Gross Domestic Product by State: Second Quarter 2016

Real gross domestic product (GDP) increased in 41 states and the District of Columbia in the second quarter of 2016, according to statistics on the geographic breakout of GDP released today by the U.S. Bureau of Economic Analysis. Real GDP by state growth ranged from 4.3 percent in Nebraska to –5.6 percent in North Dakota. Transportation and warehousing; health care and social assistance; and professional, scientific, and technical services were the leading contributors to U.S. economic growth in the second quarter.

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  • Transportation and warehousing grew 14.0 percent in the second quarter of 2016. This industry contributed to growth in 47 states and the District of Columbia and contributed 0.97 percentage point to the 2.3 percent growth in Nevada.
  • Health care and social assistance grew 4.7 percent in the second quarter. This industry contributed to growth in every state and the District of Columbia.
  • Professional, scientific, and technical services grew 3.7 percent in the second quarter—the ninth consecutive quarter of growth for this industry. This industry contributed to growth in 47 states and the District of Columbia.

For more information, read the full report.

October 2016 Trade Gap is $42.6 Billion

The U.S. monthly international trade deficit increased in October 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $36.2 billion in September (revised) to $42.6 billion in October, as exports decreased and imports increased. The previously published September deficit was $36.4 billion. The goods deficit increased $6.3 billion in October to $63.4 billion. The services surplus decreased $0.1 billion in October to $20.8 billion.

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Exports
Exports of goods and services decreased $3.4 billion, or 1.8 percent, in October to $186.4 billion. Exports of goods decreased $3.5 billion and exports of services increased $0.1 billion.

  • The decrease in exports of goods reflected decreases in foods, feeds, and beverages ($1.4 billion), in industrial supplies and materials ($1.0 billion), and in consumer goods ($0.9 billion).
  • The increase in exports of services mostly reflected an increase in transport ($0.1 billion), which includes freight and port services and passenger fares.

Imports
Imports of goods and services increased $3.0 billion, or 1.3 percent, in October to $229.0 billion. Imports of goods increased $2.8 billion and imports of services increased $0.2 billion.

  • The increase in imports of goods mostly reflected increases in consumer goods ($2.4 billion) and in capital goods ($1.1 billion). A decrease in automotive vehicles, parts, and engines ($0.7 billion) partly offset the increases.
  • The increase in imports of services reflected an increase in transport ($0.2 billion).

For more detailed information on trade by type of good or service and with major trading partners, see U.S. International Trade in Goods and Services: October 2016.

For more information, read the full report.

Economy of the Commonwealth of the Northern Mariana Islands Grows in 2015

The economy of the Commonwealth of the Northern Mariana Islands grew 3.5 percent in 2015, according to new data from the Bureau of Economic Analysis.

That 3.5 percent growth figure is for real GDP – that is, GDP adjusted for inflation. In 2014, the Northern Mariana Islands’ economy saw real GDP increase by 2.8 percent.  For comparison, real GDP for the United States (excluding the territories) increased 2.6 percent in 2015, after increasing 2.4 percent in 2014.

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The growth in the CNMI economy was boosted by private fixed investment, which increased over 60 percent in 2015. This growth reflected investments by the gaming industry, including a temporary training facility and an integrated casino resort under construction in Garapan.

Territorial government spending increased, reflecting recovery operations and reconstruction following Typhoon Soudelor. The typhoon struck the CNMI in early August 2015, damaging the local power plant and the island’s power distribution systems.

Exports of services, which consists primarily of spending by tourists, grew for the fourth year in a row. The increase reflected growth in visitor arrivals from Korea and China.

Increases to real GDP were partly offset by an increase in imports of goods and services, which is a subtraction item in the calculation of GDP.

GDP estimates for the CNMI were developed under the Statistical Improvement Program funded by the Office of Insular Affairs of the U.S. Department of the Interior. Revised estimates of GDP for 2013 and 2014, as well as revised estimates of GDP by industry and compensation by industry for 2013, are presented available. For more information, read the full report.


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