The 2016 Annual Update of the National Income and Product Accounts

THE Bureau of Economic Analysis (BEA) releasedits annual update of the national income and product accounts (NIPAs) for 2013-2015 and forthe first quarter of 2016 along with the advance estimates for the second quarter of 2016 on July 29. As is usual for annual NIPA updates, the revised estimates reflect newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated. The reference year for price and quantity estimates remains 2009.With this update, economic growth from 2012 to2015 was revised up slightly, but the revised estimates are similar to the previously published estimates.