National Income and Product Accounts

The ultimate consumers of the final products (goods and services) that are produced by the economy. The final users consist of persons (personal consumption expenditures), private businesses (gross private domestic investment), governments (federal and state and local consumption expenditures and gross investment), and foreigners (net exports of goods and services).

Final sales to domestic purchasers less government consumption expenditures and gross investment. It is also equal to the sum of personal consumption expenditures and gross private fixed investment.

Gross domestic purchases less change in private inventories. It is also equal to the sum of personal consumption expenditures, gross private fixed investment, and government consumption expenditures and gross investment.

GDP less change in private inventories. It is also equal to the sum of personal consumption expenditures, gross private fixed investment, government consumption expenditures and gross investment, and net exports of goods and services.

The value of goods and services that are produced for final use. For the nation, total gross output less total intermediate product is equal to total final product (or GDP).

The categories of expenditures by the final users of GDP: personal consumption expenditures, gross private domestic investment, government consumption expenditures and gross investment, and net exports (exports of goods and services less imports of goods and services).

A method of extending the estimate for a NIPA component series from a given period forward (or backward) in time to other periods by usingthe movements of an indicator series or by using other statistical techniques to approximate the movements of the component series.

The measure of GDP as the sum of goods and services purchased by final users—that is, personal consumption expenditures plus gross private domestic investment plus government consumption expenditures and gross investment plus exports of goods and services less imports of goods and services.

Tangible fixed assets (such as new machinery, furniture, and vehicles)— whether purchased or produced for own use—that are used repeatedly, or continuously, in the processes of production for at least a year.

Consists of employer payments under the following federal government and state and local government programs: old-age, survivors, and disability insurance; hospital insurance; unemployment insurance; railroad retirement; pension benefit guaranty; veterans life insurance; publicly administered workers’ compensation; militarymedical insurance; and temporary disabilityinsurance.