Real spending on travel and tourism turned up in the second quarter of 2014, increasing at an annual rate of 2.1 percent after decreasing 1.1 percent (revised) in the first quarter of 2014. Real gross domestic product (GDP) also experienced an upturn, increasing 4.2 percent (second estimate) in the second quarter after decreasing 2.1 percent in the first quarter. All major categories, with the exception of “traveler accommodations” contributed to the increase in the second quarter.
The leading contributors to the upturn in the second quarter were “recreation, entertainment, and shopping,” and “food services and drinking places.” “Recreation, entertainment, and shopping” increased 4.5 percent in the second quarter after decreasing 2.7 percent in the first quarter. “Food services and drinking places” increased 6.5 percent after decreasing 1.8 percent. “Transportation” increased as well, reflecting an upturn in “passenger air transportation” that was partly offset by a downturn “all other transportation-related commodities.” Partially offsetting these upturns, “traveler accommodations” decreased 0.8 percent in the second quarter after increasing 0.6 percent.
Statistics on what Americans and foreigners spent on travel and tourism in the United States in the second quarter of 2014 will be released Thursday, Sept. 18 by the Bureau of Economic Analysis (BEA).
The statistics, part of BEA’s Travel and Tourism Satellite Accounts, provide a breakdown of the various components of travel and tourism spending, including lodging, meals, air travel, and shopping. The statistics will also provide data on employment in the tourism industry.
These statistics, which will be available at 8:30 a.m. eastern time on BEA’s website (www.bea.gov) and by email subscription, can be used for the following purposes:
- To assess the effects of travel and tourism on the U.S. economy
- To compare national trends to locally observed trends
- To examine the relationship among the travel and tourism industries
- To compare travel and tourism industries to other industries.
These statistics are supported by funding from the Office of Travel and Tourism Industries, International Trade Administration, U.S. Department of Commerce.
The U.S. current-account deficit-the combined balances on trade in goods and services, income, and net unilateral current transfers – decreased to $98.5 billion (preliminary) in the second quarter of 2014 from $102.1 billion (revised) in the first quarter of 2014. As a percentage of U.S. GDP, the deficit decreased to 2.3 percent from 2.4 percent. The previously published current-account deficit for the first quarter was $111.2 billion.
- The deficit on international trade in goods increased to $189.2 billion from $182.3 billion as goods imports increased more than goods exports.
- The surplus on international trade in services increased to $58.9 billion from $57.8 billion as services exports increased more than services imports.
- The surplus on primary income increased to $53.1 billion from $52.4 billion as primary income receipts increased more than primary income payments.
- The deficit on secondary income (current transfers) decreased to $21.4 billion from $30.0 billion as secondary income receipts increased and secondary income payments decreased.
Net U.S. borrowing from financial-account transactions was $17.6 billion in the second quarter, down from $91.2 billion in the first.
- Net U.S. acquisition of financial assets excluding financial derivatives was $232.7 billion in the second quarter, up from $143.3 billion in the first.
- Net U.S. incurrence of liabilities excluding financial derivatives was $247.4 billion in the second quarter, up from $239.8 billion in the first.
- Net borrowing in financial derivatives other than reserves was $2.8 billion in the second quarter, a shift from net lending of $5.3 billion in the first.
Read the full report.