Posts Tagged 'BEA'



Travel and Tourism Spending Turned up in the Second Quarter of 2014

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.travel tourism chart

 

American Samoa Economy Shrinks in 2013; Consumer Spending Grows

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.