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SURVEY OF CURRENT BUSINESS

April 1996

11

NATIONAL INCOME AND PRODUCT ACCOUNTS

Updated Release Schedule for NIPA Estimates
THE NEXT ANNUAL revision of the national income and
product accounts (NIPA'S) will be in July 1997, when
all NiPA-related data from the comprehensive revision
will be complete and work on key data improvement
projects should be available for incorporation into the
accounts. The annual revision that would normally
occur this July will be limited to a small number of
improvements, such as the updating of the weights
underlying the estimates of real GDP and related prices
beginning with the first quarter of 1994; these revisions
will be introduced when the advance estimate of GDP
for the second quarter of 1996 is released in late July.
The cancellation of the 1996 annual revision primarily reflects BEA'S decision following the Federal
Government shutdowns in November, December, and
January to focus its resources first on getting the release of the current estimates back on schedule and
then on completing the remaining estimates from the
comprehensive NIPA revision according to the schedule listed below. In order to get the current estimates
back on schedule, BEA has had to postpone or scale
back other work, including follow-on work on the
comprehensive revision of the NIPA'S, work on annual
revisions, and work on various improvement projects.
(By May, BEA and its source data agencies expect to
have their current estimates back on schedule)
In the July 1997 annual revision, most NIPA estimates
will be revised beginning with the first quarter of 1993
in order to incorporate all newly available and revised
source data not incorporated in July 1996; some estimates will be revised back further to reflect the results




of key data improvement projects underway both at
BEA and at other agencies.
The schedule for the release of NiPA-rdated estimates from the comprehensive revision, in addition
to the annual NIPA tables that appear in this issue of
the SURVEY, is as follows:
May 1996: Real inventories, sales, and inventorysales ratios for manufacturing and trade, including
chain-weighted quarterly estimates back to 1977.
May-June 1996: The annual NIPA tables that have
not yet been published (1.13, 3.13, 3.15-3.20, 5.3, 7.13,
and 9.1-9.6) and the tables for which the estimates
for some of the line items are not yet available (1.10,
1.16, 5.15, 8.9, and 8.11).
Summer 1996: GDP by industry, 1959-94.
Fall 1996: Revised estimates of reproducible tangible
wealth for 1929-95.
Fall 1996: NIPA estimates for 1929-58, including annual estimates of real GDP from 1929 and quarterly
estimates from 1947.
Late 1996: Publication of National Income and Product Accounts for the United States, Volume 2,1959-92.
This volume and volume i below will contain the
complete set of NIPA tables, as well as the definitions, classifications, and conventions underlying
the NIPA'S.
Early 1997: Publication of National Income and
Product Accounts of the United States, Volume i,
1929-58.
The updated schedule of 1996 release dates for all
BEA estimates will appear in the May SURVEY. Q

12 • April 1996

SURVEY OF CURRENT BUSINESS

Selected NIPA Tables
New estimates in this issue: "Final" estimates for the fourth quarter of 1995.
The selected set of NIPA tables shown in this section presents quarterly estimates, which are updated monthly.
In most tables, the annual estimates are also shown,, (Some of the lines in tables 1.10 and 1.16 are not yet available
and are shown as leaders; they will be shown in a forthcoming issue.) These tables are available on the day of
the gross domestic product (GDP) news release on printouts and diskettes on a subscription basis or from the
Commerce Department's Economic Bulletin Board. For order information, write to the National Income and
Wealth Division (BE-54), Bureau of Economic Analysis, Washington, DC 20230 or call (202) 606-9700.
Most of the NIPA tables showing the revised estimates for 1991-94 from the comprehensive revision were in
the January/February 1996 issue of the SURVEY; additional tables (6.90, 6.130, 8.2, 8.13, 8.19, and 8.26) are shown
in this issue beginning on page 38, and the remaining tables will appear in the May and June issues. Summary
NIPA series back to 1959 were also in the January/February issue.
For more information about the release of NIPA estimates, see page 11.
NOTE.—This section of the SURVEY is prepared by the National Income and Wealth Division and the
Government Division,

i. National Product and IncomeTable 1.1—Gross Domestic Product

Table 1.2.—Real Gross Domestic Product

[Billions of dollars]

