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GDP Increases in Fourth Quarter

Real gross domestic product (GDP) increased 1.9 percent in the fourth quarter of 2016, according to the “advance” estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.5 percent.

Fourth‐quarter GDP highlights q2q-jan-27
The increase in real GDP reflected an increase in consumer spending, private inventory investment, residential investment, business investment, and state and local government spending. These contributions were partly offset by declines in exports and federal government spending. Imports, which are a subtraction in the calculation of GDP, increased.

Prices
Prices of goods and services purchased by U.S. residents increased 2.0 percent in the fourth quarter after increasing 1.5 percent in the third quarter. Excluding energy and food, prices rose 1.4 percent after increasing 1.7 percent.

Personal income and personal saving
Real disposable personal income—personal income adjusted for taxes and inflation—increased 1.5 percent in the fourth quarter after increasing 2.6 percent in the third quarter. Personal saving as a percentage of disposable personal income was 5.6 percent in the fourth quarter, compared with 5.8 percent in the third quarter.

Annual GDP growth   annual-growth-in-real-gdp-jan-27
For the year 2016, real GDP increased 1.6 percent, compared with 2.6 percent in 2015.        The increase in real GDP in 2016 reflected increases in consumer spending, residential investment, state and local government spending, exports, and federal government spending.   These contributions were partly offset by declines in private inventory investment and business investment. Imports increased.      Prices of goods and services purchased by U.S residents increased 1.0 percent in 2016, compared with an increase of 0.4 percent in 2015. Excluding food and energy, prices increased 1.4 percent after increasing 1.1 percent.

For more information, read the full report.

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.


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