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The BEA Advisory Committee advises the Director of BEA on matters related to the development and improvement of BEA’s national, regional, industry, and international economic accounts, especially in areas of new and rapidly growing economic activities arising from innovative and advancing technologies, and provides recommendations from the perspectives of the economics profession, business, and government.

Articles by BEA

Personal Consumption Expenditures by State, 2020

13 days ago

State personal consumption expenditures (PCE) decreased 2.6 percent in 2020 after increasing 3.7 percent in 2019 (table 1), according to statistics released today by the U.S. Bureau of Economic Analysis (BEA). The percent change in PCE across all 50 states and the District of Columbia ranged from 1.2 percent in Idaho and Utah to –5.8 percent in the District of Columbia.

PCE by state highlights

Expenditures on food services and accommodations, recreation services, and health care were the leading contributors to the decrease nationally (table 3).

Food services and accommodations decreased 20.5 percent nationally (table 2) and was the largest contributor to decreases in the District of Columbia and 27 states including Hawaii and New York; it was the second largest contributor to

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U.S. International Trade in Goods and Services, August 2021

16 days ago

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $73.3 billion in August, up $2.9 billion from $70.3 billion in July, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$73.3 Billion

+4.2%°

Exports:

$213.7 Billion

+0.5%°

Imports:

$287.0 Billion

+1.4%°

Next release: Thursday, November 4, 2021

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, October 5, 2021

Exports, Imports, and Balance (exhibit 1)

August exports were

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Gross Domestic Product by State, 2nd Quarter 2021 and Annual Update, 2020

20 days ago

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the second quarter of 2021, as real GDP for the nation increased at an annual rate of 6.7 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the second quarter ranged from 9.7 percent in Nevada to 1.8 percent in Alaska (table 1).

Coronavirus (COVID-19) Impact on Second-Quarter 2021 GDP by State Estimates

The increase in second quarter GDP by state estimates reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the second quarter, government assistance payments in the form of loans to businesses and grants to state and local

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Personal Income and Outlays, August 2021

20 days ago

Personal income increased $35.5 billion (0.2 percent) in August according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $18.9 billion (0.1 percent) and personal consumption expenditures (PCE) increased $130.5 billion (0.8 percent).

Real DPI decreased 0.3 percent in August and Real PCE increased 0.4 percent; goods increased 0.6 percent and services increased 0.3 percent (tables 5 and 7). The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent (table 9).

 
2021
Apr.
May
June 
July 
Aug.
Percent change from preceding month
Personal income:
 
     Current dollars
-13.6 
-2.2 
0.2 
1.1 
0.2
Disposable personal

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Gross Domestic Product, (Third Estimate), GDP by Industry, and Corporate Profits (Revised), 2nd Quarter 2021

21 days ago

Real gross domestic product (GDP) increased at an annual rate of 6.7 percent in the second quarter of 2021 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 6.3 percent.

The "third" estimate of GDP released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was 6.6 percent. Upward revisions to personal consumption expenditures (PCE), exports, and private inventory investment were partly offset by an upward revision to imports, which are a subtraction in the calculation of GDP (see "Updates to GDP").

COVID-19 Impact on the Second-Quarter 2021 GDP Estimate

The increase in second quarter GDP reflected

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U.S. International Investment Position, 2nd Quarter 2021

23 days ago

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$15.42 trillion at the end of the second quarter of 2021, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $34.20 trillion and liabilities were $49.62 trillion.

At the end of the first quarter, the net investment position was –$14.30 trillion (Table 1).

The –$1.12 trillion change in the net investment position from the first quarter to the second quarter came from net financial transactions of –$277.6 billion and net other changes in position, such as price and exchange rate changes, of –$841.4 billion that mostly reflected U.S. stock price increases that exceeded foreign stock price increases (Table A).

