Foreign parent group

Consists of the foreign parent and the ultimate beneficial owner (UBO) of a U.S. affiliate and other foreign companies affiliated with the foreign parent and ultimate beneficial owner. More specifically, the foreign parent group consists of (1) the foreign parent, (2) any foreign person, or entity, proceeding up the foreign parent's ownership chain, that owns or controls more than 50 percent of the person below it, up to and including the ultimate beneficial owner, and (3) any foreign person, or entity, proceeding down the ownership chain(s) of each of these members, that is owned more than 50 percent by the person above it.

Foreign residents

Individuals, governments, business enterprises, trusts, associations, and nonprofit organizations that fulfill two criteria: (1) They have their center of economic interest outside the United States, and (2) they reside, or expect to reside, outside the United States for one year or more. Included in this definition are U.S. individuals living abroad for one year or more who are not employed by the U.S. government, foreigners residing in the United States for less than one year, and foreign affiliates of U.S. companies. In addition, foreign nationals employed in the United States by their home governments, foreign students enrolled at U.S. educational institutions, and international institutions located in the United States are also considered foreign residents.

General government sector

Includes production by all Federal, state, and local government agencies except for government enterprises.

Government consumption expenditures

Expenditures consisting of compensation of general government employees, consumption of fixed capital (CFC), and intermediate purchases of goods and services less sales to other sectors and own-account production of structures and software. It excludes current transactions of government enterprises, interest paid or received by government, and subsidies.

Government consumption expenditures and gross 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.

Government enterprises

Government agencies that cover a substantial portion of their operating costs by selling goods and services to the public and that maintain their own separate accounts.

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.

Government social benefits

Includes benefits from government social insurance funds and from certain other programs.

Gross domestic income (GDI)

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.

Gross domestic product (GDP)

The market value of goods and services produced by labor and property in the United States, regardless of nationality; GDP replaced gross national product (GNP) as the primary measure of U.S. production in 1991.

Gross domestic product (GDP) by industry accounts

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.

Gross domestic product (GDP) by state

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).

Gross domestic product (GDP) price index

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.

Gross domestic purchases price index

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.

Gross national product (GNP)

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).

Gross operating surplus

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

Consists of sales, or receipts, and other operating income, plus commodity taxes and changes in inventories.

Gross private domestic investment

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.

Households and institutions sector

Includes all production by households, which consists of families and unrelated individuals, and by nonprofit institutions that primarily serve households (NPISHs).

Implicit price deflator (IPD)

The ratio of the current-dollar value of a series, such as gross domestic product (GDP), to its corresponding chained-dollar value, multiplied by 100.