Prototype quarterly statistics on U.S. gross domestic product by industry

This article is the second in a series of articles regarding Bureau of Economic Analysis' (BEA) efforts to produce GDP by industry statistics at quarterly intervals. The most recent recession and subsequent recovery has highlighted the need for more high-quality, real-time information on US economic performance at the industry level. To provide a more detailed and precise view of the turning points in the economy, the BEA intends to soon produce quarterly GDP by industry statistics, which would provide more timely information on the accelerations and decelerations in economic growth at the industry level, including key information about changes in the industrial infrastructure of the US. These prototype quarterly results suggest the high value that quarterly GDP by industry data would provide. BEA has developed its prototype quarterly GDP by industry statistics in a multiphase process. The improved methodology is much more consistent with the methodology used to construct the time series of annual industry accounts than that used previously.