Each new estimate includes updated, more complete, and more accurate information as it becomes available. The first estimate for the second quarter will come out July 30 — in concert with the annual revisions. In particular, the advance estimate lacks complete source data on inventories, trade, and consumer spending on services.
Therefore, we must make assumptions for these missing pieces based in part on past trends. As part of this process, we publish a detailed technical note that lays out the assumptions we made for a particular estimate.
As new and more complete data become available, we incorporate that information into the second and third GDP estimates. About 45 percent of the advance estimate is based on initial, or early, estimates from various monthly and quarterly surveys that are subject to revision for various reasons, including late respondents that are eventually incorporated into the survey results.
Chain-linked volume data and contributions to growth - 2nd Quarter xlsx, KB, File does not meet accessibility standards. Chain-linked volume data and contributions to growth - xlsx, KB, File does not meet accessibility standards. Fixed assets by sector - - released on August xlsx, KB, File does not meet accessibility standards.
Balance sheets for institutional sectors and the total economy - PDF, KB, File does not meet accessibility standards.
Balance sheets for institutional sectors and the total economy - xlsx, KB, File does not meet accessibility standards. Sector Accounts - Quarterly results onwards - 2nd Quarter xlsx, KB, File does not meet accessibility standards. Sector Accounts - Annual results onwards - to xlsx, KB, File does not meet accessibility standards. These are obtained by using new data sources and methods. Both the degree of maturity and quality of the results differ from those of official statistics, especially regarding harmonisation, coverage and methodology.
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Press releases 29 October Gross domestic product in the 3 rd quarter of up 1. Gross Domestic Product. Second Quarter of Advance. This BEA release describes some of the differences in data availability between the advance estimate and the later estimates of GDP. November For example, seasonal adjustments are used to correct data for seasonal effects, such as crop or weather cycles, or seasonal shopping patterns, that might cause regular seasonal movements in the data but that are essentially unrelated to the data itself.
Because a long-term data trend may change shape over time, a seasonal adjustment may eventually be slightly revised, causing the original data to be revised as well. Skip to content Readability Tools. Reader View. Dark Mode. High Contrast. Reset All. In May , we are just getting the preliminary GDP report for the quarter that ended in March May First, what is Gross Domestic Product?
Calculating GDP is complicated Calculating GDP for a nation that has a population over million and houses millions of businesses is complicated. The BEA describes the process: The source data include a variety of economic measures, such as sales or receipts, wages and salaries, unit sales, housing stock, insurance premiums, expenses, interest rates, mortgage debt, and tax collections.
Time lag Given the complexity of calculating GDP, it is impressive that it only takes about one month after the end of a quarter before the advance GDP estimate for that quarter is released to the public.
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