jmherbenerThe BEA has not yet changed the calculation of GDP.
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm
Here is there press release on the change.
http://www.bea.gov/scb/pdf/2013/03%20March/0313_nipa_comprehensive_revision_preview.pdf
The major changes are including R&D expenditures in GDP. According to the BEA this would have added $300 billion to the $14 trillion GDP in 2007.
Capitalizaton of entertainment and literary products. BEA estimates this would have added $70 billion to GDP in 2007.
Capitalization of ownership transfer costs of residential fixed assets. BEA estimates this would have added another $60 billion to 2007 GDP.
Switch from cash to accrual account of pensions. BEA estimates this would have added another $30 billion to 2007 GDP.
So, the $14 trillion GDP would have been $460 billion, 3.3 percent, larger in 2007. Because the BEA plans to revise the figures back to 1929, I don’t think the changes will drastically affect measured growth rates.
The BEA methodology has always been littered with difficulties such as those highlighted by the changes it plans to make.