Information on 2023 Comprehensive Updates to the National, Industry, and State Economic Accounts

BEA released initial results of the comprehensive update of the National Economic Accounts (NEAs), which include the National Income and Product Accounts (NIPAs) and the Industry Economic Accounts (IEAs), on September 28, 2023.

The comprehensive update presents revised statistics for gross domestic product (GDP), GDP by industry, and gross domestic income:

• Current-dollar measures of GDP and related components will be revised from the first quarter of 2013 through the first quarter of 2023.
• Gross domestic income and select income components will be revised from the first quarter of 1979 through the first quarter of 2023.
• Current-dollar GDP by industry statistics will be revised beginning with 1997 for annual estimates and beginning with 2005 for quarterly estimates. For current-dollar measures, revisions prior to 2013 will be offsetting across industries within each period.

Output and price measures will use 2017 as the reference year; currently, the reference year is 2012. Quantity and price indexes will be expressed as 2017 equal to 100. Updating the reference year will not affect the percent changes in the price or quantity indexes (or in the chained-dollar estimates), because these changes are measured from chain-type indexes. Revisions to the percent changes in NEA aggregates will reflect the incorporation of newly available and revised source data as well as changes in methodologies. For more details, refer to the "Background Materials" section below.

Results

Article

• Improved Estimates of the National Economic Accounts, Results of the 2023 Comprehensive Update (Presents detailed results for the NIPAs and the IEAs, including the seven summary accounts for the NIPAs.)

Briefing

• Results of the 2023 Comprehensive Update of the National Economic Accounts

Summary of Results

• Text PDF
• Tables (includes supplemental tables for selected time spans and business cycles) XLSX

Note: Updated statistics for the first quarter of 2023 are discussed in the September 28 GDP News release.

NIPA Revisions: Components Detail and Major Source Data and Conceptual Changes Incorporated, 2017-2022 XLSX

Updated COVID-19 Pandemic Response Tables

Effects of Selected Federal Pandemic Response Programs on Personal Income, 2023 Comprehensive Update

• Annually, 2017–2022, and Quarterly, 2019Q3–2022Q4 XLSX
• Monthly, February 2020–December 2022 XLSX

Effects of Selected Federal Pandemic Response Programs on Federal Receipts, Expenditures, and Saving, 2023 Comprehensive Update

• Annually, 2017–2022, and Quarterly, 2019Q3–2022Q4 XLSX

Paycheck Protection Program Subsidies by Industry in the National Accounts, 2023 Comprehensive Update

• Annually, 2019–2022 XLSX

Data Availability

As is typical for comprehensive updates, the full set of revised statistics were released on a flow basis, from September 28, 2023, to November 8, 2024.

On November 8, 2024:

• Quarterly statistics for GDP by industry, gross output, and intermediate inputs for first quarter 2005 through fourth quarter 2018.

On May 23, 2024:

• GDP by industry, Annual, 1997-2016 (value added, gross output, and intermediate inputs by industry)
• Supply and use tables, total and domestic requirements, and import tables, Annual, 1997-2016
• KLEMS account tables, Annual, 1998-2016 (capital, labor, energy, materials, and purchased services by industry)
• GDP by industry (underlying detail), Annual, 1997-2016 (value added, gross output, and intermediate inputs by industry)
• Components of Value Added, Annual 1998-2016
• Make and use tables, Annual, 1997-2016
• PCE and PEQ bridge tables, Annual, 1997-2016

On February 1, 2024:

• Make tables, use tables, and import matrices, Annual, 2017-2022
• Total and domestic requirements tables, Annual, 2017-2022
• PCE and PEQ bridge tables, Annual, 2017-2022
• Margin tables, Benchmark, 2017
• Revised supply tables for 2017-2022 to correct the allocation of imports between the "Imports" column and the "CIF/FOB Adjustments on Imports" column for certain transportation commodities. All other elements of the supply tables are unaffected by this update.

On December 5, 2023:

• Quarterly statistics for GDP by Industry, gross output, and intermediate inputs for first quarter 2018 through second quarter 2023
• News release for "Gross Domestic Product by Industry, 2nd Quarter 2023 and Comprehensive Update"

On November 20, 2023:

• Industry Underlying Detail Tables, Annual, 2017–2022 (tables providing 138-industry level of detail for value added, gross output, and intermediate inputs)

On November 17, 2023:

• NIPA government tables 3.15.1, 3.15.2, 3.15.3, 3.15.4, 3.15.5, 3.15.6, 3.16, 3.17, 3.18A, 3.18B, 3.19, 3.20, and 3.21

On November 3, 2023:

• Fixed Assets Accounts, Annuals

On October 27, 2023:

• Components of Value Added, Annual, 2017–2022

On October 18, 2023:

• KLEMS account tables, Annual, 2017–2022

On September 29, 2023:

• News release for "Personal Income and Outlays: August 2023"
• All monthly "GDP & Personal Income" NIPA tables
• All monthly "Underlying Detail" NIPA tables

On September 28, 2023:

• News release for "Gross Domestic Product (Third Estimate) and Corporate Profits (Revised), 2nd Quarter 2023 and Comprehensive Update"
• "GDP & Personal Income" NIPA tables (quarterly and most annual frequency tables)
• Benchmark Input-Output Supply and Use tables for 2017
• "GDP by Industry" tables (annual frequency tables for GDP (value added), gross output, and intermediate inputs by industry), covering the period 2017-2022
• "Underlying Detail" NIPA tables (quarterly and annual frequency tables)
• Summary of update results including:
  • Summary text and tables
  • Briefing slides
  • A table presenting revisions for selected NIPA components and major source data incorporated

Background Materials

• Benchmark Updates of GDP and More Starting Sept. 28
• Preview of the 2023 Comprehensive Update of the National Economic Accounts | SCB, June 23, 2023
• Improved Measures of Regulated Investment Companies and Real Estate Investment Trusts for the U.S. National Economic Accounts | SCB, May 12, 2023
• Preview of the 2023 Annual Update of the International Economic Accounts | SCB, April 17, 2023
• Annual Update of the U.S. International Transactions Accounts | SCB, July 20, 2023

Table Changes

The templates below present updated formats for the GDP news release tables, the Personal Income and Outlays news release tables, the NIPA Interactive Data Application tables, and the flat files for NIPA series and table registers.

• GDP news release tables
• Personal Income and Outlays news release tables
• NIPA Interactive Data tables
• NIPA Series register
• NIPA Table register

A template of updated formats for the Fixed Assets Accounts (FAA) tables and an updated FAA series register flat file are provided below. There are no new FAA tables.

• FAA Interactive Data Tables
• FAA Series register