The national income and product accounts (NIPA) are part of the national accounts of the United States. They are produced by the Bureau of Economic Analysis of the Department of Commerce. They are one of the main sources of data on general economic activity in the United States.
They use double-entry accounting to report the monetary value and sources of output produced in the country and the distribution of incomes that production generates. Data are available at the national and industry levels.
Seven summary accounts are published, as well as a much larger number of more specific accounts. The first summary account shows gross domestic product (GDP) and its major components. The table summarizes national income on the left (debit, revenue) side and national product on the right (credit, expense) side of a two-column accounting report. Thus the left side gives GDP by the income method, and the right side gives GDP by the expenditure method. The GDP is given on the bottom line of both sides of the report. GDP must have the same value on both sides of the account. This is because income and expenditure are defined in a way that forces them to be equal (see accounting identity). We show the 2003 table later in this article; we present the left side first for convenient screen display.
The U.S. report (updated quarterly) is available in several forms, including interactive, from links on the Bureau of Economic Analysis (BEA) NIPA page. International norms for national accounting methods are given by the United Nations System of National Accounts. The NIPAs are prepared by the staff of the Directorate for National Economic Accounts within the BEA. The source data largely originate from public sources, such as government surveys and administrative data, and they are supplemented by data from private sources, such as data from trade associations (BEA 2008: 1–6).
Read more about National Income And Product Accounts: Accounting For National Income: The Left Side of The Report
Famous quotes containing the words national, income, product and/or accounts:
“Success and failure in our own national economy will hang upon the degree to which we are able to work with races and nations whose social order and whose behavior and attitudes are strange to us.”
—Ruth Benedict (1887–1948)
“Strictly speaking, every citizen above a certain level of income is guilty of some offense.”
—Max Frisch (1911–1991)
“Evil is committed without effort, naturally, fatally; goodness is always the product of some art.”
—Charles Baudelaire (1821–1867)
“Genius lasts longer than Beauty. That accounts for the fact that we all take such pains to over-educate ourselves.”
—Oscar Wilde (1854–1900)