Information on 2025 Annual Updates to the National, Industry, and State and Local Economic Accounts

The 2025 update of the NEAs covers the first quarter of 2020 through the first quarter of 2025 and will result in revisions to gross domestic product (GDP), GDP by industry, gross domestic income, and related components. The reference year for index numbers and chained-dollar estimates remains 2017.

Background Information

Source data updates. The annual update will incorporate source data that are more complete and more detailed than those previously available, including the following:

• Federal government budget data
• U.S. Department of Agriculture farm income statistics
• National Science Foundation annual surveys
• Newly available U.S. Census 2022 Economic Census data for manufacturing
• Revised (benchmarked) U.S. Census Annual Survey of Manufactures data for 2020 and 2021

During annual updates, BEA typically incorporates source data from several U.S. Census Bureau annual surveys, including the Annual Retail Trade Survey, the Annual Wholesale Trade Survey, the Service Annual Survey, and the Annual Survey of Manufactures. These surveys are now part of a new Census initiative to integrate and replace seven existing annual business surveys into a streamlined single survey called the Annual Integrated Economic Survey (AIES). While Census will begin releasing some data from the 2023 AIES data collection cycle this summer, the detail required for the NEAs will not be available in time to incorporate the AIES into the 2025 annual update. Shortly after the annual update release, BEA plans to post a Survey of Current Business (SCB) article detailing the results of the 2025 annual update and the alternative data sources used.

BEA also typically incorporates Internal Revenue Service Statistics of Income (SOI) tabulations of tax returns for corporations, for sole proprietorships, and for partnerships during annual updates. BEA was unable to purchase SOI data for this year's update.

Incorporation of International Transactions Accounts. In addition to the source data listed above, the annual update will incorporate results from the 2025 annual update of BEA's International Transactions Accounts, released on June 24, 2025.¹

Methodology improvements and presentational changes. Details about methodology improvements will be forthcoming.

Presentational changes. BEA will discontinue several interactive data application tables. Previously published versions of eliminated tables will be available in BEA's data archive. A list of discontinued tables, a template providing updated table formats, and updated flat files for the NIPA table and series registers will be forthcoming.

Note: For the 2025 annual update, there are no format changes to the GDP news release tables and the Personal Income and Outlays news release tables

1. For more information, refer to "Preview of the 2025 Annual Update of the International Economic Accounts," published in the Survey of Current Business on April 28, 2025.