Annual revision of the national income and product accounts: annual estimates for 2003-2010: quarterly estimates for 2003:I-2011:I.

Seskin, Eugene R. ; Smith, Shelly

THE BUREAU of Economic Analysis (BEA) released revised estimates of the national income and product accounts (NIPAs) for 2008-2010 and for the first quarter of 2011 on July 29,2011. (1) In addition to the revisions for these periods, this "flexible" annual revision results in revisions to current-dollar GDP and some components back to the first quarter of 2003. (2) The reference year remains 2005. In cases in which the estimates for the reference year were revised, the levels of the related index numbers and the chained-dollar estimates for the entire historical period are revised, but revisions to percent changes before the first quarter of 2003 are small. As is usual in annual NIPA revisions, these estimates incorporated newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated.

This annual revision has not greatly changed the general picture of the economy for the past several years (in keeping with research that shows that annual revisions historically have not greatly changed the overall picture painted by earlier estimates). (3) However, the revised estimates indicate that the depth of the recession was deeper and that the subsequent period of expansion was somewhat less robust. The revised estimates of the change in real GDP show that for the period of contraction from the fourth quarter of 2007 to the second quarter of 2009, real GDP decreased at an average annual rate of 3.5 percent; in the previously published estimates, it had decreased 2.8 percent. For the period of expansion from the second quarter of 2009 to the first quarter of 2011, real GDP increased at an average annual rate of 2.6 percent; in the previously published estimates, it had increased 2.8 percent. (4)

The revised annual estimates of prices show similar rates of change to the previously published estimates for the featured price indexes. However, the quarterly estimates of the rates of change for the GDP price index show notable and mostly offsetting revisions because of a change in methodology for estimating real petroleum imports (see page 27).

GDP highlights

By historical standards, the revisions to year-to-year percent changes in real GDP are typical for 2008 and 2010; however, the downward revision of 0.9 percentage point for 2009 is large. In the annual NIPA revisions since 1982, the revisions (without regard to sign) to the annual estimates have averaged 0.3 percentage point. The following are highlights of this annual revision.

* From 2007 to 2010, real GDP decreased at an average annual rate of 0.3 percent; in the previously published estimates, the rate of change in real GDP was less than 0.1 percent. (5) From the fourth quarter of 2007 to the first quarter of 2011, real GDP decreased at an average annual rate of 0.2 percent; in the previously published estimates, real GDP had increased at an average annual rate of 0.2 percent (table 1).

* The percent change in real GDP from the preceding year was revised down from a decrease of less than 0.1 percent to a decrease of 0.3 percent for 2008, was revised down from a 2.6 percent decrease to a 3.5 percent decrease for 2009, and was revised up from a 2.9 percent increase to a 3.0 percent increase for 2010 (chart 1 and pages 9 and 10).

* From fourth quarter to fourth quarter, the percent change in real GDP was revised down from a 2.8 percent decrease to a 3.3 percent decrease for 2008, was revised down from a 0.2 percent increase to a 0.5 percent decrease for 2009, and was revised up from a 2.8 percent increase to a 3.1 percent increase for 2010.

* The revisions to the fourth-quarter-to-fourth-quarter rates of change in real GDP reflect revisions to the quarters within the years. For 2008, the annual rates of change in real GDP for the first quarter and the fourth quarter were revised down 1.1 percentage points and 2.1 percentage points, respectively, while the rates of change for the second quarter and the third quarter were revised up 0.7 percentage point and 0.3 percentage point, respectively. For 2009, the revision reflected downward revisions to the annual rates of change in real GDP of 1.8 percentage points and 1.2 percentage points for the first quarter and the fourth quarter, respectively; the rate for the second quarter was unrevised, and the rate for the third quarter was revised up only 0.1 percentage point. For 2010, the annual rates of change in real GDP for the first quarter and the second quarter were revised up 0.2 percentage point and 2.1 percentage points, respectively, and the rates of change for the third quarter and the fourth quarter were revised down 0.1 percentage point and 0.8 percentage point, respectively.

Price highlights

The revised annual estimates of prices show similar rates of change to the previously published estimates.

* The percent change from the preceding year in the price index for gross domestic purchases was unrevised at 3.2 percent for 2008, was revised up from a decrease of 0.2 percent to a decrease of 0.1 percent for 2009, and was revised up from an increase of 1.3 percent to an increase of 1.5 percent for 2010. The percent change from the preceding year in the price index for GDP was unrevised at 2.2 percent for 2008, was revised up 0.2 percentage point to 1.1 percent for 2009, and was revised up 0.2 percentage point to 1.2 percent for 2010 (chart 1 and table 2). (6)

* From the fourth quarter of 2007 to the first quarter of 2011, the average annual rate of increase in the price index for gross domestic purchases was revised up from 1.4 percent to 1.6 percent, and the average annual rate of increase in the GDP price index was revised up from 1.4 percent to 1.5 percent. The average annual rate of increase in the price index for personal consumption expenditures (PCE) was revised up from 1.6 percent to 1.7 percent, and the rate of increase in the "core" PCE price index (which excludes food and energy) was revised up from 1.5 percent to 1.6 percent.

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Income and saving highlights

* From 2007 to 2010, real disposable personal income (DPI) grew at an average annual rate of 0.6 percent; in the previously published estimates, real DPI had grown at an average annual rate of 1.2 percent.

* Personal saving was revised up $144.4 billion for 2008, was revised down $102.7 billion for 2009, and was revised down $61.1 billion for 2010. Personal saving as a percentage of disposable personal income was revised up 1.3 percentage points to 5.4 percent for 2008, was revised down 0.8 percentage point to 5.1 percent for 2009, and was revised down 0.4 percentage point to 5.3 percent for 2010.

* National income was revised up $51.3 billion (or 0.4 percent) for 2008, was revised down $77.4 billion (or 0.6 percent) for 2009, and was revised up $18.5 billion (or 0.1 percent) for 2010.

* Corporate profits was revised down $14.4 billion (or 1.1 percent) for 2008, was revised up $104.0 billion (or 8.3 percent) for 2009, and was revised up $175.3 billion (or 10.8 percent) for 2010.

Improvements

These estimates also reflect a number of improvements in methodology and presentation that are discussed on pages 25-27. These improvements include the following:

* Incorporating data from the Census Bureau annual and monthly retail trade and food services surveys and from the service annual survey that have been benchmarked to the 2007 Economic Census, as well as economic census data for merchandise lines back to 2003.

* Incorporating improved quality-adjusted price indexes for deflating communication equipment in private fixed investment, in exports, and in imports back to 2003.

* Improving the method of seasonally adjusting real petroleum imports back to 2007.

* Improving the presentation of government social benefits in the personal income and outlays tables.

This article discusses the impact of the revisions on key NIPA measures, summarizes the revisions to the major aggregates, lists the major source data incorporated, and describes the changes in methodology and presentation. Appendix A presents the revised annual estimates and the revisions for the seven summary accounts of the NIPAs (see pages 29 and 30). In addition, tables presenting revised monthly, quarterly, and annual NIPA estimates and the "advance" estimates for the second quarter of 2011 are presented in "National Income and Product Accounts Tables" in this issue.

Annual Estimates of Real GDP

The annual percent change in real GDP was revised down from a decrease of less than 0.1 percent to a decrease of 0.3 percent for 2008, was revised down from a 2.6 percent decrease to a 3.5 percent decrease for 2009, and was revised up from a 2.9 percent increase to a 3.0 percent increase for 2010.

* For 2008, the largest contributors to the downward revision to the percent change in real GDP were downward revisions to PCE, to nonresidential fixed investment, and to state and local government spending.

* For 2009, the largest contributors to the downward revision to the percent change in real GDP were downward revisions to PCE, to private inventory investment, and to nonresidential fixed investment and an upward revision to imports.

* For 2010, the largest contributors to the upward revision to the percent change in real GDP were upward revisions to private inventory investment and to PCE. The contributions of these components were partly offset by downward revisions to nonresidential fixed investment, to state and local government spending, to residential fixed investment, and to exports.

Annual Estimates of Real GDP

For 2008, the downward revision to PCE for services was to financial services and insurance (mainly health insurance),,and to other services (mainly "net foreign travel ).

The downward revision to investment in equipment and software reflected downward revisions to all categories of information processing equipment and software (computers and peripherals, software, and "other").

The downward revision to state and local government spending was mostly accounted for by a downward revision to consumption expenditures.

For 2009, the downward revision to PCE for goods was to both durable goods (mainly recreational goods and vehicles and "other" durable goods) and to non-durable goods (widespread).

The downward revision to PCE for services reflected downward revisions to financial services and insurance (specifically, "financial services furnished without payment" and portfolio management and investment advice services), recreation services, and "other" services.

The downward revision to nonresidential structures was widespread.

The downward revision to investment in equipment and software was more than accounted for by a downward revision to information processing equipment and software.

For 2010, the upward revision to PCE for services reflected upward revisions to "other" services (mainly, communication services), recreation services, financial services and insurance, and food services and accommodations.

The downward revision to investment in nonresidential structures reflected downward revisions to petroleum and natural gas drilling and to power structures.

The downward revision to residential investment was to structures (mainly residential improvements).

The downward revision to state and local government spending reflected downward revisions to consumption expenditures and to gross investment (specifically, investment in structures).

Annual Price Indexes

Revisions to the chain-type price indexes result from the incorporation of newly available and revised source data and from the regularly scheduled incorporation of annual weights for the most recent year (2010). In this annual revision, the source data for price indexes that are used for deflation and the source data that affect implicit prices were revised. (1) The prices used for deflation also reflect updated seasonal factors, including the improved seasonal adjustment of imports of petroleum. In addition, improved price indexes for deflating PCE for property and casualty insurance and for deflating communication equipment in private fixed investment, in exports, and in imports have been incorporated. (See "Changes in Methodology and Presentation" on pages 25-27.)

The percent change from the preceding year in the price index for gross domestic purchases was unrevised at 3.2 percent for 2008, was revised up 0.1 percentage point to -0.1 percent for 2009, and was revised up 0.2 percentage point to 1.5 percent for 2010 (see chart 1 and table 5). The annual percent change in the price index for GDP was unrevised at 2.2 percent for 2008, was revised up 0.2 percentage point to 1.1 percent for 2009, and was revised up 0.2 percentage point to 1.2 percent for 2010 (see the addendum to table 5).

For 2008, the price index for gross domestic purchases was unrevised, reflecting offsetting revisions. The most notable revision was an upward revisions to the price index for fixed investment in equipment and software. The largest contributor to this revision was communication equipment prices, based on the incorporation of improved quality-adjusted price indexes (see page 26).

For 2009, the largest contributors to the upward revision to the price index for gross domestic purchases were the price index for fixed investment in equipment and software, prices associated with private inventory investment, and the price index for PCE for services. The revision to the price index for fixed investment in equipment and software again reflected the newly incorporated price indexes for communication equipment. The revision to the prices associated with private inventory investment reflected an upward revision to the prices of nondurable-goods manufacturing inventories (mainly petroleum and coal products). The revision to the price index for PCE for services primarily reflected an upward revision to the price index for financial services and insurance, mainly reflecting an upward revision to the prices of "financial services furnished without payment."

For 2010, the largest contributors to the upward revision were the price index for PCE for services and the price index for federal government spending. The revision to the price index for PCE for services again mainly reflected an upward revision to the prices of "financial services furnished without payment." The revision to the price index for federal government spending was in both defense and nondefense spending and reflected upward revisions to the implicit prices for compensation.

(1.) The implicit prices are computed by dividing the current-dollar estimates by the chained-dollar estimates that are derived from the quantity data used in quantity extrapolation and direct valuation. Thus, differences between the current-dollar revisions and the chained-dollar revisions to these components are reflected as revisions to their implicit prices.

Quarterly Estimates

Revisions to the quarterly (and monthly) NIPA estimates reflect (1) revisions to the annual estimates that reflect the incorporation of newly available annual source data, (2) the incorporation of newly available and revised monthly and quarterly source data (including updated seasonal factors that are used to indicate quarterly patterns), and (3) methodology improvements (see "Changes in Methodology and Presentation").

Real GDP. The revisions to the 13 quarterly percent changes (at annual rates) from the fourth quarter of 2007 to the first quarter of 2011 averaged 0.9 percentage point (without regard to sign). (In the annual NIPA revisions since 1979, the revisions to the quarterly estimates have averaged 0.7 percentage point.)

The quarterly revisions did not change the direction of change (increase or decrease) in real GDP for any quarter. The quarterly percent change in real GDP was revised down for 7 of the 13 quarters, was revised up for 5 of the 13 quarters, and was unrevised for 1 quarter. The largest downward revision to the percent change in real GDP was 2.1 percentage points to -8.9 percent for the fourth quarter of 2008. The largest contributors to the revision were an upward revision to imports (mostly accounted for by petroleum imports) and a downward revision to PCE (widespread within services and goods); these revisions were partly offset by an upward revision to private inventory investment. (1) The largest upward revision to the quarterly percent change in real GDP was 2.1 percentage points to 3.8 percent for the second quarter of 2010. The largest contributors to the revision were a downward revision to imports (the largest contributor was again petroleum imports) and an upward revision to PCE (the largest contributors were "other" services and recreation services).

Prices. In general, the quarterly percent changes for gross domestic purchases prices were similar to the previously published estimates; the revisions to the 13 quarterly percent changes (at annual rates) from the fourth quarter of 2007 to the first quarter of 2011 averaged 0.1 percentage point (without regard to sign). The price index was revised up for 8 quarters, was revised down for 1 quarter, and was unrevised for 4 quarters. The largest upward revision was 0.4 percentage point to both the fourth quarter of 2008 and the second quarter of 2010. For the fourth quarter of 2008, the percent change in the index was revised from -4.4 percent to -4.0 percent; the largest contributors to the revision were prices for PCE for services (mainly health care prices and prices for foreign travel by U.S. residents), prices associated with private inventory investment (mainly prices of petroleum and coal products in nondurable-goods manufacturing), and prices of equipment and software (the largest contributor being communication equipment). For the second quarter of 2010, the percent change in the index was revised from 0.1 percent to 0.5 percent; the largest contributor to the revision was prices for PCE for services (which was more than accounted for by financial services and insurance--mainly "financial services furnished without payment").

The quarterly percent changes for GDP prices were revised much more than those for gross domestic purchases prices. For GDP prices, the revisions to the 13 quarterly percent changes (at annual rates) from the fourth quarter of 2007 to first quarter of 2011 averaged 0.8 percentage point (without regard to sign). The percent change was revised up for seven quarters and was revised down for six quarters. The largest upward revision was 1.7 percentage points, from a decrease of 1.2 percent to an increase of 0.5 percent, for the fourth quarter of 2008; the largest contributor to the revision was imports of goods (more than accounted for by petroleum imports). The largest downward revision was 1.4 percentage points, from 4.5 percent to 3.1 percent, for the third quarter of 2008; the largest contributor to the revision was again petroleum imports.

(1.) For more on the revision history for the fourth quarter of 2008, see FAQ 1003 on BEA's Web site.

Current-Dollar NIPA Measures

This table shows NIPA components with revisions of $5.0 billion or more (in absolute value) for 2008-2010. The table also lists the major source data that were incorporated as part of this annual revision. Note that the incorporation of newly available and revised source data for a year usually results in a revision to the level of an estimate both for that year and for subsequent years.

Effects of the "Flexible" Annual Revision in Earlier Periods

As noted earlier, as part of this "flexible" annual revision, current-dollar GDP and some components were revised back to 2003. For 2003-2007, the annual percent change in real GDP was unrevised for all years except for 2004, when the growth rate was revised from 3.6 percent to 3.5 percent.

During this earlier period, current-dollar GDP for 2004-2007 was revised down; for 2003, current-dollar GDP was revised up only $0.1 billion. For 2003-2007, the most notable revisions were to PCE for services, which was revised down each year. The revisions primarily reflected the incorporation of data from the 2008

and 2009 Census Bureau Service Annual Surveys that were benchmarked to the 2007 Economic Census and of data from A.M. Best that were used to estimate medical and hospitalization insurance. (1) For 2007, an offsetting downward revision to petroleum imports reflected the incorporation of revised data from BENs international transactions accounts.

