This second edition of Understanding National Accounts gives a comprehensive explanation of how national accounts are compiled. It contains new data and new chapters and is adapted to the new systems of national accounts--SNA 2008 and ESA 2010--that came into effect in September 2014. It approaches national accounts from a truly global perspective, with chapters dedicated to international comparisons, globalization, well-being, and the national account systems used in major OECD economies, such as the United States. Each chapter of the manual uses practical examples to explain key concepts in a clear and accessible way and concludes with a synthesis of key points followed by resources for further exploring the topic and a set of exercises to test the reader's knowledge. It is an ideal guide to national accounts for students and other interested readers.