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By Beth Leslie Verified
Apr. 27, 2023
By Beth Leslie Verified
Aug. 22, 2019
By Beth Leslie Verified
Apr. 27, 2023
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Economy
The Bureau of Economic Analysis (BEA) is a U.S. government agency under the Department of Commerce, established on January 1, 1972, and based in Suitland, Maryland. Its mission is to enhance understanding of the U.S. economy by providing timely and accurate economic data. The agency employs around 500 people and operates with an annual budget of approximately $101 million. The BEA is known for producing vital economic statistics, including Gross Domestic Product (GDP) reports, National Income and Product Accounts (NIPAs), and balance of payments data. It also provides measures like Gross Domestic Income (GDI) and Gross National Income (GNI). The data generated by the BEA is widely utilized by policymakers, business leaders, households, and the federal government, playing a crucial role in economic decision-making and financial planning.
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Founded: 1972