As a result of these revisions, for 2004-2007, personal saving and the personal saving rate were revised up (see the addenda in table 8).

(1.) For more information, see "PCE insurance estimates" on pages 25 and 26.

Income Measures

For the most recent 3 years, national income was revised up $51.3 billion for 2008, was revised down $77.4 billion for 2009, and was revised up $18.5 billion for 2010. Gross domestic income (GDI) was revised up $61.5 billion for 2008, was revised down $78.4 billion for 2009, and was revised up $23.5 billion for 2010.

* For 2008, the revision to national income reflected upward revisions to net interest and miscellaneous payments, to supplements to wages and salaries, and to rental income of persons with capital consumption adjustment (CCAdj).

* The upward revisions were partly offset by downward revisions to corporate profits with inventory valuation adjustment (IVA) and CCAdj and to wage and salary accruals.

* The statistical discrepancy, the difference between GDI and GDP, was revised from 1.0 percent of GDP to less than 0.1 percent of GDP for 2008.

* For 2009, the revision to national income reflected large downward revisions to net interest and miscellaneous payments and to nonfarm proprietors' income.

* The downward revisions were partly offset by a large upward revision to corporate profits with IVA and CCAdj and an upward revision to rental income of persons with CCAdj.

* The statistical discrepancy was revised from 1.3 percent of GDP to 0.6 percent of GDP for 2009.

* For 2010, the revision to national income reflected large upward revisions to corporate profits with IVA and CCAdj and to rental income of persons with CCAdj.

* The upward revisions were partly offset by a large downward revision to net interest and miscellaneous payments and smaller downward revisions to nonfarm proprietors' income with IVA and CCAdj and to supplements to wages and salaries.

* The statistical discrepancy was revised from 1.1 percent of GDP to less than 0.1 percent of GDP for 2010.

Discontinuities in NIPA Foreign Transactions

The revisions to net exports of goods and services reflect the annual revision of BENs international transactions accounts (ITAs), which incorporated new and updated source data. (1)

For most components, the revisions to the ITAs for 2008-2010 were incorporated into the NIPAs at their "best level." However, revised ITA estimates for petroleum imports were incorporated into the NIPAs beginning with 2007 (see "Seasonal adjustment of petroleum imports" on page 27). (2) As a result, there are small discontinuities between the NIPA estimates for 2007 and those for 2008 (table 10) and somewhat larger discontinuities within these categories for the estimates of goods and services due to reclassifications (see "Foreign transactions" on pages 26 and 27).

For current-dollar net exports of goods and services (and for current-dollar GDP), the change from 2007 to 2008 was overstated by $4.5 billion.

(1.) See Mai-Chi Hoang and Erin M. Whitaker, "Annual Revision of the U.S. International Transactions Accounts," SURVEY 91 (July 2011): 47-61.

(2.) The revisions to the remaining ITA components for years before 2008 will be incorporated in a future NIPA revision.

Source Data Incorporated in the 2011 Annual Revision

In this annual revision, PCE is revised back to 2003 to incorporate source data from the 2007 Economic Census (specifically, data on merchandise lines) and data from the Census Bureau annual and monthly retail trade and food services surveys and from the Census Bureau service annual survey that were benchmarked to the 2007 Economic Census.

In addition, the annual revision incorporated data from the following major federal statistical sources: Census Bureau annual surveys of manufactures for 2008 (revised) and 2009 (preliminary); Census Bureau annual surveys of merchant wholesale trade and of retail trade for 2008 (revised) and for 2009 (preliminary); Census Bureau revised monthly indicators of manufactures, of merchant wholesale trade, and of retail trade for 2008-2010; Census Bureau service annual surveys for 2008 (revised), 2009 (revised), and 2010 (preliminary); annual surveys of state and local government finances for fiscal years 2007 (revised), 2008 (revised), and 2009 (preliminary); Census Bureau monthly survey of construction spending (value put in place) for 2009 and 2010 (revised); Census Bureau quarterly services survey for 2008-2010 (revised); Census Bureau current population survey/housing vacancy survey for 2010; federal government budget data for fiscal years 2010 and 2011; Internal Revenue Service tabulations of tax returns for corporations for 2008 (revised) and 2009 (preliminary) and for sole proprietorships and partnerships for 2009; Bureau of Labor Statistics (BLS) quarterly census of employment and wages for 2008-2010 (revised); BLS occupational employment survey data for 2010; Department of Agriculture farm statistics for 2008-2010 (revised); and BEA's international transactions accounts for 2008-2010 (revised).

Data Availability

An extensive set of estimates is presented in "National Income and Product Accounts" in this issue. These estimates and annual estimates for 1929 forward and quarterly estimates for 1947 forward are available on BENs Web site at www.bea.gov.

Selected revised NIPA estimates and related estimates will be published in upcoming issues of the SURVEY. The September SURVEY will present the following NIPA tables: tables 3.15-3.17 (government spending by function) and table 7.15 (which shows the relationship between net farm income in the NIPAs and net farm income from the USDA). It will also present new estimates of fixed assets and consumer durable goods beginning with 2000. (1)

The October SURVEY will present the following NIPA tables: table 3.18 (reconciliation of NIPA federal government estimates with federal budget data), tables 3.20 and 3.21 (state government and local government current receipts and expenditures), and tables 3.22 and 3.23 (federal government and state and local government current receipts and expenditures seasonally unadjusted estimates).

It will also present real inventories, sales, and inventory-sales ratios for manufacturing and trade for the fourth quarter of 2007 through the second quarter of 2011. In addition, revised estimates of state personal income that incorporate the results of this annual revision of the NIPAs will be presented.

The November SURVEY will feature the "Updated Summary of NIPA Methodologies;' which lists the principal source data and estimating methods that are used in preparing the current-dollar and real estimates of GDP. In addition, NIPA table 2.9 (personal income by households and by nonprofit institutions serving households) and table 7.20 (nonprofits reconciliation table) will be presented.

NIPA table 3.19 (reconciliation of NIPA state and local government estimates with Census Bureau data) will be presented in the SURVEY soon after the data become available.

(1.) BEA's Web site will present revisions to the fixed assets accounts, beginning with 1901 for investment and 1925 for stocks and depreciation.

Changes in Methodology and Presentation

As part of the annual revision of the NIPAs, a number of changes in methodology and presentation have been incorporated. (1)

Personal consumption expenditures (PCE). Beginning with the first quarter of 2003, the estimates of PCE reflect the incorporation of (1) data from the Census Bureau annual and monthly retail trade and food services surveys and from the service annual survey that have been benchmarked to the 2007 Economic Census and (2) economic census data for merchandise lines back to 2003.

Most of the estimates of PCE for goods use a retail control methodology, in which merchandise-line (or product-line) sales at various types of retail businesses are used to weight retail sales. These merchandise-line sales are based on data from the quinquennial economic census. In general, product-based data on consumer spending are not available between censuses, and estimates for detailed PCE categories are prepared by extrapolating retail sales by kind of business using the merchandise-line data from the most recent economic census. Merchandise-line data from the 2007 Economic Census became available at the end of 2010. To more accurately reflect consumer spending patterns, BEA has incorporated these data in this flexible annual revision rather than waiting until the next comprehensive revision of the NIPAs, which is scheduled for 2013.

Similarly, the data from the annual retail trade survey and the service annual survey were benchmarked to the 2007 Economic Census this spring, and BEA has also incorporated these benchmarked surveys in this flexible annual revision. In addition, BEA has updated the "retail control group"--the PCE categories to which the control total (total retail sales) must sum. Food services industries have been removed from the control group to reflect the reclassification of food service categories from goods to services during the 2009 comprehensive revision.2 For goods bought at grocery stores and various types of electronic stores, categories are better aligned with the retail point-of-sale scanner data now used to annually update merchandise-line allocations. Together, the incorporation of the recently released data and the updated control group will improve the accuracy of the PCE estimates and will reduce future revisions.

PCE insurance estimates. As part of the 2003 comprehensive NIPA revision, the methodology for estimating property and casualty insurance services was changed. (3) The estimates of net property and casualty insurance services are computed as total premiums minus expected losses, where total premiums consist of direct premium payments and net investment income on funds attributed to policyholders; expected losses are estimated using the framework of adaptive expectations. The difference between the expected losses and the actual losses is the net settlements of insurance services, which is recorded in the national accounts as transfer payments between business (insurers) and consumers (policyholders).

As part of this annual revision, for various types of property and casualty insurance services, beginning with the estimates for 2008, a consistent single-deflation method is used to deflate both total premiums and expected losses, based on corresponding producer price indexes (PPIs).

Previously, the estimates of net premiums and losses for some insurance services, such as private automobile insurance, were deflated using a single deflator based on consumer price indexes (CPIs), while the estimates of other insurance services, such as household insurance, were deflated using a double-deflation method with separate CPIs to deflate premiums and losses. The PPIs are more suitable for deflating insurance services than the CPIs because PPIs track changes in the total revenue received by insurers--both the total direct premiums and the investment income received by insurers.

For medical care and hospitalization insurance services, beginning with the estimates for 2003, timely and comprehensive source data from A.M. Best are incorporated to improve the annual estimates. These insurance services are estimated as premiums less benefits (or claims). First, A.M. Best data on annual premiums and benefits for private health insurance and for Medicare Advantage Plans and Medicaid Managed Care programs are used to derive an annual benefits-to-premiums ratio.

Second, total annual premiums are estimated using data from the Medical Expenditures Panel Survey (MEPS) and from the Office of Personnel Management (OPM) on federal employees' health insurance, and these data are supplemented by the A.M Best premiums data for Medicare Advantage Plans and Medicaid Managed Care Programs. (4) Third, total annual insurance benefits are derived by applying the benefits-to-premiums ratio to the total premiums estimate.

Previously, medical care and hospitalization insurance benefits were derived using a benefits-to-premiums ratio that was based on benefits and premiums data from the Census Bureau's economic census. This ratio was held constant between census years, and the annual insurance estimates were derived by applying the ratio to annual premiums data from the MEPS and OPM, which did not cover premiums earned by private insurance carriers for Medicare Advantage Plans or for Medicaid Managed Care Programs.

Current quarterly and monthly estimates of medical care and hospitalization insurance benefits continue to be judgmental extrapolations and interpolations of the annual estimates.

Expanded use of QSS data. As part of the 2005 annual revision, BEA began incorporating data from the Census Bureau's quarterly services survey (QSS) into its estimates. Since then, the Census Bureau has expanded the coverage of the survey. Beginning with estimates for the first quarter of 2011, BEA is incorporating newly available QSS data on "other financial investment activities" into the quarterly estimates of PCE for portfolio management and investment advice services. Previously, the monthly and quarterly PCE estimates were extrapolated using 3-month moving averages of total weekly earnings data from BLS for the portfolio management and investment advice industries. About 40 percent of the quarterly estimates of PCE for services is now based on the QSS data. (5) As the Census Bureau expands the QSS to cover more industries, BEA will continue to incorporate the newly available quarterly data in order to continue to improve the estimates of PCE for services.

Communication equipment prices. In the 2010 annual revision, BEA adopted three quality-adjusted price indexes from the Federal Reserve Board's (FRB) industrial production index program to deflate business purchases of several types of communication equipment. (6) (A fourth index was already being used to deflate data networking equipment.) The FRB indexes account for changes in product quality better than the previously used price indexes, which were based on PPIs and international price indexes. As part of this year's annual revision, beginning with the estimates for the first quarter of 2003, FRB price indexes having more comprehensive product coverage are used to deflate these communication equipment estimates. However, because the FRB indexes are not available for the current quarterly estimates, the PPI for host computers will continue to be used as an indicator to extrapolate the price indexes for these types of equipment. For consistency, the adoption of the improved FRB price indexes (including the index for data networking equipment) has been carried back to the first quarter of 2003 for the deflation of exports and imports of communication equipment--the lowest deflation-level detail and a component of "other" capital goods.

Foreign transactions. BENs international transactions accounts (ITAs) are the primary source data for foreign transactions in the NIPAs. As part of this year's annual revision of the ITAs, several types of foreign transactions were reclassified, and other important changes were made as part of a multiyear effort to modernize and enhance the accounts and to align them with updated guidelines for international economic accounts. (7) Several of these changes affect NIPA foreign transactions and are incorporated, beginning with the estimates for 2008:

* Reclassification of cruise fares in exports and imports of services from passenger fares to travel,

* Reclassification of postal services in exports and imports of services from U.S. government miscellaneous services, a subcomponent of "other" services, to "other" transportation services,

* Reclassification of fees for the rights to distribute film and television recordings from "other" private services to royalties and license fees,

* Exclusion of expenditures of foreign nationals working at international organizations in the United States from "other" private services and inclusion of their compensation in compensation of employees, and

* Change in the recording of U.S. government income on holdings and allocations of special drawing rights from a net basis to a gross basis.

Seasonal adjustment of petroleum imports. As part of the 2009 comprehensive revision, BEA began seasonally adjusting petroleum import prices and began deriving seasonally adjusted real petroleum imports by deflation because oil prices exhibited a seasonal pattern: prices for the second and third quarters tended to be higher than the prices for the first and fourth quarters. (8) However, more recent analysis has shown that the extreme volatility in petroleum prices, particularly during 2007-2009, substantially affected the estimated seasonal factors for recent periods. To improve the seasonal adjustment, beginning with the first quarter of 2007, the estimates of real petroleum imports are derived by directly seasonally adjusting the quantity data for imported petroleum from BENs ITAs at the detailed end-use level (crude oil, fuel oil, other petroleum products, and liquefied petroleum gases). Both the chained-dollar values of petroleum imports at the detailed end-use level, which are derived by direct valuation, and the corresponding current-dollar estimates are also revised, beginning with the estimates for the first quarter of 2007; all the other revisions associated with the ITAs are incorporated on a "best-level" basis beginning with the estimates for the first quarter of 2008. (9) (See "Discontinuities in NIPA Foreign Transactions" on page 23.)

State and local government investment in motor vehicles. Beginning with 2008, the annual and current quarterly estimates of state and local government expenditures on motor vehicles, which account for about 30 percent of state and local government investment in equipment, reflect motor vehicle registration data from a trade source and average purchase price information developed at BEA. Previously, the annual estimates were derived from Census Bureau government finances data that are available with a 2-year lag. Specifically, annual motor vehicle investment was estimated as a proportion of total equipment expenditures from the government finances data based on information from BEA's input-output accounts. Current quarterly estimates were based on a judgmental trend of the annual estimates.

Rental income of persons. Beginning with 2008, the estimates of rental income of persons reflect an improved methodology for calculating the effective rate of interest on mortgage debt outstanding, which is used to derive the estimates of mortgage interest paid--the largest expense deducted in the calculation of rental income. The new method is based on up-to-date monthly mortgage servicing data on detailed loan characteristics, including loan type, loan performance, current interest rate, and unpaid balance. Previously, the effective rate of interest was based on a perpetual inventory of mortgage loans with interest payments by mortgage type calculated on the debt outstanding for each quarter's (past and current) loan originations. This reliance on aggregate loan information required a number of assumptions in the calculation of the effective rate of interest. The use of the newly incorporated loan-specific information provides a more accurate picture of loan performance in the mortgage market and will improve the estimates of mortgage interest paid.

This change in the methodology for deriving mortgage interest paid is also reflected in the revised annual and quarterly estimates of net interest and personal interest income and the extrapolation of the current monthly and quarterly estimates of these components.

Presentation of government social benefits. In tables 2.1 and 2.6, which show personal income and its components, a new, consistent presentation of government social benefits focuses on the largest and most significant programs: social security, Medicare, Medicaid, unemployment insurance, veterans benefits, and "other" benefits. Previously, social security and Medicare were shown as "old-age, survivors, disability, and health insurance benefits," and Medicaid was part of "other" benefits. In addition, for consistency, unemployment compensation for ex-service members is now classified as unemployment insurance benefits in these tables. Previously, in these tables, it was included as veterans benefits, but in table 3.12 (government social benefits), it was included as unemployment insurance of federal employees. In addition, in table 3.12 "old-age, survivors, and disability insurance" is now shown as "social security," and "hospital and supplementary medical insurance" is now shown as "Medicare."

