Transcript Slide 1

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
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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
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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
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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
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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
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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
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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
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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
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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
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Percent Change in Real GDP by State
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Percent Change in Real GDP by Metro Area
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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
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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
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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
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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
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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
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