[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates
1994

1994

1995

III

Gross domestic product .
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic

1994

1995

IV

I

II

III

4,698.7 4,924.3 4,734.4 4,796.0 4,836.3 4,908.7 4,960.0 4,992.3
580.9 606.4 585.3 602.7 593.0 604.0 615.8 612.8
1,429.7 1,486.1 1,443.5 1,459.0 1,471.6 1,486.9 1,491.4 1,494.8
2,688.1 2,831.8 2,705.6 2,734.4 2,771.7 2,817.9 2,852.8 2,884.7

invoetmant

Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Net exports of goods and
services
.
Exports
Goods
Services
Imports
»....
Goods
Services
....
Government consumption
expenditures and gross

1,014.4 1,065.3 1,033.6 1,050.1 1,072.0 1,050.3 1,074.8 1,064.0
954.9 1,028.2
667.2 738.5
180.2 199.7

968.9
678.5
181.0

991.4 1,013.9 1,016.3 1,036.6 1,046.2
697.9 723.6 734.4 746.3 749.7
188.8 194.5 197.6 202.5 204.0

487.0
287.7

538.8
289.8

497.5
290.4

509.1
293.5

529.0
290.4

536.8
281.9

543.8
290.3

545.7
296.5

59.5

37.0

64.7

58.7

58.1

34.0

38.2

17.8

-96.4 -102.3 -108.4

-99.7 -106.6 -122.4 -100.8

722.0
509.1
212.9
818.4
677.3
141.1

763.6
545.4
218.2
863.3
720.9
142.3

804.5
581.1
223.4
906.7
758.9
147.9

734.2
517.2
216.9
842.6
699.9
142.6

778.6
558.9
219.7
885.1
740.3
144.8

796.9
574.7
222.2
919.3
771.0
148.3

812.5
588.0
224.6
913.3
765.0
148.3

-79.3

829.9
602.9
227.0
909.2
759.2
150.1

1,314.7 1,358.5 1,328.0 1,333.5 1,346.0 1,359.9 1,364.5 1,363.5

Federal
National defense
Nondefense
State and local

516.3
352.0
164.3
798.4

516.7
345.7
171.0
841.7

523.6
362.1
161.5
804.4

520.9
349.6
171.2
812.6

519.9
347.7
172.1
826.1

522.6
352.3
170.3
837.3

516.7
345.6
171.1
847.7

NOTE.-Percent changes from preceding period for selected items in this table are shown in table 8.1.




III

IV

6,931.4 7,245.8 6,987.6 7,080.0 7,147.8 7,196.5 7,298.5 7,340.4

507.8
337.2
170.6
855.7

1994

1995

Gross domestic product .
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
Gross private domestic
investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Change in business
inventories
Net exports of goods and
services
Exports
... .
Goods
Services
Imports
Goods
Services
Government consumption
expenditures and gross
investment
Federal
National defense
Nondefense
State and local
Residual

1995

IV

I

HI

II

IV

6,604.2 6,739.0 6,639.5 6,691.3 6,701.6 6,709.4 6,768.3 6,776.5
4,471.1 4,578.5 4,485.8 4,522.3 4,530.9 4,568.8 4,600.4 4,614.1
562.0 580.8 563.0 579.9 566.9 576.6 589.7 590.1
1,390.5 1,422.5 1,397.2 1,408.4 1,416.8 1,423.5 1,425.4 1,424.2
2,519.4 2,576.1 2,526.3 2,535.1 2,548.1 2,569.6 2,586.3 2,600.4
979.6 1,011.3

994.1 1,006.3 1,024.2

998.3 1,016.2 1,006.7

921.1
652.1
168.8

976.9
715.0
181.1

930.8
660.4
169.1

949.7
679.7
174.3

969.6
704.4
178.5

966.1
710.6
180.0

981.0
719.7
182.7

990.7
725.3
183.1

484.1
268.9

535.2
262.8

492.4
270.3

506.4
270.3

527.1
265.9

531.9
256.6

538.2
262.3

543.5
266.4

58.9

33.7

64.0

57.3

54.5

30.6

33.2

16.5

-108.1 -114.2 -113.3 -105.8 -119.0 -126.8 -114.3
715.1
511.4
204.1
823.3
684.0
139.4

