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Statistics on U.S. Affiliates of Foreign Multinational Enterprises Now Available for 2014; Data for 2013 Updated

New statistics detailing the activities of U.S. affiliates of foreign multinational enterprises (MNEs) are now available from the U.S. Bureau of Economic Analysis. The statistics, which include the first information for 2014 and updated data for 2013, offer details on the finances and operations of U.S. affiliates of foreign MNEs, including their employment and compensation, sales, value added, capital expenditures, trade in goods, and expenditures for research and development.

With the release of statistics for 2014, BEA is reinstating several state-level data items that were available prior to 2008. The newly released statistics now include state-level data on the gross book value of property, plant, and equipment; commercial property; and manufacturing employment. These statistics complement the other state-level statistics BEA produces on the activities of U.S. affiliates: U.S. affiliate employment and number of affiliates by state.

Some highlights from the statistics on majority-owned U.S. affiliates (those with foreign ownership of more than 50 percent):

  • The current-dollar value added of majority-owned U.S. affiliates, a measure of their direct contribution to U.S. gross domestic product, totaled $869.1 billion in 2014. That’s an increase of $26.9 billion, or 3.2 percent, from 2013. The affiliates accounted for 6.4 percent of total U.S. private industry value added in 2014 compared with 6.5 percent in 2013.
  • Affiliates with ultimate beneficial owners in seven countries— the United Kingdom, Japan, Canada, Germany, Switzerland, France, and the Netherlands —accounted for nearly three-fourths of the value added by all majority-owned U.S. affiliates in 2014.
  • Majority-owned U.S. affiliates employed 6.4 million workers, up 3.1 percent in 2014, following a 5.0 percent increase in 2013. These affiliates accounted for 5.2 percent of all U.S. private industry employment, the same share as in 2013.
  • The states with the largest shares of total private industry employment accounted for by these affiliates in 2014 were South Carolina (8.2 percent), New Hampshire (7.6 percent), and Delaware (7.6 percent).
  • Exports of goods by affiliates rose in 2014 by $29.5 billion, or 7.5 percent, and imports rose by $19.2 billion, or 2.7 percent.
  • Research and development performed by affiliates rose by $2.8 billion, or 5.2 percent, in 2014.

For more information read the full article, which will be available in the August Survey of Current Business.

American Samoa economy grows 1.1 percent in 2015

Real GDP Percent change from preceding year

Estimates of gross domestic product for American Samoa show that real GDP–GDP adjusted to remove price changes–increased 1.1 percent in 2015 after increasing 1.3 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.

The growth in the American Samoa economy reflected increases in exports of goods and government spending. These increases were partly offset by an increase in imports of goods, which is a subtraction item in the calculation of GDP. Exports of goods grew for a second consecutive year. This growth reflected increased activity of the tuna canning industry, which continued to increase its output after opening a multimillion-dollar canning plant in early 2015.

Government spending also increased, reflecting growth in spending by the territorial government. Major territorial government projects in 2015 included the rebuilding of the Satala Power Plant and the telecommunication authority’s work to improve broadband capacity and coverage in American Samoa.

The estimates of GDP for American Samoa for 2015, along with estimates of GDP by industry and compensation by industry for 2014 —  all released today —  were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.

Moving forward, an agreement between OIA and BEA will extend and improve the estimates of GDP for American Samoa. The information provided by the American Samoa Government will continue to be critical to the successful production of these estimates.

BEA currently plans to release GDP estimates for 2016 in the summer of 2017. GDP by industry and compensation by industry estimates for 2015 will also be released at the same time.

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.


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