016		2017	2018	2019	2015	2016	2017		2018	2019
Government consumption expenditures and	100.0	1.8	1.8		0.9	1.8	2.3	1.8	1.8	0.9		1.8	2.3
gross investment1
Consumption expenditures	79.9	1.6	1.8		0.6	1.5	1.8	1.3	1.4	0.5		1.3	1.4
Gross investment	20.1	2.8	2.1		2.2	2.9	4.4	0.5	0.4	0.4		0.6	0.9
Federal	37.9	0.0	0.6		0.3	2.8	4.0	0.0	0.2	0.1		1.1	1.5
National defense	22.7	−2.1	−0.5		0.8	3.3	5.6	−0.5	−0.1	0.2		0.7	1.2
Consumption expenditures	18.1	−2.3	0.1		0.1	2.4	4.5	−0.4	0.0	0.0		0.4	0.8
Gross investment	4.7	−1.4	−2.8		3.8	7.2	9.9	−0.1	−0.1	0.2		0.3	0.4
Nondefense	15.1	3.3	2.2		−0.5	2.1	1.8	0.5	0.3	−0.1		0.3	0.3
Consumption expenditures	11.2	3.0	1.4		−1.2	2.6	1.1	0.3	0.2	−0.1		0.3	0.1
Gross investment	3.9	4.0	4.3		1.9	0.8	3.9	0.2	0.2	0.1		0.0	0.2
State and local	62.1	2.9	2.6		1.2	1.2	1.3	1.8	1.6	0.8		0.8	0.8
Consumption expenditures	50.6	2.7	2.4		1.1	1.0	1.0	1.4	1.2	0.6		0.5	0.5
Gross investment	11.5	4.1	3.3		1.8	2.1	2.4	0.4	0.4	0.2		0.2	0.3
	Revisions (percentage points)
Government consumption expenditures and	---	−0.1	0.0		0.2	0.1	0.0	−0.1	0.0	0.2		0.1	0.0
gross investment
Federal	---	0.1	0.2		−0.5	−0.1	0.5	0.0	0.1	−0.2		0.0	0.2
National defense	---	0.0	0.1		0.1	0.0	0.7	0.0	0.0	0.0		0.0	0.2
Nondefense	---	0.2	0.2		−1.3	−0.3	0.2	0.0	0.0	−0.2		−0.1	0.0
State and local	---	−0.3	0.0		0.6	0.2	−0.3	−0.2	0.0	0.4		0.2	−0.2

1. The estimates under the contribution columns are also percent changes.

Note. Percent changes are from NIPA table 3.9.1, contributions are from NIPA table 3.9.2, and shares are calculated from NIPA table 3.9.5.

- 18 -

The revised estimates changed the quarterly pattern of real government spending in 2 of the 21 quarters of the revision period, as highlighted in chart 8. The largest upward revisions were to the fourth quarter of 2017, the third quarter of 2018, and the third quarter of 2019; the largest downward revision was to the second quarter of 2015.

Prices

Revisions to BEA's various price measures-such as gross domestic purchases, GDP, and PCE- were small and reflect revised and newly available source data and the regular incorporation of annual weights for the most recent year (2019) (table 9). For the period 2014-2019, the average rate of increase in gross domestic purchases prices was 1.4 percent, the same as previously published.

The percent change in the gross domestic purchases price index-a measure of the prices paid by consumers, businesses, and governments-was unrevised for 2015-2017, revised down by 0.1 percentage point for 2018, and revised up by 0.1 percentage point for 2019. The percent change in GDP prices was unrevised for all years.

The percent change in PCE prices was unrevised for 2015-2018 and was revised up 0.1 percentage point for 2019.

From the fourth quarter of 2014 to the first quarter of 2020, the average annual rate of increase in the price index for PCE was unrevised at 1.4 percent. The average annual rate of increase in the "core" PCE price index (which excludes food and energy) was revised up 0.1 percentage point to 1.7 percent.

- 19 -

Table 9. Prices for Gross Domestic Purchases

	Change from preceding period	Contribution to percent change in prices
			(Percent)				(Percentage points)
	2015	2016	2017		2018	2019	2015	2016	2017	2018	2019
Gross domestic purchases1	0.3	0.7	1.9		2.3	1.6	0.3	0.7	1.9	2.3	1.6
Personal consumption expenditures	0.2	1.0	1.8		2.1	1.5	0.1	0.7	1.2	1.4	1.0
Goods	−3.1	−1.6	0.3		0.7	−0.5	−0.7	−0.4	0.1	0.1	−0.1
Durable goods	−2.2	−2.4	−2.3		−1.7	−1.2	−0.2	−0.2	−0.2	−0.1	−0.1
Nondurable goods	−3.5	−1.3	1.6		1.9	−0.1	−0.5	−0.2	0.2	0.3	0.0
Services	1.8	2.3	2.5		2.8	2.4	0.8	1.0	1.1	1.3	1.1
Gross private domestic investment	0.6	0.0	1.7		1.9	1.7	0.1	0.0	0.3	0.3	0.3
Fixed investment	0.9	0.1	1.7		1.9	1.7	0.1	0.0	0.3	0.3	0.3
Nonresidential	0.4	−0.8	0.9		0.9	1.3	0.1	−0.1	0.1	0.1	0.2
Structures	2.1	0.3	2.6		1.7	3.6	0.1	0.0	0.1	0.1	0.1
Equipment	−0.5	−1.1	−0.1		0.1	0.2	0.0	−0.1	0.0	0.0	0.0
Intellectual property products	0.6	−1.1	0.8		1.3	1.3	0.0	−0.1	0.0	0.1	0.1
Residential	2.7	3.5	4.5		5.6	2.8	0.1	0.1	0.2	0.2	0.1
Change in private inventories	---	---	---		---	---	0.0	0.0	0.0	0.0	0.0
Government consumption expenditures and gross investment	0.2	0.3	2.4		3.6	1.9	0.0	0.1	0.4	0.6	0.3
Federal	0.5	0.6	2.1		3.1	1.9	0.0	0.0	0.1	0.2	0.1
National defense	0.3	0.4	1.7		2.9	1.7	0.0	0.0	0.1	0.1	0.1
Nondefense	0.8	0.9	2.6		3.3	2.1	0.0	0.0	0.1	0.1	0.1
State and local	0.0	0.2	2.5		4.0	1.9	0.0	0.0	0.3	0.4	0.2
	Addenda
Gross domestic purchases:
Food	1.1	−1.1	−0.1		0.5	1.0	0.1	−0.1	0.0	0.0	0.1
Energy goods and services	−18.3	−7.5	8.7		8.0	−2.2	−0.7	−0.2	0.2	0.2	−0.1
Excluding food and energy	1.0	1.1	1.8		2.3	1.7	0.9	1.0	1.7	2.1	1.6
Personal consumption expenditures:
Food and beverages purchased for off-premises consumption	1.1	−1.0	−0.1		0.5	1.0	---	---	---	---	---
Energy goods and services	−17.9	−7.3	8.7		8.0	−2.1	---	---	---	---	---
Excluding food and energy	1.2	1.6	1.7		2.0	1.7	---	---	---	---	---
Gross domestic product (GDP)	1.0	1.0	1.9		2.4	1.8	---	---	---	---	---
Exports of goods and services	−4.9	−2.0	2.6		3.4	−0.4	---	---	---	---	---
Imports of goods and services	−8.0	−3.5	2.2		2.9	−1.5	---	---	---	---	---
Revisions (percentage points)
Gross domestic purchases	0.0	0.0	0.0		−0.1	0.1	−0.1	0.0	0.0	0.0	0.0
Food	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0
Energy goods and services	−0.1	−0.1	0.0		0.1	0.1	0.0	0.0	0.0	0.0	0.0
Excluding food and energy	0.0	0.0	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0
PCE	0.0	0.0	0.0		0.0	0.1	---	---	---	---	---
Food and beverages purchased for off-premises consumption	0.0	0.0	0.0		0.0	0.0	---	---	---	---	---
Energy goods and services	0.1	0.0	0.0		0.0	0.2	---	---	---	---	---
Excluding food and energy	0.0	0.0	0.1		0.1	0.1	---	---	---	---	---
GDP	0.0	0.0	0.0		0.0	0.0	---	---	---	---	---
Exports of goods and services	0.0	0.0	0.0		0.0	−0.2	---	---	---	---	---
Imports of goods and services	0.1	0.1	0.0		0.0	−0.1	---	---	---	---	---

1. The estimates under the contribution columns are also percent changes.

Note. Most percent changes are from NIPA table 1.6.7; percent changes for PCE for food and energy goods and services and for PCE excluding food and energy are from NIPA table 2.3.7. Contributions are from NIPA table 1.6.8. GDP, export, and import prices are from NIPA table 1.1.7.

- 20 -

The quarterly patterns of the price indexes for gross domestic purchases and for gross domestic purchases excluding food and energy are generally similar to the pattern reflected by the previously published estimates, as shown in chart 9.

National Income

Revisions to the components of national income reflect the incorporation of a variety of newly available and revised source data. For this annual update, major source data include IRS tabulations of tax return data for corporations, for sole proprietorships, and for partnerships, Census Bureau data on government finances, revised OMB federal budget data, FRB data from the Financial Accounts of the United States, revised BLS QCEW data, and revised data from BEA's ITAs.

For measures of income and saving, the annual update extends back to the first quarter of 1999 to incorporate revised measures from the ITAs of income flows between the United States and the rest of the world. Revisions to national income prior to 2015 were small; the revision for 2014 was 0.2 percent, and the largest revision prior to 2014 was .03 percent.

National income was revised down less than 0.1 percent for 2015; it was revised up 0.2 percent for 2016, up 0.9 percent for 2017, up 0.8 percent for 2018, and up 0.6 percent for 2019 (table 10).

For 2015, the largest downward revisions were to business current transfer payments and taxes on production and imports. The largest offsetting upward revision was to compensation of employees.

For 2016, upward revisions, particularly to net interest and miscellaneous payments and to corporate profits, were partly offset by downward revisions to business current transfer payments and the current surplus of government enterprises.

- 21 -

For 2017, upward revisions to corporate profits, net interest and miscellaneous payments, compensation, business current transfer payments, and rental income of persons were partly offset by downward revisions to proprietors' income and the current surplus of government enterprises.

For 2018, upward revisions to corporate profits, compensation, taxes and production and imports, business current transfer payments, and rental income of persons were partly offset by downward revisions to net interest and miscellaneous payments and proprietors' income.

For 2019, upward revisions to corporate profits, rental income of persons, compensation, and the current surplus of government enterprises were partly offset by downward revisions to net interest and miscellaneous payments, business current transfer payments, and taxes on production and imports.

Table 10. National Income by Type of Income

[Billions of dollars]

