Bureau of Economic Analysis

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 0.4 percent in the fourth quarter of 2012 (that is, from the third quarter to the fourth quarter), according to the "third" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 3.1 percent. The GDP estimate released today is based on…

In the fourth quarter of 2012, average state personal income growth accelerated to 1.9 percent from 0.6 percent in the third quarter, the fastest pace since the first quarter of 2011. Fourth-quarter growth ranged from 1.3 percent in West Virginia to 4.8 percent in South Dakota. The inflation rate was 0.4 percent in the fourth quarter of 2012, the same as in the third quarter.

For more on state personal income, see the full report…

WASHINGTON DC, March 27, 2013 - Average state personal income growth slowed to 3.5 percent in 2012 from 5.2 percent in 2011, according to estimates released today by the U.S. Bureau of Economic Analysis. State personal income growth ranged from -0.2 percent in South Dakota to 12.4 percent in North Dakota. Inflation, as measured by the national price index for personal consumption expenditures, fell to 1.8 percent in 2012 from 2.4 percent in…

The U.S. net international investment position was –$4,416.2 billion (preliminary) at the end of the fourth quarter of 2012 compared with –$4,663.4 billion at the end of the third quarter as the value of foreign investments in the United States exceeded the value of U.S. investments abroad.

Newly-Available Statistics

In this release, BEA introduces new U.S. international investment position statistics on a quarterly basis. The new statistics are available for the fourth quarter of 2005 through the fourth quarter of 2012. Previously-published yearend positions are not revised.

A more up-to-date picture of the value of what the United States owns abroad compared to what foreign investors own in this country will debut March 26 when the Bureau of Economic Analysis (BEA) releases its first quarterly estimates of the U.S. international investment position. That release will feature statistics for the end of 2012 as well as quarterly data back to the fourth quarter of 2005.

Real Tourism Spending.  Real spending on “traveler accommodations” accelerated, increasing 9.4 percent in the fourth quarter of 2012 after increasing 5.3 percent in the third quarter.  Real spending on “food services and drinking places” also accelerated, increasing 8.6 percent in the fourth quarter after increasing 0.6 percent in the third quarter.

Real spending on travel and tourism turned up in the fourth quarter of 2012, increasing at an annual rate of 1.8 percent after decreasing 0.7 percent (revised) in the third quarter. By comparison, growth in real gross domestic product (GDP) increased 0.1 percent (second estimate) in the fourth quarter of 2012 after increasing 3.1 percent in the third quarter. For the year, real spending on travel and tourism increased 2.7 percent in 2012…

The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—increased to $475.0 billion (preliminary) in 2012 from $465.9 billion in 2011. As a percentage of U.S. gross domestic product, the deficit decreased to 3.0 percent in 2012 from 3.1 percent in 2011.

The U.S. current-account deficit—the combined balances on trade in goods and services, income, and net unilateral current transfers—decreased to $110.4 billion (preliminary) in the fourth quarter of 2012 from $112.4 billion (revised) in the third quarter of 2012. As a percentage of U.S. gross domestic product, the deficit remained at 2.8 percent. The previously published current-account deficit for the third quarter was $107.5 billion.