Archive for the 'BEA News' Category

CNMI GDP Increases in 2016

Today, the Bureau of Economic Analysis is releasing estimates of gross domestic product for the Commonwealth of the Northern Mariana Islands for 2016, in addition to estimates of GDP by industry and compensation by industry for 2015. These estimates 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 to 2015, as well as revised estimates of GDP by industry and compensation by industry for 2013 and 2014, are also presented in this release.

Gross Domestic Product for 2016
The estimates of GDP for the CNMI show that real GDP (GDP adjusted to remove price changes) increased 28.6 percent in 2016 after increasing 3.8 percent in 2015. For comparison, real GDP for the United States increased 1.5 percent in 2016 after increasing 2.9 percent in 2015.

CNMI Oct 15

For more information, read the full report.

August 2017 Trade Gap is $42.4 Billion

The U.S. monthly international trade deficit decreased in August 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $43.6 billion in July (revised) to $42.4 billion in August, as exports increased and imports decreased. The previously published July deficit was $43.7 billion. The goods deficit decreased $0.9 billion in August to $64.4 billion. The services surplus increased $0.3 billion in August to $22.0 billion.

Good and Services Oct 5

Exports
Exports of goods and services increased $0.8 billion, or 0.4 percent, in August to $195.3 billion. Exports of goods increased $0.6 billion and exports of services increased $0.2 billion.

  • The increase in exports of goods mostly reflected increases in consumer goods ($1.0 billion) and in capital goods ($0.4 billion). Decreases in industrial supplies and materials ($1.0 billion) and in food, feeds, and beverages ($0.4 billion) partly offset the increases.
  • The increase in exports of services mostly reflected increases in travel (for all purposes including education) ($0.1 billion), in other business services ($0.1 billion), which includes research and development services; professional and management services; and technical, trade-related, and other services, and in financial services ($0.1 billion). A decrease in transport ($0.2 billion), which includes freight and port services and passenger fares, partly offset the increases.

    Imports

    Imports of goods and services decreased $0.4 billion, or 0.1 percent, in August to $237.7 billion. Imports of goods decreased $0.3 billion and imports of services decreased $0.1 billion.
  • The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($0.5 billion) and in capital goods ($0.5 billion). An increase in automotive vehicles, parts, and engines ($0.7 billion) partly offset the decreases.
  • The decrease in imports of services mostly reflected a decrease in transport ($0.2 billion). An increase in travel (for all purposes including education) ($0.1 billion) partly offset the decrease.

For more information, read the full report.

Personal Consumption Expenditures by State, 2016

State personal consumption expenditures (PCE) grew on average 4.0 percent in 2016, the same rate as in 2015. In 2016, PCE growth ranged from 0.2 percent in North Dakota to 6.2 percent in Utah.

PCE By State Oct 4

  • Growth in housing and utilities and in health care were the leading contributors to PCE growth nationally as well as in most states.
  • Gasoline and other energy goods was the only category that subtracted from national PCE growth, declining on average 10.3 percent. Spending on gasoline and other energy goods declined in every state.
  • Across all states and the District of Columbia, per capita PCE in 2016 was $39,664. It ranged from a high of $51,981 in Massachusetts to a low of $30,200 in Mississippi.

For more information, read the full report.


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