				Level			Change from preceding period
		2015	2016	2017	2018	2019	2015	2016	2017	2018	2019
National income	15,784.6	16,082.7	16,853.9	17,689.6	18,269.1	544.7	298.1	771.1	835.7	579.5
Compensation of employees	9,699.4	9,963.9	10,422.5	10,950.1	11,432.4	450.3	264.4	458.7	527.6	482.3
Wages and salaries	7,859.5	8,089.1	8,471.5	8,894.2	9,309.3	384.3	229.6	382.3	422.7	415.1
Government	1,275.8	1,308.2	1,347.7	1,402.5	1,450.8	38.9	32.4	39.5	54.8	48.3
Other		6,583.7	6,780.9	7,123.7	7,491.7	7,858.5	345.4	197.2	342.8	368.0	366.8
Supplements to wages and salaries	1,839.9	1,874.7	1,951.1	2,055.9	2,123.1	66.1	34.8	76.3	104.8	67.2
Employer contributions for employee pension	1,270.6	1,293.5	1,346.0	1,430.7	1,474.0	43.1	23.0	52.4	84.7	43.3
and insurance funds
Employer contributions for government social	569.4	581.2	605.1	625.2	649.1	22.9	11.8	23.9	20.1	23.9
insurance
Proprietors' income with IVA and CCAdj	1,423.0	1,424.8	1,509.0	1,585.9	1,657.7	−24.8	1.8	84.2	77.0	71.7
Farm		56.2	36.0	41.5	43.0	49.7	−13.6	−20.2	5.5	1.5	6.6
Nonfarm		1,366.7	1,388.7	1,467.4	1,542.9	1,608.0	−11.2	22.0	78.7	75.5	65.1
Rental income of persons with CCAdj	649.0	682.7	721.9	759.3	787.1	44.4	33.6	39.3	37.4	27.8
Corporate profits with IVA and CCAdj	2,060.5	2,023.7	2,114.5	2,243.0	2,250.5	−59.7	−36.8	90.8	128.5	7.6
Taxes on corporate income	396.3	376.2	311.3	282.9	298.7	−10.8	−20.1	−64.8	−28.4	15.8
Profits after tax with IVA and CCAdj	1,664.2	1,647.6	1,803.2	1,960.1	1,951.8	−48.9	−16.6	155.6	156.9	−8.3
Net dividends	1,164.9	1,189.4	1,270.4	1,390.1	1,360.8	68.8	24.5	81.0	119.7	−29.3
Undistributed profits with IVA and CCAdj	499.3	458.2	532.8	570.0	591.0	−117.8	−41.2	74.6	37.2	21.0
Net interest and miscellaneous payments	585.8	577.3	636.4	619.1	573.4	69.7	−8.5	59.1	−17.3	−45.7
Taxes on production and imports	1,275.2	1,311.8	1,364.0	1,444.8	1,491.4	34.3	36.6	52.2	80.8	46.6
Less: Subsidies	57.2	61.7	59.9	63.3	73.9	−0.9	4.6	−1.9	3.4	10.6
Business current transfer payments (net)	154.2	164.6	150.7	156.6	158.0	23.8	10.4	−13.9	5.9	1.4
To persons (net)	50.3	59.7	48.8	47.4	47.2	7.3	9.4	−10.8	−1.5	−0.2
To government (net)	110.5	105.5	99.6	101.0	89.1	12.4	−5.1	−5.8	1.4	−11.9
To the rest of the world (net)	−6.6	−0.5	2.2	8.2	21.7	4.0	6.1	2.7	6.0	13.5
Current surplus of government enterprises	−5.3	−4.3	−5.3	−5.8	−7.6	5.7	0.9	−0.9	−0.6	−1.8
			Revisions
National income	−3.2	29.1	145.0	143.7	107.0	−0.7	32.3	115.9	−1.4	−36.6
Compensation of employees	1.3	3.5	10.9	21.6	4.7	1.3	2.3	7.4	10.7	−16.9
Proprietors' income with IVA and CCAdj	0.8	1.1	−9.2	−2.8	−0.6	0.8	0.3	−10.3	6.4	2.3
Rental income of persons with CCAdj	0.9	1.2	3.1	2.5	9.2	0.9	0.3	1.9	−0.6	6.7
Corporate profits with IVA and CCAdj	−1.0	12.3	108.6	168.3	175.9	−1.0	13.3	96.3	59.8	7.5
Net interest and miscellaneous payments	−1.0	17.3	28.4	−53.6	−71.5	−1.0	18.3	11.1	−81.9	−18.0
Taxes on production and imports	−2.0	−1.0	−0.5	3.0	−3.4	−2.0	1.0	0.5	3.5	−6.4
Less: Subsidies	−0.1	−0.1	−1.3	−1.1	−0.9	−0.1	0.0	−1.2	0.2	0.2
Business current transfer payments (net)	−2.5	−3.6	5.3	2.9	−12.7	0.0	−1.0	8.9	−2.4	−15.6
Current surplus of government enterprises	0.3	−1.7	−2.8	0.6	4.6	0.3	−2.0	−1.0	3.4	3.9
CCADj	Capital consumption adjustment
IVA	Inventory valuation adjustment

Note. Dollar levels are from NIPA table 1.12.

- 22 -

GDI, the Average of GDP and GDI, and the Statistical

Discrepancy

Current-dollar GDI was revised down by less than 0.1 percent for 2015 and up by less than 0.1 percent for 2016; it was revised up by 0.4 percent for 2017 and 2019; and it was revised up by

0.5 percent for 2018. Current-dollar GDP is revised by less than 0.1 percent for 2015 and 2019 and by more than 0.1 percent for 2016-2018 (table 11 and chart 10).

The percent change in real GDI was unrevised for 2015, revised up 0.1 percentage point for 2016, revised up 0.4 percentage point for 2017, revised up 0.1 percentage point for 2018, and revised down 0.1 percentage point for 2019. From 2014 to 2019, the average of real GDI and real GDP increased at an average annual rate of 2.3 percent, up 0.1 percentage point from the previously published estimates.

The statistical discrepancy-current-dollar GDP less current-dollar GDI as a percentage of GDP -was −1.3 percent for 2015, −0.5 percent for 2016, −0.7 percent for 2017, −0.3 percent for 2018, and 0.1 percent for 2019 (table 11); the quarterly pattern of the statistical discrepancy is provided in chart 11.

Table 11. Relation of Gross Domestic Product, Gross Domestic Income, Gross National Income, National Income,

and Personal Income

[Billions of dollars]

				Level			Change from preceding period
		2015	2016	2017	2018	2019	2015	2016	2017	2018	2019
Gross domestic product	18,238.3	18,745.1	19,543.0	20,611.9	21,433.2	711.0	506.8	797.9	1,068.9	821.4
Less: Statistical discrepancy	−237.3	−92.2	−131.4	−58.0	12.8	49.3	145.1	−39.3	73.4	70.8
Equals: Gross domestic income	18,475.6	18,837.3	19,674.4	20,669.9	21,420.4	661.7	361.6	837.2	995.4	750.5
Plus: Income receipts from the rest of the world	860.8	893.5	1,032.7	1,142.9	1,169.8	7.2	32.8	139.2	110.1	27.0
Less: Income payments to the rest of the world	640.4	661.5	740.4	858.2	900.2	27.9	21.1	79.0	117.7	42.1
Equals: Gross national income	18,696.0	19,069.3	19,966.7	20,954.6	21,690.0	641.1	373.3	897.4	987.9	735.4
Less: Consumption of fixed capital	2,911.4	2,986.6	3,112.9	3,265.0	3,420.9	96.4	75.2	126.3	152.2	155.9
Equals: National income	15,784.6	16,082.7	16,853.9	17,689.6	18,269.1	544.7	298.1	771.1	835.7	579.5
Less:
Corporate profits with IVA and CCAdj	2,060.5	2,023.7	2,114.5	2,243.0	2,250.5	−59.7	−36.8	90.8	128.5	7.6
Taxes on production and imports less subsidies	1,218.0	1,250.0	1,304.1	1,381.5	1,417.5	35.2	32.1	54.1	77.4	36.1
Contributions for government social insurance,	1,204.7	1,239.1	1,298.4	1,360.4	1,418.8	51.2	34.3	59.3	62.0	58.4
domestic
Net interest and miscellaneous payments on	585.8	577.3	636.4	619.1	573.4	69.7	−8.5	59.1	−17.3	−45.7
assets
Business current transfer payments (net)	154.2	164.6	150.7	156.6	158.0	23.8	10.4	−13.9	5.9	1.4
Current surplus of government enterprises	−5.3	−4.3	−5.3	−5.8	−7.6	5.7	0.9	−0.9	−0.6	−1.8
Plus: Personal income receipts on assets	2,472.2	2,551.7	2,738.5	2,946.7	2,967.9	169.9	79.6	186.8	208.2	21.2
Plus: Personal current transfer receipts	2,685.4	2,776.8	2,855.1	2,970.3	3,125.2	143.9	91.4	78.3	115.2	154.9
Equals: Personal income	15,724.2	16,160.7	16,948.6	17,851.8	18,551.5	732.5	436.5	787.9	903.2	699.7
			Revisions
Gross domestic product	13.5	30.0	23.6	31.6	5.5	13.5	16.5	−6.5	8.1	−26.1
Statistical discrepancy	17.6	19.8	−63.9	−68.8	−85.4	15.1	2.2	−83.7	−4.9	−16.6
Gross domestic income	−4.1	10.3	87.4	100.4	90.9	−1.5	14.3	77.2	13.0	−9.5
CCADj	Capital consumption adjustment
IVA	Inventory valuation adjustment

Note. Dollar levels are from NIPA table 1.12.

- 23 -

Personal Income and Personal Saving

Most of the components of personal income are also components of national income and of GDI, and the revisions reflect the incorporation of much of the same newly available and revised source data, including tabulations of tax return data from the IRS, FRB data from the Financial Accounts of the United States, and wage and salary data from BLS' QCEW.

Personal income was revised up for 2015-2018; it was revised down for 2019 (table 12).

For 2015, the revision was primarily due to upward revisions to personal current transfer receipts, compensation, and personal interest income; these were partly offset by a downward revision to employer contributions for employee pension and insurance funds. For 2016, the revision was primarily due to upward revisions to personal interest income and personal dividend income; compensation and personal current transfer receipts also contributed.

For 2017, the upward revision was primarily due to upward revisions to personal dividend income and personal interest income; upward revisions to compensation and to personal current transfer receipts also contributed. These revisions were partly offset by a downward revision to proprietors' income.

For 2018, the primary contributors to the upward revision were personal dividend income and compensation; downward revisions to personal interest income and to proprietors' income partly offset these impacts.

For 2019, the revision primarily reflected downward revisions to personal current transfer receipts, particularly Medicare and Medicaid, and to personal interest income; these were partly offset by upward revisions to personal dividend income, rental income, and compensation.

- 24 -

Personal saving was revised down for 2015 and 2019. For 2015, personal outlays were revised up by more than personal income; for 2019, personal income was revised down, and personal taxes were revised up. For 2016 and 2017, personal saving was revised up, as upward revisions to income more than offset upward revisions to outlays and taxes. For 2018, upward revisions to income more than offset the upward revision to taxes.

The personal saving rate (personal saving as a percentage of disposable personal income) was revised down to 7.5 percent in 2015, revised up to 6.9 percent in 2016, revised up to

7.2 percent in 2017, revised up to 7.8 percent in 2018, and revised down to 7.5 percent in 2019 (a downward revision of 0.4 percentage point).

For the first quarter of 2015 through the first quarter of 2020, the personal saving rate was revised up for 10 quarters, revised down for 10 quarters, and was unrevised for 1 quarter. The average quarterly saving rate over this period was unrevised at 7.5 percent.

Table 12. Personal Income and Its Disposition

[Billions of dollars]

				Level			Change from preceding period
		2015	2016	2017	2018	2019	2015	2016	2017	2018	2019
Personal income	15,724.2	16,160.7	16,948.6	17,851.8	18,551.5	732.5	436.5	787.9	903.2	699.7
Compensation of employees	9,699.4	9,963.9	10,422.5	10,950.1	11,432.4	450.3	264.4	458.7	527.6	482.3
Wages and salaries	7,859.5	8,089.1	8,471.5	8,894.2	9,309.3	384.3	229.6	382.3	422.7	415.1
Private industries	6,583.7	6,780.9	7,123.7	7,491.7	7,858.5	345.4	197.2	342.8	368.0	366.8
Government	1,275.8	1,308.2	1,347.7	1,402.5	1,450.8	38.9	32.4	39.5	54.8	48.3
Supplements to wages and salaries	1,839.9	1,874.7	1,951.1	2,055.9	2,123.1	66.1	34.8	76.3	104.8	67.2
Proprietors' income with IVA and CCAdj	1,423.0	1,424.8	1,509.0	1,585.9	1,657.7	−24.8	1.8	84.2	77.0	71.7
Farm		56.2	36.0	41.5	43.0	49.7	−13.6	−20.2	5.5	1.5	6.6
Nonfarm		1,366.7	1,388.7	1,467.4	1,542.9	1,608.0	−11.2	22.0	78.7	75.5	65.1
Rental income of persons with CCAdj	649.0	682.7	721.9	759.3	787.1	44.4	33.6	39.3	37.4	27.8
Personal income receipts on assets	2,472.2	2,551.7	2,738.5	2,946.7	2,967.9	169.9	79.6	186.8	208.2	21.2
Personal interest income	1,439.1	1,474.3	1,577.6	1,641.6	1,677.4	90.1	35.2	103.4	63.9	35.8
Personal dividend income	1,033.1	1,077.4	1,160.8	1,305.1	1,290.4	79.9	44.4	83.4	144.2	−14.6
Personal current transfer receipts	2,685.4	2,776.8	2,855.1	2,970.3	3,125.2	143.9	91.4	78.3	115.2	154.9
Government social benefits to persons	2,635.1	2,717.1	2,806.2	2,922.9	3,078.0	136.5	82.0	89.1	116.7	155.1
Other current transfer receipts, from business	50.3	59.7	48.8	47.4	47.2	7.3	9.4	−10.8	−1.5	−0.2
(net)
Less: Contributions for government social	1,204.7	1,239.1	1,298.4	1,360.4	1,418.8	51.2	34.3	59.3	62.0	58.4
insurance
Less: Personal current taxes	1,939.9	1,957.9	2,046.7	2,085.3	2,202.9	155.4	17.9	88.8	38.6	117.6
Equals: Disposable personal income (DPI)	13,784.3	14,202.8	14,901.9	15,766.5	16,348.6	577.2	418.5	699.0	864.7	582.1
Less: Personal outlays	12,745.6	13,227.8	13,830.9	14,529.2	15,117.4	509.4	482.2	603.1	698.3	588.2
Equals: Personal saving	1,038.7	975.0	1,071.0	1,237.3	1,231.2	67.7	−63.7	95.9	166.3	−6.1
Personal saving as a percentage of DPI (percent)	7.5	6.9	7.2	7.8	7.5	0.1	−0.6	0.3	0.6	−0.3
			Revisions
Personal income	6.5	39.5	69.8	32.7	−56.8	6.5	33.1	30.3	−37.1	−89.5
Less: Personal current taxes	2.2	1.8	0.9	7.6	19.7	1.6	−0.4	−0.9	6.7	12.1
Equals: DPI		4.3	37.7	68.9	25.0	−76.5	4.9	33.4	31.1	−43.8	−101.6
Less: Personal outlays	14.4	21.5	28.8	−1.9	−4.9	15.2	7.1	7.3	−30.7	−3.0
Equals: Personal saving	−10.1	16.2	40.1	26.9	−71.6	−10.3	26.3	23.8	−13.1	−98.5
Personal saving as a percentage of DPI (percentage	−0.1	0.1	0.2	0.1	−0.4	−0.2	0.2	0.1	−0.1	−0.5
points)
CCADj	Capital consumption adjustment
IVA	Inventory valuation adjustment

Note. Dollar levels are from NIPA table 2.1.

