Posts Tagged 'BEA'



Introducing the New BEA Health Care Satellite Account

Total health care spending reached 17.4 percent of gross domestic product (GDP) in 2013, and that share is expected to continue to grow significantly, according to the Centers for Medicare and Medicaid Services. Given this trend, it is critical to develop an understanding of what those increased expenditures represent.  Are the increases attributable to rising costs of treatment or more individuals receiving medical care? What medical conditions account for the majority of spending? Which medical conditions see the cost of treatment rising most rapidly? Do these spending increases coincide with improvements in treatment? Answers to these questions are necessary in order to formulate policies that allow for society’s efficient consumption of health care as well as for the improvement of the nation’s overall health status.

The Bureau of Economic Analysis (BEA) has been conducting research to develop a health care satellite account (HCSA)—engaging in methodological research, evaluating new data sources, collaborating with academic researchers, and working jointly across multiple federal agencies (see the SURVEY OF CURRENT BUSINESS articles (2007),(2008),(2009),(2012),(2013)). The account builds on research by prominent health economists, recommendations from two reports of the National Academy of Sciences’ Committee on National Statistics, and years of research both at BEA and the Bureau of Labor Statistics (BLS).

This first release of the HCSA presents preliminary estimates that may be used to improve our understanding of health care spending trends and its effects on the U.S. economy.

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Widespread Growth Across Industries Continues in Third Quarter 2014

Real gross domestic product (GDP) increased at an annual rate of 5.0 percent in the third quarter of 2014, reflecting positive contributions from 20 of 22 industry groups. The private goods- and services-producing industries, as well as the government sector, contributed to the increase.

  • The leading contributors to the increase were finance and insurance; mining; and real estate and rental and leasing.

Real Value Added by Sector Jan22

  • Finance and insurance real value added increased 21.2 percent in the third quarter, after increasing 6.0 percent.
  • Mining increased 25.6 percent, after increasing 11.5 percent.
  • Real estate and rental and leasing increased 4.4 percent, after increasing 0.9 percent.

Real Value Added by Industry Jan22

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Spending on Arts and Cultural Production Continues to Increase

Nominal value added from all arts and cultural production (ACP) industries- a measure of this sector’s contribution to gross domestic product (GDP) – increased 3.8 percent, or $25.8 billion in 2012, according to new statistics released by the Bureau of Economic Analysis (BEA). Value added for ACP accounted for 4.3 percent, or $698.7 billion, of GDP.

“With the creation of new data analyses like this one – which shows how arts and culture contribute to GDP – the Department of Commerce is providing a more detailed picture of what drives the U.S. economy, growth, and job creation,” said Secretary of Commerce Penny Pritzker. “Making new data available is another example of how the government is working harder and smarter to produce relevant statistics that better inform individuals, business, and decision-makers.”

GDP vs ACPSA

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