Published November 17, 2014
Consumer Spending , GDP
Tags: consumer spending, GDP
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.
Published October 30, 2014
BEA News , GDP
Tags: BEA, GDP
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.
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.
- 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.
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.
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Real gross domestic product (GDP) increased 4.6 percent in the second quarter of 2014, according to the “third” estimate released by the Bureau of Economic Analysis. The second-quarter growth rate was revised up 0.4 percentage point from the “second” estimate released in August. In the first quarter, real GDP decreased 2.1 percent.
Exports of notably nondurable industrial supplies and materials and nonfarm inventory investment by motor vehicle dealers accounted for much of the upturn in real GDP.
In addition, business investment accelerated, mainly in information processing equipment, as did consumer spending, mainly on motor vehicles and parts.
In contrast to these contributions, imports (a subtraction in the calculation of GDP) were higher in the second quarter than in the first quarter.
The 0.4 percentage point revision to second-quarter GDP growth primarily reflected the following:
- Business investment was revised up, notably manufacturing structures.
- Exports were revised up, notably travel services.
See the Technical Note for more information.
Corporate profits increased 8.4 percent at a quarterly rate in the second quarter after decreasing 9.4 percent in the first quarter. The second quarter increase was the largest since the third quarter of 2010.
- Profits of nonfinancial corporations rose 11.9 percent after falling 7.4 percent.
- Profits of financial corporations rose 8.0 percent after falling 17.1 percent.
- Profits from the rest of the world fell 0.9 percent after falling 6.1 percent.
Over the last 12 months, corporate profits rose 0.1 percent.
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