- 25 -

- 26 -

Major Source Data Incorporated

Table 13 presents the updated NIPA components with revisions of $5.0 billion or more (in absolute value) and lists the major source data that were incorporated as part of this year's update. Note that the incorporation of newly available and revised source data for a given year usually results in a revision to the level of an estimate both for that year and for subsequent years.

Table 13. NIPA Revisions: Selected Components Detail and

Major Source Data Incorporated, 2015-2019

Line	NIPA component and major source data incorporated1			Billions of dollars
	Revision in level		Level
		2015	2016	2017	2018	2019	2019
1	Gross domestic product	13.5	30.0	23.6	31.6	5.5	21,433.2
2	Personal consumption expenditures	13.2	21.5	28.3	−5.4	−18.1	14,544.6
3	Goods	2.7	2.4	7.2	7.1	7.2	4,512.2
4	Durable goods	1.7	−2.4	−1.9	6.0	7.5	1,534.4
5	Motor vehicles and parts	1.1	1.9	1.4	1.7	−9.3	521.8
	Of which:
	Net purchases of used motor vehicles
	Revised trade source data on cars and trucks in operation for 2015-2018; new
	Census Bureau Annual Retail Trade Survey (ARTS) data for retail and
6	wholesale margins for 2018; new trade source data on cars and trucks in	1.0	1.9	1.4	4.3	−6.3	158.5
	operation for 2019; revised Census Bureau Monthly Retail Trade Survey
	(MRTS) and Monthly Wholesale Trade Report data on retail sales and
	wholesale sales of used motor vehicle dealers for 2019.
7	Furnishings and durable household equipment	0.1	0.4	0.0	2.1	3.8	357.4
8	Recreational goods and vehicles	0.5	−5.3	−4.6	4.4	15.6	433.4
	Of which:
	Video, audio, photographic, and information processing equipment
	and media
	Revised ARTS data for 2016-2017; new ARTS data for 2018; revised MRTS
9	data for 2019; revised trade source retail scanner data for 2017-2018; new	0.5	−4.5	−3.7	1.8	11.3	256.3
trade source retail scanner data for 2019; Census e-commerce report for
	2015-2018; revised trade source data on prerecorded discs, vinyl, and
	permanent digital downloads for 2018; new trade source data on prerecorded
	discs, vinyl, and permanent digital downloads for 2019.
10	Other durable goods	0.0	0.5	1.2	−2.3	−2.5	221.7
11	Nondurable goods	0.9	4.9	9.1	1.1	−0.3	2,977.9
12	Food and beverages purchased for off-premises consumption	0.9	2.0	2.7	−4.6	−6.5	1,025.7
	Of which:
	Food and nonalcoholic beverages purchased for off-premises
	consumption
13	Revised ARTS data for 2016-2017; new ARTS data for 2018; revised	0.8	1.6	2.3	−5.5	−8.6	878.1
	MRTS data for 2019; revised trade source retail scanner data for 2018;
	new trade source retail scanner data for 2019.
14	Clothing and footwear	−0.1	1.7	3.6	2.7	4.5	403.5
15	Gasoline and other energy goods	0.0	0.0	1.0	−0.4	−2.3	335.4
16	Other nondurable goods	0.1	1.1	1.8	3.4	4.0	1,213.3
	Of which:
	Recreational items
17	Revised ARTS data for 2016-2017; new ARTS data for 2018; revised	−0.2	0.5	0.8	3.4	5.3	183.2
	MRTS data for 2019; Census e-commerce report for 2015-2018.
18	Services	10.5	19.0	21.1	−12.5	−25.3	10,032.4
19	Household consumption expenditures (for services)	10.4	15.8	18.1	−8.3	−19.1	9,593.2
20	Housing and utilities	2.2	3.2	4.5	3.0	10.8	2,681.2
21	Housing	2.2	2.9	3.1	0.1	7.2	2,330.6
22	Household utilities	0.0	0.3	1.4	2.9	3.6	350.6
23	Health care	0.1	5.0	4.9	−7.6	−19.2	2,450.8
24	Outpatient services	0.1	5.1	8.9	3.2	1.9	1,104.2
	Of which:
	Physician services
25	Revised Census Bureau Service Annual Survey (SAS) taxable and tax-exempt	0.0	1.7	1.5	−0.8	−5.1	572.0
	revenue data for 2015 through 2018; new SAS data for 2019.
	Paramedical services
26	Revised SAS taxable revenue data for 2015 through 2018; new SAS data for	0.1	3.6	7.1	5.0	8.9	397.4
	2019.
27	Hospital and nursing home services	0.1	−0.1	−4.0	−10.8	−21.1	1,346.6
	Of which:

- 27 -

Line	NIPA component and major source data incorporated1			Billions of dollars
	Revision in level		Level
			2015	2016	2017	2018	2019	2019
	Nursing homes
28	Revised SAS taxable and tax-exempt revenue data for 2015 and 2018;	0.0	−0.1	0.0	−6.8	−17.9	190.1
	new SAS data for 2019.
29	Transportation services		0.1	0.4	0.9	4.5	5.2	483.4
30	Motor vehicle services		0.1	−0.8	−2.1	−3.0	−5.5	306.0
31	Public transportation		0.0	1.2	3.0	7.4	10.7	177.4
	Of which:
	Air transportation
32	Revised SAS taxable revenue data for 2015 through 2018; new SAS data for	0.0	1.2	1.6	3.4	5.9	114.7
	2019.
33	Recreation services		−0.4	−1.3	−1.4	−1.4	−7.4	580.4
	Of which:
	Membership clubs, sports centers, parks, theaters, and museums
34	Revised SAS taxable and tax-exempt revenue data for 2015 through 2018;	−0.2	0.2	−1.5	−2.1	−6.2	218.2
	new SAS data for 2019.
35	Food services and accommodations		0.0	0.8	−0.1	−12.1	−19.5	999.5
	Of which:
36	Food services		0.0	0.0	−0.7	−11.3	−19.2	843.2
	Of which:
	Purchased meals and beverages
37	Revised SAS taxable revenue data for 2015 through 2018; new SAS	0.0	0.0	−0.7	−11.3	−19.1	820.7
	data for 2019.
38	Financial services and insurance		0.4	6.4	12.0	8.5	19.0	1,176.1
39	Financial services		0.2	6.4	4.3	−4.5	−4.5	733.4
	Financial services furnished without payment
	Revised Federal Reserve Board (FRB) Financial Accounts of the United
	States data for 2015 to 2018; new FRB data for 2019; revised Internal
40	Revenue Service (IRS) tabulations of corporate tax return data for 2017;	2.3	8.3	15.4	13.9	16.4	370.0
new IRS tabulations of corporate and of sole proprietorship and partnership
	tax return data for 2018; new Federal Deposit Insurance Corporation data
	for 2019; new trade source data on credit unions and on investment
	companies for 2019.
	Financial service charges, fees, and commissions
41	Revised SAS taxable revenue data for 2015 through 2018; new SAS data for	−2.1	−1.9	−11.0	−18.3	-20.9	363.4
	2019.
42	Insurance		0.2	0.1	7.6	13.0	23.5	442.7
	Of which:
	Life insurance
43	Revised and newly available trade source data on life insurance company	0.0	0.0	7.8	9.1	13.4	99.6
expenses for 2017 and 2018; new Bureau of Labor Statistics (BLS) Qarterly
	Census of Employment and Wages (QCEW) data for 2019.
	Net health insurance
44	Revised benefits-to premiums ratio based on new trade source data on	0.1	0.0	−0.2	4.2	5.3	245.7
medical insurance for 2018; new Medical Expenditure Panel Survey (MEPS)
	data for 2019.
45	Other services		8.0	1.2	−2.7	−3.1	−8.0	1,221.8
	Of which:
46	Education services		1.2	0.8	−3.0	−4.5	−6.1	299.6
	Social services and religious activities
47	Revised SAS taxable and tax-exempt revenue data for 2015 through 2018;	0.0	0.0	0.2	0.0	−7.1	212.4
	new SAS data for 2019.
48	Net foreign travel2		6.7	0.2	1.3	−0.9	6.1	−14.0
	Foreign travel by U.S. residents
49	Revised Bureau of Economic Analysis (BEA) International Transactions	−8.0	−14.0	−16.0	−19.6	−17.1	181.8
	Accounts (ITAs) data for 2015-2019.
50	Less: Expenditures in the United States by nonresidents	−14.7	−14.2	−17.3	−18.7	−23.2	195.8
Revised BEA ITAs data for 2015-2019.
51	Final consumption expenditures of nonprofit institutions serving	0.2	3.2	2.9	−4.2	−6.2	439.2
households
	Gross output of nonprofit institutions
52	Revised SAS tax-exempt expenses data for 2015 through 2018; new SAS	0.0	3.3	1.8	−0.9	−14.2	1,658.1
	data for 2019.
	Less: Receipts from sales of goods and services by nonprofit
53	institutions		−0.1	0.1	−1.1	3.3	−8.0	1,218.9
Revised SAS tax-exempt expenses data for 2015 through 2018; new SAS
	data for 2019.
54	Gross private domestic investment		14.1	9.6	−19.5	4.6	7.3	3,751.2
55	Fixed investment		9.2	8.4	−5.7	1.6	26.5	3,702.1
56	Nonresidential		9.1	7.4	−10.3	−10.3	16.9	2,895.0
57	Structures		11.8	14.5	12.3	−1.8	23.2	650.2
58	Commercial and health care		2.1	1.0	1.0	3.7	9.0	195.6
	Of which:
	Office
59	Revised Census Bureau construction spending (value put in place) data for	0.5	0.2	1.6	3.9	7.7	85.0
	2015-2019.
	Manufacturing
60	Revised Census Bureau construction spending (value put in place) data for 2015-	0.4	0.6	1.9	4.9	7.2	77.1
	2019.
61	Power and communication		8.0	10.5	6.0	0.0	10.7	129.2
	Of which:
62	Power		8.0	10.5	7.2	0.1	11.5	107.1
		- 28 -

