Bureau of Economic Analysis
Survey of Current Business
Table of Contents
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The upcoming comprehensive revision of the NIPA's will feature a number of statistical changes that improve the estimates by using newly available source data or by introducing new methodologies. The major source data that will be incorporated include the 1992 benchmark input-output accounts, preliminary estimates from the 1996 annual update of these accounts, selected data from the 1997 economic censuses, and regular source data that would normally be incorporated in an annual revision of the NIPA's. In addition, methodological changes will be incorporated that make the income estimates more consistent with the product estimates, improve the estimates of State and local government taxes, provide a better measure of the real value of unpriced bank services, and improve the prices of a number of NIPA estimates.
Real GDP increased 1.6 percent in the second quarter of 1999, according to the NIPA ``final'' estimate; the ``preliminary'' estimate issued last month had shown a 1.8-percent increase. The price index for gross domestic purchases increased 1.9 percent; the ``preliminary'' estimate had shown a 2.1-percent increase. Corporate profits decreased $9.5 billion (revised), or 1.1 percent at a quarterly rate, in the second quarter after increasing $47.1 billion, or 5.7 percent, in the first quarter.
The U.S. current-account deficit increased $12.0 billion, to $80.7 billion, in the second quarter of 1999; most of the increase was accounted for by a large increase in the deficit on goods. In the financial account, net recorded inflows surged $43.2 billion, to $116.9 billion; partly reflecting several very large acquisitions of U.S. companies by foreign companies, inflows for foreign-owned assets in the United States increased even more strongly than outflows for U.S.-owned assets abroad.
In 1998, U.S. cross-border exports of private services increased 2 percent to $245.7 billion, and U.S. cross-border imports of private services increased 8 percent to $165.3 billion; as a result, the U.S. surplus on cross-border trade in services decreased to $80.4 billion from $88.0 billion. In 1997, sales of services abroad by foreign affiliates of U.S. companies again substantially exceeded sales of services in the United States by U.S. affiliates of foreign companies: Sales by foreign affiliates were $258.3 billion, up 16 percent from 1996, while sales by U.S. affiliates were $205.5 billion, up 22 percent. About half of the increase in sales by U.S. affiliates was attributable to the use of new definitions of sales of services that are based on the North American Industry Classification System.
D--2 Selected NIPA Tables (PDF)
D--27 Other NIPA and NIPA-Related Tables (PDF)
D--36 Historical Tables (PDF)
D--41 Domestic Perspectives (PDF)
D--43 Charts (PDF)
D--51 Transactions Tables (PDF)
D--57 Investment Tables (PDF)
D--62 International Perspectives (PDF)
D--64 Charts (PDF)
D--65 State and Regional Tables (PDF)
D--69 Local Area Table (PDF)
D--71 Charts (PDF)
D--73 Appendix A: Additional Information About BEA's NIPA Estimates
D--75 Appendix B: Suggested Reading
Inside back cover: Getting BEA's Estimates (PDF)
Back cover: Schedule of Upcoming BEA News Releases (PDF)