December 2003 - Volume 83 - Number 12

Initial Results of the 2003 Comprehensive Revision of the National Income and Product Accounts

On December 10, 2003, BEA released revised estimates for 1929-2002 from the 12th comprehensive revision of the accounts. According to the revised estimates, between 1992 and 2002, real GDP grew at an average annual rate of 3.2 percent, the same rate as previously estimated. Consumer spending and residential investment increased slightly more than previously estimated, but exports and government spending increased slightly less. The pace of the current expansion was revised down slightly: From the third quarter of 2001 to the second quarter of 2003, the growth rate of real GDP was revised from 2.7 percent to 2.6 percent. | PDF | XLS

The Effects of Revisions to Seasonal Factors on Revisions to Seasonally Adjusted Estimates: The Case of Exports and Imports

Seasonal adjustments are used to remove the effects of recurring patterns of economic activity, such as increased consumer spending during the holidays. This study examines the importance of revisions to the underlying seasonally unadjusted data for the exports and imports of goods and services in BEA's international transactions accounts, relative to the effects of revisions to seasonal factors. | PDF

The Reliability of the State Personal Income Estimates

A recent study by BEA found that the quarterly estimates of state personal income are reliable indicators of whether a state's economy is expanding or contracting, whether a state's economy is accelerating or decelerating, and whether a state's economy is growing at rates that are above, below, or near long-term trend. As a result, the estimates present a consistent picture of a state's economic growth.  | PDF

Looking Ahead

Improved NIPA Estimates for 1929-2003. The January 2004 Survey will include an article that describes the comprehensive revision in detail and an extensive set of tables that will present the revised estimates.

Subject Guide for 2003 | PDF

Schedule of BEA News Releases in 2004 | PDF

BEA Current and Historical Data

National Data

• Domestic perspectives | PDF
• Charts | PDF

International Data

• Transactions tables | PDF
• Investment tables | PDF
• International perspectives | PDF
• Charts | PDF

Regional Data

• State and regional tables | PDF
• Local area table | PDF
• Charts | PDF

Appendixes

• Additional information about the NIPA estimates | PDF
• Suggested reading | PDF