Posts Tagged 'GDP'

American Samoa’s Economy Grows in 2014

American Samoa’s economy grew 1.6 percent in 2014, the Bureau of Economic Analysis reported today.

The estimate is for real GDP, which is adjusted to remove price changes. For comparison, real GDP for the United States (excluding U.S. territories) increased 2.4 percent in 2014.

The growth in the American Samoa economy reflected widespread increases among the components of GDP. These increases were partly offset by an increase in imports of goods, which is a subtraction item in the calculation of GDP.

Growth in private fixed investment and in exports of goods reflected increased activity of the tuna canning industry. Private fixed investment, which is spending by businesses on construction and equipment, increased for a second consecutive year. This growth reflected continued investments by the tuna canning industry, including the construction of a multimillion dollar tuna processing plant. The increase in exports of goods was due to growth in exports of canned tuna.

Government spending also increased, primarily reflecting growth in spending by the territorial government. Federal grant revenues supported major territorial government projects in 2014, including the telecommunication authority’s work to improve broadband capacity and coverage in American Samoa.

For more information, read the full report.

GDP Increases in Third Quarter

Real gross domestic product (GDP) increased 1.5 percent in the third quarter of 2015, according to the “advance” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP increased 3.9 percent.

GDP highlightsQ2Q GDP 1029
The third-quarter increase in real GDP mainly reflected a rise in consumer spending. Spending on services increased, notably on health care. Spending on nondurable and durable goods also rose.

State and local government spending, business investment, exports, and residential investment also contributed to the increase in GDP.

Partly offsetting these contributions to GDP growth, private inventory investment fell, mainly in wholesale trade and in manufacturing.

Final sales of domestic product—GDP less inventory investment—increased 3.0 percent in the third quarter.

Personal income and saving
Real disposable personal income (DPI), which adjusts for taxes and inflation, rose 3.5 percent in the third quarter after increasing 1.2 percent in the second quarter.

Personal saving as a percentage of DPI was 4.7 percent in the third quarter, following 4.6 percent in the second quarter.

PricesQ2Q PERCENT 1029
Prices of goods and services purchased by U.S. residents—gross domestic purchases prices— increased 1.3 percent in the third quarter after increasing 1.5 percent in the second quarter.

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

Excluding food and energy, gross domestic purchases prices increased 1.3 percent in the third quarter after increasing 1.2 percent in the second quarter.

For more information, read the full report.

GDP Increases in Second Quarter

Real gross domestic product (GDP) increased 3.9 percent in the second quarter of 2015, according to the “third” estimate released by the Bureau of Economic Analysis. The growth rate was revised up 0.2 percentage point from the “second” estimate released in August. In the first quarter, real GDP increased 0.6 percent.

GDP highlights
The second-quarter increase in real GDP mainly reflected a rise in consumer spending. Spending on services rose, notably  on health care and food services and accommodations. Spending on nondurable goods also rose, as did spending on durable goods, notably on motor vehicles and parts. Q2Q Real GDP Sept25

Exports of goods also increased, notably industrial supplies and materials. Business investment, state and local government spending, and residential investment also rose.

Offsetting these contributions to GDP growth, imports, a subtraction in the calculation of GDP, increased.

Revisions
The revision to second-quarter GDP growth reflected upward revisions to: consumer spending, mainly spending on services; business investment, notably in structures; and residential investment.

These contributions were partly offset by a downward revision to inventory investment.

For more information, see the technical note.

Corporate profits
Corporate profits increased 3.5 percent at a quarterly rate in the second quarter after decreasing 5.8 percent in the first quarter.profits sept 25

  • Profits of domestic nonfinancial corporations rose 1.9 percent after falling 5.3 percent.
  • Profits of domestic financial corporations rose 9.6 percent after falling 6.1 percent.
  • Profits from the rest of the world rose 2.9 percent after falling 6.9 percent.

Over the last 4 quarters, corporate profits increased 0.6 percent.

For more information, read the full report.