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Transcript
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