Posts Tagged 'GDP'

Guam’s Economy Grew 0.6 Percent in 2013

Newly published estimates of gross domestic product for Guam show that real GDP – GDP adjusted to remove price changes – increased 0.6 percent in 2013.

For comparison, real GDP for the U.S. (excluding the territories) increased 2.2 percent in 2013. The growth in Guam’s economy reflected an increase in private fixed investment that was partly offset by a decrease in exports of services. Private fixed investment, which includes spending by businesses on construction and equipment, increased 34.3 percent. Construction spending accounted for the majority of this growth; major projects occurring over this period included the construction of Guam’s first private hospital and a new luxury hotel in Tumon Bay.

Exports of services, which consists primarily of spending by tourists, decreased 4.6 percent. This was the first decrease since 2009. Although total arrivals increased in 2013, expenditures by Japanese visitors, who make up the majority of Guam’s tourist market, declined.

Read the full report here.

Northern Mariana Islands’ Economy Grew 4.4 Percent in 2013

Newly published estimates of gross domestic product for the Commonwealth of the Northern Mariana Islands (CNMI) show that real GDP – GDP adjusted to remove price changes – increased 4.4 percent in 2013.

For comparison, real GDP for the U.S. (excluding the territories) increased 2.2 percent in 2013. The growth in the CNMI’s economy reflected increases in consumer spending and exports of services. Consumer spending, which was the largest contributor to economic growth in 2013, increased 12.3 percent. This increase was driven primarily by durable goods, reflecting growth in purchases of motor vehicles.

Tourism continued to contribute positively to the economy in 2013, after posting double-digit growth in 2012. Exports of services, which consists mostly of spending by tourists, increased 8.8 percent in 2013 after growing 17.2 percent in 2012.

Read the full report here.

GDP Growth Moderates in Third Quarter

Real gross domestic product (GDP) increased 3.5 percent in the third quarter of 2014, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 4.6 percent.

Third-quarter highlightsQ2Q Growth in Real GDP
The deceleration in GDP growth was more than accounted for by inventory investment, which detracted from growth in the third quarter after adding to it in the second quarter.

In addition:

  • Consumer spending decelerated, increasing 1.8 percent after increasing 2.5 percent. Spending on nondurable and durable goods both slowed, while services picked up.
  • Business investment rose but not as much as in the second quarter. Investment in structures, equipment, and intellectual property products slowed.
  • Exports of goods and services decelerated.

In contrast, imports declined in the third quarter after increasing significantly in the second quarter, reflecting downturns in nonautomotive consumer goods and in industrial supplies and materials.

Personal income and personal saving
Real disposable personal income (DPI), which adjusts for taxes and inflation, rose 2.7 percent in the third quarter after increasing 4.4 percent in the second quarter.

Personal saving as a percentage of DPI increased to 5.5 percent in the third quarter from 5.4 percent in the second quarter.

Pricesq2q
Prices of goods and services purchased by U.S. residents increased 1.3 percent in the third quarter after increasing 2.0 percent in the second quarter.

Prices of energy goods and services turned down in the third quarter, and food prices slowed.

Excluding food and energy, gross domestic purchase prices increased 1.5 percent in the third quarter after increasing 1.7 percent in the second quarter.

Read the full report.