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.
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Published September 16, 2014
- Real GDP increased in 292 of the nation’s 381 metropolitan areas in 2013, led by widespread growth in finance, insurance, real estate, rental, and leasing; nondurable-goods manufacturing; and professional and business services. Natural resources and mining also spurred strong localized growth in several metropolitan areas.
- Finance, insurance, real estate, rental, and leasing and nondurable-goods manufacturing contributed more than 50 percent to real GDP growth in 61 and 46 metropolitan areas, respectively.
- Professional and business services contributed to growth in 245 of the nation’s 381 metropolitan areas in 2013, most notably in Fayetteville-Springdale-Rogers, AR-MO (3.33 percentage points) and Janesville-Beloit, WI (2.61 percentage points).
- Mining in the Utica and Marcellus shale formations led to notable contributions to growth for natural resources and mining in Beckley, WV (11.49 percentage points); Wheeling, WV-OH (8.50 percentage points); and Charleston, WV (3.63 percentage points). Mining in the Niobrara shale formation
contributed significantly to the 10.1 percent increase in total real GDP for Greeley, CO.
- In 2013, Baton Rouge, LA was the fastest growing metropolitan area (6.5 percent) among economies with populations of 500,000 or more. Mount Vernon-Anacortes, WA grew the fastest (10.6 percent) of the metro areas with populations of less than 500,000.
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Published September 15, 2014
BEA News , GDP
Tags: American Samoa GDP, BEA, GDP
Estimates of gross domestic product (GDP) for American Samoa show that real GDP — adjusted to remove price changes — decreased 2.4 percent in 2013. In contrast, real GDP for the U.S. (excluding the territories) increased 2.2 percent in 2013.
The decline in the American Samoa economy reflected a decrease in territorial government spending that was partly offset by increases in consumer spending and private fixed investment.
Territorial government spending declined for a second year, primarily reflecting reductions in construction spending and purchases of equipment. Federal grant revenues, which make up a significant portion of the central government’s revenues, also decreased for a second year.
Consumer spending grew for the first time since 2004. The largest contributor to the increase in 2013 was purchases of nondurable goods. The growth in nondurable goods was driven primarily by food and beverage purchases.
Private fixed investment, which includes spending by businesses on construction and equipment, grew in 2013. This growth reflected investments by the tuna canning industry, including the completion of a multimillion-dollar cold storage facility in April 2013.
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