The Bureau of Economic Analysis enhances the understanding of the U.S. economy by providing the most relevant and accurate economic accounts data in a timely and cost-effective manner and by making its data widely accessible. BEA produces some of the most closely watched economic statistics that influence the decisions made by government officials, businesses, households, and individuals. BEA's economic statistics, which provide a comprehensive, up-to-date picture of the U.S. economy, are key ingredients in critical decisions affecting monetary policy, tax and budget projections, and business investment plans.
The cornerstone of BEA's statistics is the national income and product accounts (NIPA's), which feature the estimates of gross domestic product (GDP). Since these accounts were first developed in the 1930's, BEA has extended its estimates to cover a wide range of economic activities. Today, BEA prepares national, regional, industry, and international accounts, presenting vital information on such key issues as economic growth, regional economic development, interindustry relationships, and the Nation's position in the world economy. BEA data play a crucial role in decisions affecting fiscal and monetary policy, Federal budget projections, business investment plans, the allocation of Federal funds to the States, and international financial transactions of all kinds. BEA's principal economic accounts are described below.
National Economic Accounts- BEA's national economic provides a quantitative view of U.S. domestic production, consumption, investment, and foreign trade, as well as the relationships among industries that make up the economy. It features the estimates of GDP, which is one of the most closely watched of all economic statistics. Each month, BEA releases updated estimates of GDP for the previous quarter and new estimates of personal income and outlays for the previous month. Annual and quarterly GDP by industry statistics show industry contributions to GDP, as well as gross output and intermediate inputs by industry. These data are fully integrated with BEA's annual and benchmark input-output (I-O) tables, which provide comprehensive information on the flows of goods and services to industries for use in their production processes and to final users in the economy. Estimates of the nation's stock of fixed assets and consumer durable goods are prepared and published annually.
Regional Economic Accounts- The regional program at BEA produces detailed statistics on economic activity by state and local areas (i.e., metropolitan areas, and counties), plus U.S. territories. The statistics are used by government officials, policy makers, and researchers to monitor, analyze, and compare state or local area economies on a consistent basis. Measures of GDP and personal income by state are released quarterly and annually. Other state-level statistics such as real personal income, employment regional price parities, and personal consumption expenditures are released only annually. With respect to local area economic activity, BEA releases measures of GDP, personal income, and employment for metropolitan areas and counties annually. Measures of real personal income and regional price parities area produced annually for metropolitan areas only.
International Economic Accounts- This program produces the quarterly international transactions accounts (balance of payments) and the monthly trade in goods and services estimates, which provide a detailed view of economic transactions between the United States and other countries. This program also produces the U.S. international investment position, which records U.S. residents' net worth in financial assets (the value of U.S.-owned financial assets held abroad less foreign-owned assets held in the United States). In addition, the international program produces comprehensive data on inward and outward direct investment, including financial flows and income, direct investment positions, new foreign direct investment in the United States, and data on the activities of multinational enterprises, which are based on annual and quarterly BEA surveys of U.S. direct investment abroad and foreign direct investment in the United States.
To produce these various estimates, BEA collects data from other statistical agencies (mostly other Federal statistical agencies) as well as from firms. The types of data include values for industry shipments, sales, revenues, and expenses, employment and wages, price indexes, tax data, and administrative and regulatory data. In addition, BEA conducts research and analysis, develops and implements estimation methodologies and disseminates statistics to the public. Because source data are received over time, BEA provides a series of estimates that are routinely updated to reflect more complete source data. For example, in regard to the estimates of GDP, there are three current quarterly estimates that are made for each quarter. These are labeled, in sequence, advance, second, and third estimates. They are released near the end of each of the three months following the end of each quarter. In addition, the estimates are updated annually to reflect more detailed and comprehensive data as it becomes available and can include results from the quinquennial economic census .
The Bureau of Economic Analysis has a long tradition of engaging in activities that ensure and maximize the quality of its disseminated data. It achieves that goal by setting high standards of performance in the following areas: Concepts, Methods, and Estimation Procedures; Source Data; Planned Updates and Revision Studies; and Integrity. Each of these areas is discussed below and Web links are provided to papers/articles that expand on BEA's efforts in that area. Several papers contain material that pertain to more than one area and are accordingly cited multiple times.
Information disseminated by BEA is presented in a clear, complete, and unbiased manner, and in a context that enhances its usability to the intended audience. The sources of the disseminated information are identified to the extent possible and consistent with BEA's data security and release procedures, which includes a thorough review of the data before release, and the protection of the information from unauthorized access or revision. Information collected by BEA incorporates the clearance process required by the Paperwork Reduction Act.
BEA considers all its published statistical information to be "influential," in that it has a substantial impact on important public policies and private sector decisions.
BEA strives for the highest level of transparency about data and methods for all its estimates, within ethical, feasibility, cost, and confidentiality constraints. This supports the development of consistently high-quality data and fosters better value to the public. It also facilitates the reproducibility of such data by qualified third parties.