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Gross Domestic Product for Puerto Rico, 2019

24 days ago

Real gross domestic product (GDP) increased 0.3 percent in 2019 after decreasing 2.4 percent in 2018, according to estimates released today by the Bureau of Economic Analysis (BEA). The statistics released today are BEA’s first official release of GDP for Puerto Rico. The release includes updated estimates for 2012 to 2018 that incorporate new and additional source data and methodology improvements to the prototype GDP statistics that were released in September 2020.

As shown in chart 1, the increase in real GDP in 2019 reflected an increase in exports. Although private inventory investment, government spending, and consumer spending declined, these decreases were largely offset by a decrease in imports, which is a subtraction item in the calculation of GDP (table 1.4).

Pharmaceuticals

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Personal Income by State, 2nd Quarter 2021 and Year 2020

28 days ago

State personal income decreased 21.8 percent at an annual rate in the second quarter of 2021 after increasing 56.9 percent in the first quarter, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA) (table 1). In the second quarter of 2021, the decrease in transfer receipts was the leading contributor to personal income declines in all 50 states and the District of Columbia (table 2). The percent change in personal income across all states ranged from –10.1 percent in the District of Columbia to –34.0 percent in West Virginia.

Transfer receipts decreased $1.7 trillion for the nation in the second quarter of 2021, accounting for more than the entire $1.3 trillion decrease in personal income (chart 1). 

Coronavirus (COVID-19) Impact on Second-Quarter 2021

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U.S. International Transactions, 2nd Quarter 2021

September 21, 2021

Current Account Balance, Second Quarter

The U.S. current account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, widened by $0.9 billion, or 0.5 percent, to $190.3 billion in the second quarter of 2021, according to statistics from the U.S. Bureau of Economic Analysis (BEA). The revised first quarter deficit was $189.4 billion.

The second quarter deficit was 3.3 percent of current dollar gross domestic product, down from 3.4 percent in the first quarter.

The $0.9 billion widening of the current account deficit in the second quarter mainly reflected reduced surpluses on services and on primary income that were mostly offset by a reduced deficit on secondary income.

COVID-19 Impact

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U.S. International Trade in Goods and Services, July 2021

September 2, 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $70.1 billion in July, down $3.2 billion from $73.2 billion in June, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$70.1 Billion

-4.3%°

Exports:

$212.8 Billion

+1.3%°

Imports:

$282.9 Billion

-0.2%°

Next release: Tuesday, October 5, 2021

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, September 2, 2021

Exports, Imports, and Balance (exhibit 1)

July exports were $212.8

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Personal Income and Outlays, July 2021

August 27, 2021

Personal income increased $225.9 billion (1.1 percent) in July according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $198.0 billion (1.1 percent) and personal consumption expenditures (PCE) increased $42.2 billion (0.3 percent).

Real DPI increased 0.7 percent in July and Real PCE decreased 0.1 percent; goods decreased 1.6 percent and services increased 0.6 percent (tables 5 and 7). The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.3 percent (table 9).

 
2021
Mar.
Apr.
May
June 
July 
Percent change from preceding month
Personal income:
 
     Current dollars
21.0
-13.6 
-2.1 
0.2
1.1
Disposable personal income:

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Gross Domestic Product, 2nd Quarter 2021 (Second Estimate); Corporate Profits, 2nd Quarter 2021 (Preliminary Estimate)

August 26, 2021

Real gross domestic product (GDP) increased at an annual rate of 6.6 percent in the second quarter of 2021 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 6.3 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 6.5 percent. The update reflects upward revisions to nonresidential fixed investment and exports that were partly offset by downward revisions to private inventory investment, residential fixed investment, and state and local government spending. Imports, which are a subtraction in the calculation of GDP, were revised down (see "Updates to GDP").

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Activities of U.S. Affiliates of Foreign Multinational Enterprises, 2019

August 20, 2021

Majority-owned U.S. affiliates (MOUSAs) of foreign multinational enterprises (MNEs) employed 7.95 million workers in the United States in 2019, a 1.1 percent increase from 7.86 million in 2018, according to statistics on MOUSA operations and finances released by the Bureau of Economic Analysis.