Line	NIPA component and major source data incorporated1			Billions of dollars
	Revision in level		Level
		2015	2016	2017	2018	2019	2019
	Electric
63	Revised Census Bureau construction spending (value put in place) data	8.0	10.5	3.2	−0.5	6.0	76.9
	for 2015-2019.
	Other power
64	Revised Census Bureau construction spending (value put in place) data	0.0	0.0	3.9	0.6	5.5	30.2
	for 2015-2019.
65	Mining exploration, shafts, and wells	0.3	1.1	−0.7	−13.0	−5.7	120.6
	Of which:
	Petroleum and natural gas
66	Revised trade source data on footage drilled for 2015-2019; revised 2017	0.3	1.1	−0.7	−13.5	−6.1	113.7
	and new 2018 Census Bureau Annual Capital Expenditures Survey Data.
67	Other structures	1.1	1.4	4.0	2.6	2.1	127.7
68	Equipment	−2.1	−5.0	−21.4	−9.2	−0.1	1,241.0
69	Information processing equipment	−1.0	−2.1	−9.7	−12.7	−15.5	397.2
	Of which:
	Communication equipment
70	For 2017, new Census Bureau Economic Census data. For 2018, new	−0.4	−0.9	−3.5	−10.7	−14.1	119.2
Census Bureau Annual Survey of Manufactures (ASM) data; revised
	Census Bureau monthly industry shipments data for 2019.
71	Industrial equipment	−0.3	−0.8	−2.8	5.6	8.5	260.9
72	Transportation equipment	−0.4	−1.0	9.0	7.7	8.4	310.3
	Of which:
	Aircraft
73	For 2017, new Census Bureau Economic Census data. For 2018, new	−0.1	−0.1	9.2	12.4	11.2	45.0
Census Bureau ASM data; revised Census Bureau monthly industry
	shipments data for 2019.
74	Other equipment	−0.6	−1.5	−18.2	−9.4	−1.5	282.4
	Of which:
	Agricultural machinery
75	For 2017, new Census Bureau Economic Census data. For 2018, new	0.0	−0.1	−3.9	2.8	5.6	45.8
Census Bureau ASM data; revised Census Bureau monthly industry
	shipments data for 2019.
	Other
76	For 2017, new Census Bureau Economic Census data. For 2018, new	0.0	−0.1	−2.7	−5.4	−3.3	64.5
Census Bureau ASM data; revised Census Bureau monthly industry
	shipments data for 2019.
77	Intellectual property products	−0.6	−2.2	−1.1	0.7	−6.3	1,003.8
78	Software	0.0	−0.3	1.3	2.7	−4.3	411.2
	Of which:
	Custom
79	Revised Census Bureau Service Annual Survey (SAS) revenue data for	0.0	0.1	−0.8	−1.2	−6.4	161.5
	2016-2018; revised quarterly services survey revenue data for 2019.
	Research and development
	New National Science Foundation (NSF) business research and development
80	survey data for 2018; revised data on expenses and receipts of tax-exempt	−0.6	−1.8	−2.0	−0.4	0.3	501.9
scientific research and development services establishments for 2016-2018;
	new public financial reports on research and development expenses data for
	2019.
	Of which:
81	Business	−0.4	0.0	−0.7	1.6	2.4	475.1
	Of which:
82	Manufacturing	−0.2	0.1	0.3	2.2	0.1	293.6
	Of which:
83	Pharmaceutical and medicine manufacturing	0.6	0.8	0.4	8.1	9.0	89.8
84	Entertainment, literary, and artistic originals	0.0	0.0	−0.3	−1.6	−2.4	90.7
85	Residential	0.0	1.0	4.6	11.8	9.6	807.1
86	Structures	0.0	1.0	4.6	11.8	9.5	793.9
87	Permanent site	−0.1	0.8	2.5	10.6	12.2	347.6
	Single-family structures
88	Revised Census Bureau construction spending (value put in place) data	0.0	0.0	0.0	5.3	7.5	280.0
	for 2015-2019.
	Multifamily structures
89	Revised Census Bureau construction spending (value put in place) data	−0.1	0.8	2.5	5.3	4.7	67.6
	for 2015-2019.
90	Other structures	0.1	0.2	2.1	1.2	−2.7	446.3
91	Residential equipment	0.0	0.0	0.0	0.0	0.1	13.2
92	Change in private inventories	4.9	1.3	−13.9	3.0	−19.2	49.1
93	Farm	−0.1	−0.1	−1.4	1.0	−7.0	−14.5
Revised U.S. Department of Agriculture (USDA) data for 2015-2019.
	Nonfarm
94	New Economic Census data for 2017; revised Census Bureau monthly inventory data	5.0	1.4	−12.4	2.0	−12.2	63.6
	for 2019.
	Change in book value
95	New ASM, AWTS, ARTS, SAS, and Statistics of Income (SOI) data for 2018; revised	0.6	1.4	−3.6	9.6	−6.3	63.2
	Census Bureau monthly inventory data for 2019.
96	Mining, utilities, and construction	0.0	0.0	−0.1	−10.8	0.3	−1.8
New SOI data for 2018.
97	Manufacturing	0.0	0.0	−1.5	16.4	−1.7	20.0
New ASM data for 2018.
98	Wholesale trade	−1.4	2.7	−1.5	2.9	−6.7	16.8
Revised Census Bureau monthly inventory data for 2019.
	- 29 -

Line	NIPA component and major source data incorporated1			Billions of dollars
	Revision in level		Level
			2015	2016	2017	2018	2019	2019
99	Merchant wholesale		−0.1	0.2	−1.9	−3.5	−6.2	10.7
Revised Census Bureau monthly inventory data for 2019.
100	Nonmerchant wholesale		−1.3	2.5	0.4	6.5	−0.5	6.1
New AWTS data for 2018.
101	Retail trade		2.0	−1.4	−0.1	7.2	3.6	18.6
New ARTS data for 2018.
102	Other industries		0.0	0.0	−0.4	−6.1	−1.8	9.6
New SAS and SOI data for 2018.
103	Inventory valuation adjustment (IVA)		4.4	0.0	−8.8	−7.6	−6.6	−0.2
New Economic Census data for 2017; new ASM data for 2018.
104	Net exports of goods and services2		−6.7	6.3	19.8	28.8	21.4	−610.5
Revised ITAs data for 2015-2019.
105	Exports of goods and services		−0.9	6.6	17.8	18.5	10.5	2,514.8
106	Exports of goods		0.0	0.0	3.4	2.6	−7.0	1,636.7
107	Exports of services		−0.9	6.6	14.4	15.8	17.5	878.0
	Of which:
108	Travel (for all purposes including education)		−14.3	−13.8	−16.8	−18.2	−22.7	193.3
109	Charges for the use of intellectual property not elsewhere classified	−13.6	−11.4	−8.4	−9.9	−6.2	117.4
(n.e.c.)
110	Other business services		31.6	36.2	42.6	43.7	47.0	432.1
111	Imports of goods and services		5.8	0.3	−2.0	−10.3	−10.9	3,125.2
112	Imports of goods		0.0	0.0	−2.9	−5.0	−4.5	2,525.6
113	Imports of services		5.8	0.3	1.0	−5.3	−6.5	599.6
114	Transport		2.6	−4.6	−5.2	−1.9	−1.9	107.5
115	Travel (for all purposes including education)		−11.9	−14.4	−16.9	−18.5	−18.3	134.6
116	Charges for the use of intellectual property n.e.c.		−5.4	−5.0	−9.0	−12.2	−16.2	42.7
117	Other business services		14.0	18.0	25.5	20.1	22.7	272.4
118	Government goods and services n.e.c.		0.0	0.0	0.0	0.0	0.1	24.1
119	Other		6.6	6.2	6.6	7.2	7.1	18.4
120	Government consumption expenditures and gross investment	−7.0	−7.4	−5.0	3.7	−5.1	3,747.9
121	Federal government		−0.7	0.6	−5.5	−7.8	−3.8	1,419.2
	Consumption expenditures
122	Revised allocations of fiscal year (FY) 2017 and FY 2018 Office of Management and	−2.1	−1.9	−7.4	−13.4	−16.7	1,097.3
Budget (OMB) budget data for 2017 and 2018; revised FY 2019 OMB budget data
	for 2018 and 2019; new preliminary FY 2020 OMB budget data for 2019.
	Of which:
	Nondurable goods
123	Revised allocations of FY 2017 and FY 2018 OMB budget data for 2017 and	−0.3	−1.1	−2.0	−3.6	−5.5	52.0
2018; revised FY 2019 OMB budget data for 2018 and 2019; new preliminary
	FY 2020 OMB budget data for 2019.
	Services
124	Revised allocations of FY 2017 and FY 2018 OMB budget data for 2017 and	−0.6	0.0	−5.0	−8.3	−6.9	300.8
2018; revised FY 2019 OMB budget data for 2018 and 2019; new preliminary
	FY 2020 OMB budget data for 2019.
125	Gross investment		1.4	2.5	2.0	5.6	12.9	321.9
	Of which:
126	Intellectual property products		0.7	1.5	3.4	4.9	8.9	186.1
	Of which:
	Research and development
127	Revised FY 2019 OMB budget data for 2018 and 2019; new preliminary	0.7	1.5	3.4	4.9	9.5	145.8
	FY 2020 OMB budget data for 2019.
	National defense
128	Revised allocations of FY 2017 and FY 2018 OMB budget data for 2017 and 2018;	−0.4	0.3	1.0	0.8	6.2	852.4
revised FY 2019 OMB budget data for 2018 and 2019; new preliminary FY 2020
	OMB budget data for 2019.
129	Consumption expenditures		−0.5	1.6	2.2	−1.1	−1.3	676.5
	Gross investment
130	Revised FY 2019 OMB budget data for 2018 and 2019; new preliminary FY 2020	0.2	−1.3	−1.3	1.8	7.5	175.9
	OMB budget data for 2019.
	Nondefense
131	Revised allocations of FY 2017 and FY 2018 OMB budget data for 2017 and 2018;	−0.4	0.3	−6.5	−8.6	−10.0	566.7
revised FY 2019 OMB budget data for 2018 and 2019; new preliminary FY 2020
	OMB budget data for 2019.
	Consumption expenditures
132	Revised allocations of FY 2017 and FY 2018 OMB budget data for 2017 and	−1.6	−3.6	−9.7	−12.4	−15.4	420.8
2018; revised FY 2019 OMB budget data for 2018 and 2019; new preliminary FY
	2020 OMB budget data for 2019.
	Of which:
	Services
133	Revised allocations of FY 2017 and FY 2018 OMB budget data for 2017 and	0.0	0.2	−5.0	−7.0	−7.7	99.2
2018; revised FY 2019 OMB budget data for 2018 and 2019; new
	preliminary FY 2020 OMB budget data for 2019.
134	Gross investment		1.2	3.9	3.2	3.8	5.4	146.0
	Of which:
135	Intellectual property products		1.3	4.4	6.7	5.7	7.1	111.1
	Of which:
	Research and development
136	Revised allocations of FY 2017 and FY 2018 NSF survey data for 2017	1.3	4.4	6.7	5.7	7.6	83.3
and 2018; revised FY 2019 OMB budget data for 2018 and 2019; new
	preliminary FY 2020 OMB budget data for 2019.
137	State and local		−6.3	−8.0	0.5	11.5	−1.3	2,328.7
		- 30 -

