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.
Read the full report here.
Real gross domestic product (GDP) increased 4.2 percent in the second quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 2.1 percent. The second-quarter growth rate was revised up 0.2 percentage point from the “advance” estimate released in July.
The upturn in real GDP growth was primarily driven by the following:
- Exports, mainly goods exports, increased after decreasing in the first quarter.
- Nonfarm inventory investment by motor vehicle dealers turned up.
- Consumer spending, notably motor vehicles and parts, increased more than in the first quarter.
In addition, business investment picked up, and state and local government spending increased after decreasing in the first quarter.
In contrast to these contributions, imports (a subtraction in the calculation of GDP) were higher in the second quarter than in the first quarter.
The 0.2 percentage point revision to second-quarter GDP growth primarily reflected an upward revision to business investment and a downward revision to imports. These revisions were partly offset by a downward revision to inventory investment.
See the Technical Note for more information.
BEA’s featured measure of corporate profits increased 8.0 percent at a quarterly rate in the second quarter after decreasing 9.4 percent in the first quarter. The second-quarter increase was the largest since the third quarter of 2010.
- Profits of nonfinancial corporations rose 10.6 percent after falling 7.4 percent in the first quarter.
- Profits of financial corporations rose 7.3 percent after falling 17.1 percent.
- Profits from the rest of the world rose 1.2 percent after falling 6.1 percent.
Over the last 12 months, corporate profits fell 0.3 percent.
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