MOUSAs accounted for 6.0 percent of total private-industry employment in the United States. Employment by MOUSAs was largest in manufacturing and in retail trade. MOUSAs with ultimate owners in the United Kingdom, Japan, and Canada were the largest contributors to total MOUSA employment. (See the Additional Information for definitions of MOUSAs and other terminology used in this release.)

Current-dollar value added of MOUSAs, a measure of their direct contribution to U.S. gross domestic product

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U.S. International Trade in Goods and Services, June 2021

August 5, 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $75.7 billion in June, up $4.8 billion from $71.0 billion in May, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$75.7 Billion

+6.7%°

Exports:

$207.7 Billion

+0.6%°

Imports:

$283.4 Billion

+2.1%°

Next release: Thursday, September 2, 2021

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, August 5, 2021

Exports, Imports, and Balance (exhibit 1)

June exports were $207.7

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Personal Income and Outlays, June 2021

July 30, 2021

Personal income increased $26.1 billion (0.1 percent) in June according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $2.6 billion (less than 0.1 percent) and personal consumption expenditures (PCE) increased $155.4 billion (1.0 percent).

Real DPI decreased 0.5 percent in June and Real PCE increased 0.5 percent; goods decreased 0.2 percent and services increased 0.8 percent (tables 5 and 7). The PCE price index increased 0.5 percent. Excluding food and energy, the PCE price index increased 0.4 percent (table 9).

 
2021
Feb.
Mar.
Apr.
May
June
Percent change from preceding month
Personal income:
 
     Current dollars
-7.2 
21.0 
-13.6 
-2.2
0.1 
Disposable personal

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Gross Domestic Product, 2nd Quarter 2021 (Advance Estimate)

July 29, 2021

Real gross domestic product (GDP) increased at an annual rate of 6.5 percent in the second quarter of 2021 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 6.3 percent (revised).

The GDP estimate released today is based on source data that are incomplete or subject to further revision by the source agency (see "Source Data for the Advance Estimate" on page 3). The "second" estimate for the second quarter, based on more complete data, will be released on August 26, 2021.

The increase in real GDP in the second quarter reflected increases in personal consumption expenditures (PCE), nonresidential fixed investment, exports, and state and local government spending that were partly offset by decreases in

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Direct Investment by Country and Industry, 2020

July 22, 2021

The U.S. direct investment abroad  position, or cumulative level of investment, increased $244.9 billion to $6.15 trillion at the end of 2020 from $5.91 trillion at the end of 2019, according to statistics released by the Bureau of Economic Analysis (BEA). The increase reflected a $158.8 billion increase in the position in Europe, primarily in the United Kingdom and the Netherlands. By industry, holding company affiliates owned by U.S. manufacturers had the largest increase.

The foreign direct investment in the United States position increased $187.2 billion to $4.63 trillion at the end of 2020 from $4.44 trillion at the end of 2019. The increase mainly reflected a $119.2 billion increase in the position from Europe, primarily Germany. By industry, affiliates in manufacturing, finance and

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U.S. International Trade in Goods and Services, May 2021

July 2, 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $71.2 billion in May, up $2.2 billion from $69.1 billion in April, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$71.2 Billion

+3.1%°

Exports:

$206.0 Billion

+0.6%°

Imports:

$277.3 Billion

+1.3%°

Next release: Thursday, August 5, 2021

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, July 2, 2021

Exports, Imports, and Balance (exhibit 1)

May exports were $206.0

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New Foreign Direct Investment in the United States, 2020

July 1, 2021

Expenditures by foreign direct investors to acquire, establish, or expand U.S. businesses totaled $120.7 billion (preliminary) in 2020. Expenditures were down 45.4 percent from $221.2 billion (revised) in 2019 and below the annual average of $314.4 billion for 2014-2019. As in previous years, acquisitions of existing businesses accounted for a large majority of total expenditures.

