ABSTRACT
A way of viewing aggregate gross domestic product (GDP) is as the sum of output by industry. The value-added of an industry equals the incomes (gross of taxes and depreciation) earned by its workers, investors, and creditors in the course of production. The sum of the value-added from all industries stemming from their production within the borders of the US equals (nominal) GDP. Bureau of Economic Analysis's (BEA) industry output numbers include an array of information, encompassing sales and purchases and data on income flows. BEA labels the sales of an industry as its "gross output." Data on gross output, in both current and chained dollars, were formerly only available annually, but the numbers are now issued quarterly, though their release lags that of GDP by several months. Potential GDP is, conceptually, the level of real GDP that would be produced if all resources were fully employed.
