Further Integrating BEA's Economic Accounts: Introducing Annual Input-Output Estimates into the Gross State Product by Industry Accounts

The December 2004 release of the GSP estimates takes BEA’s integration efforts one-step further, an important long-term goal in BEA’s Strategic Plan. Specifically, due to the concurrent release and integration of the annual IO accounts and the GDP-by-industry accounts and the resulting consistency of the estimates, the GSP program is now able to use these consistent and timelier annual IO accounts. This paper presents a new procedure for estimating GSP for most goods-producing industries for years 1998-2002 that integrates the GSP accounts more closely with the annual IO accounts and the GDP-by-industry accounts.