National Economic Accounts: What

1
National Economic Accounts Whats New and
Whats Coming

Carol E. Moylan National Economic Accounts Data
Users Conference October 15, 2007
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Purpose of this Users Conference

• For BEA to hear from you.
• For us to provide information to you about
• BEAs national accounts
• BEAs plans
• Issues that BEA faces
• To give you an opportunity to meet us.

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BEA Strategic Plan

• Priorities for national economic accounts
• Addressing data gaps and other shortcomings
• Improving consistency and integration with other
  accounts
• Improving consistency with international
  standards.

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Whats New?

• Research and development satellite account
• Updated estimates released September 2007
  (article in October 2007 Survey of Current
  Business).
• First look at industry-level, regional, and
  international estimates of RD investment.
• Plan for implementation in benchmark input-output
  accounts and NIPAs for 2012/2013.
• Integrated NIPA and Flow of Funds Accounts
• Joint project by BEA and Federal Reserve staff.
• Article in February 2007 Survey.
• Plans for regular update of estimates.

5
Whats New? (contd)

• Improved documentation for users
• Release of paper reconciling growth rates between
  the CPI and the PCE price index.
• Release of Measuring the Economy A Primer on
  GDP and the National Income and Product
  Accounts. This document is for novice users of
  the national accounts.
• Release of Introduction to the NIPAs (MP-1).
  This is a more comprehensive introduction to the
  national accounts.

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Ongoing Research

• Examples include
• Health satellite account
• a need for improved measures to guide policy
  discussions
• Classification of personal consumption
  expenditures
• Modernization improved international
  comparability
• Issues in compensation and profits

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Whats Coming?

• NIPA comprehensive revision July 2009
  incorporate 2002 benchmark input-output accounts)
• Updated international standards System of
  National Accounts (2008)
• Beginning in 2010 flexible annual revisions.

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Strategic projects

• Major conceptual changes that will be fully
  implemented after 2009
• Capitalize research development
• Scheduled for 2013 comprehensive revision
• Production account
• Part of updated SNA
• Joint work with BLS productivity program
• Estimates of labor and capital services for all
  sectors.