Line	NIPA component and major source data incorporated1			Billions of dollars
	Revision in level		Level
		2015	2016	2017	2018	2019	2019
	Of which:
138	Consumption expenditures	−6.5	−8.6	−7.1	0.4	−6.7	1,897.8
	Of which:
	Compensation of general government employees
139	Revised BLS QCEW data for 2015-2018. New QCEW for 2019. MEPS	−0.1	0.1	−0.2	6.1	8.8	1,443.4
	health insurance data for 2018.
	Nondurable goods
140	Revised Census Bureau government finances FY 2012-FY 2017	−1.0	−0.5	−1.2	−4.1	−7.9	273.3
tabulations for 2015-2017; new government finances FY 2018
	tabulations for 2017 and 2018.
	Services
141	Revised Census Bureau government finances FY 2012-FY 2017	−3.0	−2.9	−3.2	−6.9	−17.8	501.4
tabulations for 2015-2017; new government finances FY 2018
	tabulations for 2017 and 2018.
	Less: Sales to other sectors
142	Revised Census Bureau government finances FY 2012-FY 2017	2.1	5.1	1.4	−6.5	−12.1	525.7
tabulations for 2015-2017; new government finances FY 2018
	tabulations for 2017 and 2018.
	Of which:
	Health and hospital charges
143	Revised Census Bureau government finances FY 2012-FY 2017	−0.4	1.6	−0.9	−7.4	−11.4	261.6
tabulations for 2015-2017; new government finances FY 2018
	tabulations for 2017 and 2018.
	Gross investment
144	Revised Census Bureau government finances FY 2012-FY 2017 tabulations for	0.2	0.7	7.6	11.1	5.5	431.0
	2014-2017; new government finances FY 2018 tabulations for 2017 and 2018.
	Of which:
	Structures
145	Revised Census Bureau government finances FY 2012-FY 2017 tabulations	1.3	1.6	6.5	9.5	6.4	339.1
for 2015-2017; new government finances FY 2018 tabulations for 2017 and
	2018.
146	Gross domestic product	13.5	30.0	23.6	31.6	5.5	21,433.2
147	Less: Statistical discrepancy3	17.6	19.8	−63.9	−68.8	−85.4	12.8
148	Equals: Gross domestic income	−4.1	10.3	87.4	100.4	90.9	21,420.4
	Compensation of employees, paid
149	See entries for components under compensation of employees, line 171, and additional source	0.3	2.1	8.6	19.2	3.4	11,444.5
	data below.
150	Wages and salaries	1.8	4.2	7.1	3.3	3.9	9,321.4
	To persons
151	Revised SAS data for 2015 through 2018; new SAS data for 2019. Revised local	2.8	5.6	9.2	5.7	5.3	9,302.6
	education wages for 2017.
152	To the rest of the world	−1.0	−1.4	−2.1	−2.5	−1.4	18.8
153	Supplements to wages and salaries	−1.5	−2.1	1.5	15.9	−0.4	2,123.1
See line 176.
154	Taxes on production and imports	−2.0	−1.0	−0.5	3.0	−3.4	1,491.4
155	Less: Subsidies	−0.1	−0.1	−1.3	−1.1	−0.9	73.9
156	Net operating surplus	2.6	14.0	86.6	103.6	132.0	5,137.4
157	Private enterprises	2.3	15.8	89.4	103.0	127.4	5,145.0
158	Current surplus of government enterprises	0.3	−1.7	−2.8	0.6	4.6	−7.6
159	Consumption of fixed capital	−5.1	−5.0	−8.6	−26.4	−42.0	3,420.9
160	Private	−5.2	−4.9	−8.6	−26.8	−43.5	2,832.7
161	Domestic business	−4.9	−4.9	−9.2	−26.4	−40.7	2,233.6
Revised BEA fixed investment and price estimates for 2015-2019.
	Capital consumption allowances
	Revised IRS tabulations of corporate tax return data for 2017; new IRS tabulations
162	of corporate and of sole proprietorship and partnership tax return data for 2018;	0.0	0.0	55.6	17.3	−35.7	2,586.3
	revised Office of Tax Analysis bonus depreciation estimates for 2015-2019; revised
	BEA fixed investment estimates for 2015-2019.
163	Less: Capital consumption adjustment (CCAdj)	4.9	4.8	64.8	43.6	5.0	352.6
164	Households and institutions	−0.3	0.0	0.6	−0.4	−2.8	599.0
165	Government	0.1	−0.1	0.0	0.4	1.4	588.3
166	Plus: Income receipts from the rest of the world	23.1	31.8	74.8	36.6	11.0	1,169.8
	Revised ITA data for 2015-2019.
167	Less: Income payments to the rest of the world	27.3	18.0	25.8	19.8	36.9	900.2
	Revised ITA data for 2015-2019.
168	Equals: Gross national income	−8.3	24.1	136.4	117.2	65.0	21,690.0
169	Less: Consumption of fixed capital	−5.1	−5.0	−8.6	−26.4	−42.0	3,420.9
170	Equals: National income	−3.2	29.1	145.0	143.7	107.0	18,269.1
171	Compensation of employees	1.3	3.5	10.9	21.6	4.7	11,432.4
172	Wages and salaries	2.8	5.6	9.4	5.7	5.2	9,309.3
173	Government	0.1	0.2	−0.2	−0.1	−1.0	1,450.8
	Other
174	Revised SAS data for 2015 through 2018; new SAS data for 2019. Revised local	2.7	5.4	9.6	5.8	6.1	7,858.5
	education wages for 2017.
175	Supplements to wages and salaries	−1.5	−2.1	1.5	15.9	−0.4	2,123.1
	Employer contributions for employee pension and insurance funds
	New Department of Labor pension data for 2017 affecting 2018 extrapolations; new
176	Pension Benefit Guaranty Corporation data for 2018; revised FRB Financial Accounts	−1.7	−2.1	2.1	13.5	0.8	1,474.0
	of the United States data for 2016 and 2017; new FRB data for 2018; new Department
	of Health and Human Services MEPS data for 2018 and 2019.
177	Employer contributions for government social insurance	0.1	0.0	−0.6	2.4	−1.2	649.1
	- 31 -

- 32 -

Line	NIPA component and major source data incorporated1			Billions of dollars
	Revision in level		Level
		2015	2016	2017	2018	2019	2019
178	Proprietors' income with IVA and CCAdj	0.8	1.1	−9.2	−2.8	−0.6	1,657.7
179	Farm	0.2	0.4	3.4	15.8	17.7	49.7
180	Proprietors' income with IVA	0.2	0.4	3.4	15.8	17.7	56.3
Revised USDA data for 2015-2019.
181	CCAdj	0.0	0.0	0.0	0.0	0.0	−6.6
182	Nonfarm	0.6	0.6	−12.7	−18.6	−18.2	1,608.0
	Proprietors' income
183	Revised IRS tabulations of corporate tax return data for the posttabulation	0.1	0.3	−16.1	−13.8	−9.4	1,245.3
adjustments for 2017; new IRS tabulations of sole proprietorship and partnership tax
	return data for 2018; new Census Bureau nonfiler income data for 2017.
184	IVA	0.0	0.0	0.8	−0.2	−0.3	−0.6
185	CCAdj	0.4	0.4	2.6	−4.7	−8.5	363.3
186	Rental income of persons with CCAdj	0.9	1.2	3.1	2.5	9.2	787.1
	Rental income of persons
	New Census Bureau Current Population Survey/Housing Vacancy Survey (CPS/HVS) data
187	on units for 2019; revised CPS/HVS data on units for 2017-2018; revised FRB Financial	0.9	1.2	3.1	2.5	9.0	809.7
	Accounts of the United States data on residential mortgage loan liabilities for 2018-2019;
	revised Freddie Mac data on the value of mortgage originations for 2017-2019.
188	CCAdj	0.0	0.0	0.0	0.0	0.2	−22.6
	Corporate profits with IVA and CCAdj
189	Revised IRS tabulations of corporate tax return data for 2017; new IRS tabulations for 2018;	−1.0	12.3	108.6	168.3	175.9	2,250.5
revised Census Bureau Quarterly Financial Report data for 2019; regulatory agency and
	public financial reports profits data for 2019.
190	Domestic industries	6.3	4.2	65.4	157.4	201.4	1,745.1
191	Financial	−0.6	−0.6	29.3	24.3	55.1	462.0
192	Nonfinancial	6.9	4.8	36.1	133.2	146.3	1,283.0
193	Rest of the world	−7.3	8.1	43.1	10.9	−25.5	505.4
Revised BEA ITA estimates for 2015-2019.
194	Less: CCAdj	4.5	4.4	62.1	48.3	13.3	18.5
See entries under Consumption of fixed capital, line 159.
195	Equals: Corporate profits with IVA	−5.5	7.8	46.5	120.1	162.6	2,232.0
196	Domestic industries	1.8	−0.2	3.3	109.2	188.1	1,726.5
197	Financial	−0.9	−1.0	22.1	13.2	51.5	470.5
198	Federal Reserve banks	0.0	0.0	0.0	4.5	0.8	52.4
199	Other financial	−0.9	−1.0	22.1	8.7	50.7	418.1
200	Nonfinancial	2.7	0.8	−18.8	96.0	136.6	1,256.0
201	Utilities	0.1	0.1	2.4	25.7	29.7	27.2
202	Manufacturing	2.4	0.5	−10.8	53.9	63.8	336.5
203	Durable goods	−0.2	0.3	0.4	39.0	43.9	181.3
204	Nondurable goods	2.6	0.1	−11.2	15.0	19.9	155.2
205	Wholesale trade	0.4	0.0	−2.2	−3.1	−9.1	111.3
206	Retail trade	0.0	0.1	−7.8	13.4	4.1	168.0
207	Transportation and warehousing	0.0	0.0	0.5	7.9	15.8	56.4
208	Information	−0.1	0.0	−3.0	17.5	29.2	130.8
209	Other nonfinancial	−0.1	0.2	2.0	−19.2	3.2	425.8
210	Rest of the world	−7.3	8.1	43.1	10.9	−25.5	505.4
211	Less: IVA	3.2	0.2	−3.8	−3.1	−6.5	−5.3
212	Equals: Corporate profits before tax without IVA and CCAdj	−8.7	7.6	50.2	123.2	169.1	2,237.3
213	Domestic industries	−1.3	−0.5	7.1	112.3	194.6	1,731.8
214	Financial	−0.9	−1.0	22.1	13.2	51.5	470.5
215	Nonfinancial	−0.5	0.5	−15.0	99.1	143.1	1,261.3
216	Rest of the world	−7.3	8.1	43.1	10.9	−25.5	505.4
217	Receipts from the rest of the world	−5.0	3.5	51.3	14.2	−13.0	871.2
218	Less: Payments to the rest of the world	2.3	−4.6	8.1	3.3	12.6	365.7
219	Less: Taxes on corporate income	−0.3	−1.4	−8.1	63.1	80.5	298.7
220	Equals: Profits after tax	−8.4	9.0	58.3	60.1	88.5	1,938.6
221	Domestic industries	−1.0	0.9	15.2	49.2	114.1	1,433.1
222	Rest of the world	−7.3	8.1	43.1	10.9	−25.5	505.4
223	Less: Net corporate dividend payments, National income and product accounts	0.0	13.5	30.8	77.5	20.0	1,360.8
224	Domestic industries	0.0	0.0	15.3	7.8	56.4	895.8
225	Rest of the world	0.0	13.5	15.5	69.8	−36.5	465.1
226	Equals: Undistributed corporate profits	−8.4	−4.5	27.6	−17.5	68.6	577.7
227	Domestic industries	−1.0	0.9	−0.1	41.4	57.6	537.4
228	Rest of the world	−7.3	−5.4	27.7	−58.9	10.9	40.4
	Net interest and miscellaneous payments
229	Newly available corporate SOI for 2016 and 2017; newly available sole proprietors and	−1.0	17.3	28.4	−53.6	−71.5	573.4
	partnerships SOI for 2017. Updated extrapolation for 2018 with newly available SOI.
230	Net interest	−0.5	17.6	28.5	−52.8	−69.5	553.1
231	Domestic business	−4.5	12.7	25.9	−55.8	...	475.1
	Monetary interest paid
232	Newly available corporate SOI for 2018; revised corporate SOI for 2017; newly	4.2	7.3	69.1	65.3	...	1,937.4
	available sole proprietors and partnerships SOI for 2017.
	Less: Monetary interest received
233	Newly available corporate SOI for 2018; revised corporate SOI for 2017; newly	−0.1	−5.5	49.7	121.7	...	2,382.5
	available sole proprietors and partnerships SOI for 2017.
	Imputed interest paid, depositor, insurance, and pension services
	Revised implicit and direct commissions received by regulated investment
234	companies; newly available American Council for Life Insurers (ACLI) data on net	−2.4	−2.3	−3.6	−15.9	...	1,165.7
	investment income; revised imputed interest paid by state and local pension plans
	for 2018.

