Archive for September, 2012



Northern Mariana Islands’ Economy Grew in 2010

The economy of the Commonwealth of the Northern Mariana Islands (CNMI) grew 2.3 percent in 2010, according to new estimates from the Bureau of Economic Analysis (BEA). The growth in real gross domestic product (GDP) largely reflected increases in territorial government spending, consumer spending, and exports of goods and services.

For the first time, BEA also calculated estimates of GDP by industry, compensation by industry, and detailed consumer spending for the territory. BEA also revised previous estimates for 2002 to 2009.

CNMI returned to growth in 2010 after 6 consecutive years of economic contraction. The territory’s growth compares with 2.4 percent for the United States as a whole in 2010.

The increase in territorial government spending included funds made available under the American Recovery and Reinvestment Act. The upturn in consumer spending reflected increases in spending on goods and services. Exports, meanwhile, rose for the first time after 5 consecutive years of decline. Tourism services (which make up the majority of exports of services) grew due to an increase in the number of visitors to the islands, offsetting continued declines in the exports of goods.

An increase in imports tempered economic growth.

GDP by industry and compensation by industry
The distributive services industry, including retail and wholesale trade, contributed the most to economic growth in 2010, the new estimates showed. The accommodations and amusement industry, including hotel and food services, along with other tourism-related services, also helped boost growth in 2010.

The manufacturing industry shrank 2.9 percent in 2010, its 6th straight year of decline. The contraction in manufacturing coincided with the decline of the territory’s garment industry. In February 2009, the last garment maker in CNMI closed. Manufacturing accounted for 3 percent of the territory’s total GDP in 2010, compared with 35 percent in 2005.

The accommodations and amusements industry accounted for 15 percent of GDP in 2010, up from 7 percent in 2005. Overall, the private sector has declined as a share of total GDP to 67 percent in 2010, from 75 percent in 2005.

From 2005 and 2010, compensation of employees in the manufacturing industry shrank from $203 million to $9 million in current dollars, not adjusted for inflation.

BEA plans to release estimates for 2011 in the spring of 2013. You can read the latest news release and tables here.

BEA Wins Award for Interactive Data Tables

The Bureau of Economic Analysis (BEA) is being recognized for an innovation that makes our data easier for people to access.

The Center for Digital Government is presenting BEA with its 2012 Driving Digital Government Award at an event today in San Francisco. BEA was honored for its interactive data tables, which are available on BEA’s public Web site.

The interactive tables provide a uniform way to tap into BEA data. They also make it easy to create, customize, and modify tables; create custom charts; share tables and charts via social media; download data to files; and save queries. This year, BEA added a mapping function for regional data.

The award recognizes outstanding government agency Web sites and applications based on innovation, functionality, and efficiency.

The Center for Digital Government is a national research and advisory institute on information technology policies and best practices in state and local government. The center is a division of e.Republic, a national publishing, event, and research company focused on smart media for public-sector innovation.

BEA launched the interactive data tables on www.bea.gov in 2011 as part of a drive to make BEA data as open as possible.

Building on that effort, the Census Bureau rolled out its first mobile app in August that includes BEA data—specifically gross domestic product, personal income and spending, and U.S. trade in goods and services—a report that is produced jointly with Census.

July 2012 Trade Gap is $42.0 Billion

The U.S. monthly international trade deficit increased in July 2012, according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $41.9 billion (revised) in June to $42.0 billion in July, as exports decreased more than imports. The previously published June deficit was $42.9 billion. The goods deficit decreased $0.2 billion from June to $57.3 billion in July, and the services surplus decreased $0.3 billion to $15.3 billion.

Exports
Exports of goods and services decreased $1.9 billion in July to $183.3 billion, reflecting a decrease in exports of goods. Exports of services were virtually unchanged.
• The decrease in exports of goods was more than accounted for by decreases in industrial supplies and materials; automotive vehicles, parts, and engines; and other goods. An increase in foods, feeds, and beverages was partly offsetting.
• Exports of services were virtually unchanged. Increases in royalties and license fees, travel, and other private services, which includes items such as business, professional, and technical services, insurance services, and financial services, were mostly offset by decreases in several categories. The largest decrease was in other transportation, which includes freight and port services.

Imports
Imports of goods and services decreased $1.8 billion in July to $225.3 billion, reflecting a decrease in imports of goods. Imports of services increased.
• The decrease in imports of goods was more than accounted for by decreases in industrial supplies and materials and capital goods. Increases in automotive vehicles, parts, and engines and consumer goods were partly offsetting.
• The increase in imports of services was mostly accounted for by an increase in royalties and license fees, which included payments for the rights to broadcast the 2012 Summer Olympic Games. Decreases in passenger fares and travel were partly offsetting.

Goods by geographic area (not seasonally adjusted)
• The goods deficit with Canada increased from $1.5 billion in June to $2.1 billion in July. Exports decreased $3.1 billion to $22.7 billion, while imports decreased $2.5 billion to $24.9 billion.
• The goods deficit with China increased from $27.4 billion in June to $29.4 billion in July. Exports were virtually unchanged at $8.6 billion, while imports increased $2.0 billion to $37.9 billion.
• The goods deficit with the European Union increased from $8.4 billion in June to $12.0 billion in July. Exports decreased $2.7 billion to $20.6 billion, while imports increased $0.8 billion to $32.5 billion.

To learn more about U.S. international trade in goods and services, read the full report.