(1.) These changes update the information in the two tables that were published in "Updated Summary NIPA Methodologies" in the November 2010 SURVEY; these tables will be updated in the November 2011 SURVEY.

(2.) The current estimate of PCE for purchased meals and beverages continues to be extrapolated by sales at food services and drinking places from the Census Bureau's monthly retail trade survey.

(3.) See Baoline Chen and Dennis J. Fixler, "Measuring the Services of Property-Casualty Insurance in the NIPAs: Changes in Concepts and Methods," SURVEY 83 (October): 10-26.

(4.) The MEPS is conducted by the Census Bureau for the Department of Health and Human Services and provides national and state estimates of premiums for employer-sponsored health insurance coverage for private- and public-sector employers.

(5.) For a detailed list of the PCE components that are estimated using the QSS, see FAQ 315 on BENs Web site.

(6.) See Eugene E Seskin and Shelly Smith, "Annual Revision of the National Income and Product Accounts," SURVEY 90 (August 2010): 23.

(7.) For further details on these changes, see Hoang and Whitaker.

(8.) See Clinton R McCully and Steven Payson, "Preview of the 2009 Comprehensive Revision of the NIPAs: Statistical Changes," SURVEY 89 (May 2009): 11 and the box "Seasonal Adjustment and the Price Index for Imports of Petroleum," SURVEY 90 (November 2010): 6-7.

(9.) See "Concepts and Methods of the U.S. National Income and Product Accounts" 4-13.

Alyssa E. Holdren contributed to this article.

Appendix A

Revisions to the National Income and Product Accounts-Continues

[Billions of dollars]

 2008 2009

 Revised Revision Revised

 Account 1. Domestic Income and
 Product Account

Compensation of employees, paid 8,079.1 11.0 7,815.4
 Wage and salary accruals 6,556.6 -4.8 6,284.4
 Disbursements 6,561.6 -4.8 6,279.4
 Wage accruals less
 disbursements -5.0 0.0 5.0
 Supplements to wages and
 salaries 1,522.5 15.7 1,531.1
Taxes on production and imports 1,038.6 -6.5 1,017.9
Less: Subsidies 52.9 0.1 59.7
Net operating surplus 3,375.1 52.3 3,221.7
 Private enterprises 3,391.1 51.6 3,236.6
 Current surplus of government
 enterprises -16.0 0.7 -14.9
Consumption of fixed capital 1,854.1 4.9 1,866.2
Gross domestic income 14,294.0 61.5 13,861.5
Statistical discrepancy -2.4 -139.0 77.4
GROSS DOMESTIC PRODUCT 14,291.5 -77.6 13,939.0
Personal consumption expenditures 10,035.5 -9.0 9,866.1
 Goods 3,381.7 2.2 3,197.5
 Durable goods 1,108.9 25.4 1,029.6
 Nondurable goods 2,272.8 -23.2 2,167.8
 Services 6,653.8 -71.2 6,668.7
Gross private domestic investment 2,087.6 -9.1 1,546.8
 Fixed investment 2,128.7 -9.1 1,707.6
 Nonresidential 1,656.3 -9.0 1,353.0
 Structures 586.3 3.9 449.9
 Equipment and software 1,070.0 -12.9 903.0
 Residential 472.4 -0.1 354.7
 Change in private inventories -41.1 0.0 -160.8
Net exports of goods and services -709.7 0.7 -391.5
 Exports 1,846.8 3.4 1,583.0
 Imports 2,556.5 2.7 1,974.6
Government consumption
 expenditures and gross
 investment 2,878.1 -0.2 2,917.5
 Federal 1,080.1 0.2 1,142.7
 National defense 737.8 0.5 774.9
 Nondefense 342.3 -0.2 367.8
 State and local 1,798.0 -0.5 1,774.8
GROSS DOMESTIC PRODUCT 14,291.5 -77.6 13,939.0

 Account 2. Private Enterprise
 Income Account

Income payments on assets 3,703.4 33.2 2,711.3
 Interest and miscellaneous
 payments 3,528.1 18.4 2,581.3
 Dividend payments to the rest
 of the world 135.9 22.7 116.3
 Reinvested earnings on foreign
 direct investment in the
 United States 39.4 -7.9 13.7
Business current transfer
 payments (net) 123.0 1.3 132.0
 To persons (net) 36.8 0.1 38.2
 To government (net) 79.0 -2.7 96.1
 To the rest of the world (net) 7.2 3.9 -2.3
Proprietors' income with
 inventory valuation and
 capital consumption
 adjustments 1,097.9 -4.1 941.2
Rental income of persons with
 capital consumption
 adjustment 231.6 9.6 305.9
Corporate profits with inventory
 valuation and capital
 consumption adjustments 1,248.4 -14.4 1,362.0
 Taxes on corporate income 309.0 0.6 272.4
 To government 281.0 0.8 249.1
 To the rest of the world 28.0 -0.2 23.3
 Profits after tax with
 inventory valuation and
 capital consumption
 adjustments 939.4 -15.0 1,089.6
 Net dividends 786.9 -10.8 620.0
 Undistributed corporate
 profits with inventory
 valuation and capital
 consumption adjustments 152.5 -4.2 469.6
USES OF PRIVATE ENTERPRISE INCOME 6,404.3 25.6 5,452.5
Net operating surplus, private
 enterprises 3,391.1 51.6 3,236.6
Income receipts on assets 3,013.2 -26.0 2,215.9
 Interest 2,431.3 -6.1 1,725.5
 Dividend receipts from the rest
 of the world 316.4 17.1 219.9
 Reinvested earnings on U.S.
 direct investment abroad 265.5 -6.9 270.5
SOURCES OF PRIVATE ENTERPRISE
 INCOME 6,404.3 25.6 5,452.5

 Account 3. Personal Income and
 Outlay Account

Personal current taxes 1,435.7 -2.5 1,141.4
Personal outlays 10,432.2 -72.8 10,236.3
 Personal consumption
 expenditures 10,035.5 -9.0 9,866.1
 Personal interest payments 245.6 -0.6 213.7
 Personal current transfer
 payments 151.0 -3.3 156.5
 To government 84.9 -4.8 89.1
 To the rest of the world (net) 66.2 1.6 67.4
Personal saving 592.3 144.4 552.6
PERSONAL TAXES, OUTLAYS, AND
 SAVING 12,460.2 69.1 11,930.2
Compensation of employees,
 received 8,073.3 7.5 7,801.4
 Wage and salary disbursements 6,550.9 -8.1 6,270.3
 Domestic 6,545.7 -10.3 6,265.1
 Rest of the world 5.2 2.2 5.2
 Supplements to wages and
 salaries 1,522.5 15.7 1,531.1
 Employer contributions for
 employee pension and
 insurance funds 1,052.4 15.8 1,073.1
 Employer contributions for
 government social insurance 470.1 0.0 458.0
Proprietors' income with
 inventory valuation and
 capital consumption
 adjustments 1,097.9 -4.1 941.2
Rental income of persons with
 capital consumption
 adjustment 231.6 9.6 305.9
Personal income receipts on assets 2,165.4 56.1 1,707.7
 Personal interest income 1,382.0 67.3 1,108.9
 Personal dividend income 783.4 -11.2 598.8
Personal current transfer receipts 1,879.2 0.0 2,138.1
 Government social benefits 1,842.4 -0.2 2,099.9
 From business (net) 36.8 0.1 38.2
Less: Contributions for government
 social insurance, domestic 987.3 0.1 964.1
PERSONAL INCOME 12,460.2 69.1 11,930.2

 Account 4. Government Receipts
 and Expenditures Account

Consumption expenditures 2,381.0 -1.8 2,412.2
Current transfer payments 1,903.1 0.4 2,169.3
 Government social benefits 1,857.9 0.1 2,116.0
 To persons 1,842.4 -0.2 2,099.9
 To the rest of the world 15.5 0.3 16.1
Other current transfer payments
 to the rest of the world (net) 45.3 0.5 53.3
Interest payments 400.2 0.8 358.6
Subsidies 52.9 0.1 59.7
Less: Wage accruals less
 disbursements 0.0 0.0 0.0
Net government saving -85.7 -22.1 -1,296.0
 Federal -13.5 2.7 -1,217.9
 State and local -72.2 -24.8 -78.0
GOVERNMENT CURRENT EXPENDITURES
 AND NET SAVING 4,051.6 -22.4 3,703.7
Current tax receipts 2,774.1 -6.2 2,423.0
 Personal current taxes 1,435.7 -2.5 1,141.4
 Taxes on production and imports 1,038.6 -6.5 1,017.9
 Taxes on corporate income 281.0 0.8 249.1
 Taxes from the rest of the world 18.8 2.0 14.7
Contributions far government
 social insurance 992.1 0.0 969.0
Income receipts on assets 137.5 -9.4 141.4
 Interest and miscellaneous
 receipts 134.0 -9.8 120.1
 Dividends 3.5 0.4 21.3
Current transfer receipts 163.9 -7.5 185.2
 From business (net) 79.0 -2.7 96.1
 From persons 84.9 -4.8 89.1
Current surplus of government
 enterprises -16.0 0.7 -14.9
GOVERNMENT CURRENT RECEIPTS 4,051.6 -22.4 3,703.7

 Account 5. Foreign Transactions
 Current Account

Exports of goods and services 1,846.8 3.4 1,583.0
Income receipts from the rest of
 the world 856.1 16.9 639.8
 Wage and salary receipts 5.2 2.2 5.2
 Income receipts on assets 850.9 14.7 634.6
 Interest 269.0 4.6 144.2
 Dividends 316.4 17.1 219.9
 Reinvested earnings on U.S.
 direct investment abroad 265.5 -6.9 270.5
CURRENT RECEIPTS FROM THE REST OF
 THE WORLD 2,702.9 20.3 2,222.8
Imports of goods and services 2,556.5 2.7 1,974.6
Income payments to the rest of
 the world 686.9 22.2 487.5
 Wage and salary payments 15.9 5.5 14.2
 Income payments on assets 671.0 16.7 473.3
 Interest 495.7 1.9 343.3
 Dividends 135.9 22.7 116.3
 Reinvested earnings on foreign
 direct investment in the
 United States 39.4 -7.9 13.7
Current taxes and transfer
 payments to the rest of the
 world (net) 138.4 3.9 138.2
 From persons (net) 66.2 1.6 67.4
 From government (net) 37.1 -1.3 49.8
 From business (net) 35.2 3.7 21.0
Balance on current account,
 national income and product
 accounts -79.0 -8.6 -377.4
CURRENT PAYMENTS TO THE REST OF
 THE WORLD AND BALANCE ON
 CURRENT ACCOUNT 2,702.9 20.3 2,222.8

 Account 6. Domestic Capital
 Account

Gross domestic investment 2,584.8 -7.4 2,052.2
 Private fixed investment 2,128.7 -9.1 1,707.6
 Government fixed investment 497.2 1.7 505.4
 Change in private inventories -41.1 0.0 -160.8
Capital account transactions (net) -5.4 0.0 0.6
 Transfer payments for
 catastrophic losses (net) 6.2 0.0 0.0
 Other capital account
 transactions -11.6 0.0 0.6
Net lending or net borrowing (-),
 national income and product
 accounts -73.6 -8.6 -378.0
GROSS DOMESTIC INVESTMENT,
 CAPITAL ACCOUNT TRANSACTIONS
 (NET), AND NET LENDING 1,905.8 -16.0 1,674.8
Net saving 54.1 118.1 -268.8
 Personal saving 592.3 144.4 552.6
 Undistributed corporate profits
 with inventory valuation and
 capital consumption
 adjustments 152.5 -4.2 469.6
 Wage accruals less disbursements
 (private) -5.0 0.0 5.0
 Net government saving -85.7 -22.1 -1,296.0
Plus: Consumption of fixed capital 1,854.1 4.9 1,866.2
 Private 1,542.9 6.0 1,542.4
 Government 311.2 -1.1 323.7
 General government 259.6 -1.1 270.5
 Government enterprises 51.5 -0.1 53.2
Equals: Gross saving 1,908.2 123.0 1,597.3
Statistical discrepancy -2.4 -139.0 77.4
GROSS SAVING AND STATISTICAL
 DISCREPANCY 1,905.8 -16.0 1,674.8

 Account 7. Foreign Transactions
 Capital Account

BALANCE ON CURRENT ACCOUNT,
 NATIONAL INCOME AND PRODUCT
 ACCOUNTS -79.0 -8.6 -377.4
Capital account transactions (net) -5.4 0.0 0.6
 Transfer payments for
 catastrophic losses (net) 6.2 0.0 0.0
 Other capital account
 transactions -11.6 0.0 0.6
Net lending or net borrowing (-),
 national income and product
 accounts -673.6 -8.6 -378.0
CAPITAL ACCOUNT TRANSACTIONS
 (NET) AND NET LENDING, NATIONAL
 INCOME AND PRODUCT ACCOUNTS -679.0 -8.6 -377.4

 2009 2010

 Revision Revised Revision

 Account 1. Domestic Income and
 Product Account

Compensation of employees, paid -4.1 7,980.6 -12.3
 Wage and salary accruals -2.5 6,417.5 10.3
 Disbursements -2.5 6,417.5 10.3
 Wage accruals less
 disbursements 0.0 0.0 0.0
 Supplements to wages and
 salaries -1.5 1,563.1 -22.5
Taxes on production and imports -0.8 1,054.0 -4.5
Less: Subsidies -0.6 57.3 -1.7
Net operating surplus -73.2 3,673.5 32.5
 Private enterprises -71.5 3,689.2 34.9
 Current surplus of government
 enterprises -1.7 -15.7 -2.4
Consumption of fixed capital 5.1 1,874.9 6.0
Gross domestic income -78.4 14,525.7 23.5
Statistical discrepancy -101.7 0.8 -157.4
GROSS DOMESTIC PRODUCT -180.0 14,526.5 -133.9
Personal consumption expenditures -135.2 10,245.5 -103.6
 Goods -33.2 3,387.0 -38.7
 Durable goods 3.1 1,085.5 -3.9
 Nondurable goods -36.4 2,301.5 -34.8
 Services -101.9 6,858.5 -64.9
Gross private domestic investment -42.4 1,795.1 -32.4
 Fixed investment -0.8 1,728.2 -27.6
 Nonresidential -11.4 1,390.1 -25.2
 Structures -1.7 374.4 -9.1
 Equipment and software -9.8 1,015.7 -16.1
 Residential 2.6 338.1 -2.4
 Change in private inventories -33.6 66.9 -4.8
Net exports of goods and services -5.1 -516.9 -0.5
 Exports 4.6 1,839.8 2.3
 Imports 9.9 2,356.7 2.8
Government consumption
 expenditures and gross
 investment 2.6 3,002.8 2.6
 Federal 3.1 1,222.8 8.5
 National defense 3.3 819.2 1.5
 Nondefense -0.2 403.6 7.0
 State and local -0.5 1,780.0 -6.0
GROSS DOMESTIC PRODUCT -180.0 14,526.5 -133.9

 Account 2. Private Enterprise
 Income Account

Income payments on assets -289.1 2,366.5
 Interest and miscellaneous
 payments -290.8 2,178.8
 Dividend payments to the rest
 of the world 16.8 93.8 6.7
 Reinvested earnings on foreign
 direct investment in the
 United States -15.1 93.9 -3.7
Business current transfer
 payments (net) -2.0 136.7 4.6
 To persons (net) 2.2 38.3 0.9
 To government (net) -2.4 99.0 4.2
 To the rest of the world (net) -1.7 -0.6 -0.5
Proprietors' income with
 inventory valuation and
 capital consumption
 adjustments -70.7 1,036.4 -18.6
Rental income of persons with
 capital consumption
 adjustment 31.9 350.2 49.3
Corporate profits with inventory
 valuation and capital
 consumption adjustments 104.0 1,800.1 175.3
 Taxes on corporate income 17.5 411.1 -5.5
 To government 17.7 387.4 -4.4
 To the rest of the world -0.1 23.6 -1.1
 Profits after tax with
 inventory valuation and
 capital consumption
 adjustments 86.5 1,389.1 180.9
 Net dividends -98.9 737.3 4.6
 Undistributed corporate
 profits with inventory
 valuation and capital
 consumption adjustments 185.4 651.7 176.2
USES OF PRIVATE ENTERPRISE INCOME -225.9 5,690.0
Net operating surplus, private
 enterprises -71.5 3,689.2 34.9
Income receipts on assets -154.3 2,000.8
 Interest -164.1 1,431.2
 Dividend receipts from the rest
 of the world 13.1 215.9 12.7
 Reinvested earnings on U.S.
 direct investment abroad -3.3 353.8 -11.6
SOURCES OF PRIVATE ENTERPRISE
 INCOME -225.9 5,690.0

