An Overview of BEA’s Other Data Programs Charles Ian Mead PNREAP Regional Workshop Reno, NV September 29, 2009 www. bea. gov
Products of Other Directorates ▪ National Economic Accounts § Gross Domestic Product (GDP) § Personal income ▪ International Economic Accounts § International transactions § Direct investments § Operations of U. S. and foreign multinationals ▪ Industry Accounts § Input-output accounts § GDP by industry § Satellite accounts (e. g. , travel and tourism) www. bea. gov 2
Products of the Regional Directorate ▪ Personal income by state and local areas ▪ GDP by state and metropolitan area ▪ Regional economic multipliers (RIMS II) www. bea. gov 3
Three Ways to Measure GDP ▪ Value added approach: Gross output less intermediate inputs ▪ Expenditure approach: C + I + G + NX ▪ Income approach § Compensation of employees § Taxes on production and imports (TOPI) less subsidies § Gross operating surplus www. bea. gov 4
National Income and Product Accounts ▪ Expenditure and income measures ▪ Main focus on U. S. economy § Three main sectors, plus “rest of the world” § Industry detail limited to a few items (e. g. , compensation, corporate profits) ▪ Price and quantity indexes based on expenditures www. bea. gov 5
Main Industry Accounts ▪ Input-Output Accounts § Show structure of U. S. economy § “Use table” shows GDP measured all three ways ▪ GDP by Industry § Value added approach § “Double deflation” for price and quantity indexes www. bea. gov 6
GDP by State and Metro Area ▪ Counterpart of U. S. GDP measures § By state: Most detailed methodology § By metro area: Covers 90 percent of all U. S. economic activity ▪ Primarily based on an income approach www. bea. gov 7
Currently Available statistics ▪ Annual data from 1963 -2008 ▪ Total GDP and components (for states) by industry § 1963 -1997: 2 -digit SIC industries § 1997 -2008: NAICS sectors or sub-sectors ▪ Current dollars, chained (2000) dollars, and quantity indexes www. bea. gov 8
Chain Dollar Statistics ▪ Based on “implicit” price deflators ▪ National-level prices by industry are used ▪ Do not account for possible differences in § Prices of the same goods across regions § The use of intermediate inputs across regions www. bea. gov 9
Release Schedule ▪ GDP by state: June following the reference year ▪ GDP by metropolitan area: September following the reference year ▪ Note: Next year is an exception due to comprehensive revision www. bea. gov 10
Percent Change in Real GDP by State www. bea. gov 11
Percent Change in Real GDP by Metro Area www. bea. gov 12
Recent Improvements ▪ Acceleration of industry detail for GDP by state by a full year (2005) ▪ Development of GDP by metropolitan area statistics (2007) ▪ Acceleration of GDP by metropolitan area by a full year (2009) www. bea. gov 13
Future Improvements ▪ Incorporation of recent changes made in the NIPAs (2010 -2011) § New treatment of disasters § Cafeteria plans § Misreporting adjustments ▪ Capitalization of R&D expenditures (2013) www. bea. gov 14
RIMS II ▪ Multipliers for regional impact analyses ▪ Many different types available ▪ Examples of analyses § Military base closure § New sports stadium § New highway construction ▪ Based on data from Industry and Regional accounts www. bea. gov 15
Availability ▪ Current multiplier sets § 2006: 60 aggregated industries § 1997: 473 detailed industries ▪ Customized product for a fee § By user-defined region § By industry www. bea. gov 16
Improvements ▪ Recent improvements § Online order and delivery system: Orders in 1 -2 days rather than 1 -2 weeks (2006) § Introduction of value added multipliers (2007) ▪ Future improvements: Detailed industry multipliers for 2002 (early 2010) www. bea. gov 17
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