In 2020, expenditures for acquisitions were $116.3 billion, expenditures to establish new U.S. businesses were $1.9 billion, and expenditures to expand existing foreign-owned businesses were $2.4 billion. Planned total expenditures, which include both first-year and planned future expenditures, were $135.8 billion.

Expenditures by industry, country, and state in 2020

By industry, expenditures for new direct

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U.S. International Investment Position, First Quarter 2021, Year 2020, and Annual Update

June 30, 2021

First Quarter 2021

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$14.32 trillion at the end of the first quarter of 2021, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $32.81 trillion and liabilities were $47.13 trillion.

At the end of the fourth quarter of 2020, the net investment position was –$14.01 trillion (Table 1).

The –$309.0 billion change in the net investment position from the fourth quarter of 2020 to the first quarter of 2021 came from net financial transactions of –$154.4 billion and net other changes in position, such as price and exchange rate changes, of –$154.6 billion (Table A).

COVID-19 Impact on First Quarter 2021

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Gross Domestic Product by State, 1st Quarter 2021

June 25, 2021

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the first quarter of 2021, as real GDP for the nation increased at an annual rate of 6.4 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the first quarter ranged from 10.9 percent in Nevada to 2.9 percent in the District of Columbia (table 1).

Coronavirus (COVID-19) Impact on First-Quarter 2021 GDP by State Estimates

The increases in first quarter GDP by state reflected the continued economic recovery, reopening of establishments, and continued government response related to the COVID-19 pandemic. In the first quarter, government assistance payments, such as direct economic impact payments, expanded unemployment

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Personal Income and Outlays, May 2021

June 25, 2021

Personal income decreased $414.3 billion (2.0 percent) in May according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $436.3 billion (2.3 percent) and personal consumption expenditures (PCE) increased $2.9 billion (less than 0.1 percent).

Real DPI decreased 2.8 percent in May and Real PCE decreased 0.4 percent; goods decreased 2.0 percent and services increased 0.4 percent (tables 5 and 7). The PCE price index increased 0.4 percent. Excluding food and energy, the PCE price index increased 0.5 percent (table 9).

 
2021
Jan.
Feb.
Mar.
Apr.
May
Percent change from preceding month
Personal income:
 
     Current dollars
10.2 
-6.9
20.9
-13.1
-2.0 
Disposable personal

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Gross Domestic Product (Third Estimate), GDP by Industry, and Corporate Profits (Revised), 1st Quarter 2021

June 24, 2021

Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 4.3 percent.

The “third” estimate of GDP released today is based on more complete source data than were available for the "second" estimate issued last month. In the second estimate, the increase in real GDP was also 6.4 percent. Upward revisions to nonresidential fixed investment, private inventory investment, and exports were offset by an upward revision to imports, which are a subtraction in the calculation of GDP (see "Updates to GDP").

The increase in real GDP in the first quarter reflected increases in personal consumption expenditures (PCE),

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U.S. International Transactions, First Quarter 2021 and Annual Update

June 23, 2021

Current Account Balance, First Quarter

The U.S. current account deficit, which reflects the combined balances on trade in goods and services and income flows between U.S. residents and residents of other countries, widened by $20.7 billion, or 11.8 percent, to $195.7 billion in the first quarter of 2021, according to statistics from the U.S. Bureau of Economic Analysis (BEA). The revised fourth quarter deficit was $175.1 billion.

The first quarter deficit was 3.6 percent of current dollar gross domestic product, up from 3.3 percent in the fourth quarter.

The $20.7 billion widening of the current account deficit in the first quarter mostly reflected an increased deficit on goods and a reduced surplus on primary income.

