A Revised Picture: Has Our View of the Economy Changed?

The Bureau of Economic Analysis (BEA), a part of the U.S. Commerce Department, produces the National Income and Product Accounts (NIPA) statistics. These statistics summarize the nation’s total economic activity, and provide statistical views of our gross national product (GNP).NIPA statistics are important economic tools. They provide information that helps government policymakers and business leaders to understand past and present economic activity, and to make decisions that have far reaching effects in the economy. Aside from regularly scheduled revisions, the BEA also releases benchmark revisions approximately every five years, as new census data become available.’ The most recent benchmark revision took place in December 1985, the eighth such revision of its kind.