774.8
566.8
208.9
888.9
747.0
142.3

724.8
518.3
206.8
838.1
698.1
140.2

751.0
543.9
207.7
856.8
718.6
138.5

755.8
548.9
207.6
874.9
732.8
142.4

764.3
557.8
207.4
891.2
750.5
141.1

779.1
570.7
209.4
893.4
752.2
141.6

-96.6

799.8
589.8
211.1
896.4
752.8
143.9

1,259.9 1,260.7 1,271.0 1,266.6 1,263.0 1,265.8 1,263.6 1,250.4
489.7
336.9
152.6
770.5

472.7
320.0
152.4
788.6

496.6
346.1
150.5
774.7

-.5

-.6

-.9

489.1
331.3
157.5
777.7
-1.4

481.3
325.3
155.6
782.2

479.9
326.1
153.6
786.3

472.7
319.3
153.1
791.5

-.6

1.0

.3

456.8
309.3
147.2
794.4
-2.8

NoiE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
,
j chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.
Percent changes from preceding period for selected items in this table are shown in table 8.1; contributions to
the percent change in real gross domestic product are shown in table 8.2.

SURVEY OF CURRENT BUSINESS

April 1996 • 13

Table 1.3,—Gross Domestic Product by Major Type of Product

Table 1 A—Real Gross Domestic Product by Major Type of Product

[Billions of dollars]

[Billions of chained (1992) dollars]
Seasonally adjusted at annual rates

Seasonally adjusted at annual rates
1994

1994

1995

III

Gross domestic product .
Final sales of domestic
product
Change in business
inventories
Goods .
Final sales
Change in business
inventories
..
Durable goods
Final sales ..
Change in business
inventories
Nondurable goods
Final sales ,
Change in business
inventories
Services
Structures
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output

1994

1995

IV

I

II

III

6,931,4 7,245.8 6,987.6 7,080.0 7,147.8 7,196.5 7,298.5 7,340.4
6,871.8 7,208.8 6,922.9 7,021.3 7,089.7 7,162.5 7,260.3 7,322.6
59.5

37.0

64.7

58.7

58.1

34.0

38.2

17.8

2,593.8 2,697.4 2,618.2 2,659.6 2,675.4 2,676.3 2,722.8 2,715.0
2,534.2 2,660.3 2,553.5 2,600.9 2,617.3 2,642.3 2,684.5 2,697.1
59.5

37.0

64.7

58.7

58.1

34.0

38.2

17.8

1,117.8 1,179.8 1,134.1 1,146.4 1,173.0 1,162.6 1,191.7 1,191.8
1,085.9 1,144.9 1,099.9 1,113.3 1,118.6 1,134.0 1,162.5 1,164.5
31.9

34.8

34.2

33.1

54.4

28.5

29.2

27.3

1,476.0 1,517.6 1,484.1 1,513.2 1,502.4 1,513.7 1,531.1 1,523.2
1,448.3 1,515.4 1,453.6 1,487.6 1,498.7 1,508.3 1,522.1 1,532.6
3.7
2.2
25.6
5.4
-9.4
27.6
30.5
9.1
3,742.3 3,920.8 3,769.0 3,806.3 3,852.6 3,904.5 3,943.2 3,983.1
595.3 627.6 600.5 614.1 619.8 615.7 632.6 642.3

264.8

262.4

265.8

271.2

269.9

257.5

258.4

263.6

6,666.5 6,983.4 6,721.8 6,808.8 6,877.9 6,939.0 7,040.1 7,076.8

NOTE.—Percent changes from preceding period for selected items in this table are shown in table 8.1.