 Account 3. Personal Income and
 Outlay Account

Personal current taxes 1.4 1,193.9 27.6
Personal outlays -143.3 10,586.9 -133.8
 Personal consumption
 expenditures -135.2 10,245.5 -103.6
 Personal interest payments -3.1 173.4 -25.5
 Personal current transfer
 payments -4.9 168.0 -4.7
 To government -5.9 95.1 -5.7
 To the rest of the world (net) 0.9 72.9 1.0
Personal saving -102.7 592.8 -61.1
PERSONAL TAXES, OUTLAYS, AND
 SAVING -244.7 12,373.5 -167.5
Compensation of employees,
 received -5.3 7,971.4 -13.1
 Wage and salary disbursements -3.8 6,408.2 9.3
 Domestic -6.1 6,403.0 7.2
 Rest of the world 2.3 5.3 2.2
 Supplements to wages and
 salaries -1.5 1,563.1 -22.5
 Employer contributions for
 employee pension and
 insurance funds 1.1 1,089.9 -16.9
 Employer contributions for
 government social insurance -2.6 473.2 -5.6
Proprietors' income with
 inventory valuation and
 capital consumption
 adjustments -70.7 1,036.4 -18.6
Rental income of persons with
 capital consumption
 adjustment 31.9 350.2 49.3
Personal income receipts on assets -212.0 1,721.2 -186.4
 Personal interest income -113.4 1,003.4 -191.5
 Personal dividend income -98.6 717.7 5.0
Personal current transfer receipts 5.3 2,281.2 -15.2
 Government social benefits 3.1 2,242.9 -16.1
 From business (net) 2.2 38.3 0.9
Less: Contributions for government
 social insurance, domestic -0.2 986.8 -16.7
PERSONAL INCOME -244.7 12,373.5 -167.5

 Account 4. Government Receipts
 and Expenditures Account

Consumption expenditures 0.7 2,497.5 6.9
Current transfer payments 4.4 2,316.8 -16.5
 Government social benefits 3.7 2,259.5 -15.7
 To persons 3.1 2,242.9 -16.1
 To the rest of the world 0.6 16.6 0.4
Other current transfer payments
 to the rest of the world (net) 0.6 57.3 -0.9
Interest payments -3.4 390.2 -11.1
Subsidies -0.6 57.3 -1.7
Less: Wage accruals less
 disbursements 0.0 0.0 0.0
Net government saving -24.1 -1,299.0 1.5
 Federal 33.8 -1,273.7 59.8
 State and local -57.9 -25.3 -58.2
GOVERNMENT CURRENT EXPENDITURES
 AND NET SAVING -23.2 3,962.8 -21.0
Current tax receipts 13.7 2,648.7 19.4
 Personal current taxes 1.4 1,193.9 27.6
 Taxes on production and imports -6.8 1,054.0 -4.5
 Taxes on corporate income 17.7 387.4 -4.4
 Taxes from the rest of the world 1.5 13.3 0.7
Contributions far government
 social insurance -6.1 991.7 -17.0
Income receipts on assets -20.8 144.0 -19.4
 Interest and miscellaneous
 receipts -20.7 124.4 -19.0
 Dividends -0.2 19.6 -0.4
Current transfer receipts -8.3 194.1 -1.5
 From business (net) -2.4 99.0 4.2
 From persons -5.9 95.1 -5.7
Current surplus of government
 enterprises -1.7 -15.7 -2.4
GOVERNMENT CURRENT RECEIPTS -23.2 3,962.8 -21.0

 Account 5. Foreign Transactions
 Current Account

Exports of goods and services 4.6 1,839.8 2.3
Income receipts from the rest of
 the world 10.0 702.9 -3.3
 Wage and salary receipts 2.3 5.3 2.2
 Income receipts on assets 7.7 697.6 -5.4
 Interest -2.1 127.9 -6.6
 Dividends 13.1 215.9 12.7
 Reinvested earnings on U.S.
 direct investment abroad -3.3 353.8 -11.6
CURRENT RECEIPTS FROM THE REST OF
 THE WORLD 14.6 2,542.7 -1.0
Imports of goods and services 9.9 2,356.7 2.8
Income payments to the rest of
 the world 3.9 513.5 -4.4
 Wage and salary payments 3.4 14.5 3.0
 Income payments on assets 0.5 499.0 -7.4
 Interest -1.2 311.3 -10.4
 Dividends 16.8 93.8 6.7
 Reinvested earnings on foreign
 direct investment in the
 United States -15.1 93.9 -3.7
Current taxes and transfer
 payments to the rest of the
 world (net) -1.3 151.6 -1.4
 From persons (net) 0.9 72.9 1.0
 From government (net) -0.4 55.7 -0.8
 From business (net) -1.9 23.1 -1.5
Balance on current account,
 national income and product
 accounts 2.3 -479.2 2.0
CURRENT PAYMENTS TO THE REST OF
 THE WORLD AND BALANCE ON
 CURRENT ACCOUNT 14.6 2,542.7 -1.0

 Account 6. Domestic Capital
 Account

Gross domestic investment -40.4 2,300.4 -36.7
 Private fixed investment -8.8 1,728.2 -27.6
 Government fixed investment 2.0 505.3 -4.3
 Change in private inventories -33.6 66.9 -4.8
Capital account transactions (net) 0.0 0.7 0.2
 Transfer payments for
 catastrophic losses (net) 0.0 0.0 0.0
 Other capital account
 transactions 0.0 0.7 0.2
Net lending or net borrowing (-),
 national income and product
 accounts 2.3 -479.9 1.8
GROSS DOMESTIC INVESTMENT,
 CAPITAL ACCOUNT TRANSACTIONS
 (NET), AND NET LENDING -38.1 1,821.3 -34.7
Net saving 58.6 -54.5 116.6
 Personal saving -102.7 592.8 -61.1
 Undistributed corporate profits
 with inventory valuation and
 capital consumption
 adjustments 185.4 651.7 176.2
 Wage accruals less disbursements
 (private) 0.0 0.0 0.0
 Net government saving -24.1 -1,299.0 1.5
Plus: Consumption of fixed capital 5.1 1,874.9 6.0
 Private 6.6 1,540.9 6.9
 Government -1.6 334.0 -0.9
 General government -1.8 278.6 -2.2
 Government enterprises 0.2 55.4 1.3
Equals: Gross saving 63.5 1,820.5 122.7
Statistical discrepancy -101.7 0.8 -157.4
GROSS SAVING AND STATISTICAL
 DISCREPANCY -38.1 1,821.3 -34.7

 Account 7. Foreign Transactions
 Capital Account

BALANCE ON CURRENT ACCOUNT,
 NATIONAL INCOME AND PRODUCT
 ACCOUNTS 2.3 -479.2 2.0
Capital account transactions (net) 0.0 0.7 0.2
 Transfer payments for
 catastrophic losses (net) 0.0 0.0 0.0
 Other capital account
 transactions 0.0 0.7 0.2
Net lending or net borrowing (-),
 national income and product
 accounts 2.3 -479.9 1.8
CAPITAL ACCOUNT TRANSACTIONS
 (NET) AND NET LENDING, NATIONAL
 INCOME AND PRODUCT ACCOUNTS 2.3 -79.2 2.0

Acknowledgements

Brent R. Moulton, Associate Director for National Economic Accounts, supervised the preparation of this year's annual revision of the national income and product accounts. Pamela A. Kelly, Chief of the Government Division, and Robert J. Kornfeld, Deputy Chief of the National Income and Wealth Division, directed major parts of the revision. Carol E. Moylan, Associate Director for Industry Accounts and former Chief of the National Income and Wealth Division, directed the early planning of the revision.

BEA staff who made significant contributions to the revision are listed below.

Estimate coordination and review: David E Sullivan, Alyssa E. Holdren, Eugene E Seskin, Shelly Smith, David B. Wasshausen.

Personal consumption expenditures: Michael Armah. Goods: Harvey L. Davis, Jr., Yukun Fung, Megan E. Groll, Everette P. Johnson, Danit E. Kanal. Services: Kyle J. Brown, Robert N. Ganz III, Christina D. Hovland, Teresita D. Teensma, Matthew D. Tschetter.

Investment and Foreign transactions: Jennifer A. Ribarsky. Inventories, foreign transactions, and prices: Harry Johnson, Jr., Michael M. Cortez, Marissa J. Crawford, Jeff Hall, Corttney C. Penberthy, Enrico Tan. Structures, equipment and software: Jeffrey W. Crawford, Velma P. Henry, Lindsay Orphanides, Marlyn Rodriguez, Linden L. Webber.

Federal government: Benjamin A. Mandel, Peter G. Beall, Stan J. Bellotti, Andrew P. Cairns, Andrea L. Cook, Raymen G. LaBella, Mark S. Ludwick, Ann Miller, Kyle D. Mulgrew, Farah Naz, Michelle D. Robinson, Mary L. Roy, Benyam Tsehaye, Andrew E. Vargo, Bryan Williams, Keith Zipay.

State and local government: Bruce E. Baker, Steven J. Andrews, Michelle S. Grier, Natalie M. Hayes, Angela C. Padalecki, Brian E. Parks.

Personal income: Kurt Kunze. Employee compensation: Janet H. Kmitch, Elizabeth C. Bernstein, James E. Rankin, Kate L. Shoemaker, Brian J. Smith. Business income: Howard I. Krakower, Andrew W. Hodge, M. Greg Key, Martin L. Simmons, Jerry L. Stone, Garth K. Trinkl, Dennis R. Weikel. Property income: Michael N. Hayes, Louise V. Lusby, Denise A. McBride, Charles S. Robinson, Andrew G. Schmidt, Elizabeth M. Terroni.

Consumption of fixed capital: Private: David B. Wasshausen, Michael T. Cusick, Michael D. Glenn, Lisa A. Lynn, Nadia F.P. Sadie. Government: Jennifer A. Bennett, Mark A. Bailey, Mark A. Ledbetter, Christopher B. Mbu.

Computer systems and operations: Brendan J. Leafy, Michael J. Boehm, Wanda Y. Chambers, Benjamin D. Cowan, Scott G. He, Douglas J. Klear, Sung H. Lee, Ethan C. Lincoln, Sandip Mehta, Ross F. Metzger, Michael J. Ocasio, Andrew J. Pinard, James J. Raley III, Michael D. Randall, Karl V. Rohrer, David Rozenshtein.

Supplemental review materials: Duane G. Hackmann, Virginia H. Mannering, Kristina L. Maze, Bonnie A. Retus, David F. Sullivan.

NIPA information: Stephen H. Andrews, Debra M. Blagburn, Lisa S. Mataloni.

Secretarial and program assistance: Esther M. Carter, Katherine Dent, Beverly B. Goodwin, Angela P. Pointer.

Other contributors to the statistical improvements include Baoline Chen and Brian K. Sliker.

(1.) Information about the structure, definitions, presentation, and methodologies that underlie the NIPAs is available on BEA's Web site; go to www.bea.gov, and click on "Methodology Papers."

(2.) Flexible annual revisions that include revisions for longer periods than the traditional 3-year period were described in the June 2008 SURVEY OF CURRENT BUSINESS at www.bea.gov/scb.

(3.) BEA judges the accuracy of the estimates by whether they present the same general picture of economic activity as previous estimates in terms of long-term growth rates, trends in key components of GDP, broad features of the business cycle, including the timing and depth of recessions, the strength of recoveries, the major components contributing to growth and to contractions, and the pattern of quarterly growth. For more about the accuracy of annual revisions, see Dennis J. Fixler, Ryan Greenaway-McGrevy, and Bruce T. Grimm, "Revisions to GDP, GDI, and Their Major Components," SURVEY 91 (July 2011): 9-31.

(4.) For more on this annual revision and the 2007-2009 recession and recovery, see FAQs 1003 and 1004 on BEA's Web site.

(5.) The annual revisions to real GDP reflect revised current-dollar estimates, revised prices used for deflation, and revised quantities used to estimate components of real GDP by extrapolation or direct valuation. For estimates prepared by extrapolation or direct valuation, the current-dollar and chained-dollar estimates are based on independent source data; consequently, the corresponding revisions are unrelated. For a list of these components, see table 2 in "Updated Summary NIPA Methodologies," SURVEY 90 (November 2010): 25-29.

(6.) For a discussion of the difference between the gross domestic purchases price index and the GDP price index, see the box "Note on Prices" on page 3 in this issue.

Table 1. Real GDP and Its Major Components
Change From the Fourth Quarter of 2007 to the First Quarter of 2011
[Percent change at annual rates]

 Revision
 in change
 Previously (percentage
 published Revised points)

Gross domestic product 0.2 -0.2 -0.4
Personal consumption
expenditures 0.4 0.2 -0.2
 Goods 0.7 0.5 -0.2
 Durable goods 1.3 0.7 -0.6
 Nondurable goods 0.5 0.4 -0.1
 Services 0.3 0.1 -0.2
Gross private
domestic investment -4.8 -5.8 -1.0
 Fixed investment -5.8 -0.5 -0.7
 Nonresidential -3.5 -4.3 -0.8
 Structures -11.7 -12.0 -0.3
 Equipment and software 0.1 -1.0 -1.1
 Residential -13.7 -14.0 -0.3
 Change in private inventories ... ... ...
Net exports of
goods and services ... ... ...
 Exports 2.3 2.4 0.1
 Goods 2.8 2.8 0.0
 Services 1.1 1.3 0.2
 Imports -0.6 -0.2 0.4
 Goods -0.9 -0.4 0.5
 Services 1.0 0.9 -0.1
Government consumption
expenditures and gross
investment 1.1 0.7 -0.4
 Federal 4.7 4.2 -0.5
 National defense 3.9 3.4 -0.5
 Nondefense 6.3 5.7 -0.6
 State and local -1.2 -1.4 -0.2
Addenda:
 Final sales of domestic product 0.1 -0.3 -0.4
 Gross domestic purchases -0.2 -0.5 -0.3
 Gross national product 0.2 -0.2 -0.4
 Gross domestic income 0.1 0.0 -0.1

Table 2. Chain-Type Price Indexes
Change From the Fourth Quarter of 2007 to the First Quarter of 2011
[Percent change at annual rates]
 Revision
 in change
 Previously (percentage
 published Revised points)

Gross domestic product (GDP) 1.4 1.5 0.1
 Less: Exports of
 goods and services 1.9 2.0 0.1
 Plus: Imports of
 goods and services 2.1 1.9 -0.2
Equals: Gross domestic purchases 1.4 1.6 0.2
 Personal consumption
 expenditures (PCE) 1.6 1.7 0.1
 Goods 1.1 1.0 -0.1
 Durable goods -1.5 -1.8 -0.3
 Nondurable goods 2.3 2.3 0.0
 Services 1.9 2.0 0.1
 Gross private domestic
 investment -0.7 -0.2 0.5
 Fixed investment -0.6 -0.3 0.3
 Nonresidential -0.4 0.0 0.4
 Structures 0.5 0.6 0.1
 Equipment and software -0.7 -0.2 0.5
 Residential -1.4 -1.4 0.0
 Government consumption
 expenditures and gross
 investment 2.1 2.3 0.2
 Federal 1.6 2.0 0.4
 National defense 1.7 2.0 0.3
 Nondefense 1.5 2.1 0.6
 State and local 2.3 2.4 0.1
Addenda:
 GDP excluding food and energy 1.3 1.5 0.2
 Gross domestic purchases
 excluding food and energy 1.3 1.5 0.2
 PCE excluding food and energy 1.5 1.6 0.1
 Market-based PCE 1.7 1.6 -0.1
 Market-based PCE excluding
 food and energy 1.5 1.5 0.0
 Final sales of domestic product 1.4 1.5 0.1
 Gross national product 1.4 1.5 0.1

