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September 2003 - Volume 83 - Number 9

Business Situation: Preliminary Estimates for the Second Quarter of 2003

Real GDP increased 3.1 percent in the second quarter of 2003, according to the "preliminary" estimates, after increasing 1.4 percent in the first quarter. The "advance" estimates issued last month had shown a 2.4-percent increase in the second quarter. Corporate profits increased $88.3 billion (10.8 percent at a quarterly rate) in the second quarter. The Federal Government current deficit increased $108.1 billion, to $383.4 billion, and the state and local government current deficit decreased $51.4 billion, to $15.5 billion.
(PDF) (Tables in XLS format.)

Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: Statistical Changes

The upcoming comprehensive revision will feature a number of statistical changes that improve the quality of the NIPA estimates by incorporating data from new sources and by introducing new methods and techniques. The major source data include the 1997 benchmark input-output accounts, the 1997 economic censuses, and regular source data that would normally be incorporated in an annual revision of the NIPAs. The major methodological changes include the following: Convert the industry estimates of income and employment to a NAICS basis; employ new methods for estimating dealers' margins and net purchases of used vehicles in motor vehicle output; incorporate a new adjustment for stock options into the estimates of corporate profits; and incorporate several new price indexes, including new price indexes for nonresidential structures and for photocopying equipment.
(PDF)

Measuring the Services of Commercial Banks in the NIPAs: Changes in Concepts and Methods

As part of the upcoming NIPA comprehensive revision, the measure of banks' implicit financial services will be changed to allocate a portion of these services to borrowers; currently, all of these services are allocated to depositors. The implicit services to borrowers will be measured as the difference between the average interest rate paid by borrowers and a risk-free "reference rate," and the implicit services to depositors will be measured as the difference between the "reference rate" and the average interest rate paid to depositors. As a result of this change, the imputed output of banks will be reduced, and GDP and gross domestic income will be reduced even more.
(PDF)

Foreign Direct Investment in the United States: Detail for Historical-Cost Position and Related Capital and Income Flows, 2002

These estimates, which incorporate two major changes in industry classification, show the geographic and industrial composition of foreign companies' investment in the United States and the related capital, income, and services flows.
(PDF)

U.S. Direct Investment Abroad: Detail for Historical-Cost Position and Related Capital and Income Flows, 2002

These estimates, which incorporate the results of BEA's 1999 benchmark survey of U.S. direct investment abroad, show the geographic and industrial composition of U.S. companies' investment abroad and the related capital, income, and services flows.
(PDF) (Tables in XLS format.)

Schedule of BEA News Releases in 2004

(HTML) (PDF)

Looking Ahead

Comprehensive Revision of the National Income and Product Accounts. The release of the upcoming comprehensive revision of the NIPAs is scheduled for December 10, 2003. An article in the June 2003 Survey described the upcoming changes in definitions and classifications, an article in the August Survey described the new and redesigned NIPA tables, and an article in this issue describes the statistical changes.

U.S. International Services. An article presenting the estimates of cross-border trade in services for 2002 and of sales of services through affiliates for 2001 is scheduled to be published in the October Survey. The estimates of cross-border trade will incorporate an improved method for estimating insurance services.

BEA Current and Historical Data

National Data

  • Selected NIPA tables (PDF) 
  • Other NIPA and NIPA-related tables (PDF)
  • Historical measures (PDF)
  • Domestic perspectives (PDF)
  • Charts (PDF)

International Data

  • Transactions tables (PDF)
  • Investment tables (PDF)
  • International perspectives (PDF)
  • Charts (PDF)

Regional Data

  • State and regional tables (PDF)
  • Local area table (PDF)
  • Charts (PDF)

Appendixes

  • Additional information about the NIPA estimates (PDF)
  • Suggested reading (PDF)