1994

1995

III

IV

Gross domestic product .
Final sales of domestic
product
Change in business
inventories
Residual
Goods
Final sales
Change in business
inventories
Durable goods
Final sales
...
Change in business
inventories
Nondurable goods
....
Final sales
Change in business
inventories
Services
Structures
Residual
Addenda:
Motor vehicle output
Gross domestic product less
motor vehicle output

1995

IV

I

II

III

IV

6,604.2 6,739.0 6,639.5 6,691.3 6,701.6 6,709.4 6,768.3 6,776.5
6,546.3 6,704.7 6,576.8 6,635.2 6,647.5 6,677.4 6,733.3 6,760.5
58.9

33.7

64.0

57.3

54.5

16.5

33.2

30.6

1.4
-.5
-1.3
-1.2
-.4
1.8
.6
2,524.3 2,590.8 2,541.9 2,578.5 2,580.3 2,573.2 2,608.2 2,601.3
2,465.6 2,556.3 2,478.5 2,521.8 2,525.6 2,541.1 2,573.1 2,585.5
-1.0

58.9

33.7

64.0

57.3

54.5

33.2

30.6

16.5

1,099.2 1,156.3 1,110.4 1,129.8 1,149.7 1,139.8 1,166.0 1,169.8
1,068.0 1,123.5 1,077.3 1,097.4 1,097.9 1,112.2 1,138.8 1,145.1
30.6

32.8

32.7

31.6

51.6

26.7

27.0

25.9

1,425.6 1,435.4 1,432.1 1,449.3 1,431.6 1,434.2 1,443.2 1,432.6
1,398.0 1,433.5 1,401.6 1,424.8 1,428.2 1,429.4 1,435.2 1,441.3
31.2
28.2
.4
5.9 -10.0
25.6
2.2
3.6
3,521.7 3,578.5 3,536.4 35459 3,552.6 3,574.7 3,588.7 3,597.9
559.8 571.7 562.8 569.1 570.8 563.3 573.6 579.3
-3.0
-2.5
-1.7
-2.1
-.9
-3.1
-.5
-1.4

245.1

234.9

243.6

249.5

244.2

230.6

230.6

234.0

6,358.7 6,504.1 6,395.6 6,441.3 6,457.0 6,478.8 6,537.8 6,542.6

NOTE.-Chained (1992) dollar series are calculated as the p
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line following change in business inventories is the difference between gross domestic product and
the sum of final sales of domestic product and of change in business inventories; the residual line following structures is the difference between gross domestic product and the sum of the detailed lines of goods, of services,
and of structures.
Percent changes from preceding period for selected items in this table are shown in table 8.1

Table 1.5.—Relation of Gross Domestic Product, Gross Domestic
Purchases, and Final Sales to Domestic Purchasers

Table 1.6.—Relation of Real Gross Domestic Product, Real Gross
Domestic Purchases, and Real Final Sales to Domestic Purchasers

[Billions of dollars]

[Billions of chained (1992) dollars]

Gross domestic product
Less: Exports of goods and
services
Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers

6,931.4 7,245.8 6,987.6 7,080.0 7,147.8 7,196.5 7,298.5 7,340.4
722.0

804.5

734.2

763.6

778.6

796.9

812.5

829.9

818.4

906.7

842.6

863.3

885.1

919.3

913.3

909.2

7,027.8 7,348.1 7,096.0 7,179.6 7,254.3 7,318.9 7,399.3 7,419.7
59.5

37.0

64.7

58.7

58.1

34.0

38.2

17.8

6,968.3 7,311.0 7,031.3 7,121.0 7,196.2 7,284.9 7,361.0 7,401.9

NoiE.-Percent changes from preceding period for selected items in this table are shown in table 8.1.