Table 3. Revisions to Contributions to Percent Change in Real GDP
[Percentage points]

 2008

 2007 Previously Revised Revision
 published
Gross domestic
product (1) 1.9 0.0 -0.3 -0.3
 Personal consumption
 expenditures (PCE) 1.60 -0.18 -0.39 -0.21
 Goods 0.71 -0.60 -0.59 0.01
 Durable goods 0.42 -0.42 -0.41 0.01
 Nondurable goods 0.29 -0.18 -0.18 0.00
 Services 0.89 0.41 0.21 -0.20
 Gross private
 domestic investment -0.56 -1.53 -1.66 -0.13
 Fixed investment -0.33 -1.02 -1.15 -0.13
 Nonresidential 0.73 0.03 -0.09 -0.12
 Structures 0.46 0.22 0.24 0.02
 Equipment and
 software 0.26 -0.19 -0.34 -0.15
 Residential -1.05 -1.05 -1.05 0.00
 Change in private
 inventories -0.23 -0.51 -0.51 0.00
 Net exports of
 goods and services 0.62 1.18 1.21 0.03
 Exports 1.03 0.72 0.73 0.01
 Goods 0.75 0.53 0.53 0.00
 Services 0.28 0.19 0.20 0.01
 Imports -0.40 0.46 0.47 0.01
 Goods -0.37 0.52 0.57 0.05
 Services -0.04 -0.07 -0.10 -0.03
 Government consumption
 expenditures and
 gross investment 0.25 0.54 0.50 -0.04
 Federal 0.09 0.51 0.50 -0.01
 National defense 0.11 0.36 0.36 0.00
 Nondefense -0.02 0.15 0.15 0.00
 State and local 0.17 0.04 0.00 -0.04

 2009

 2008 Previously Revised Revision
 published
Gross domestic
product (1) -0.3 -2.6 -0.5 -0.9
 Personal consumption
expenditures (PCE) -0.39 -0.84 -1.32 -0.48
 Goods -0.59 -0.46 -0.69 -0.23
 Durable goods -0.41 -0.27 -0.41 -0.14
 Nondurable goods -0.18 -0.18 -0.28 -0.10
 Services 0.21 -0.38 -0.63 -0.25
 Gross private domestic
 investment -1.66 -3.24 -3.61 -0.37
 Fixed investment -1.15 -2.69 -2.77 -0.08
 Nonresidential -0.09 -1.96 -2.05 -0.09
 Structures 0.24 -0.81 -0.85 -0.04
 Equipment and
 software -0.34 -1.15 -1.20 -0.05
 Residential -1.05 -0.74 -0.72 0.02
 Change in private
 inventories -0.51 -0.55 -0.84 -0.29
 Net exports of goods
 and services 1.21 1.13 1.11 -0.02
 Exports 0.73 -1.18 -1.18 0.00
 Goods 0.53 -1.04 -1.04 0.00
 Services 0.20 -0.15 -0.13 0.02
 Imports 0.47 2.32 2.29 -0.03
 Goods 0.57 2.20 2.19 -0.01
 Services -0.10 0.12 0.10 -0.02
 Government consumption
 expenditures and
 gross investment 0.50 0.32 0.34 0.02
 Federal 0.50 0.43 0.45 0.02
 National defense 0.36 0.27 0.30 0.03
 Nondefense 0.15 0.16 0.16 0.00
 State and local 0.00 -0.11 -0.11 0.00

 2010

 2009 Previously Revised Revision
 published
Gross domestic
product (1) -3.5 2.9 3.0 0.1
 Personal consumption
 expenditures (PCE) -1.32 1.26 1.44 0.18
 Goods -0.69 0.99 0.99 0.00
 Durable goods -0.41 0.55 0.53 -0.02
 Nondurable goods -0.28 0.44 0.46 0.02
 Services -0.63 0.27 0.46 0.19
 Gross private
 domestic investment -3.61 1.87 1.96 0.09
 Fixed investment -2.77 0.48 0.32 -0.16
 Nonresidential -2.05 0.55 0.42 -0.13
 Structures -0.85 -0.42 -0.51 -0.09
 Equipment and
 software -1.20 0.97 0.93 -0.04
 Residential -0.72 -0.07 -0.11 -0.04
 Change in private
 inventories -0.84 1.40 1.64 0.24
 Net exports of goods
 and services 1.11 -0.49 -0.51 -0.02
 Exports -1.18 1.34 1.31 -0.03
 Goods -1.04 1.13 1.12 -0.01
 Services -0.13 0.21 0.19 -0.02
 Imports 2.29 -1.83 -1.82 0.01
 Goods 2.19 -1.74 -1.74 0.00
 Services 0.10 -0.09 -0.08 0.01
 Government consumption
 expenditures and
 gross investment 0.34 0.21 0.14 -0.07
 Federal 0.45 0.39 0.37 -0.02
 National defense 0.30 0.22 0.18 -0.04
 Nondefense 0.16 0.17 0.19 0.02
 State and local -0.11 -0.18 -0.23 -0.05

(1) Percent change from the preceding period

Table 4. Revisions to Percent Change in Real GDP

 2008

 2007 Previously Revised Revision
 published (1)

Gross domestic product 1.9 0.0 -0.3 -0.3
 Personal consumption
 expenditures (PCE) 2.3 -0.3 -0.6 -0.3
 Goods 3.0 -2.5 -2.5 0.0
 Durable goods 5.0 -5.2 -4.9 0.3
 Nondurable goods 1.9 -1.1 -1.2 -0.1
 Services 1.9 0.9 0.4 -0.5
 Gross private
 domestic investment -3.2 -9.5 -10.2 -0.7
 Fixed investment -1.9 -0.4 -7.1 -0.7
 Nonresidential 6.5 0.3 -0.8 -1.1
 Structures 14.1 5.9 6.4 0.5
 Equipment and
 software 3.3 -2.4 -4.3 -1.9
 Residential -18.7 -24.0 -23.9 0.1
 Change in private
 inventories ... ... ... ...
 Net exports of goods
 and services ... ... ... ...
 Exports 9.3 6.0 6.1 0.1
 Goods 9.7 6.3 6.3 0.0
 Services 8.3 5.3 5.6 0.3
 Imports 2.4 -2.6 -2.7 -0.1
 Goods 2.6 -3.5 -3.8 -0.3
 Services 1.4 2.4 3.6 1.2
 Government consumption
 expenditures
 and gross investment 1.3 2.8 2.6 -0.2
 Federal 1.2 7.3 7.2 -0.1
 National defense 2.2 7.5 7.5 0.0
 Nondefense -0.8 6.7 6.5 -0.2
 State and local 1.4 0.3 0.0 -0.3

 2009

 2008 Previously Revised Revision
 published (1)

Gross domestic product -0.3 -2.6 -3.5 -0.9
 Personal consumption
 expenditures (PCE) -0.6 -1.2 -1.9 -0.7
 Goods -2.5 -2.0 -3.0 -1.0
 Durable goods -4.9 -3.7 -5.4 -1.7
 Nondurable goods -1.2 -1.2 -1.8 -0.6
 Services 0.4 -0.8 -1.4 -0.6
 Gross private
 domestic investment -10.2 -22.6 -25.0 -2.4
 Fixed investment -7.1 -18.3 -18.8 -0.5
 Nonresidential -0.8 -17.1 -17.8 -0.7
 Structures 6.4 -20.4 -21.2 -0.8
 Equipment and
 software -4.3 -15.3 -16.0 -0.7
 Residential -23.9 -22.9 -22.2 0.7
 Change in private
 inventories ... ... ... ...
 Net exports of ... ... ... ...
 goods and services
 Exports 6.1 -9.5 -9.4 0.1
 Goods 6.3 -12.0 -12.0 0.0
 Services 5.6 -3.9 -3.5 0.4
 Imports -2.7 -13.8 -13.6 0.2
 Goods -3.8 -15.8 -15.6 0.2
 Services 3.6 -4.2 -3.5 0.7
 Government consumption
 expenditures and
 gross investment 2.6 1.6 1.7 0.1
 Federal 7.2 5.7 6.0 0.3
 National defense 7.5 5.4 5.8 0.4
 Nondefense 6.5 6.5 6.5 0.0
 State and local 0.0 -0.9 -0.9 0.0

 2010

 2009 Previously Revised Revision
 published (1)

Gross domestic product -0.5 2.9 3.0 0.1
 Personal consumption
 expenditures (PCE) -1.9 1.7 2.0 0.3
 Goods -3.0 4.3 4.3 0.0
 Durable goods -5.4 7.7 7.2 -0.5
 Nondurable goods -1.8 2.7 2.9 0.2
 Services -1.4 0.5 0.9 0.4
 Gross private
 domestic investment -25.0 17.1 17.9 0.8
 Fixed investment -18.8 3.9 2.6 -1.3
 Nonresidential -17.8 5.7 4.4 -1.3
 Structures -21.2 -13.7 -15.8 -2.1
 Equipment and
 software -16.0 15.3 14.6 -0.7
 Residential -22.2 0.0 4.3 -1.3
 Change in private
 inventories ... ... ... ...
 Net exports of
 goods and services ... ... ... ...
 Exports -9.4 11.7 11.3 -0.4
 Goods -12.0 14.7 14.4 -0.3
 Services -3.5 5.7 5.0 -0.7
 Imports -13.6 12.6 12.5 -0.1
 Goods -15.6 14.8 14.8 0.0
 Services -3.5 3.5 2.9 -0.6
 Government consumption
 expenditures and
 gross investment 1.7 1.0 0.7 -0.3
 Federal 6.0 4.8 4.5 -0.3
 National defense 5.8 3.9 3.3 -0.6
 Nondefense 6.5 6.6 7.1 0.5
 State and local -0.9 -1.4 -1.8 -0.4

(1.) Percentage points.

Table 5. Revisions to Contributions to Percent Change in
Gross Domestic Purchases Prices
[Percentage points]

 2008

 2007 Previously
 published Revised Revision

Gross domestic purchases 2.9 3.2 3.2 0.0
 Personal consumption
 expenditures 1.79 2.21 2.17 -0.04
 Goods 0.30 0.73 0.70 -0.03
 Durable goods -0.16 -0.11 -0.15 -0.04
 Nondurable goods 0.46 0.84 0.84 0.00
 Services 1.49 1.48 1.48 0.00
 Gross private domestic
 investment 0.31 0.11 0.17 0.06
 Fixed investment 0.30 0.11 0.17 0.06
 Nonresidential 0.23 0.16 0.22 0.06
 Structures 0.20 0.17 0.18 0.01
 Equipment and
 software 0.04 -0.02 0.04 0.06
 Residential 0.07 -0.04 -0.05 -0.01
 Change in private
 inventories 0.01 0.00 -0.01 -0.01
 Government consumption
 expenditures and
 gross investment 0.85 0.86 0.91 0.05
 Federal 0.23 0.21 0.22 0.01
 National defense 0.16 0.17 0.17 0.00
 Nondefense 0.07 0.05 0.05 0.00
 State and local 0.62 0.65 0.68 0.03
Addendum:
 Gross domestic product
 price index (1) 2.9 2.2 2.2 0.0

 2009

 Previously Revised Revision
 published

Gross domestic purchases -0.2 -0.1 0.1
 Personal consumption
 expenditures 0.12 0.14 0.02
 Goods -0.56 -0.58 -0.02
 Durable goods -0.12 -0.13 -0.01
 Nondurable goods -0.44 -0.45 -0.01
 Services 0.68 0.72 0.04
 Gross private domestic
 investment -0.24 -0.13 0.11
 Fixed investment -0.22 -0.16 0.06
 Nonresidential -0.12 -0.06 0.06
 Structures -0.09 -0.09 0.00
 Equipment and
 software -0.03 0.03 0.06
 Residential -0.10 -0.10 0.00
 Change in private
 inventories -0.02 0.03 0.05
 Government consumption
 expenditures and
 gross investment -0.06 -0.06 0.00
 Federal -0.02 -0.02 0.00
 National defense -0.03 -0.04 -0.01
 Nondefense 0.02 0.02 0.00
 State and local -0.05 -0.05 0.00
Addendum:
 Gross domestic product
 price index (1) 0.9 1.1 0.2

 2010

 Previously Revised Revision
 published

Gross domestic purchases 1.3 1.5 0.2
 Personal consumption
 expenditures 1.14 1.22 0.08
 Goods 0.37 0.35 -0.02
 Durable goods -0.11 -0.12 -0.01
 Nondurable goods 0.47 0.48 0.01
 Services 0.77 0.86 0.09
 Gross private domestic
 investment -0.17 -0.18 -0.01
 Fixed investment -0.19 -0.16 0.03
 Nonresidential -0.18 -0.15 0.03
 Structures -0.05 -0.03 0.02
 Equipment and
 software -0.13 -0.12 0.01
 Residential -0.01 -0.01 0.00
 Change in private
 inventories 0.01 -0.01 -0.02
 Government consumption
 expenditures and
 gross investment 0.37 0.45 0.08
 Federal 0.13 0.19 0.06
 National defense 0.10 0.13 0.03
 Nondefense 0.03 0.06 0.03
 State and local 0.24 0.26 0.02

Addendum:
 Gross domestic product
 price index (1) 1.0 1.2 0.2

(1.) Percent change from the preceding period.

Table 6. GDP, Real GDP, the GDP Price Index, and the Gross Domestic
Purchases Price Index Revisions to Percent Change From the Preceding
Quarter

[Percent change at annual rates; based on seasonally
adjusted annual rates]

 GDP

 Previously Revision
 published Revised (1)

2007: IV 3.8 3.6 -0.2

2008: I 1.0 0.6 -0.4
 II 4.1 4.0 -0.1
 III 0.4 -0.6 -1.0
 IV -7.9 -8.4 -0.5

2009: I -3.9 -5.2 -1.3
 II -0.4 -1.1 -0.7
 III 2.3 1.9 -0.4
 IV 4.7 4.9 0.2

2010: I 4.8 5.5 0.7
 II 3.7 5.4 1.7
 III 4.6 3.9 -0.7
 IV 3.5 4.2 0.7

2011: I 4.0 3.1 -0.9

 Real GDP

 Previously Revision
 published Revised (1)

2007: IV 2.9 1.7 -1.2

2008: I -0.7 -1.8 -1.1
 II 0.6 1.3 0.7
 III -4.0 -0.7 0.3
 IV -0.8 -0.9 -2.1

2009: I -4.9 -6.7 -1.8
 II -0.7 -0.7 0.0
 III 1.6 1.7 0.1
 IV 5.0 3.8 -1.2

2010: I 3.7 3.9 0.2
 II 1.7 3.8 2.1
 III 2.6 2.5 -0.1
 IV 3.1 2.3 -0.8

2011: I 1.9 0.4 -1.5

 GDP price index

 Previously Revision
 published Revised (1)

2007: IV 0.9 1.9 1.0

2008: I 1.9 2.5 0.6
 II 3.2 2.5 -0.7
 III 4.5 3.1 -1.4
 IV -1.2 0.5 1.7

2009: I 1.1 1.7 0.6
 II 0.3 -0.4 -0.7
 III 0.7 0.3 -0.4
 IV -0.2 1.1 1.3

2010: I 1.0 1.5 0.5
 II 1.9 1.5 -0.4
 III 2.1 1.4 -0.7
 IV 0.4 1.9 1.5

2011: I 2.0 2.5 0.5

 Gross domestic purchases
 price index

 Previously Revision
 published Revised (1)

2007: IV 3.8 3.7 -0.1

2008: I 4.0 4.1 0.1
 II 4.5 4.5 0.0
 III 3.9 4.0 0.1
 IV -4.4 -4.0 0.4

2009: I -2.0 -1.9 0.1
 II 0.6 0.5 -0.1
 III 1.4 1.6 0.2
 IV 2.1 2.1 0.0

2010: I 2.1 2.1 0.0
 II 0.1 0.5 0.4
 III 0.7 1.0 0.3
 IV 2.1 2.1 0.0

2011: I 3.9 4.0 0.1

(1.) Percentage points

Table 7. NIPA Annual Revision: Selected Components Detail
and Major Source Data Incorporated-Continues

