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.
Brian Moyer was named Director of the Bureau of Economic Analysis, bringing more than 20 years of experience in economic statistics to the post. His new status as Director takes effect Sept. 21.
Dr. Moyer is currently BEA’s Deputy Director and has served as Acting Director since May 2 when the agency’s previous chief retired.
The non-partisan BEA is one of the federal government’s leading economic intelligence agencies and produces millions of official economic data points – national, regional, industry and international – used by business leaders, policymakers and Americans to make more informed decisions.
Dr. Moyer joined BEA, which is part of the U.S. Commerce Department, in 1993 and held several key positions including Associate Director for Industry Accounts.
Under his leadership, BEA has made numerous advances in measuring and gauging the performance of the U.S. economy, including new measures of intangible and high-tech goods and services, expanded information on multinational companies and foreign direct investment, and more timely GDP statistics for states, metropolitan area and industries. Dr. Moyer has also played a key role in developing and improving international standards and guidelines used to prepare economic statistics worldwide.
“With the challenges facing BEA in the coming years – things like greater use of ‘big data’ and more integration across the U.S. statistical agencies – I am pleased to have Brian leading BEA,” said Mark Doms, Under Secretary for Economic Affairs at the U.S. Commerce Department.
Dr. Moyer holds Bachelor’s and Master’s degrees in economics from the University of Maryland and a Ph.D in economics from American University.
The U.S. monthly international trade deficit decreased in July 2014 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $40.8 billion in June (revised) to $40.5 billion in July as exports increased more than imports. The previously published June deficit was $41.5 billion. The goods deficit decreased $0.2 billion from June to $60.2 billion in July; the services surplus was nearly unchanged from June at $19.6 billion.
Exports of goods and services increased $1.8 billion in July to $198.0 billion, mostly reflecting an increase in exports of goods. Exports of services also increased.
- The increase in exports of goods was more than accounted for by increases in automotive vehicles, parts, and engines and in industrial supplies and materials. Partly offsetting were decreases in consumer goods and in foods, feeds, and beverages.
- The increase in exports of services reflected increases of less than $0.1 billion in several categories of services.
Imports of goods and services increased $1.6 billion in July to $238.6 billion, reflecting an increase in imports of goods. Imports of services were nearly unchanged.
- The increase in imports of goods was mostly accounted for by an increase in automotive vehicles, parts, and engines.
- Imports of services were nearly unchanged as an increase in other business services was mostly offset by a decrease in charges for the use of intellectual property, which decreased due to higher payments in June than in July for the rights to broadcast the 2014 soccer World Cup.
Goods by geographic area (seasonally adjusted, Census basis)
- The goods deficit with the European Union decreased from $11.5 billion in June to $9.5 billion in July. Exports increased $0.5 billion to $24.8 billion, and imports decreased $1.5 billion to $34.3 billion.
- The goods deficit with China decreased from $29.2 billion in June to $27.5 billion in July. Exports increased $0.1 billion to $9.8 billion, and imports decreased $1.6 billion to $37.3 billion.
- The goods deficit with OPEC increased from $3.6 billion in June to $4.9 billion in July. Exports increased $0.3 billion to $6.9 billion, and imports increased $1.5 billion to $11.8 billion.
See the full report.