Gross domestic product
Less: Exports of goods and

, 6,604.2 6,739.0 6,639.5 6,691.3 6,701.6 6,709.4 6,768.3 6,776.5

services

715.1

Plus: Imports of goods and
services
Equals: Gross domestic
purchases
Less: Change in business
inventories
Equals: Final sales to
domestic purchasers

823.3

724.8

751.0

755.8 764.3

779.1

799.8

838.1

774.8

856.8

874.9 891.2

893.4

896.4

6,709.7 6,849.7 6,749.7 6,794.0 6,816.9 6,832.0 6,879.4 6,870.5

58.9

33.7

64.0

57.3

54.5

33.2

30.6

16.5

6,651.6 6,815.4 6,687.0 6,737.9 6,762.7 6,799.9 6,844, 6,854.5

NoiE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
Percent changes from preceding period for selected items in this table are shown in table 8.1.

Table 1.7.—Gross Domestic Product by Sector

Table 1.8—Real Gross Domestic Product by Sector

[Billions of dollars]

[Billions of chained (1992) dollars]

Gross domestic product . 6,931.4 7,245.8 6,987.6 7,080.0 7,147.8 7,196.5 7,298.5 7,340.4
Business *
5,794.0 6,070.2 5,847.1 5,932.6 5,986.0 6,024.7 6,118.3 6,151.9
Nonfarm *
5,711.7 5,991.6 5,767.5 5,852.6 5,909.3 5,947.9 6,039.7 6,069.7
Nonfarm less housing
5,118.6 5,367.1 5,173.1 5,248.6 5,296.0 5,327.4 5,414.7 5,430.3
Housing
593.1 624.6 594.4 603.9 613.3 620.5 625.1 639.4
Farm
82.3
78.6 79.6
80.0
76.6
76.8
82.2
78.6
Households and institutions ... 310.3 323.0 312.3 313.4 316.7 321.3 324.3 329.6
11.1
Private households
10.8
10.8
11.2
10.9
10.9
11.0
11.3
Nonprofit institutions
299.5 311.8 301.4 302.6 305.8 310.3 313.1 318,2
2
827.0 852.6 828.2 834.0 845.1 850.4 855.9 859.0
General government
275.7 278.2 274.0 274.3 278.6 278.9 278.8 276.8
Federal
551.4 574.4 554.2 559.7 566.5 571.6 577.1
State and local
582.2
1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Nonfarm product equals gross domestic business product less gross farm product.
2. Equals compensation of general government employees plus general government consumption of fixed capital
as shown in table 3.7B.




Gross domestic product .
Business *
Nonfarm!
Nonfarm less housing
Housing
Farm
Households and institutions ...
Private households
Nonprofit institutions
General government2
Federal
State and local
Residual

6,604.2 6,739.0 6,639.5
5,525.8 5,659.1 5,559.7
5,442.2 5,582.4 5,475.7
4,880.9 5,008.7 4,914.7
561.3 573.6 561.1

6,691.3 6,701.6 6,709.4
5,612.0 5,621.6 5,628.4
5,530.0 5,542.4 5,551.2
4,964.5 4,973.4 4,979.6
565.6 569.0 571.6

6,768.3 6,776.5
5,685.6 5,700.7
5,611.2 5,624.7
5,037.7 5,044.2
573.5 580.5

83.9

76.4

84.3

82.1

79.1

76.9

73.9

75.6

296.2

302.5

296.8

298.8

300.1

301.7

303.1

305.1

10.2

10.1

10.2

10.1

10.0

10.1

10.2

10.2

286.0
782.4

292.4
777.7

286.7
783.2

288.7

290.1
780.1

291.6
779.7

293.0
779.9

294.9

256.8
525.8
-.7

246.5
531.7

255.9
527.5

250.2
530.2

-.4

-.9

249.1
530.9
-.4

247.7
532.5
-.2

780.8
252.1
529.0
-.8

-.4

771.3
238.8
533.0
-.7

1. Gross domestic business product equals gross domestic product less gross product of households and institutions and of general government. Nonfarm product equals gross domestic business product less gross farm product.
as shown in table 3.8A and in table 3.8B.
NOTE.-Chained (1992) dollar series are calculated as the product of the chain-type quantity index and the 1992
current-dollar value of the corresponding series, divided by 100. Because the formula for the chain-type quantity
indexes uses weights of more than one period, the corresponding chained-dollar estimates are usually not additive.
The residual line is the difference between the first line and the sum of the most detailed lines.


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102