 Billions
 of dollars

Line NIPA component Revision
 in
 level

 2008

1 Gross domestic product -77.6
2 Personal consumption expenditures -69.0
3 Goods 2.2
4 Durable goods 25.4
5 Motor vehicles and parts -3.9
 Of which:
6 Motor vehicle parts and -3.3
 accessories (2)

7 Furnishings and durable -8.1
 household equipment
 Of which:
8 Household appliances (2) -1.2

9 Glassware, tableware, -6.4
 and household utensils (2)

10 Recreational goods and vehicles 12.4
 Of which:
11 Video, audio,
 photographic, and
 information processing 24.9
 equipment and media (2)

12 Sporting equipment, -5.3
 supplies, guns, and
 ammunition (2)

13 Sports and recreational -2.1
 vehicles (2)
14 Recreational books (2) -4.1

15 Other durable goods 25.1
 Of which:
16 Therapeutic appliances 5.5
 and equipment (2)
17 Luggage and similar 8.7
 personal items (2)
18 Telephone and facsimile 5.1
 equipment (2)

19 Nondurable goods -23.2
20 Food and beverages purchased
 for off-premises
 consumption -28.8
 Of which:
 Food and nonalcoholic
21 beverages purchased for
 off-premises
 consumption (2) -15.2

22 Alcoholic beverages
 purchased for
 off-premises
 consumption (2) -13.4

23 Clothing and footwear -3.2
24 Gasoline and other energy goods -0.9
25 Other nondurable goods 9.7
 Of which:
26 Pharmaceutical and other 11.3
 medical products (2)
27 Recreational items (2) 9.0

28 Magazines, newspapers, -12.3
 and stationery (2)
29 Services -71.2
30 Household consumption expenditures -76.8
 (for services)
31 Housing and utilities -2.1
32 Housing -3.3
 Of which:
33 Rental of tenant-
 occupied nonfarm
 housing 4.0
34 Imputed rental of -5.4
 owner-occupied
 nonfarm
 housing
35 Household utilities 1.1
36 Health care -14.6
 Of which:
37 Physician services (2) -4.6
38 Paramedical services (2) -12.2
39 Hospitals (2) -3.6
40 Nursing homes (2) 5.9
41 Transportation services -1.0
 Of which:
42 Motor vehicle maintenance -0.5
 and repair (2)
43 Recreation services -1.5
 Of which:
44 Membership clubs, sports
 centers, parks,
 theaters, and museums' 5.7
45 Gambling (2) -8.1
46 Other recreational 3.8
 services (2)
47 Food services and accommodations 7.0
48 Food services (2) 1.9
49 Accommodations (2) 5.1
50 Financial services and insurance -41.1
51 Financial services furnished -8.0
 without payment
52 Financial service charges, -1.2
 fees, and commissions (2)

53 Insurance -32.0
 Of which:
54 Net health insurance (3) -32.1

55 Other services -23.4
 Of which:
56 Telecommunication services (2) -5.0

57 Internet access (2) 0.4

58 Professional and other -3.0
 services (2)
59 Personal care and clothing -9.7
 services (2)
60 Final consumption expenditures 5.8
 of NPISHs
61 Gross output of nonprofit 8.9
 institutions
62 Less: Receipts from sales
 of goods and services by
 nonprofit institutions (2) 3.1

63 Gross private domestic investment -9.1
64 Fixed investment -9.1
65 Nonresidential -9.0
66 Structures 3.9
 Of which:
67 Power 0.0

68 Petroleum and natural gas 4.2

69 Equipment and software -12.9
70 Information processing -13.5
 equipment and software
 Of which:
71 Computers and peripheral -3.7
 equipment

72 Software -2.5

73 Communication equipment -2.2

74 Medical equipment and -5.2
 instruments

75 Industrial equipment 0.8
 Of which:
76 General industrial,
 including materials
 handling, equipment 1.2

77 Transportation equipment -0.3
 Of which:
78 Light trucks (including -0.2
 utility vehicles)

79 Other equipment 1.6
 Of which:
80 Construction machinery 2.4

81 Residential -0.1
82 Structures 0.0
83 Residential equipment 0.0
84 Change in private inventories 0.0
85 Farm 0.0

86 Nonfarm 0.0
87 Change in book value 3.6
88 Mining, utilities, and 2.2
 construction

89 Manufacturing 0.5

90 Wholesale trade 6.1

91 Merchant wholesale 0.3
92 Nonmerchant wholesale 5.8
93 Retail trade -1.9

 Of which:
94 Retail motor vehicle dealers -0.2
95 Other industries -3.4

96 IVA -3.5

97 Net exports of goods and services 0.7

98 Exports 3.4
99 Goods 2.4
100 Services 1.0
 Of which:
101 Royalties and license fees 8.2

102 Other private services -6.9

103 Imports 2.7
104 Goods -2.5
 Of which:
105 Petroleum and products -1.5
106 Other -12.2

107 Services 5.1
 Of which:
108 Royalties and license fees 3.8

109 Other private services -1.2

110 Government consumption expenditures and gross
 investment -0.2
111 Federal government 0.2
112 National defense 0.5
113 Consumption expenditures -2.4
114 Gross investment 2.8
115 Nondefense -0.2
116 Consumption expenditures -0.5
 Of which:
117 Compensation of general
 government
 employees 0.3

118 Gross investment 0.2
119 State and local -0.5
120 Consumption expenditures 1.0
 Of which:
 Compensation of general
121 government employees 1.0
122 Nondurable goods -3.5

123 Services -3.7
 Less: Other sales to
124 other sectors -5.5

125 Gross investment -1.5
126 Gross domestic product -77.6
127 Less: Statistical discrepancy (5) -139.0
128 Equals: Gross domestic income 61.5
129 Compensation of employees, paid 11.0
130 Wage and salary accruals -4.8
131 Disbursements -4.8
132 To persons -10.3
133 To the rest of the world 5.5
134 Wage accruals less disbursements 0.0
135 Supplements to wages and salaries 15.7
136 Taxes on production and imports -0.5
137 Less: Subsidies 0.1
138 Net operating surplus 52.3
139 Private enterprises 51.6
140 Current surplus of government 0.7
 enterprises
141 Consumption of fixed capital 4.9
142 Private 6.0
143 Domestic business 3.8
144 Capital consumption allowances -32.9

145 Less: CCAdj -36.7

146 Households and institutions 2.2
147 Government -1.1
148 Plus: Income receipts from the 16.9
 rest of the world
149 Less: Income payments to the 22.2
 rest of the world
150 Equals: Gross national income 56.1
151 Less: Consumption of fixed capital 4.9
152 Equals: National income 51.3
153 Compensation of employees 7.5
154 Wage and salary accruals -8.1
155 Government 0.1

156 Other -0.3

157 Supplements to wages and salaries 15.7
158 Employer contributions for
 employee pension and 15.8
 insurance funds

159 Employer contributions for 0.0
 government social insurance
160 Proprietors' income with IVA and CCAdj -4.1
161 Farm 1.0
162 Proprietors' income with IVA 0.9

163 CCAdj 0.0
164 Nonfarm -5.1
165 Proprietors' income -7.8

166 IVA -1.3
167 CCAdj 4.0
168 Rental income of persons with CCAdj 9.6
169 Rental income of persons 9.5

170 CCAdj 0.0
171 Corporate profits with IVA and CCAdj -14.4
172 Domestic industries -9.7
173 Financial -41.2
174 Nonfinancial 31.5
175 Rest of the world -4.7

176 Less: CCAdj -40.8
177 Equals: Corporate profits with IVA 26.4

178 Domestic industries, 31.1
179 Financial -17.7
180 Federal Reserve banks 0.0
181 Other financial -17.8
182 Nonfinancial 48.8
183 Utilities 2.4
184 Manufacturing, 11.8
185 Durable goods, 5.4
186 Nondurable goods 6.3
187 Wholesale trade 2.3
188 Retail trade 6.6
189 Transportation and warehousing 3.8
190 Information -0.1
191 Other nonfinancial 22.1
192 Rest of the world -4.7
193 Less: IVA -0.4

194 Equals: Corporate profits before 26.7
 tax without IVA and CCAdj

195 Less: Taxes on corporate income 0.6
196 Equals: Profits after tax 26.1
197 Less: Net corporate dividend payments -10.8
198 Equals: Undistributed corporate profits 36.8
199 Net interest and miscellaneous payments 57.3
200 Net interest 58.5
201 Domestic business 59.9
 Of which:
202 Monetary interest paid 29.0

203 Less: Monetary interest received -37.8

204 Imputed interest paid, -5.4
 depositor and insurance
 services
 Of which:
205 Banks, credit agencies, -6.3
 and investment
 companies

206 Life insurance carriers -0.9

207 Owner-occupied housing -4.2
 Of which:
208 Monetary interest paid -4.1

209 Nonprofit institutions 0.0
210 Rest of the world 2.7
211 Miscellaneous payments -1.2
212 Taxes on production and imports -6.5
213 Federal -2.0

214 State and local -4.5

215 Less: Subsidies 0.1
216 Federal 0.1
217 State and local 0.0
218 Business current transfer payments (net) 1.3
219 To persons (net) 0.1
220 To government (net) -2.7
221 To the rest of the world (net) 3.9
222 Current surplus of government enterprises 0.7
223 Federal 0.0
224 State and local 0.7
 Addenda:
225 Gross national product -82.9
226 Gross saving 123.0
227 Personal income 69.1

228 Compensation of employees, received 7.5
229 Proprietors' income with IVA and CCAdj -4.1
230 Rental income of persons with CCAdj 9.6
231 Personal income receipts on assets 56.1
232 Personal interest income 67.3

233 Personal dividend income, -11.2

234 Personal current transfer receipts, 0.0
235 Government social benefits to persons -0.2
236 Federal -1.7

237 State and local 1.5

238 Other current transfer receipts,
 from business (net) 0.1
239 Less: Contributions for government
 social insurance, domestic 0.1
240 Federal 0.8

241 State and local -0.7
242 Less: Personal current taxes, -2.5
243 Federal -1.5

244 State and local -1.0

245 Equals: Disposable personal income 71.6
246 Less: Personal outlays -72.8
247 Personal consumption expenditures -69.0
248 Personal interest payments, -0.6

249 Personal current transfer payments, -3.3
250 To government -4.8

251 To the rest of the world (net) 1.6
252 Equals: Personal saving, 144.4

 Billions of dollars

Line Revision in level Revised
 2010
 level

 2009 2010

1 -180.0 -133.9 14,526.5
2 -135.2 -103.6 10,245.5
3 -33.2 -38.7 3,387.0
4 3.1 -3.9 1,085.5
5 -3.2 -5.9 340.1
6 -3.9 -4.1 49.2
7 -12.8 -14.5 243.8
8 -2.1 -3.4 40.5
9 -7.3 -7.5 41.5
10 -0.9 -5.0 329.8
11 22.0 23.6 207.4
12 -9.1 -12.0 53.3
13 -8.2 -9.9 33.7
14 -4.8 -5.6 30.4
15 20.1 21.5 171.8
16 6.3 7.9 54.9
17 8.1 8.5 28.1
18 3.8 3.5 14.0
19 -36.4 -34.8 2,301.5
20 -31.9 -35.4 766.4
21 -18.7 -23.7 659.4
22 -13.1 -11.7 106.6
23 -4.0 -3.5 334.3
24 -4.3 -3.1 354.1
25 3.7 7.2 846.7
26 10.9 13.4 330.6
27 3.4 2.9 141.4
28 -12.5 -10.1 64.6
29 -101.9 -64.9 6,858.5
30 -123.4 -80.0 6,578.3
31 -4.7 -7.5 1,893.2
32 -6.7 -7.5 1,583.8
33 7.1 4.2 359.4
34 -10.9 -9.1 1,203.1
35 2.0 0.0 309.4
36 -19.0 -20.3 1,667.4
37 -8.4 -15.2 391.9
38 -13.1 -17.8 269.1
39 -4.0 6.9 756.4
40 7.1 5.2 144.0
41 -3.0 -4.2 295.5
42 -3.2 -6.9 153.0
43 -7.6 2.1 382.6
44 5.1 7.3 136.3
45 -11.3 -8.9 99.6
46 2.2 4.2 44.1
47 6.7 11.6 638.0
48 -1.0 2.2 547.4
49 7.7 9.3 90.6
50 -66.0 -40.4 780.2
51 -16.8 10.5 287.9
52 -6.9 -4.6 226.6
53 -42.3 -46.2 265.8
54 -40.8 -45.4 119.9
55 -29.7 -21.2 921.4
56 -9.8 -8.7 161.1
57 0.9 8.3 53.8
58 -4.7 -6.6 163.3
59 -11.9 -9.9 112.2
60 21.4 15.1 280.2
61 20.1 26.8 1,118.9
62 -1.3 11.6 838.6
63 -42.4 -32.4 1,795.1
64 -8.8 -27.6 1,728.2
65 -11.4 -25.2 1,390.1
66 -1.7 -9.1 374.4
67 -1.5 -4.5 61.7
68 3.1 -4.8 97.6
69 -9.8 -16.1 1,015.7
70 -26.7 -47.1 543.8
71 -4.4 -3.6 93.8
72 -7.0 -25.3 257.9
73 -4.2 -4.3 83.8
74 -7.6 -9.6 72.1
75 5.8 7.9 168.6
76 5.0 6.1 60.6
77 1.4 9.7 122.7
78 -1.4 4.9 31.0
79 12.0 17.6 191.5
80 6.9 10.6 35.4
81 2.6 -2.4 338.1
82 2.8 -2.1 329.2
83 -0.2 -0.2 8.9
84 -33.6 -4.8 66.9
85 -5.6 -8.1 -1.6
86 -27.9 3.4 68.6
87 -7.6 1.4 117.6
88 -3.4 -1.9 -2.0
89 11.3 2.5 42.4
90 -1.8 -3.3 51.3
91 -5.4 2.2 42.3
92 3.6 -5.5 9.0
93 -16.1 5.6 23.0
94 -19.6 3.7 11.4
95 2.3 -1.6 2.8
96 -20.3 2.1 -49.0
97 -5.1 -0.5 -516.9
98 4.6 2.3 1,839.8
99 1.6 0.4 1,277.8
100 3.1 1.9 562.0
101 7.4 6.1 105.6
102 -3.4 -3.5 250.3
103 9.9 2.8 2,356.7
104 -0.5 -2.1 1,947.3
105 0.3 -1.5 353.7
106 -10.3 -5.1 88.6
107 10.4 4.8 409.4
108 4.6 4.0 33.5
109 5.4 2.0 180.6
110 2.6 2.6 3,002.8
111 3.1 8.5 1,222.8
112 3.3 1.5 819.2
113 0.0 3.9 702.1
114 3.3 -2.4 117.1
115 -0.2 7.0 403.6
116 -0.5 6.7 351.9
117 0.6 6.1 174.7
118 0.3 0.3 51.7
119 -0.5 -6.0 1,780.0
120 1.1 -3.7 1,443.5
121 4.6 0.3 1,064.2
122 -5.2 -5.9 216.0
123 -8.3 -8.2 383.2
124 -10.3 -10.4 117.2
125 -1.7 -2.2 336.5
126 -180.0 -133.9 14,526.5
127 -101.7 -157.4 0.8
128 -78.4 23.5 14,525.7
129 -4.1 -12.3 7,980.6
130 -2.5 10.3 6,417.5
131 -2.5 10.3 6,417.5
132 -6.1 7.2 6,403.0
133 3.4 3.0 14.5
134 0.0 0.0 0.0
135 -1.5 -22.5 1,563.1
136 -6.8 -4.5 1,054.0
137 -0.6 -1.7 57.3
138 -73.2 32.5 3,673.5
139 -71.5 34.9 3,689.2
140 -1.7 -2.4 -15.7
141 5.1 6.0 1,874.9
142 6.6 6.9 1,540.9
143 4.7 4.2 1,245.7
144 -7.7 233.2 1,442.1
145 -12.5 229.1 196.5
146 1.9 2.7 295.2
147 -1.6 -0.9 334.0
148 10.0 -3.3 702.9
149 3.9 -4.4 513.5
150 -72.4 24.6 14,715.1
151 5.1 6.0 1,874.9
152 -77.4 18.5 12,840.1
153 -5.3 -13.1 7,971.4
154 -3.8 9.3 6,408.2
155 1.7 3.7 1,190.8
156 -5.5 5.6 5,217.4
157 -1.5 -22.5 1,563.1
158 1.1 -16.9 1,089.9
159 -2.6 -5.6 473.2
160 -70.7 -18.6 1,036.4
161 8.7 7.3 52.2
162 8.7 7.5 58.0
163 0.0 -0.3 -5.8
164 -79.5 -25.9 984.2
165 -90.6 -104.6 793.0
166 0.0 0.5 -6.0
167 11.2 78.3 197.2
168 31.9 49.3 350.2
169 32.0 49.4 364.9
170 0.0 -0.1 -14.7
171 104.0 175.3 1,800.1
172 95.9 177.2 1,418.2
173 117.1 99.9 466.7
174 -21.2 77.3 951.5
175 8.1 -1.9 381.9
176 -23.7 151.1 19.7
177 127.7 24.2 1,780.4
178 119.6 26.1 1,398.5
179 143.8 106.8 494.7
180 0.0 13.5 71.6
181 143.9 93.5 423.2
182 -24.3 -80.8 903.7
183 -7.8 -8.0 25.0
184 -25.7 -42.5 217.1
185 -32.8 -55.1 95.0
186 7.2 12.7 122.1
187 2.9 2.3 85.8
188 7.0 -2.5 122.6
189 -1.2 -11.7 34.4
190 -2.3 -21.6 87.7
191 2.8 3.2 331.2
192 8.1 -1.9 381.9
193 -11.3 5.8 -39.1
194 139.0 18.4 1,819.5
195 17.5 -5.5 411.1
196 121.5 23.9 1,408.4
197 -98.9 4.6 737.3
198 220.4 19.3 671.1
199 -127.61 -173.8 564.3
200 -125.1 -174.4 544.7
201 -95.6 ... 284.9
202 -228.3 ... 1,319.9
203 -163.6 ... 1,638.1
204 -31.4 ... 514.9
205 -16.9 ... 244.9
206 -15.6 ... 247.0
207 -28.7 ... 435.1
208 -28.7 ... 502.6
209 0.0 ... 8.1
210 -0.9 ... -183.3
211 -2.4 0.6 19.5
212 -6.8 -4.5 1,054.0
213 2.9 -5.1 101.5
214 -9.7 0.7 952.6
215 -0.6 -1.7 57.3
216 -0.6 -1.7 55.8
217 0.0 0.0 1.6
218 -2.0 4.6 136.7
219 2.2 0.9 38.3
220 -2.4 4.2 99.0
221 -1.7 -0.5 -0.6
222 -1.7 -2.4 -15.7
223 -0.2 -0.6 -4.8
224 -1.5 -1.8 -10.8
225 -174.1 -132.8 14,715.9
226 63.5 122.7 1,820.5
227 -244.7 -167.5 12,373.5
228 -5.3 -13.1 7,971.4
229 -70.7 -18.6 1,036.4
230 31.9 49.3 350.2
231 -212.0 -186.4 1,721.2
232 -113.4 -191.5 1,003.4
233 -98.6 5.0 717.7
234 5.3 -15.2 2,281.2
235 3.1 -16.1 2,242.9
236 -2.9 -16.0 1,708.3
237 6.0 -0.1 534.6
238 2.2 0.9 38.3
239 -6.2 -16.7 986.8
240 -4.7 -15.1 966.0
241 -1.4 -1.6 20.8
242 1.4 27.6 1,193.9
243 3.9 21.8 896.4
244 -2.5 5.8 297.5
245 -246.1 -195.0 11,179.7
246 -143.3 -133.8 10,586.9
247 -135.2 -103.6 10,245.5
248 -3.1 -25.5 173.4
249 -4.9 -4.7 168.0
250 -5.9 -5.7 95.1
251 0.9 1.0 72.9
252 -102.7 -1.1 592.8