COVID-19 Impact on First Quarter 2021 International Transactions

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Personal Income by State, 1st Quarter 2021

June 22, 2021

State personal income increased 59.7 percent at an annual rate in the first quarter of 2021 after decreasing 3.9 percent in the fourth quarter of 2020, according to estimates released today by the Bureau of Economic Analysis (table 1). In the first quarter of 2021, the increase in transfer receipts was the leading contributor to personal income growth in all states and the District of Columbia (table 2). The percent change in personal income ranged from 89.3 percent in Mississippi to 31.1 percent in the District of Columbia.

Transfer receipts increased $2.3 trillion for the nation in the first quarter of 2021, accounting for almost all the growth in personal income (chart 1). The increase in transfer receipts reflected new government pandemic relief payments provided by the Coronavirus

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Marine Economy Satellite Account, 2014-2019

June 8, 2021

The first official Marine Economy Satellite Account statistics released today by the U.S. Bureau of Economic Analysis show that the marine economy accounted for 1.9 percent, or $397 billion, of current-dollar U.S. gross domestic product (GDP) in 2019 (table 11).

The new statistics show that inflation-adjusted (real) GDP for the marine economy grew 4.2 percent in 2019, faster than the 2.2 percent growth for the overall U.S. economy (table 14). Real gross output, compensation, and employment also all grew faster in the marine economy than in the overall economy in 2019.

This official release updates BEA’s prototype estimates of current-dollar gross output, value added, employment, and compensation for the marine economy from 2014-2018, released last year. It also introduces

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U.S. International Trade in Goods and Services, April 2021

June 8, 2021

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $68.9 billion in April, down $6.1 billion from $75.0 billion in March, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:

$68.9 Billion

−8.2%°

Exports:

$205.0 Billion

+1.1%°

Imports:

$273.9 Billion

−1.4%°

Next release: Tuesday, July 2, 2021

(°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, June 8, 2021

COVID-19 Impact on International Trade in Goods and Services

The

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Personal Income and Outlays, April 2021

May 28, 2021

Personal income decreased $3.21 trillion (13.1 percent) in April according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $3.22 trillion (14.6 percent) and personal consumption expenditures (PCE) increased $80.3 billion (0.5 percent).

Real DPI decreased 15.1 percent in April and Real PCE decreased 0.1 percent; goods decreased 1.3 percent and services increased 0.6 percent (tables 5 and 7). The PCE price index increased 0.6 percent. Excluding food and energy, the PCE price index increased 0.7 percent (table 9).

COVID-19 Impact on April 2021 Personal Income and Outlays

The estimate for April personal income and outlays was impacted by the continued government response to COVID-19. Economic impact payments

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Gross Domestic Product, 1st Quarter 2021 (Second Estimate); Corporate Profits, 1st Quarter 2021 (Preliminary Estimate)

May 27, 2021

Real gross domestic product (GDP) increased at an annual rate of 6.4 percent in the first quarter of 2021 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2020, real GDP increased 4.3 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was also 6.4 percent. Upward revisions to consumer spending and nonresidential fixed investment were offset by downward revisions to exports and private inventory investment. Imports, which are a subtraction in the calculation of GDP, were revised up (see Technical Note).

COVID-19 Impact on the First-Quarter 2021 GDP Estimate

The increase in

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Gross Domestic Product for the U.S. Virgin Islands, 2019

May 26, 2021

Today, the Bureau of Economic Analysis (BEA) released estimates of gross domestic product (GDP) for the U.S. Virgin Islands (USVI) for 2019, in addition to estimates of GDP by industry and compensation by industry for 2018.1 These estimates were developed under the Statistical Improvement Program funded by the Office of Insular Affairs (OIA) of the U.S. Department of the Interior.

Gross Domestic Product for 2019

The estimates of GDP for the USVI show that real GDP—GDP adjusted to remove price changes—increased 2.2 percent in 2019 after increasing 1.6 percent in 2018 (table 1.3).

As shown in chart 1, the increase in real GDP reflected increases in private fixed investment, exports, and consumer spending. These increases were partly offset by decreases in inventory investment and

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