Annual revision of the national income and product accounts: annual estimates for 2004-2006: quarterly estimates for 2004:I-2007:I

The Bureau of Economic Analysis released revised estimates of the national income and product accounts (NIPAs) for 2004-2006 and for the first quarter of 2007 on Jul 27, 2007. This annual revision has not changed the general picture of the economy for the past several years. The revised estimates of the growth in real gross domestic product (GDP) show a somewhat slower rate of increase than the previously published estimates. The revisions to the quarterly (and monthly) NIPA estimates reflect the revisions to the annual estimates that result from the incorporation of newly available annual source data, the incorporation of new and revised monthly and quarterly source data, and the introduction of changes in methodology. By major component, the revision to current-dollar GDP for 2004 primarily reflects downward revisions to personal consumption expenditures for services and to state and local government spending and an upward revision to imports that were partly offset by an upward revision to exports.