Archive for the 'BEA News' Category

Gross Domestic Product by Industry: Third Quarter 2016

Finance and insurance; wholesale trade; and information services were the leading contributors to the increase in U.S. economic growth in the third quarter of 2016. Overall, 20 of 22 industry groups contributed to the 3.5 percent increase in real GDP in the third quarter.

real-gdp-and-real-value-added-by-sector-jan-2017

  • Finance and insurance increased 9.0 percent in the third quarter, after decreasing 0.1 percent in the second quarter.
  • Wholesale trade increased 8.3 percent, after increasing 1.0 percent.
  • Information services increased 8.6 percent, after decreasing 0.2 percent.

real-value-added-by-industry-2017

For more information, read the full report.

BEA’s API Expands Access to International Services Trade Data

Programming code abstract technology background of software deve
More good news for developers and other “power users” of BEA data: The most detailed data on U.S. international trade in services published by the Bureau of Economic Analysis are now accessible through our application programming interface, or API. This includes detailed annual statistics on U.S. trade in services by type of service for 90 countries and areas, including new estimates of trade related to information and communications technology. Previously, only the more aggregated trade in services statistics released as part of the U.S. international transactions accounts were available through BEA’s API.

The new API dataset is named “IntlServTrade.” The statistics in this dataset correspond to data on trade in services presented in tables 1.1 through 3.3 of the International Services data available through BEA’s interactive data application. Data presented in International Services tables 4.1 through 5.4 on services supplied through affiliates of multinational enterprises are not included in this API dataset. Appendix M, under the DataSet Reference section in the API User Guide, provides a short description and example API calls for this new dataset.

BEA’s API provides developers and analysts a mechanism to search, display, analyze, retrieve, or view BEA statistics. For example, researchers can use BEA’s International Services data along with services trade data from other countries to make international comparisons of trade in services. Or developers may design a new tool to visualize BEA’s economic data. The API includes methods for retrieving subsets of BEA statistical data and their meta-data using HTTPS requests. It delivers data in two industry-standard formats: XML (Extensible Markup Language) and JSON (JavaScript Object Notation).

To use the API, you need to register first. Full documentation is available in the API User Guide.

BEA’s API is just one way BEA is supporting open data. Visit BEA’s Open Data site for a complete listing of BEA’s datasets in a machine readable JSON format, along with access to downloadable datasets and other data tools.

November 2016 Trade Gap is $45.2 Billion

The U.S. monthly international trade deficit increased in November 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $42.4 billion in October (revised) to $45.2 billion in November, as exports decreased and imports increased. The previously published October deficit was $42.6 billion. The goods deficit increased $3.4 billion in November to $66.6 billion. The services surplus increased $0.5 billion in November to $21.4 billion.

trades-and-goods-jan-6

Exports
Exports of goods and services decreased $0.4 billion, or 0.2 percent, in November to $185.8 billion. Exports of goods decreased $0.7 billion and exports of services increased $0.3 billion.

  • The decrease in exports of goods mostly reflected a decrease in capital goods ($1.8 billion). An increase in industrial supplies and materials ($1.5 billion) partly offset the decrease.
  • The increase in exports of services reflected increases in financial services ($0.2 billion) and in travel (for all purposes including education) ($0.1 billion).

Imports
Imports of goods and services increased $2.4 billion, or 1.1 percent, in November to $231.1 billion. Imports of goods increased $2.7 billion and imports of services decreased $0.3 billion.

  • The increase in imports of goods mostly reflected an increase in industrial supplies and materials ($2.2 billion).
  • The decrease in imports of services reflected decreases in travel (for all purposes including education) ($0.2 billion) and in transport ($0.1 billion), which includes freight and port services and passenger fares.

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: November 2016.


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