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Bureau of Economic Analysis Releases 2015 GDP Data for American Samoa Territory Now Has GDP Data Spanning 14 Years Beginning in 2002

This is a guest blog by the Department of Interior

Assistant Secretary for Insular Areas Esther Kia’aina  announced today that the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) has released gross domestic product (GDP) data for 2015 for American Samoa.

The release of the GDP estimates is a critical part of a technical assistance agreement between the Office of Insular Affairs (OIA) and the BEA to generate GDP data for the island territories of American Samoa, Guam, the U.S. Virgin Islands, and the Commonwealth of the Northern Mariana Islands in a manner consistent with GDP data collection for states and the nation as a whole.

“GDP data are critically important for leaders in American Samoa and other U.S. territories to make informed decisions on fiscal policies and economic development strategies,” said Assistant Secretary Kia’aina.  “We are pleased to support BEA’s collaboration with the territories in this worthwhile endeavor and look forward to having such work be automatically included in the agency’s annual budget.”

The BEA released the first official set of GDP data for the U.S. territories under OIA jurisdiction in May 2010, which covered the period of 2002-2007, and has since provided data for each subsequent year. With this 2015 release, the territories now have official GDP data that cover the 2002-2015 period.

The BEA is currently mandated to provide GDP data for the United States, the 50 states, and the District of Columbia (D.C.), but not U.S. territories.  To produce GDP data for the territories as is done for the Nation, the 50 states, and D.C., OIA entered into a technical assistance agreement with the BEA that provides $750,000 annually to cover the cost of BEA’s technical expertise and field work in the territories.  Over the course of the last several years, the BEA has worked closely with staff in the territories to develop mechanisms to gather and calculate the GDP data.

Among the critical data the BEA generates are the details of the composition of island economic output which provide insight into economic structure and potential for economic growth and development.   The OIA-BEA agreement is the only system to generate these basic economic data for the territories that are otherwise statutorily made readily available for the 50 states and D.C.

 

The Secretary of the Interior is responsible for coordinating federal policy with respect to the territories of the U.S. Virgin Islands, American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands, and administering and overseeing U.S. federal assistance provided to the freely associated states of the Federated States of Micronesia, the Republic of the Marshall Islands, and the Republic of Palau under the Compacts of Free Association. On behalf of the Secretary, the Assistant Secretary for Insular Areas executes these responsibilities through the Office of Insular Affairs whose mission is to foster economic opportunities, promote government efficiency, and improve the quality of life for the people of the insular areas.

June 2016 Trade Gap is $44.5 Billion

The U.S. monthly international trade deficit increased in June 2016 according to the U.S. Bureau of Economic Analysis and the U.S. Census Bureau. The deficit increased from $41.0 billion in May (revised) to $44.5 billion in June, as imports increased more than exports. The previously published May deficit was $41.1 billion. The goods deficit increased $3.8 billion in June to $66.0 billion. The services surplus increased $0.3 billion to $21.5 billion.

Release Aug 5.png

Exports
Exports of goods and services increased $0.6 billion, or 0.3 percent, in June to $183.2 billion. Exports of goods increased $0.5 billion and exports of services increased $0.1 billion.
• The increase in exports of goods mainly reflected increases in foods, feeds, and beverages ($0.6 billion) and in consumer goods ($0.4 billion). A decrease in automotive vehicles, parts, and engines ($0.4 billion) was partly offsetting. • The increase in exports of services mainly reflected increases in financial services ($0.1 billion) and in maintenance and repair services ($0.1 billion).

Imports
Imports of goods and services increased $4.2 billion, or 1.9 percent, in June to $227.7 billion. Imports of goods increased $4.4 billion and imports of services decreased $0.2 billion.
• The increase in imports of goods mainly reflected increases in industrial supplies and materials ($2.3 billion) and in consumer goods ($1.9 billion).
• The decrease in imports of services mainly reflected decreases in travel (for all purposes including education) ($0.1 billion) and in transport ($0.1 billion), which includes freight and port services and passenger fares.

Goods by geographic area (seasonally adjusted, Census basis)
• The deficit with Japan increased $1.0 billion to $6.0 billion in June. Exports decreased $0.4 billion and imports increased $0.6 billion.
• The deficit with the European Union increased $0.8 billion to $12.7 billion in June. Exports increased $0.9 billion and imports increased $1.7 billion.
• The deficit with Mexico decreased $0.8 billion to $4.7 billion in June. Exports increased $0.3 billion and imports decreased $0.5 billion.

For more information, read the full report.

Consumer Spending on Durable Goods Rises in June

Durable Goods Aug 2Personal income increased 0.2 percent in June, the same increase as in May. Wages and salaries, the largest component of personal income, increased 0.3 percent in June after increasing 0.2 percent in May.

Current-dollar disposable personal income (DPI), after-tax income, increased 0.2 percent in June, the same increase as in May.

Real DPI, income adjusted for taxes and inflation, increased 0.1 percent in June after remaining flat in May.

Real consumer spending (PCE), spending adjusted for price changes, increased 0.3 percent in June after increasing 0.2 percent in May. Spending on durable goods increased 0.4 percent in June after decreasing 0.1 percent in May.

PCE prices increased 0.1 percent in June after increasing 0.2 percent in May. Excluding food and energy, PCE prices increased 0.1 percent in June after increasing 0.2 percent in May.

Personal saving rate
Personal saving as a percent of DPI was 5.3 percent in June and 5.5 percent in May.

Real DPI and Real Consumer Spending Aug 2

For more information, read the full report.


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