Line	NIPA component and major source data incorporated1			Billions of dollars
	Revision in level		Level
		2015	2016	2017	2018	2019	2019
	Financial
235	Revised implicit and direct commissions received by regulated investment	−2.4	−2.3	−1.0	−10.2	...	1,161.7
companies; newly available ACLI data on net investment income; revised
	imputed interest paid by state and local pension plans for 2018.
	Of which:
236	Employee pension plans	0.0	−0.8	−2.2	−11.1	...	496.9
237	Nonfinancial	0.0	0.0	−2.6	−5.8	...	4.1
238	Less: Imputed interest received, depositor, insurance, and pension services	−0.9	−7.3	−13.4	−17.8	...	393.0
239	Imputed interest paid, borrower services	−0.8	−5.5	−10.3	−15.8	...	−166.9
240	Less: Imputed interest received, borrower services	6.4	−0.5	−6.9	−14.5	...	−314.4
241	Owner-occupied housing	1.8	0.6	−0.6	0.1	...	296.4
242	Nonprofit institutions	0.1	−0.2	−0.4	−0.6	...	5.4
	Rest of the world
243	New treatment of borrower and depositor imputed interest flows to and from the rest	2.1	4.4	3.5	3.5	−1.7	−223.8
of the world for 2015-2019; revised monetary payments and receipts from the ITAs for
	2015-2019.
244	Miscellaneous payments	−0.5	−0.3	−0.1	−0.8	−2.1	20.3
245	Federal rents and royalties	−0.1	−0.2	0.0	−0.5	−2.0	8.5
246	State and local rents and royalties	−0.4	−0.1	−0.1	−0.2	−0.1	11.8
247	Taxes on production and imports	−2.0	−1.0	−0.5	3.0	−3.4	1,491.4
248	Federal	0.0	0.0	2.2	1.9	4.6	173.7
	State and local
249	Revised Census Bureau government finances FY 2012-FY 2017 tabulations for 2015-2017;	−1.9	−1.0	−2.7	1.1	−8.0	1,317.7
	new government finances FY 2018 tabulations for 2017 and 2018.
250	Less: Subsidies	−0.1	−0.1	−1.3	−1.1	−0.9	73.9
251	Federal	−0.1	−0.1	−1.3	−1.1	−0.9	73.3
252	State and local	0.0	0.0	0.0	0.0	0.0	0.6
253	Business current transfer payments (net)	−2.5	−3.6	5.3	2.9	−12.7	158.0
	To persons (net)
254	Revised trade source data on insurance benefits for 2015-2019; revised IRS tabulations of	0.0	0.0	0.8	−5.8	−7.4	47.2
	corporate gifts for 2017 and new tabulations for 2018.
255	To government (net)	1.0	1.7	2.5	−0.5	−2.8	89.1
256	To the rest of the world (net)	−3.6	−5.3	2.0	9.1	−2.5	21.7
Revised ITA data for 2015-2019.
257	Current surplus of government enterprises	0.3	−1.7	−2.8	0.6	4.6	−7.6
	Federal
258	Revised FY 2019 OMB budget data for 2018 and 2019; new preliminary FY 2020 OMB	0.3	0.1	−0.1	1.9	5.8	−1.9
	budget data for 2019.
259	State and local	0.0	−1.9	−2.7	−1.2	−1.2	−5.7
	Addenda:
260	Gross national product	9.3	43.9	72.6	48.4	−20.4	21,702.9
261	Gross saving	−1.5	27.0	128.9	131.7	111.1	3,988.4
262	Personal income	6.5	39.5	69.8	32.7	−56.8	18,551.5
263	Compensation of employees	1.3	3.5	10.9	21.6	4.7	11,432.4
264	Proprietors' income with IVA and CCAdj	0.8	1.1	−9.2	−2.8	−0.6	1,657.7
265	Rental income of persons with CCAdj	0.9	1.2	3.1	2.5	9.2	787.1
266	Personal income receipts on assets	1.4	30.3	56.9	16.5	−25.0	2,967.9
267	Personal interest income	1.2	16.9	26.1	−61.1	−43.1	1,677.4
268	Monetary interest received by persons	−0.4	11.0	15.5	−60.1	...	635.0
269	Imputed interest received by persons, depositor, insurance, and pension	1.7	5.9	10.6	−1.0	...	1,041.4
services
270	From banks, credit agencies, and investment companies	2.8	7.1	12.7	12.2	...	245.1
271	From life insurance carriers	−1.2	−0.4	0.1	−2.7	...	287.6
272	From property and casualty insurance companies	0.0	0.0	0.0	0.6	...	11.8
273	From employee pension plans	0.0	−0.8	−2.2	−11.1	...	496.8
274	Imputed interest received by nonprofit institutions	0.0	0.0	0.0	0.1	0.1	1.0
275	Personal dividend income	0.2	13.5	30.8	77.6	18.1	1,290.4
276	Personal current transfer receipts	2.1	2.6	7.0	−1.2	−46.7	3,125.2
277	Government social benefits to persons	2.1	2.6	6.2	4.6	−39.3	3,078.0
	Federal
	Revised CMS data on incurred Medicare benefits for 2015-2018; new data for 2019.
278	Revised FY 2019 OMB budget data for 2018 and 2019; new preliminary FY 2020 OMB	2.4	3.6	10.9	14.0	−18.5	2,323.5
	budget data for 2019. Reclassification of federal spending from nondefense CE to social
	benefits for 2017-2018.
	State and local
	Revised Census Bureau government finances FY 2015-FY 2017 tabulations for 2015-
279	2017; new government finances FY 2017 tabulations for 2016 and 2017; revised CMS	−0.2	−1.0	−4.7	−9.4	−20.8	754.6
	data on Medicaid benefits for 2016-2019 and new CMS data on Children's Health
	Insurance Program for 2018; new Alaska dividends data for 2018-2019.
280	Other current transfer receipts, from business (net)	0.0	0.0	0.8	−5.8	−7.4	47.2
Revised ITAs for 2015-2019.
281	Less: Contributions for government social insurance, domestic	0.0	−0.8	−1.2	4.0	−1.6	1,418.8
	Federal
282	Revised Social Security Administration data on wages subject to Federal Insurance	0.0	−0.3	−0.2	5.2	−0.8	1,402.2
	Contributions Act taxes and earnings subject to Self-Employment Contributions Act taxes.
283	State and local	0.1	−0.1	−0.8	−1.2	−1.0	21.7
284	Less: Personal current taxes	2.2	1.8	0.9	7.6	19.7	2,202.9
285	Federal	1.9	1.4	1.5	−2.7	12.8	1,713.0
Treasury Department tax receipts and tax refunds data for 2019.

- 33 -

Line		NIPA component and major source data incorporated1			Billions of dollars
		Revision in level		Level
			2015	2016	2017	2018	2019	2019
		State and local
		Revised Census Bureau government finances FY 2012-FY 2017 tabulations for 2015-2017;
286		new FY 2018 tabulations for 2017 and 2018; revised FY 2012-FY 2018 Census Bureau state	0.2	0.4	−0.6	10.4	7.0	489.9
		government tax collections tabulations for 2015 and 2018; new FY 2019 tabulations for 2018
		and 2019; new quarterly summary of tax revenue for 2019; revised for 2018.
287		Equals: Disposable personal income	4.3	37.7	68.9	25.0	−76.5	16,348.6
288		Less: Personal outlays	14.4	21.5	28.8	−1.9	−4.9	15,117.4
289		Personal consumption expenditures	13.2	21.5	28.3	−5.4	−18.1	14,544.6
290		Personal interest payments	0.5	−0.7	−2.0	−3.8	2.4	362.3
291		Monetary interest paid by persons	0.0	0.3	0.3	0.5	7.3	428.0
		Imputed interest paid by persons, borrower services
292		Revised FRB Financial Accounts of the United States for imputed interest received by	0.6	−1.0	−2.3	−4.3	−4.9	−65.6
		commercial banks from persons for 2015 to 2019.
293		Personal current transfer payments	0.6	0.8	2.5	7.3	10.7	210.5
294		To government	0.9	1.4	3.5	4.5	6.3	115.2
295		To the rest of the world (net)	−0.3	−0.6	−1.0	2.8	4.4	95.3
296		Equals: Personal saving	−10.1	16.2	40.1	26.9	−71.6	1,231.2
ACLI	American Council for Life Insurers
ARTS	Annual Retail Trade Survey
ASM	Annual Survey of Manufactures
BEA	Bureau of Economic Analysis
BLS	Bureau of Labor Statistics
CCAdj	Capital consumption adjustment
CPS/HVS Current Population Survey/Housing Vacancy Survey
FRB	Federal Reserve Board
FY	Fiscal year
IRS	Internal Revenue Service
ITAs	International Transactions Accounts
IVA	Inventory valuation adjustment
MEPS	Medical Expenditure Panel Survey
MRTS	Monthly Retail Trade Survey
n.e.c.	Not elsewhere classified
NIPAs	National Income and Product Accounts
NSF	National Science Foundation
OMB	Office of Management and Budget
QCEW	Quarterly Census of Employment and Wages
SAS	Service Annual Survey
SOI	Statistics of Income
USDA	U.S. Department of Agriculture

1. In these descriptions, "new" indicates this is the first time that data from the specific source are being incorporated into the component estimate for the given year, and "revised" indicates that data from the specific source were incorporated previously and now revised data from that source are being incorporated.
2. Revisions reflect the annual revision of BEA's international transactions accounts (ITAs). For more information,
   see Rudy Telles Jr., Nick Martinez, and Ted Peck, "Annual Update of the U.S. International Transactions Accounts," in the July 2020 Survey of Current Business.
3. The statistical discrepancy is gross domestic product (GDP) less gross domestic income (GDI); it is also the difference between gross national product (GNP) and gross national income (GNI), which is GDI plus net income receipts from the rest of the world. The statistical discrepancy arises because the product-side measures of GDP and GNP are estimated independently from the income-side measures of GDI and GNI.

- 34 -

Data Availability

Annual NIPA estimates for 1929 forward and quarterly estimates for 1947 forward are available on BEA's website in more than 350 interactive tables that are arranged in roughly the same order as the 7 summary accounts.1 The tables can be downloaded in a variety of formats, customized by date and by frequency, and displayed in charts.2

The following selected revised NIPA tables will be released later this fall:

Table 2.9 (personal income by households and by nonprofit institutions serving households (NPISH)) Tables 3.15-3.17 (government spending by function)

Tables 3.18 and 3.19 (reconciliation of federal government and of state and local government spending estimates with related source data)

Tables 3.20 and 3.21 (state government and local government current receipts and expenditures) Table 5.10 (changes in net stocks of fixed assets and inventories)

Table 7.19 (reconciliation of NIPA income and outlays of NPISH with IRS revenue and expenses)

In addition, several other BEA estimates will be updated later this year to reflect the results of this year's NIPA update. They are as follows:

The Industry Economic Accounts (IEAs), which provide a detailed view of the interrelationships between U.S. producers and users and the contribution to production across industries, will be released on September 30, 2020. The NIPAs and the IEAs have been conceptually integrated, and their estimates have been consistent since 2013. This year's update of the IEAs will mark a new milestone in this integration, as the IEA estimates for the second quarter of 2020 will be released simultaneously with the third estimate of GDP for the second quarter.

The GDP by state estimates, which provide comprehensive measures of the economies of each state and the District of Columbia, will be released on October 2. As with the IEAs, the by-state measures of GDP are consistent with the national and industry measures of GDP.

The integrated macroeconomic accounts, which relate production, income and spending, capital formation, financial transactions, and asset revaluations to changes in net worth for the major sectors of the U.S. economy (these accounts are published jointly by BEA and the FRB).

1. Thefixed assets accounts, which present estimates of capital investment by legal form and by type, will be updated for 2015-2019 to reflect the results of the annual update of the NIPAs; the tables will be released in the coming weeks.
2. For a detailed description of the NIPA table numbering system, see the FAQ "How are the NIPA tables organized?" on BEA's website.

- 35 -

NIPA Summary Accounts

Table A. Summary National Income and Product Accounts, 2019

[Billions of dollars]

Account 1. Domestic Income and Product Account

Line			Line
1	Compensation of employees, paid	11,444.5	15	Personal consumption expenditures (3-3)	14,544.6
2	Wages and salaries	9,321.4	16	Goods	4,512.2
3	Domestic (3-12)	9,302.6	17	Durable goods	1,534.4
4	Rest of the world (5-15)	18.8	18	Nondurable goods	2,977.9
5	Supplements to wages and salaries (3-14)	2,123.1	19	Services	10,032.4
6	Taxes on production and imports (4-15)	1,491.4	20	Gross private domestic investment	3,751.2
7	Less: Subsidies (4-8)	73.9	21	Fixed investment (6-2)	3,702.1
8	Net operating surplus	5,137.4	22	Nonresidential	2,895.0
9	Private enterprises (2-19)	5,145.0	23	Structures	650.2
10	Current surplus of government enterprises (4-28)	−7.6	24	Equipment	1,241.0
11	Consumption of fixed capital (6-14)	3,420.9	25	Intellectual property products	1,003.8
			26	Residential	807.1
12	Gross domestic income	21,420.4	27	Change in private inventories (6-4)	49.1
			28	Net exports of goods and services	−610.5
13	Less: Statistical discrepancy (6-20)	12.8	29	Exports (5-1)	2,514.8
			30	Imports (5-13)	3,125.2
			31	Government consumption expenditures and gross	3,747.9
			investment (4-1 plus 6-3)
			32	Federal	1,419.2
			33	National defense	852.4
			34	Nondefense	566.7
			35	State and local	2,328.7
14	Gross domestic product	21,433.2	36	Gross domestic product	21,433.2

