Estimating Gross National Product (GNP):

Mobilization for World War II brought out the need for a measure of the productive capacity of the U.S. economy. GNP and its expenditure components were produced to meet that need.

Survey of Current Business articles published from 1942 to 1947 show the extensive work undertaken at BFDC to measure GNP and develop the product side of the income and product accounts.

The first Survey of Current Business article using estimates of GNP was published in March 1942. The first GNP series was published in May 1942.

Creating the National Income and Product Accounts (NIPAs):

In 1947, the Office of Business Economics, formerly the BFDC, incorporated the income and product statistics into a double-entry system of national economic accounts. Key economic measures, such as GNP, national income, consumer expenditures, government purchases, and personal income were included in the accounts.

By showing how economic measures were derived from the various economic transactions of business, government, and individuals, the creation of the NIPAs, published in the 1947 supplement to the Survey of Current Business, provided a metaphor for how the economy works.