Line Major source data incorporated (1)

1

2

3

4

5

6 Revised Census Bureau Annual Retail Trade Survey (ARTS)
 data for 2008; new ARTS data for 2009; revised Census
 Bureau Monthly Retail Trade Survey (MRTS) data for 2010.

7

8 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

9 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

10

11 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010; revised trade source retail
 scanner data for 2009; new retail scanner data for 2010.

12 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

13 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

14 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

15

16 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

17 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

18 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010; revised trade source retail
 scanner data for 2009; new retail scanner data for 2010.

19

20

21 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010; new trade source retail scanner
 data for 2010.

22 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

23

24

25

26 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

27 Revised ARTS data for 2008; new ARTS data for 2009;
 revised MRTS data for 2010.

28 Revised ARTS data for 2008; new ARTS data for 2009;

29

30

31

32

33 Revised Census Bureau Current Population Survey/Housing
 Vacancy Survey (CPS/HVS) data for 2008 and 2009; new
 Census Bureau American Housing Survey (AHS) data for
 2009; new CPS/HVS data for 2010.

34 Revised CPS/HVS data for 2008 and 2009; new AHS data for
 2009; revised BEA constant-dollar stock data for 2009; new
 BEA constant-dollar stock data for 2010; new CPS/HVS data
 for 2010.

35

36

37 Revised Census Bureau Service Annual Survey (SAS)
 taxable and tax-exempt revenue data for 2008 and 2009; new
 SAS data for 2010.

38 Revised SAS taxable and tax-exempt revenue data for 2008
 and 2009; new SAS data for 2010.

39 Revised SAS taxable and tax-exempt revenue data for 2008
 and 2009; new SAS data for 2010.

40 Revised SAS taxable and tax-exempt revenue data for 2008
 and 2009; new SAS data for 2010.

41

42 Revised SAS taxable revenue data for 2008 and 2009; revised
 ARTS data for 2008; new ARTS data for 2009; new SAS data
 for 2010; revised MRTS data for 2010.

43

44 Revised SAS taxable and tax-exempt revenue data for 2008
 and 2009; new SAS data for 2010.

45 Revised SAS taxable revenue data for 2008 and 2009; new
 SAS data for 2010.

46 Revised SAS taxable revenue data for 2008 and 2009; new
 SAS data for 2010.

47

48

49 Revised ARTS data for 2008; new ARTS data for 2009; new
 BEA international transactions accounts estimates of
 nonresident spending for 2010.

50

51 Revised IRS data on regulated investment companies for
 2008; new IRS data for 2009; new FRB flow of funds data for
 2010; new trade source data on investment company
 securities for 2010.

52 Revised SAS product revenue data on portfolio management
 and investment advice for 2008 and 2009; new SAS data for
 2010.

53

54 Revised benefits-to-premiums ratio based on new trade
 source data on medical insurance for 2008 and 2009; new
 trade source data for 2010.

55

56 Revised SAS product revenue data for 2008 and 2009; new
 SAS data for 2010.

57 Revised SAS product revenue data for 2008 and 2009; new
 SAS data for 2010.

58 Revised SAS taxable and tax-exempt revenue data for 2008
 and 2009; new SAS data for 2010.

59 Revised SAS taxable revenue data for 2008 and 2009; new
 SAS data for 2010.

60

61 Revised SAS tax-exempt expenses data for 2008 and 2009;
 new SAS data for 2010.

62 Revised SAS tax-exempt revenue data for 2008 and 2009;
 new SAS data for 2010.

63

64

65

66

67 Revised Census Bureau construction spending (value put in
 place) data for 2009 and 2010.

68 Revised trade source data on footage drilled for 2008-2010;
 revised Census Bureau Annual Capital Expenditures Survey
 (ACES) data for 2008; new ACES data for 2009; revised BLS
 producer price indexes for 2010.

69

70

71 Revised Census Bureau Annual Survey of Manufactures
 (ASM) data for 2008; new ASM data for 2009; revised Census
 Bureau monthly industry shipments data for 2010.

72 Revised Census Bureau Service Annual Survey (SAS)
 revenue data for 2008 and 2009; new SAS data for 2010; new
 BLS Occupational Employment Survey data for 2010.

73 Revised Census Bureau ASM data for 2008; new ASM data
 for 2009; revised Census Bureau monthly industry shipments
 data for 2010.

74 Revised Census Bureau ASM data for 2008; new ASM data
 for 2009; revised Census Bureau monthly industry shipments
 data for 2010.

75

76 Revised Census Bureau ASM data for 2008; new ASM data
 for 2009; revised Census Bureau monthly industry shipments
 data for 2010.

77

78 Revised trade source data on average expenditure for 2008
 2009; revised trade source data on business registrations
 for 2010.

79

80 Revised Census Bureau ASM data for 2008; new ASM data
 for 2009; revised Census Bureau monthly industry shipments
 data for 2010.

81

82

83

84

85 Revised USDA data for 2008 and 2009; new USDA data for
 2010.

86

87

88 Revised IRS tabulations of corporate tax return data on
 inventory book values for 2008; new IRS tabulations of
 corporate and of sole proprietorship and partnership tax
 return data for 2009.

89 Revised Annual Survey of Manufactures (ASM) data on
 inventory book values for 2008; new ASM data for 2009;
 revised Census Bureau monthly inventory data for 2010.

90 Revised Census Bureau Annual Wholesale Trade Survey
 (AWTS) data on inventory book values for 2008; new AWTS data
 for 2009; revised Census Bureau monthly inventory data for
 2010.
91
92
93 Revised Census Bureau ARTS data on inventory book values for
 2008; new ARTS data for 2009; revised Census Bureau monthly
 inventory data for 2010; revised trade source data on motor
 vehicle inventories for 2010.

94

95 Revised IRS tabulations of corporate tax return data on
 inventory book values for 2008; new IRS tabulations of
 corporate and of sole proprietorship and partnership tax
 return data for 2009; revised Service Annual Survey (SAS)
 data on publishing industries for 2008; new SAS data for
 2009.

96 Revised Census Bureau AWTS, ARTS, and ASM information on
 accounting methods used for inventory reporting for 2008;
 new AWTS, ARTS, and ASM information for 2009; revised BEA
 unit labor cost indexes for 2008-2010.

97 Revised BEA international transactions accounts (ITA)
 estimates of imports of petroleum for 2007-2010; revised ITA
 estimates for all other categories for 2008-2010.

98

99

100

101 Reclassification of distribution rights for film and
 television recordings from exports of other private services
 for 2008-2010; revised and new BEA surveys of international
 services transactions for 2008-2010.

102 Reclassification of distribution rights for film and
 television recordings to exports of royalties and license
 fees for 2008-2010; new BEA 2009 Benchmark Survey of
 Financial Services Transactions Between U.S. Financial
 Services Providers and Foreign Persons data for2008-2010.

103

104

105

106 Reallocation of adjustments for low-value imports and for
 inland freight in Canada and Mexico for 2008-2010.

107

108 Reclassification of distribution rights for film and
 television recordings from imports of other private services
 for 2008-2010; revised and new BEA surveys of international
 services transactions for 2008-2010.

109 Reclassification of distribution rights for film and
 television recordings to imports of royalties and license
 fees for 2008-2010; new BEA 2009 Benchmark Survey of
 Financial Services Transactions Between U.S. Financial
 Services Providers and Foreign Persons data for 2008-2010.

110

111

112

113

114

115

116

117
 Revised BLS Quarterly Census of Employment and Wages
 (QCEW) data for 2008 and 2009; new QCEW data for 2010.

118

119

120

121

122 Revised Census Bureau government finances FY 2008
 tabulations for 2008; new FY 2009 tabulations for 2008 and
 2009.

123 Revised Census Bureau government finances FY 2008
 tabulations for 2008; new FY 2009 tabulations for 2008 and
 2009.

124 Revised Census Bureau government finances FY 2008
 tabulations for 2008; new FY 2009 tabulations for 2008 and
 2009.

125

126

127

128

129 See entries under "Compensation of employees:' line 153.

130

131

132

133

134

135

136 See entries under 'Taxes on production
 and imports:" line 212.
137

138

139

140

141

142 Revised BEA fixed investment and price estimates for 2008-
 2010.

143

144 Revised IRS tabulations of corporate tax return data for
 2008; new IRS tabulations of corporate and of sole
 proprietorship and partnership tax return data for 2009; new
 OTA bonus depreciation estimates for 2010; revised BEA fixed
 investment estimates for 2008-2010.

145 CCAdj is calculated as capital consumption allowances less
 consumption of fixed capital.

146

147

148 Revised BEA international transactions accounts (ITAs)
 estimates for 2008-2010.

149 Revised BEA ITA estimates for 2008-2010.

150

151

152

153

154

155 Revised BLS Quarterly Census of Employment and Wages
 (QCEW) data for 2008 and 2009; new QCEW data for 2010.

156 Revised BLS QCEW data for 2008 and 2009; new QCEW data for
 2010.

157

158 New Department of Labor pension data for 2008; new Pension
 Benefit Guaranty Corporation data for 2009; new corporate
 financial data for 2009 and 2010; new DHHS Medical
 Expenditure Panel Survey data for 2009 and 2010.

159 Revised SSA data on taxable wages for 2008 and 2009; new SSA
 data for 2010.

160

161

162 Revised USDA data for 2008 and 2009; new USDA data for
 2010.

163

164

165 Revised trade source data on petroleum footage drilled for
 2008-2010; revised Census Bureau Annual Capital
 Expenditures (ACES) data for 2008; new Census Bureau
 nonfiler income data for 2009; new IRS tabulations of sole
 proprietorship and partnership tax return data for 2009.

166

167 See entries under "Consumption of fixed capital;" line 141.

168

169 New trade source data on mortgage loans outstanding and
 mortgage interest rates for 2008/2010; revised Census Bureau
 American Housing Survey housing units data for 2009; revised
 FRB flow of funds accounts residential mortgage loans
 liabilities data for 2008/2010; revised Census Bureau
 Current Population Survey/Housing Vacancy Survey (CPS/HVS)
 data for 2008 and 2009; new CPS/HVS data for 2010; revised
 Federal National Mortgage Corporation (FNMC) mortgage
 originations data for 2008; new FNMC data for 2009; revised
 IRS tabulations of corporate and individual tax return data
 for 2008; new IRS tabulations for 2009; revised USDA data
 for 2008 and 2009; new USDA data for 2010; revised trade
 source data on insurance for 2008; new trade source data on
 insurance for 2009.

170

171

172

173

174

175 Revised BEA international transactions accounts estimates
 for 2008-2010.

176 See entries under "Consumption of fixed capital" line 141.

177 See entries under "Corporate profits before tax without IVA
 and CCAdj; line 194.

178

179

180

181

182

183

184

185

186

187

188

189

190

191

192

193 New IRS LIFO valuation tabulations of corporate tax return
 data for 2008; revised Census Bureau AWTS, ARTS, and ASM
 information on accounting methods used for inventory
 reporting for 2008; new AWTS, ARTS, and ASM information for
 2009; revised BEA unit labor cost indexes for 2008-2010.

194 Revised IRS tabulations of corporate tax return data for
 2008; new IRS tabulations for 2009; revised Census Bureau
 Quarterly Financial Report data for 2010; regulatory agency
 and public financial reports profits data for 2010.

195

196

197

198

199

200

201

202 Revised IRS tabulations of corporate tax return data for
 2008; new IRS tabulations for 2009; new IRS tabulations of
 sole proprietorship and partnership tax return data for
 2009; revised FRB flow of funds accounts data on
 nonfinancial corporate liabilities for 2008 and 2009; new
 FRB data for 2010; revised USDA data on interest paid by
 farmers for 2008 and 2009; new USDA data for 2010; new
 Federal Deposit Insurance Corporation data, Credit Union
 National Association data, Office of Thrift Supervision
 data, and trade source data on investment companies for
 2010.