Account 2. Private Enterprise Income Account

Line			Line
1	Income payments on assets	3,625.5	19	Net operating surplus, private enterprises (1-9)	5,145.0
2	Interest and miscellaneous payments (2-21 and 3-	3,259.8	20	Income receipts on assets	3,333.8
20 and 4-22 and 5-17)
3	Dividend payments to the rest of the world (5-18)	218.3	21	Interest (2-2 and 3-4 and 4-7 and 5-5)	2,462.6
4	Reinvested earnings on foreign direct investment	147.5	22	Dividend receipts from the rest of the world (5-6)	683.3
in the United States (5-19)
5	Business current transfer payments (net)	158.0	23	Reinvested earnings on U.S. direct investment	187.9
abroad (5-7)
6	To persons (net) (3-24)	47.2
7	To government (net) (4-25)	89.1
8	To the rest of the world (net) (5-23 less 5-11 less	21.7
2-14)
9	Proprietors' income with IVA and CCAdj (3-17)	1,657.7
10	Rental income of persons with IVA and CCAdj (3-18)	787.1
11	Corporate profits with IVA and CCAdj	2,250.5
12	Taxes on corporate income	298.7
13	To government (4-16)	286.8
14	To the rest of the world (5-23)	11.9
15	Profits after tax with IVA and CCAdj	1,951.8
16	Net dividends (3-21 plus 4-23)	1,360.8
17	Undistributed corporate profits with IVA and	591.0
CCAdj (6-12)
18	Uses of private enterprise income	8,478.8	24	Sources of private enterprise income	8,478.8

- 36 -

Account 3. Personal Income and Outlay Account

Line			Line
1	Personal current taxes (4-14)	2,202.9	10	Compensation of employees	11,432.4
2	Personal outlays	15,117.4	11	Wages and salaries	9,309.3
3	Personal consumption expenditures (1-15)	14,544.6	12	Domestic (1-3)	9,302.6
4	Personal interest payments (2-21 and 3-20 and 4-	362.3	13	Rest of the world (5-3)	6.7
22 and 5-17)
5	Personal current transfer payments	210.5	14	Supplements to wages and salaries (1-5)	2,123.1
6	To government (4-26)	115.2	15	Employer contributions for employee pension	1,474.0
and insurance funds
7	To the rest of the world (net) (5-21 less 5-9)	95.3	16	Employer contributions for government social	649.1
insurance
8	Personal saving (6-11)	1,231.2	17	Proprietors' income with IVA and CCAdj (2-9)	1,657.7
			18	Rental income of persons with CCAdj (2-10)	787.1
			19	Personal income receipts on assets	2,967.9
			20	Personal interest income (2-2 plus 3-4 plus 4-7	1,677.4
			plus 5-5 less 2-21 less 4-22 less 5-17)
			21	Personal dividend income (2-16 less 4-23)	1,290.4
			22	Personal current transfer receipts	3,125.2
			23	Government social benefits (4-4)	3,078.0
			24	From business (net) (2-6)	47.2
			25	Less: Contributions for government social insurance,	1,418.8
			domestic (4-19)
9	Personal taxes, outlays, and saving	18,551.5	26	Personal income	18,551.5

Account 4. Government Receipts and Expenditures Account

Line			Line
1	Consumption expenditures (1-31)	2,995.1	13	Current tax receipts	4,008.8
2	Current transfer payments	3,152.4	14	Personal current taxes (3-1)	2,202.9
3	Government social benefits	3,102.0	15	Taxes on production and imports (1-6)	1,491.4
4	To persons (3-23)	3,078.0	16	Taxes on corporate income (2-13)	286.8
5	To the rest of the world (5-22)	24.0	17	Taxes from the rest of the world (5-10)	27.7
6	Other current transfer payments to the rest of the	50.4	18	Contributions for government social insurance	1,424.0
world (5-22)
7	Interest payments (2-21 and 3-20 and 4-22 and 5-	879.4	19	From persons (3-25)	1,418.8
17)
8	Subsidies (1-7)	73.9	20	From the rest of the world (5-10)	5.2
9	Net government saving (6-13)	−1,254.7	21	Income receipts on assets	208.1
10	Federal	−1,047.0	22	Interest and miscellaneous receipts (2-2 and 3-4	137.7
and 4-7 and 5-5)
11	State and local	−207.7	23	Dividends (2-16 less 3-21)	70.4
			24	Current transfer receipts	212.7
			25	From business (net) (2-7)	89.1
			26	From persons (3-6)	115.2
			27	From the rest of the world (5-10)	8.5
			28	Current surplus of government enterprises (1-10)	−7.6
12	Government current expenditures and net saving	5,846.0	29	Government current receipts	5,846.0

Account 5. Foreign Transactions Current Account

Line			Line
1	Exports of goods and services (1-29)	2,514.8	13	Imports of goods and services (1-30)	3,125.2
2	Income receipts from the rest of the world	1,169.8	14	Income payments to the rest of the world	900.2
3	Wage and salary receipts (3-13)	6.7	15	Wage and salary payments (1-4)	18.8
4	Income receipts on assets	1,163.1	16	Income payments on assets	881.4
5	Interest (2-21 and 3-20 and 4-22)	291.9	17	Interest (2-2 and 3-4 and 4-7)	515.7
6	Dividends (2-22)	683.3	18	Dividends (2-3)	218.3
7	Reinvested earnings on U.S. direct investment	187.9	19	Reinvested earnings on foreign direct	147.5
abroad (2-23)	investment in the United States (2-4)
	Current taxes, contributions for government social			Current taxes and transfer payments to the rest of the
8	insurance, and transfer receipts from the rest of the	147.2	20	309.1
world
	world
9	To persons (3-7)	7.6	21	From persons (3-7)	102.9
10	To government (4-17 plus 4-20 plus 4-27)	41.3	22	From government (4-5 plus 4-6)	74.4
11	To business (2-8)	98.2	23	From business (2-8 and 2-14)	131.8
			24	Balance on current account, national income and	−502.8
			product accounts (7-1)
12	Current receipts from the rest of the world	3,831.8	25	Current payments to the rest of the world and	3,831.8
balance on current account, NIPAs

- 37 -

Account 6. Domestic Capital Account

Line			Line
1	Gross domestic investment	4,504.0	10	Net saving	567.5
2	Private fixed investment (1-21)	3,702.1	11	Personal saving (3-8)	1,231.2
3	Government fixed investment (1-31)	752.8	12	Undistributed corporate profits with IVA and	591.0
CCAdj (2-17)
4	Change in private inventories (1-27)	49.1	13	Net government saving (4-9)	−1,254.7
5	Capital account transactions (net)	6.7	14	Plus: Consumption of fixed capital (1-11)	3,420.9
6	Transfer payments for catastrophic losses (net) (7-	6.6	15	Private	2,832.7
3)
7	Other capital account transactions (7-4)	0.1	16	Government	588.3
8	Net lending or net borrowing (−), national income	−509.5	17	General government	508.1
and product accounts (7-5)
			18	Government enterprises	80.1
			19	Equals: Gross saving	3,988.4
			20	Statistical discrepancy (1-13)	12.8
9	Gross domestic investment, capital account	4,001.2	21	Gross saving and statistical discrepancy	4,001.2
transactions (net), and net lending, NIPAs

Account 7. Foreign Transactions Capital Account

	Line			Line
				2	Capital account transactions (net) (6-5)	6.7
				3	Transfer payments for catastrophic losses (net) (6-6)	6.6
				4	Other capital account transactions (6-7)	0.1
				5	Net lending or net borrowing (−), national income	−509.5
				and product accounts (6-8)
	1	Balance on current account, NIPAs (5-24)	−502.8	6	Capital account transactions (net) and net lending,	−502.8
	NIPAs (6-5)

CCAdj Capital consumption adjustment

IVA Inventory valuation adjustment

NIPAs National Income and Product Accounts

Note. The seven summary accounts constitute a double-entry accounting system in which each of the entries in a summary account appears again in that account or in one of the other summary accounts. The numbers in parentheses indicate these "counterentries." In some cases, an entry may be equal to another entry in the summary accounts. For example, supplements to wages and salaries appears in account 1, line 5 and in account 3, line 14. In other cases, an entry may be equal to a combination of other entries (or of parts of other entries). For example, for private enterprise interest payments (account 2, line 2), the counterentry includes parts of private enterprise interest receipts (account 2, line 21), of personal interest income (account 3, line 20), of government interest receipts (account 4, line 22), and of interest payments to the rest of the world (account 5, line 17).

- 38 -

Table B. Percent Change From Preceding Period in Real Gross Domestic Product, Real Gross Domestic Income,

and Other Major NIPA Aggregates

[Percent]

		2015	2016	2017	2018	2019	Seasonally adjusted at annual rates
			2019			2020
							Q1	Q2		Q3	Q4	Q1
	Production in the United States:
1	Gross domestic product (GDP)	3.1	1.7	2.3	3.0	2.2	2.9	1.5		2.6	2.4	−5.0
2	Gross domestic income (GDI)	2.7	0.9	2.5	2.6	1.8	2.2	1.2		0.8	3.3	−2.5
3	Average of GDP and GDI1	2.9	1.3	2.4	2.8	2.0	2.6	1.3		1.7	2.8	−3.7
4	Net domestic product2	3.1	1.5	2.3	3.0	2.0	2.9	1.2		2.5	2.2	−6.4
5	Net domestic income2	2.7	0.6	2.5	2.6	1.6	2.0	0.8		0.4	3.4	−3.4
	Production by labor and capital supplied by U.S. residents:
6	Gross national product	2.9	1.7	2.6	2.9	2.0	2.4	1.9		2.7	2.3	−5.6
7	Gross national income	2.6	0.9	2.8	2.5	1.7	1.7	1.6		1.0	3.3	−3.1
8	Net national product2	3.0	1.6	2.6	2.9	1.8	2.2	1.7		2.6	2.2	−7.1
	Final expenditures by U.S. residents:
9	Gross domestic purchases	3.7	1.9	2.5	3.2	2.3	2.3	2.2		2.5	0.8	−5.9
10	Final sales to domestic purchasers3	3.5	2.4	2.5	3.0	2.3	2.1	3.2		2.6	1.6	−4.6
11	Final sales to private domestic purchasers4	3.8	2.6	2.9	3.2	2.3	2.0	2.8		2.7	1.5	−5.8
	Purchasing power of income:5
12	Command-basis gross domestic product	3.8	2.0	2.3	3.1	2.4	2.9	1.9		2.7	2.5	−4.8
13	Command-basis net domestic product2	4.0	1.9	2.3	3.1	2.2	2.9	1.7		2.6	2.4	−6.2
14	Command-basis gross national product	3.6	2.1	2.6	2.9	2.2	2.4	2.3		2.8	2.5	−5.4
15	Command-basis net national product2	3.8	2.0	2.6	3.0	2.1	2.2	2.2		2.8	2.4	−6.9
	After-tax income received by the personal sector:
16	Disposable personal income	4.2	2.0	3.1	3.6	2.2	3.3	−1.0		2.1	1.9	2.6

1. The arithmetic average of gross domestic product and of gross domestic income, deflated by the implicit price deflator for GDP.
2. In this table, the net measures are the corresponding gross measures excluding the depreciation of fixed assets as measured by the consumption of fixed capital.
3. Gross domestic purchases excluding change in private inventories.
4. Final sales to domestic purchasers less government consumption expenditures and gross investment.
5. The command-basis estimates (lines 12-15) measure the purchasing power of the income generated by the sale of goods and services produced; they reflect gains or losses in real income resulting from changes in the terms of trade for exports and imports. For more detail on the command-basis measures, see NIPAtable 1.8.3 andtable 1.8.6.

