Archive for the 'GDP' Category

BEA Adds More Open Data to API

API photo

Developers, do you want to bring more detailed economic data to your next app? The Bureau of Economic Analysis (BEA) recently added several data sets to the application programming interface (API) we launched last year.

The API now provides direct access to the gross domestic product (GDP) underlying detail tables. Those tables contain a wealth of statistics, including how much consumers spend on hundreds of items like furnishings, food and flowers and how much revenue the government takes in and spends.

Other recently added data to the API provide information on:

  • National fixed assets, which include statistics on fixed assets like factory equipment, buildings, intellectual property and durable goods for consumers.
  • U.S. trade and investment relationships with other countries.
  • Economic impact of U.S. industries.
  • Activities of multinational enterprises.

The new additions give you the ability to create an even richer, customized economic dashboard of your own.

The new data sets join BEA’s GDP and related national economic statistics and regional economic statistics, which have been available via API since the service launched in May 2013. In addition to expanding the amount of data available on the API, BEA published an updated User Guide, making it easier for developers to start using the service.

BEA’s API allows developers to build a service to search, display, analyze, retrieve, or view BEA statistics. For example, you can create a “mashup” that combines BEA data with other government or private data sources to create new services or give your users a different perspective on their communities. Or you can design a tool that gives your users new ways to visualize economic data.

The API includes methods for retrieving subsets of BEA statistical data and the meta-data that describes it using HTTP requests. It delivers data in two industry-standard formats: XML (Extensible Markup Language) and JSON (JavaScript Object Notation).

To use the API, you need to register first. Full documentation is available in the updated API User Guide.

The BEA’s API is just one way BEA is supporting open data. Visit BEA’s Open Data site for a complete listing of BEA’s data sets in a machine readable JSON format, along with access to downloadable data sets and other data tools.

GDP Increases in Third Quarter

Real gross domestic product (GDP) increased 3.9 percent in the third quarter of 2014, according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent.

Third-quarter highlightsQ to Q Growth in Real GDP Nov25
The increase in GDP in the third quarter reflected the following:

  • Consumer spending increased 2.2 percent. Spending on goods and services both increased.
  • Business investment rose, notably equipment and intellectual property products.
  • Federal government spending increased, mainly national defense spending.
  • Exports of goods increased, notably industrial supplies and materials.

In contrast, inventory investment declined in the third quarter.

Revisions
The 0.4 percentage point upward revision to the GDP growth rate was more than accounted for by an upward revision to nonfarm inventory investment, notably in the wholesale trade and retail trade industries. Consumer spending on goods and business investment in equipment also were revised up. Partly offsetting these upward revisions, exports were revised down, and imports were revised up.

For more information, see the technical note.

Corporate profits
Corporate profits increased 2.1 percent at a quarterly rate in the third quarter after increasing 8.4 percent in the second quarter.Q to Q Growth in Corporate Profits Nov25

  • Profits of domestic nonfinancial corporations increased 1.8 percent after increasing 11.9 percent.
  • Profits of domestic financial corporations increased 4.5 percent after increasing 8.0 percent.
  • Profits from the rest of the world increased 0.3 percent after decreasing 0.9 percent.

Over the last 12 months, corporate profits rose 0.4 percent.

Read the full report.

Guam’s Economy Grew 0.6 Percent in 2013

Newly published estimates of gross domestic product for Guam show that real GDP – GDP adjusted to remove price changes – increased 0.6 percent in 2013.

For comparison, real GDP for the U.S. (excluding the territories) increased 2.2 percent in 2013. The growth in Guam’s economy reflected an increase in private fixed investment that was partly offset by a decrease in exports of services. Private fixed investment, which includes spending by businesses on construction and equipment, increased 34.3 percent. Construction spending accounted for the majority of this growth; major projects occurring over this period included the construction of Guam’s first private hospital and a new luxury hotel in Tumon Bay.

Exports of services, which consists primarily of spending by tourists, decreased 4.6 percent. This was the first decrease since 2009. Although total arrivals increased in 2013, expenditures by Japanese visitors, who make up the majority of Guam’s tourist market, declined.

Read the full report here.