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Gross Domestic Product for the U.S. Virgin Islands Increases

After declining for four consecutive years, the Virgin Islands’ economy grew in 2015.  Real GDP — adjusted to remove price changes—increased 0.2 percent in 2015, after decreasing 1.0 percent in 2014. For comparison, real GDP for the United States (excluding the territories) increased 2.6 percent in 2015 after increasing 2.4 percent in 2014.

percent-change-from-preceding-year-1214

The growth in the Virgin Islands’ economy reflected increases in exports of services and consumer spending . These increases were partly offset by a decrease in government spending.

The growth in exports of services, which consists primarily of spending by tourists, reflected increases in air arrivals and hotel revenues.

The growth in consumer spending was supported by an increase in compensation and by lower energy prices.

Government spending fell in 2015, as territorial government construction activity decreased. Territorial government spending on capital assets had been elevated in previous years due in part to the development of a fiber optic network.

For more information, read the full report.

Travel and Tourism Spending Accelerated in the Third Quarter

Real Tourism Spending.  Real spending on travel and tourism accelerated in the third real-tourism-spending-1214quarter of 2016, increasing at an annual rate of 5.0 percent after increasing 4.5 percent (revised) in the second quarter according to new statistics released by the Bureau of Economic Analysis.  By comparison, real gross domestic product (GDP) increased 3.2 percent in the third quarter after increasing 1.4 percent in the second.

 

 

Tourism Prices.  Prices for travel and tourism goods and services decreased  in the third quarter of 2016, decreasing 0.5 percent following an increase of 1.4 percent (revised) in thetourism-price-1214 second quarter.  The downturn was mainly attributable to price declines for “traveler accommodations.”   Prices for “food and beverage services” rose, but at a slower pace.

 

 

 

Tourism Employment.  Employment in the travel antour-employment-1216d tourism industries accelerated in the third quarter, increasing 1.8 percent after increasing 1.3 percent (revised) in the second quarter. “Food services and drinking places” was the most significant contributor to travel and tourism employment growth, adding 9,100 employees. “Transportation” added 6,200 employees.

For more information, read the full report.

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.

gdp-by-state-dec-7

  • 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.


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