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Benchmark Input-Output Accounts

Benchmark Input-Output Accounts. Mary L. Streitwieser, Stas Rzeznik, and Nicholas Empey Industry Benchmark Division Industry Accounts Users’ Conference October 26, 2007. Benchmark I-O Accounts. Products and uses Changes and improvements in the 2002 accounts Future products Q & A.

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Benchmark Input-Output Accounts

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  1. Benchmark Input-Output Accounts Mary L. Streitwieser, Stas Rzeznik, and Nicholas Empey Industry Benchmark Division Industry Accounts Users’ Conference October 26, 2007

  2. Benchmark I-O Accounts • Products and uses • Changes and improvements in the 2002 accounts • Future products • Q&A

  3. Benchmark I-O Accounts • Benchmark I-O accounts • Based largely on Census Bureau data • Prepared every five years • 2002 released in September 2007 • October SURVEYOF CURRENTBUSINESS - BEA web site (www.BEA.gov): under Publications click on Survey of Current Business

  4. Benchmark I-O Tables • Make and Use tables • Requirements tables • Bridge tables • Import matrix and concordance

  5. Internal Uses of Benchmark I-O Accounts

  6. Internal Uses of Benchmark I-O Accounts, cont.

  7. External Uses of Benchmark I-O Accounts • Other Federal agencies • BLS • ITC • Market analysis • Impact analysis

  8. Sources of Improvement • NIPA Comprehensive Revision • Staff Research • NAICS changes • Expanded Source Data

  9. Government as Producer

  10. Tribal Governments Indian Nations’ activities are now shown in the Government industry

  11. Bank Services Services to Borrowers Record keeping Intermediation Provision of credit Services to Depositors Record keeping Clearing checks Security Recognized the implicit services of commercial banks to borrowers and depositors

  12. Insurance Premiums

  13. TOPI and GOS • Taxes on Production and Imports less subsidies (TOPI) replaces Indirect Business Taxes (IBT) • Gross Operating Surplus (GOS) replaces Other Value Added (OVA)

  14. Other Improvements • Royalties Output • Personal Consumption • Air transportation • Food away from home • Telecommunications • Expanded Source Data • Total expenses data • Information sector

  15. Methodological Improvement • BEA Integration Initiative requires reconciliation of Industry Value Added estimates in Benchmark Input-Output and GDP-by-Industry accounts • Benchmark estimates are expenditure-based • GDP-by-Industry estimates are income-based

  16. Structure of the Use Table

  17. The Model • Min S {z, v} = • z – intermediate inputs • v – value-added • w – reliability weights • i – industries • k – commodities • h – value-added components • Constrained minimization model • Constraints are specified to satisfy a balanced input-output framework

  18. The Model • Subject to: • Sum (Intermediate estimates) + Sum (Value Added) = Industry Gross Output • Sum (Intermediate estimates) + Sum (Final Uses) = Commodity Gross Output • Sum (Value Added) = GDP

  19. The Model • Fixed elements • Final use categories • Industry and commodity gross output • Compensation • Taxes • Variable elements • Gross Operating Surplus (GOS) • Intermediate inputs

  20. Comparing Reconciled GOS to Initial Benchmark GOS and Initial GDP-by-Industry GOS(Note: Industries are randomly sorted and values are scaled.)

  21. Advantages of the new method • Transparent • Firm statistical foundation • Flexible • Replicable

  22. Where to Find Benchmark I-O Data and Information • BEA web site (www.BEA.gov): • Under Industry click on Benchmark Input-Output Accounts • Benchmark I-O tables from 1947 to 2002 • Interactive tables: 1987 to 2002 • “Concepts and Methods of the U.S. Input-Output Accounts” – In Publications box, click on Papers and Working Papers; click on BEA working papers, scroll down to 2006

  23. Future Data Products • Summer 2008: 2002 Capital Flow Table • Fall 2008: 2002 Detail Methodology • Fall 2009: 2002 Revised Benchmark I-O Accounts • Fall 2010: 2007 Preliminary Gross Output and Proposed Classification Framework • Fall 2012: 2007 Benchmark I-O Accounts

  24. Contact Information Email contact: Mary.Streitwieser@bea.gov Stanislaw.Rzeznik@bea.gov Nicholas.Empey@bea.gov benchmarkio@bea.gov Telephone contact: 202-606-5585

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