GDP expands to include R&D, arts

07/31/2013 | USA Today

The Commerce Department today will debut a way of estimating U.S. gross domestic product by including research and development spending and money spent on the arts. The changes will make the economy appear larger by about $400 billion a year, according to IHS Global Insight. The Bureau of Economic Analysis is also changing how it accounts for pensions, incorporating benefits in GDP as they are earned.

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