203 Revised IRS tabulations of corporate tax return data for
 2008; new IRS tabulations for 2009; new IRS tabulations for
 sole proprietorship and partnership tax return data for
 2009; revised FRB flow of funds accounts data on
 nonfinancial corporate assets for 2008 and 2009; new FRB
 data for 2010; new Federal Deposit Insurance Corporation
 data, Credit Union National Association data, Office of
 Thrift Supervision data, and trade source data on investment
 companies for 2010.

204

205 Revised IRS tabulations of corporate tax return data for
 2008; new IRS tabulations for 2009.

206 New trade source data on investment income of life insurance
 carriers for 2009; revised FRB flow of funds asset data on
 life insurance companies for 2008 and 2009; new FRB data for
 2010.

207

208 New trade source data on mortgage loans outstanding and
 mortgage interest rates for 2008-2010.

209

210

211

212

213 New IRS data on federal excise taxes for 2008-2010; new
 Office of Management and Budget FY 2012 Budget data for
 2010; new Alcohol and Tobacco Tax and Trade Bureau data
 for 2010.

214 Revised Census Bureau government finances FY 2008 and
 FY 2009 tabulations for 2008 and 2009; new Census Bureau
 FY 2010 State Government Tax Collections data for 2009 and
 2010.

215

216

217

218

219

220

221

222

223

224

225

226

227 See entries under "National income" and additional sources
 below.

228

229

230

231

232 Revised IRS tabulations of corporate tax return data for
 2008, new IRS tabulations for 2009; new trade source data on
 investment income of life insurance carriers for 2009;
 revised FRB flow of funds accounts asset data on life
 insurance carriers for 2008 and 2009; new FRB data for 2010.

233 Revised IRS tabulations of corporate tax return data for
 2008; new IRS tabulations for 2009; regulatory agency and
 public financial statements data on dividends for 2010;
 revised BEA international transactions accounts estimates
 for 2008-2010.

234

235

236 Revised Centers for Medicare and Medicaid Services (CMS)
 data on incurred Medicare benefits for 2008 and 2009; new
 CMS data for 2010; new Office of Management and Budget
 FY 2012 Budget data for 2010.

237 Revised CMS data on Medicaid benefits for 2009; new CMS
 data for 2010.

238

239

240 Revised SSA data on taxable wages for 2008 and 2009; new
 SSA data for 2010.

241

242

243 Revised SSA data on taxable wages for 2008 and 2009; new
 SSA data for 2010; Treasury Department income tax
 collections data for 2010.

244 Revised Census Bureau government finances FY 2008 and
 FY 2009 tabulations for 2008 and 2009; new Census Bureau
 FY 2010 State Government Tax Collections data for 2009 and
 2010.

245

246

247

248 Revised FRB consumer credit data for 2010; revised FRB
 interest rate data for 2008-2010; new regulatory data for
 2010; revised FRB flow of funds accounts liabilities data
 for 2008 and 2009; new FRB data for 2010.

249

250 Revised Census Bureau state and local government finances
 FY 2008 tabulations for 2008; new FY 2009 tabulations for
 2008 and 2009.

251

252

(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 also reflect revisions to earlier years. Revised
estimates begin with 2003, based on revised Census Bureau data from
the Annual Retail Trade Survey and the Service Annual Survey that
were benchmarked to the 2007 Economic Census, and on updated
merchandise-line data from the 2007 Economic Census.

(3.) Revisions also reflect revisions to earlier years. Revised
estimates begin with 2003, reflecting revised benefits-to-premiums
ratios based on new trade source data on insurance.

(4.) For more information on the revisions to the International
Transactions Accounts, see Mai-Chi Hoang and Erin M. Whitaker,
"Annual Revision of the U.S. International Transactions Accounts,"
SURVEY OF CURRENT BUSINESS 91 (July 2011): 47-61.

(5.) The statistical discrepancy is grass 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.

BEA Bureau of Economic Analysis

BLS Bureau of Labor Statistics

CCAdj Capital consumption adjustment

DHHS Department of Health and Human Services

FRB Federal Reserve Board

FY Fiscal year

IRS Internal Revenue Service

IVA Inventory valuation adjustment

LIFO Last In First Out

NIPAs National income and product account

NPISH Nonprofit institutions serving households

OTA Office of Tax Analysis

SSA Social Security Administration

USDA U.S. Department of Agriculture

Table 8. Source of Revision to Selected GDP Components, 2003-2007

[Billions of dollars]

 Revision in level

 2003 2004 2005

Gross domestic product 0.1 -14.5 -15.4

 Personal consumption expenditures 0.1 -14.5 -15.5
 Goods 0.6 -0.1 2.8
 Revised Census Bureau Annual Retail
 Trade Surveys benchmarked to the
 2007 Economic Census 1.0 3.0 4.7
 New 2007 Economic Census
 merchandise-line data -0.4 -3.1 -1.9
 Other source data 0.0 0.0 0.0
 Services -0.5 -14.4 -18.3
 Revised Census Bureau Service
 Annual Surveys benchmarked to the
 2007 Economic Census -3.0 -5.9 -14.2
 Revised Census Bureau Annual Retail
 Trade Surveys benchmarked to the
 2007 Economic Census 1.3 6.2 8.6
 New A.M. Best data for medical and
 hospitalization insurance 0.0 -12.7 -10.9
 Other source data 1.1 -1.9 -1.7

 Gross private domestic investment 0.0 0.0 0.1

 Net exports 0.0 0.0 0.0
 Exports 0.0 0.0 0.0
 Imports 0.0 0.0 0.0
 Revised BEA international
 transactions accounts data on
 petroleum imports 0.0 0.0 0.0

 Government consumption expenditures and
 gross investment 0.0 0.0 0.0

Addenda:
 Disposable personal income (DPI) 0.0 0.0 0.0
 Less: Personal outlays 0.1 -14.5 -15.5
 Equals: Personal saving -0.2 14.5 15.5
 Personal saving as a percentage of DPI 0.0 0.2 0.1

 Revision in level

 2006 2007

Gross domestic product -21.7 -3.1

 Personal consumption expenditures -21.7 -34.0
 Goods 3.0 6.3
 Revised Census Bureau Annual Retail
 Trade Surveys benchmarked to the
 2007 Economic Census 5.0 6.7
 New 2007 Economic Census
 merchandise-line data -2.0 -0.5
 Other source data 0.0 0.0
 Services -24.7 -40.3
 Revised Census Bureau Service
 Annual Surveys benchmarked to the
 2007 Economic Census -19.0 -24.6
 Revised Census Bureau Annual Retail
 Trade Surveys benchmarked to the
 2007 Economic Census 10.3 8.4
 New A.M. Best data for medical and
 hospitalization insurance -15.2 -22.4
 Other source data -0.8 -1.8

 Gross private domestic investment -0.1 0.0

 Net exports 0.0 0.9
 Exports 0.0 0.0
 Imports 0.0 -0.9
 Revised BEA international
 transactions accounts data on
 petroleum imports 0.0 -0.9

 Government consumption expenditures and
 gross investment 0.0 0.0

Addenda:
 Disposable personal income (DPI) 0.0 0.0
 Less: Personal outlays -21.6 -34.0
 Equals: Personal saving 21.6 34.0
 Personal saving as a percentage of DPI 0.2 0.3

Table 9. Revisions to National Income and Gross National Product

[Billions of dollars]

 2007

National income 12,396.4
 Compensation of employees 7,855.9
 Wage and salary accruals 6,415.5
 Supplements to wages and
 salaries 1,440.4
 Proprietors' income with IVA
 and CCAdj 1,090.4
 Farm 37.8
 Nonfarm 1,052.6

 Rental income of persons with
 CCAdj 143.7

 Corporate profits with IVA
 and CCAdj 1,510.6

 Net interest and miscellaneous
 payments 731.6

 Taxes on production and
 imports 1,027.2
 Less: Subsidies, 54.6
 Business current transfer
 payments (net) 103.3
 Current surplus of government
 enterprises -11.8
Plus: Consumption of fixed
 capital 1,767.5
Plus., Statistical
 discrepancy (1) -12.0

Equals: Gross national product 14,151.9
Less: Income receipts from the
 rest of the world 871.0
Plus: Income payments to the
 rest of the world 747.7

Equals: Gross domestic product 14,028.7

Addendum:
 Gross domestic income 14,040.7

 2008

National income 12,609.1
 Compensation of employees 8,068.3
 Wage and salary accruals 6,545.9
 Supplements to wages and
 salaries 1,522.5
 Proprietors' income with IVA
 and CCAdj 1,097.9
 Farm 51.8
 Nonfarm 1,046.1
 Rental income of persons with
 CCAdj 231.6
 Corporate profits with IVA
 and CCAdj 1,248.4
 Net interest and miscellaneous
 payments 870.1
 Taxes on production and
 imports 1,038.6
 Less: Subsidies, 52.9
 Business current transfer
 payments (net) 123.0
 Current surplus of government
 enterprises -16.0
Plus: Consumption of fixed
 capital 1,854.1
Plus., Statistical
 discrepancy (1) -2.4
Equals: Gross national product 14,460.7
Less: Income receipts from the
 rest of the world 856.1
Plus: Income payments to the
 rest of the world 686.9
Equals: Gross domestic product 14,291.5
Addendum:
 Gross domestic income 14,294.0

 2009

National income 12,147.6
 Compensation of employees 7,806.4
 Wage and salary accruals 6,275.3
 Supplements to wages and
 salaries 1,531.1
 Proprietors' income with IVA
 and CCAdj 941.2
 Farm 39.2
 Nonfarm 902.0
 Rental income of persons with
 CCAdj 305.9
 Corporate profits with IVA
 and CCAdj 1,362.0
 Net interest and miscellaneous
 payments 656.7
 Taxes on production and
 imports 1,017.9
 Less: Subsidies, 59.7
 Business current transfer
 payments (net) 132.0
 Current surplus of government
 enterprises -14.9
Plus: Consumption of fixed
 capital 1,866.2
Plus., Statistical
 discrepancy (1) 77.4
Equals: Gross national product 14,091.2
Less: Income receipts from the
 rest of the world 639.8
Plus: Income payments to the
 rest of the world 487.5
Equals: Gross domestic product 13,939.0
Addendum:
 Gross domestic income 13,861.5

 2008

 Previously Revised Revision
 published

National income 12,557.8 12,609.1 51.3
 Compensation of employees 8,060.8 8,068.3 7.5
 Wage and salary accruals 6,554.0 6,545.9 -8.1
 Supplements to wages and
 salaries 1,506.8 1,522.5 15.7
 Proprietors' income with IVA
 and CCAdj 1,102.0 1,097.9 -4.1
 Farm 50.8 51.8 1.0
 Nonfarm 1,051.2 1,046.1 -5.1

 Rental income of persons with
 CCAdj 222.0 231.6 9.6

 Corporate profits with IVA
 and CCAdj 1,262.8 1,248.4 -14.4

 Net interest and miscellaneous
 payments 812.8 870.1 57.3

 Taxes on production and
 imports 1,045.1 1,038.6 -6.5
 Less: Subsidies, 52.8 52.9 0.1
 Business current transfer
 payments (net) 121.7 123.0 1.3
 Current surplus of government
 enterprises -16.7 -16.0 0.7
Plus: Consumption of fixed
 capital 1,849.2 1,854.1 4.9
Plus., Statistical
 discrepancy (1) 136.6 -2.4 -139.0

Equals: Gross national product 14,543.6 14,460.7 -82.9
Less: Income receipts from the
 rest of the world 839.2 856.1 16.9
Plus: Income payments to the
 rest of the world 664.7 686.9 22.2

Equals: Gross domestic product 14,369.1 14,291.5 -77.6

Addendum:
 Gross domestic income 14,232.5 14,294.0 61.5

 2009

 Previously Revised Revision
 published

National income 12,225.0 12,147.6 -77.4
 Compensation of employees 7,811.7 7,806.4 -5.3
 Wage and salary accruals 6,279.1 6,275.3 -3.8
 Supplements to wages and
 salaries 1,532.6 1,531.1 -1.5
 Proprietors' income with IVA
 and CCAdj 1,011.9 941.2 -70.7
 Farm 30.5 39.2 8.7
 Nonfarm 981.5 902.0 -79.5
 Rental income of persons with
 CCAdj 274.0 305.9 31.9
 Corporate profits with IVA
 and CCAdj 1,258.0 1,362.0 104.0
 Net interest and miscellaneous
 payments 784.3 656.7 -127.6
 Taxes on production and
 imports 1,024.7 1,017.9 -6.8
 Less: Subsidies, 60.3 59.7 -0.6
 Business current transfer
 payments (net) 134.0 132.0 -2.0
 Current surplus of government
 enterprises -13.2 -14.9 -1.7
Plus: Consumption of fixed
 capital 1,861.1 1,866.2 5.1
Plus., Statistical
 discrepancy (1) 179.1 77.4 -101.7
Equals: Gross national product 14,265.3 14,091.2 -174.1
Less: Income receipts from the
 rest of the world 629.8 639.8 10.0
Plus: Income payments to the
 rest of the world 483.6 487.5 3.9
Equals: Gross domestic product 14,119.0 13,939.0 -180.0
Addendum:
 Gross domestic income 13,939.9 13,861.5 -78.4

 2010

 previously Revised Revision
 published

National income 12,821.6 12,840.1 18.5
 Compensation of employees 7,984.5 7,971.4 -13.1
 Wage and salary accruals 6,398.9 6,408.2 9.3
 Supplements to wages and
 salaries 1,585.6 1,563.1 -22.5
 Proprietors' income with IVA
 and CCAdj 1,055.0 1,036.4 -18.6
 Farm 44.9 52.2 7.3
 Nonfarm 1,010.1 984.2 -25.9
 Rental income of persons with
 CCAdj 300.9 350.2 49.3
 Corporate profits with IVA
 and CCAdj 1,624.8 1,800.1 175.3
 Net interest and miscellaneous
 payments 738.1 564.3 -173.8
 Taxes on production and
 imports 1,058.5 1,054.0 -4.5
 Less: Subsidies, 59.0 57.3 -1.7
 Business current transfer
 payments (net) 132.1 136.7 4.6
 Current surplus of government
 enterprises -13.3 -15.7 -2.4
Plus: Consumption of fixed
 capital 1,868.9 1,874.9 6.0
Plus., Statistical
 discrepancy (1) 158.2 0.8 -157.4
Equals: Gross national product 14,848.7 14,715.9 -132.8
Less: Income receipts from the
 rest of the world 706.2 702.9 -3.3
Plus: Income payments to the
 rest of the world 517.9 513.5 -4.4
Equals: Gross domestic product 14,660.4 14,526.5 -133.9
Addendum:
 Gross domestic income 14,502.2 14,525.7 23.5

CCAdj Capital consumption adjustment

IVA Inventory valuation adjustment

Table 10. Discontinuities in NIPA Foreign Transactions, 2007-2008

[Billions of dollars]

 2007

 Published Discontinuity Adjusted
 (1)

Net exports of goods and
 services -713.1 4.5 -708.6
 Exports 1,661.7 5.9 1,667.6
 Goods 1,162.0 3.6 1,165.6
 Services 499.7 2.3 502.0
 Imports 2,374.8 1.4 2,376.2
 Goods 2,000.7 0.2 2,000.9
 Services 374.0 1.2 375.2
Net receipts of income 123.3 1.9 125.2
 Income receipts 871.0 4.0 875.0
 Wage and salary
 receipts 3.0 2.1 5.1
 Income receipts on
 assets 868.0 1.9 869.9
 Interest 357.4 1.8 359.2
 Dividends 249.0 0.0 249.0
 Reinvested earnings
 of U.S. direct
 investment abroad 261.6 0.0 261.6
 Income payments 747.7 2.1 749.8
 Wage and salary
 payments 10.1 4.7 14.8
 Income payments on
 assets 737.6 -2.6 735.0
 Interest 577.9 0.1 578.0
 Dividends 104.2 4.3 108.5
 Reinvested earnings
 of foreign direct
 investment in the
 United States 55.5 -7.0 48.5
Current taxes and transfer
 payments to the
 rest of the world
 (net) 126.2 -0.5 125.7
Addenda:
 Gross domestic product 14,028.7 4.5 14,033.2
 Gross national product 14,151.9 6.4 14,158.3