Published November 19, 2014
BEA News , GDP
Tags: BEA, BEA News, GDP
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.
Is consumer spending growing faster in North Dakota or North Carolina? How do consumers in different regions respond to economic downturns? Which state has the fastest growing consumer market for motor vehicles?
Some Fortune 500 companies have research departments to help answer these questions, but new BEA data on consumer spending broken out by state – released in August – provide startups and entrepreneurs with crucial insight into consumer behavior at the state level. In December 2015, we are planning to release a fresh batch of consumer spending by state statistics that will cover the year 2014 as well as some earlier years.
The prototype Personal Consumption Expenditure by state statistics are designed to be used in conjunction with other macroeconomic and regional data we produce, like statistics on Gross Domestic Product by State and State Personal Income. This suite of statistics can offer entrepreneurs a better understanding of what’s driving or restraining economic activity at the state level, and thus inform their decisions about things like investing, financing, locating and hiring.
The Bureau of Economic Analysis’ experimental consumer spending by state statistics were released on Aug. 7 and covered the years from 1997 to 2012. So the fresh batch of statistics that will be out next year will be more up to date.
The state data on consumer spending use the same product definitions as our national statistics on consumer spending, making them consistent. Given the limited availability of source data at the regional level, the new consumer spending by state statistics do not provide the same level of category detail that BEA currently makes available at the national level.
The new statistics also use the same residency concepts that we use in our state income data, allowing entrepreneurs and other users to compare people’s income and spending in each state.
These new estimates are just one way that BEA is innovating to better measure the 21st Century economy. In April, we introduced real (inflation-adjusted) estimates of personal income for states and metropolitan areas as well as new quarterly statistics on GDP broken out by industry. On August 20, we released prototype estimates of quarterly GDP by state, which also breaks out GDP by Industry. Providing businesses and individuals with new data tools like these is a priority of the Commerce Department’s “Open for Business Agenda.”
Published November 17, 2014
Consumer Spending , GDP
Tags: consumer spending, GDP
Newly published estimates of gross domestic product for the Commonwealth of the Northern Mariana Islands (CNMI) show that real GDP – GDP adjusted to remove price changes – increased 4.4 percent in 2013.
For comparison, real GDP for the U.S. (excluding the territories) increased 2.2 percent in 2013. The growth in the CNMI’s economy reflected increases in consumer spending and exports of services. Consumer spending, which was the largest contributor to economic growth in 2013, increased 12.3 percent. This increase was driven primarily by durable goods, reflecting growth in purchases of motor vehicles.
Tourism continued to contribute positively to the economy in 2013, after posting double-digit growth in 2012. Exports of services, which consists mostly of spending by tourists, increased 8.8 percent in 2013 after growing 17.2 percent in 2012.
Read the full report here.