The Revisions to GDP, GDI, and Their Major Components

摘要

THE NATIONAL income and product accounts (NIPAs) provide a timely, comprehensive, and accurate picture of the condition of the U.S. economy. The two featured measures, gross domestic product (GDP) and gross domestic income (GDI), are measures of the same concept of total activity in the U.S. economy. GDP measures activity as the sum of all final expenditures in the economy; it is detailed on the product side of the domestic income and product account. GDI measures activity as the sum of all incomes generated in production; it is detailed on the income side of the account. By design, the flows of final expenditures and incomes generated are equal. Thus GDP and GDI give the same measure of economic activity, but in practice, they differ because each is estimated from largely different source data. The difference between GDP and GDI is allocated to the income side of the domestic income and product account and is known as the statistical discrepancy.