Real spending on travel and tourism turned up in the second quarter of 2014, increasing at an annual rate of 2.1 percent after decreasing 1.1 percent (revised) in the first quarter of 2014. Real gross domestic product (GDP) also experienced an upturn, increasing 4.2 percent (second estimate) in the second quarter after decreasing 2.1 percent in the first quarter. All major categories, with the exception of “traveler accommodations” contributed to the increase in the second quarter.
The leading contributors to the upturn in the second quarter were “recreation, entertainment, and shopping,” and “food services and drinking places.” “Recreation, entertainment, and shopping” increased 4.5 percent in the second quarter after decreasing 2.7 percent in the first quarter. “Food services and drinking places” increased 6.5 percent after decreasing 1.8 percent. “Transportation” increased as well, reflecting an upturn in “passenger air transportation” that was partly offset by a downturn “all other transportation-related commodities.” Partially offsetting these upturns, “traveler accommodations” decreased 0.8 percent in the second quarter after increasing 0.6 percent.
The U.S. current-account deficit-the combined balances on trade in goods and services, income, and net unilateral current transfers – decreased to $98.5 billion (preliminary) in the second quarter of 2014 from $102.1 billion (revised) in the first quarter of 2014. As a percentage of U.S. GDP, the deficit decreased to 2.3 percent from 2.4 percent. The previously published current-account deficit for the first quarter was $111.2 billion.
- The deficit on international trade in goods increased to $189.2 billion from $182.3 billion as goods imports increased more than goods exports.
- The surplus on international trade in services increased to $58.9 billion from $57.8 billion as services exports increased more than services imports.
- The surplus on primary income increased to $53.1 billion from $52.4 billion as primary income receipts increased more than primary income payments.
- The deficit on secondary income (current transfers) decreased to $21.4 billion from $30.0 billion as secondary income receipts increased and secondary income payments decreased.
Net U.S. borrowing from financial-account transactions was $17.6 billion in the second quarter, down from $91.2 billion in the first.
- Net U.S. acquisition of financial assets excluding financial derivatives was $232.7 billion in the second quarter, up from $143.3 billion in the first.
- Net U.S. incurrence of liabilities excluding financial derivatives was $247.4 billion in the second quarter, up from $239.8 billion in the first.
- Net borrowing in financial derivatives other than reserves was $2.8 billion in the second quarter, a shift from net lending of $5.3 billion in the first.
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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.
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