- 39 -

Table C. Real Gross Domestic Product, Real Gross Domestic Income, and Other Major NIPA Aggregates, Chained

Dollars

[Billions of chained (2012) dollars]

		2015	2016	2017	2018	2019	Seasonally adjusted at annual rates
			2019		2020
							Q1	Q2	Q3	Q4	Q1
	Production in the United States:
1	Gross domestic product (GDP)	17,432.2	17,730.5	18,144.1	18,687.8	19,091.7	18,950.3	19,020.6	19,141.7	19,254.0	19,010.8
2	Gross domestic income (GDI)	17,659.0	17,817.7	18,266.1	18,740.4	19,080.2	18,979.5	19,036.1	19,075.1	19,230.7	19,111.2
3	Average of GDP and GDI1	17,545.6	17,774.1	18,205.1	18,714.1	19,085.9	18,964.9	19,028.3	19,108.4	19,242.4	19,061.0
4	Net domestic product2	14,633.0	14,858.4	15,200.0	15,661.5	15,971.8	15,866.7	15,912.6	16,009.6	16,098.4	15,835.0
5	Net domestic income2	14,859.6	14,945.3	15,321.6	15,713.8	15,960.4	15,895.8	15,928.0	15,943.3	16,075.3	15,934.9
	Production by labor and capital
	supplied by U.S. residents:
6	Gross national product	17,647.6	17,955.4	18,421.0	18,951.9	19,338.4	19,177.9	19,269.0	19,397.0	19,509.6	19,232.1
7	Gross national income	17,874.5	18,042.7	18,543.1	19,004.5	19,326.9	19,207.1	19,284.5	19,330.3	19,486.4	19,332.5
8	Net national product2	14,848.5	15,083.3	15,476.8	15,925.5	16,218.6	16,094.4	16,161.0	16,264.8	16,354.0	16,056.3
	Final expenditures by U.S.
	residents:
9	Gross domestic purchases	18,141.1	18,480.6	18,939.0	19,537.1	19,981.0	19,827.8	19,937.4	20,059.1	20,099.6	19,797.8
10	Final sales to domestic	17,998.6	18,437.9	18,903.0	19,463.5	19,910.9	19,710.2	19,866.8	19,993.1	20,073.6	19,838.5
purchasers3
11	Final sales to private domestic	14,913.2	15,296.6	15,734.3	16,238.2	16,611.7	16,455.1	16,571.1	16,680.0	16,740.6	16,493.4
purchasers4
	Purchasing power of income:5
12	Command-basis gross	17,636.8	17,993.8	18,416.2	18,979.3	19,426.7	19,261.7	19,353.7	19,483.5	19,605.6	19,367.9
domestic product
13	Command-basis net domestic	14,837.2	15,121.5	15,472.0	15,953.3	16,306.6	16,178.1	16,245.5	16,351.0	16,449.7	16,190.6
product2
14	Command-basis gross national	17,849.9	18,216.5	18,691.6	19,241.5	19,671.1	19,486.5	19,599.8	19,736.5	19,859.0	19,586.4
product
15	Command-basis net national	15,050.5	15,344.2	15,747.3	16,215.2	16,550.7	16,402.8	16,491.3	16,603.8	16,702.8	16,408.7
product2
	After-tax income received by the
	personal sector:
16	Disposable personal income	13,377.2	13,640.8	14,060.5	14,566.4	14,882.5	14,853.5	14,817.8	14,895.4	14,964.5	15,059.2

1. The arithmetic average of gross domestic product and of gross domestic income, deflated by the implicit price deflator for GDP.
2. In this table, the net measures are the corresponding gross measures excluding the depreciation of fixed assets as measured by the consumption of fixed capital.
3. Gross domestic purchases excluding change in private inventories.
4. Final sales to domestic purchasers less government consumption expenditures and gross investment.
5. The command-basis estimates (lines 12-15) measure the purchasing power of the income generated by the sale of goods and services produced; they reflect gains or losses in real income resulting from changes in the terms of trade for exports and imports. For more detail on the command-basis measures, see NIPAtable 1.8.3 andtable 1.8.6.

- 40 -

Table D. Gross Domestic Product, Gross Domestic Income, and Other Major NIPA Aggregates

[Billions of dollars]

		2015	2016	2017	2018	2019	Seasonally adjusted at annual rates
			2019		2020
							Q1	Q2	Q3	Q4	Q1
	Production in the United States:
1	Gross domestic product (GDP)	18,238.3	18,745.1	19,543.0	20,611.9	21,433.2	21,115.3	21,329.9	21,540.3	21,747.4	21,561.1
2	Gross domestic income (GDI)	18,475.6	18,837.3	19,674.4	20,669.9	21,420.4	21,147.8	21,347.2	21,465.3	21,721.2	21,675.0
3	Average of GDP and GDI1	18,357.0	18,791.2	19,608.7	20,640.9	21,426.8	21,131.6	21,338.6	21,502.8	21,734.3	21,618.1
4	Net domestic product2	15,326.9	15,758.5	16,430.1	17,346.8	18,012.3	17,753.7	17,925.5	18,097.0	18,272.9	18,052.2
5	Net domestic income2	15,564.2	15,850.7	16,561.6	17,404.9	17,999.5	17,786.2	17,942.8	18,022.0	18,246.7	18,166.0
	Production by labor and capital
	supplied by U.S. residents:
6	Gross national product	18,458.7	18,977.1	19,835.3	20,896.6	21,702.9	21,361.8	21,601.0	21,820.1	22,028.5	21,804.3
7	Gross national income	18,696.0	19,069.3	19,966.7	20,954.6	21,690.0	21,394.3	21,618.4	21,745.1	22,002.3	21,918.1
8	Net national product2	15,547.3	15,990.5	16,722.4	17,631.6	18,281.9	18,000.2	18,196.6	18,376.8	18,554.0	18,295.3
9	National income3	15,784.6	16,082.7	16,853.9	17,689.6	18,269.1	18,032.7	18,214.0	18,301.8	18,527.8	18,409.2
	Final expenditures by U.S.
	residents:
10	Gross domestic purchases	18,764.9	19,257.6	20,098.5	21,221.3	22,043.7	21,730.9	21,974.6	22,172.2	22,297.2	22,055.4
11	Final sales to domestic	18,628.1	19,229.2	20,082.2	21,163.6	21,994.6	21,632.2	21,921.6	22,130.8	22,293.7	22,107.6
purchasers4
12	Final sales to private domestic	15,397.9	15,930.0	16,675.2	17,568.4	18,246.7	17,950.8	18,183.9	18,363.8	18,488.4	18,273.4
purchasers5
	After-tax income received by the
	personal sector:
13	Disposable personal income	13,784.3	14,202.8	14,901.9	15,766.5	16,348.6	16,196.0	16,258.4	16,400.5	16,539.6	16,697.4

1. The arithmetic average of gross domestic product and of gross domestic income.
2. In this table, net measures are the corresponding gross measures excluding the depreciation of fixed assets as measured by the consumption of fixed capital.
3. Equals gross national income less the depreciation of fixed assets as measured by the consumption of fixed capital.
4. Equals gross domestic purchases less change in private inventories.
5. Final sales to domestic purchasers less government consumption expenditures and gross investment.

- 41 -

1. As part of the 2018 comprehensive update of the NIPAs, the typical period for revision during annual updates was
   expanded to 5 years. See Pamela A. Kelly, Stephanie H. McCulla, and David B. Wasshausen, "Improved Estimates of the National Income and Product Accounts: Results of the 2018 Comprehensive Update,"Survey of Current Business 98 (September 2018).
2. For more information on the source data used to prepare the successive vintages of the NIPA estimates, see the chapters for each component in BEA'sNIPA Handbook: Concepts and Methods of the U.S. National Income andProduct Accounts, which is available on BEA's website, and see Alyssa E. Holdren, "Gross Domestic Product and Gross Domestic Income: Revisions and Source Data,"Survey 94 (June 2014).
3. Previously, the ITAs did not separately identify exports and imports of these services; the associated interest flows were included in measures of primary income. The newly recorded ITA measures are derived using the reference rate approach that underlies the NIPA measure of these services. For more information on the sources and methods underlying the ITA measures of exports and imports of services furnished without payment by financial
   intermediaries, see Elye Bliss, "Preview of the 2020 Annual Update of the International Economic Accounts," Survey of Current Business, 100 (April 2020).
4. The NIPAs will incorporate measures of imports of implicit financial services for previous years in a future update. For more information on the NIPA treatment of financial services furnished without payment by financial
   intermediaries, see Kyle K. Hood, "Measuring the Services of Commercial Banks in the National Income and Product Accounts: Changes in Concepts and Methods in the 2013 Comprehensive Revision,"Survey83. (February 2013): 8-19.
5. International banking facilities are domestically located facilities established by U.S. banks to promote U.S. banking services with nonresidents.
6. The quarterly average of the 25th percentile of this rate is used for the deposit-like resale rate, and the quarterly average of the 75th percentile is used as the loan-like repurchase rate.
7. TIPS are issued with maturity terms of 5, 10, or 30 years and with semiannual interest payments that are determined by the application of a fixed interest rate, determined at auction, to the inflation-adjusted value of the principal using the BLS' Consumer Price Index. Upon maturity, TIPS holders receive the original principal or the inflation-adjusted principal, whichever is greater. Additional information on TIPS can be found on the TreasuryDirect website.
8. For more information on the treatment of TIPS interest in the ITAs, see Elye Bliss, "Preview of the 2020 Annual Update of the International Economic Accounts,"Survey of Current Business, 100 (April 2020).
9. See Rudy Telles Jr., Nick Martinez, and Ted Peck, "Annual Update of the U.S. International Transactions Accounts," Survey 100 (July 2020).

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Acknowledgments

Erich H. Strassner, Associate Director for National Economic Accounts, directed the preparation of this year's annual update of the NIPAs. David B. Wasshausen, Chief of the Expenditure and Income Division, and Thomas C. Howells III, Chief of the Industry Economics Division, oversaw major parts of the update.

Shelly Smith coordinated the production and review of the update and was assisted by Annabel Jouard. Pamela A. Kelly, Robert J. Kornfeld, Benjamin A. Mandel, Edward T. Morgan, and Dylan G. Rassier provided overall guidance as well as critical review and analysis.

The following BEA staff members significantly contributed to this year's annual update:

Analytics, innovation, and development: Brendan Leary (Chief) and Wade M. Petty (Section Chief). Michael J. Boehm, Jason W. Chute, Gabriel Medeiros, William S. Melnick, Simone Miles, Andrew J. Pinard, Daniel W. Powell, Michael Randall, and Phillip Sporrer.

Business and consumer services: Jeffrey L. Barnett (Chief) and Harvey L. Davis Jr. and Paul Kern (Section Chiefs). Kenneth R. Beatty, Alexander Driessen, Alexander Eisenmann, Robert N. Ganz III, Taylor Grant, Sarah Osborne, Amanda Roberts, Darlene Robinson, Matthew R. Snead, and Teresita D. Teensma. Communications: Jeannine Aversa (Branch Chief). Ryan Byrnes, Thomas B. Dail, Danielle Helta, Colby Johnson, Gianna Marrone, Kristina Maze, Ann McDonel, and Connie O'Connell.

Farm income: Marcello Yoon (Chief). Dan Corrin, Hong Han, Michelle Harder, and Elizabeth McCormack.

Goods and distributive services: Kyle J. Brown (Chief) and William H. Nicolls and Patricia Washington (Section Chiefs). Rachel Goulder, Everette P. Johnson, Gregory Linder, Luke Mendelsohn, Lonna Morrow, Farouk Nabourema, Andres Orozco, Ricky Stewart, Blaire Thomson, Michael Woehrman, and Andrew Woodard.

Government: Mark S. Ludwick (Chief) and Peter G. Beall and Andrea Cook (Section Chiefs). Steven Andrews, Aaron Baker, Stan Bellotti, Brendan Brankin, Christopher Bravo, Daniel Jackson, Kyle Kinler, Aida Kurti, Katia Murrugarra, Kelly Ramey, Mary Roy, and Andrew Vargo.

Investment and international trade: Michael Armah (Chief) and Rebecca E. Pocase and Greg J. Prunchak (Section Chiefs). Hussein S. Charara, Dominique Dubria, Jeremy P. Elder, Linda Fawaz, David T. Hill, Brian Lindberg, Tyler Mathes, David F. Mendez, and Erica Smith.

Income and value added: Jennifer Lee (Chief) and Howard Krakower and Brian Smith (Section Chiefs). Richard Cao, Elizabeth T. Driscoll, Brad Fowler, Teresa Gilmore, Velma Henry, Marina Kotzavekiaris, Bonnie A. Retus, Marlyn Rodriguez, Casey Ross, Kate Shoemaker, Chelsea Smith-Nelson, Rebekah Todd, Dennis Weikel, and Patricia Weng.

Macro analysis and communications: Jeffrey A. Young (Chief) and Jennifer A. Bennett, Matthew Calby, and Marissa J. Crawford (Section Chiefs). Michael Cortez, Gary Davis, Connor Franks, Tyler Gold, Jason Haurie, Lisa S. Mataloni, Stephanie H. McCulla, Karin Moses, Jessica R. Nicholson, Robert Omohundro, James Rankin, Michelle Robinson, Karl V. Rohrer, and David F. Sullivan.

Mining, manufacturing, and fixed assets: William Joliff (Chief) and Justin Harper (Section Chief). Shaun Carter, David Curtis, Michael Cusick, Patrick Georgi, Michelle S. Grier, Kevin Hawes, Ethan Schein, Dorian Turner, and Evan Wang.

This article was prepared by Stephanie H. McCulla and Jessica R. Nicholson. Tyler Gold, Jason Haurie, Daniel W. Powell, and James Rankin assisted with the preparation of the charts and tables.

Survey of Current Business apps.bea.gov/scb [e-mail] [phone]

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