Glossary

Current receipts from the rest of the world less current payments to the rest of the world, formerly called "net foreign investment." Current receipts equal exports of goods and services plus income receipts from the rest of the world; current payments are the sum of imports of goods and services, income payments to the rest of the world, and current taxes and transfer payments to the rest of the world (net).

Record of capital transfers between U.S. residents and foreign residents, such as debt forgiveness and migrants' transfers, and acquisitions and disposals of nonproduced nonfinancial assets between residents and nonresidents.

Record of transactions in goods, services, income, and unilateral current transfers between residents and nonresidents.

Record of transactions between U.S. residents and foreign residents resulting in changes in the level of international claims or liabilities, such as in deposits, ownership of portfolio investment securities, and direct investment.

The value of services produced by government, measured as the purchases made by government on inputs of labor, intermediate goods and services, and investment expenditures. It is the sum of government consumption expenditures and government gross investment.

Expenditures consisting of government purchases of structures, equipment, and own-account production of structures and software. It includes investment expenditures by both general government agencies and government enterprises.

The costs incurred and the incomes earned in the production of gross domestic product (GDP). In theory, GDI should equal GDP, but in practice they differ because their components are estimated using largely independent and less-than-perfect source data. The difference between the two is termed the statistical discrepancy.

The sum of gross private domestic fixed investment, the change in private inventories, and government gross investment.

Gross domestic product (GDP) measures the value of final goods and services produced within the United States. Also known as value added, GDP is the value of goods and services produced by private industry and government, less the value of goods and services used up in production. GDP is also equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.

A set of accounts that present the contribution of each private industry and government to the Nation's gross domestic product (GDP). An industry's contribution is measured by its value added, which is equal to its gross output minus its intermediate purchases from domestic industries or from foreign sources. The GDP-by-industry accounts are consistent with the annual input-output (I-O) accounts.

A measurement of a state's output; it is the sum of value added from all industries in the state. GDP by state is the state counterpart to the Nation's gross domestic product (GDP).

Measures the prices paid for goods and services produced by the U.S. economy and is derived from the prices of personal consumption expenditures (PCE), gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. It differs from the gross domestic purchases price index in that it ignores price changes in imports of goods and services and includes price changes in exports of goods and services.

The market value of goods and services purchased by U.S. residents, regardless of where those goods and services were produced. It is gross domestic product (GDP) minus net exports of goods and services. Equivalently, it is the sum of personal consumption expenditures (PCE), gross private domestic investment, and government consumption expenditures and gross investment.

Measures the prices paid for goods and services purchased by U.S. residents. This index is derived from the prices of personal consumption expenditures (PCE), gross private domestic investment, and government consumption expenditures and gross investment. It differs from the gross domestic product (GDP) price index in that it excludes price changes in exports of goods and services and includes price changes in imports of goods and services.

The sum of gross private domestic investment, government gross investment, and balance on current account, national income and product accounts.

The market value of goods and services produced by labor and property supplied by U.S. residents, regardless of where they are located. It was used as the primary measure of U.S. production prior to 1991, when it was replaced by gross domestic product (GDP).

Value derived as a residual for most industries after subtracting total intermediate inputs, compensation of employees, and taxes on production and imports less subsidies from total industry output. Gross operating surplus includes consumption of fixed capital (CFC), proprietors' income, corporate profits, and business current transfer payments (net). Prior to 2003, it was referred to as other value added or property-type income.

Gross output (GO) is the value of the goods and services produced by the nation's economy. It is principally measured using industry sales or receipts, including sales to final users (GDP) and sales to other industries (intermediate inputs).

Private fixed investment and change in private inventories. It is measured without a deduction for consumption of fixed capital (CFC), includes replacements and additions to the capital stock, and excludes investment by U.S. residents in other countries.

Value of accumulated stocks of U.S.-owned assets abroad and the accumulated values of foreign-owned assets in the United States at a point in time; the net IIP is the former minus the latter.

The sum of all incomes, net of consumption of fixed capital (CFC), earned in production. Includes both factor incomes and nonfactor charges. It formerly excluded nonfactor charges.

BEA's economic accounts that display the value and composition of national output and the distribution of incomes generated in its production.

The market value of the goods and services produced by labor and property in the United States less the value of the fixed capital used up in production; equal to gross domestic product (GDP) less consumption of fixed capital (CFC). NDP may be viewed as an estimate of sustainable product, which is a rough measure of the level of consumption that can be maintained while leaving capital assets intact.

A statistic tabulated from the tax returns of sole proprietors and partnerships; used in the estimation of nonfarm proprietors' income by state and county.

An indirect measure of the net acquisition of foreign assets by U.S. residents less the net acquisition of U.S. assets by foreign residents. It is equal to the balance on current account, national income and product accounts less capital transfers to the rest of the world (net).