The U.S. current-account deficit – a net measure of transactions between the United States and the rest of the world in goods, services, primary income (investment income and compensation), and secondary income (current transfers) – increased to $113.3 billion (preliminary) in the first quarter of 2015 from $103.1 billion (revised) in the fourth quarter of 2014. As a percentage of U.S. GDP, the deficit increased to 2.6 percent from 2.3 percent. The previously published current-account deficit for the fourth quarter was $113.5 billion.
- The deficit on international trade in goods increased to $189.0 billion from $186.0 billion as goods exports decreased more than goods imports.
- The surplus on international trade in services increased to $58.7 billion from $57.6 billion as services exports increased more than services imports.
- The surplus on primary income decreased to $50.8 billion from $60.0 billion as primary income receipts decreased more than primary income payments.
- The deficit on secondary income (current transfers) decreased to $33.8 billion from $34.8 billion as secondary income receipts increased more than secondary income payments.
Net U.S. borrowing from financial-account transactions was $47.9 billion in the first quarter, up from $47.8 billion in the fourth.
- Net U.S. acquisition of financial assets excluding financial derivatives was $325.1 billion in the first quarter, up from $41.7 billion in the fourth.
- Net U.S. incurrence of liabilities excluding financial derivatives was $332.8 billion in the first quarter, up from $57.7 billion in the fourth.
- Net borrowing in financial derivatives other than reserves was $40.1 billion in the first quarter, up from $31.7 billion in the fourth.
For more information, read the full report.
On July 30, the Bureau of Economic Analysis will release its annual update of the national income and product accounts (NIPAs) in conjunction with the advance estimate for the second quarter of 2015. As is usual for annual NIPA revisions, the revised estimates will incorporate newly available source data that are more complete, more detailed, and otherwise more reliable than those that were previously incorporated.
This year’s annual revision will introduce the following:
- An improved treatment of federal refundable tax credits in the personal income and outlays account and the government receipts and expenditures account.
- Two new aggregates—the average of gross domestic product (GDP) and gross domestic income (GDI) and final sales to private domestic purchasers—that will facilitate the analysis of macroeconomic trends.
- Improvements to the seasonal adjustment of GDP components, including federal defense spending on services, and of the source data underlying several other NIPA components.
- An expanded presentation of payments and receipts of transfers and taxes between the United States and the “rest of world” that will harmonize the NIPA presentation of these transactions with the presentation in BEA’s international transactions accounts (ITAs).
- An improved presentation of exports and imports that provides detail on exports of petroleum and products that will align the NIPA presentation of trade in industrial supplies and materials with the presentation in the ITAs.
Read the entire article in the June Survey of Current Business.
- Real GDP increased in 48 states and the District of Columbia in 2014. Leading industry contributors were professional, scientific, and technical services; nondurable goods manufacturing; and real estate and rental and leasing.
- Professional, scientific, and technical services was the largest contributor to U.S. real GDP by state growth in 2014. This industry contributed to real GDP growth in 46 states and the District of Columbia. It was a large contributor to growth in three states – California, Massachusetts, and Utah.
- Nondurable goods manufacturing was the leading contributor to growth in the Great Lakes region and made a substantial contribution to growth in Louisiana and Montana.
- Real estate and rental and leasing contributed to real GDP growth in 32 states and the District of Columbia.
- Mining was the leading contributor to growth in the five fastest growing states – North Dakota, Texas, West Virginia, Wyoming, and Colorado.
- In contrast, agriculture, forestry, fishing, and hunting subtracted from real GDP growth in six of eight BEA regions and 39 states in 2014.
- Real GDP decreased in Alaska and Mississippi in 2014. Alaska’s decrease was primarily due to a decline in mining while the decrease in Mississippi was mainly due to a decline in construction.
- Per capita real GDP ranged from a high of $66,160 in Alaska to a low of $31,551 in Mississippi. Per capita real GDP for the U.S. was $49,649.
For more information, read the full report.