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American Samoa GDP Turns Down in 2016

The Bureau of Economic Analysis released estimates of gross domestic product for American Samoa for 2016 as well as 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 and revised estimates of GDP by industry and compensation by industry for 2013 and 2014 are presented in this release.

The estimates of GDP for American Samoa show that real GDP – GDP adjusted to remove price changes – decreased 2.5 percent in 2016 after increasing 1.2 percent in 2015. For comparison, real GDP for the United States (excluding the territories) increased 1.5 percent in 2016 after increasing 2.9 percent 2015.

Samoa GDP

The decline in the American Samoa economy reflected decreases in spending on construction and equipment; several investment projects in both the government sector and private sector had ended or entered their final stages during 2015.

Government spending decreased, reflecting a decline in investment spending by the territorial government . Territorial government spending had been elevated in 2015 due to the telecommunication authority’s work to improve broadband capacity and coverage in American Samoa and the power utility’s work to rebuild the Satala Plant.

Business spending on construction and equipment continued to decrease, following major investments made by the tuna canning industry in previous years.

For more information, read the full report.

 

June 2017 Trade Gap is $43.6 Billion

The U.S. monthly international trade deficit decreased in June 2017 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit decreased from $46.4 billion in May (revised) to $43.6 billion in June, as exports increased and imports decreased. The previously published May deficit was $46.5 billion. The goods deficit decreased $2.1 billion in June to $65.2 billion. The services surplus increased $0.6 billion in June to $21.6 billion.

Balance on Goods and Services Trade Aug 4 17

Exports
Exports of goods and services increased $2.4 billion, or 1.2 percent, in June to $194.4 billion. Exports of goods increased $1.7 billion and exports of services increased $0.6 billion.

  • The increase in exports of goods mostly reflected increases in capital goods ($0.8 billion), in foods, feeds, and beverages ($0.7 billion), and in automotive vehicles, parts, and engines ($0.4 billion). A decrease in consumer goods($0.3 billion) partly offset the increases.
  • The increase in exports of services mostly reflected increases in travel (for all purposes including education) ($0.3 billion), in transport ($0.1 billion), which includes freight and port services and passenger fares, and in financial services($0.1 billion).

Imports
Imports of goods and services decreased $0.4 billion, or 0.2 percent, in June to $238.0 billion. Imports of goods decreased $0.4 billion and imports of services were nearly unchanged at $43.8 billion.

  • The decrease in imports of goods mostly reflected decreases in industrial supplies and materials ($1.1 billion) and in consumer goods ($0.7 billion). An increase in automotive vehicles, parts, and engines ($1.0 billion) partly offset the decreases.
  • Imports of services were nearly unchanged, reflecting small and offsetting changes across categories.

For more information, read the full report.

More than Just GDP: An Overview of BEA Statistics

Gross domestic product is BEA’s flagship statistic, the one people are most likely to know. But we produce lots of other data in addition to the nation’s GDP. You can get a quick overview by exploring BEA’s four main types of economic accounts: regional, national, international and industry.

An easy way to do that is to look through each area’s interactive data tables (tables that can be customized to show the statistics that interest you).

They’re grouped this way on bea.gov:

You’ll notice GDP appears in multiple areas. BEA’s regional accounts break down GDP by states and metropolitan areas, while the industry accounts show GDP for different types of industry, such as farming, real estate or legal services.

Not everything is in the interactive tables. You may also want to check out the satellite accounts – detailed statistics that provide a better understanding of a specific type of economic activity. Currently, BEA has satellite accounts on arts and cultural production, health care and travel and tourism. We’re also working to develop an Outdoor Recreation Satellite Account.

We encourage you to learn more about the U.S. economy by exploring BEA’s data on our website. GDP isn’t the only exciting thing you’ll find.


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