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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 Income and Outlays, January 2021

3 days ago

Personal income increased $1,954.7 billion (10.0 percent) in January according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $1,963.2 billion (11.4 percent) and personal consumption expenditures (PCE) increased $340.9 billion (2.4 percent).

Real DPI increased 11.0 percent in January and Real PCE increased 2.0 percent; goods increased 5.1 percent and services increased 0.5 percent (tables 5 and 7). The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index also increased 0.3 percent (table 9).

COVID-19 Impact on January 2021 Personal Income and Outlays

The estimate for January personal income and outlays was impacted by the continued federal response to the spread of COVID-19.

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Gross Domestic Product, 4th Quarter and Year 2020 (Second Estimate)

4 days ago

Real gross domestic product (GDP) increased at an annual rate of 4.1 percent in the fourth quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 33.4 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 4.0 percent. With the second estimate, upward revisions to residential fixed investment, private inventory investment, and state and local government spending were partly offset by a downward revision to personal consumption expenditures (PCE) (see Technical Note).

The increase in real GDP reflected increases in exports, nonresidential fixed

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Gross Domestic Product for Guam, 2019

13 days ago

Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for Guam 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 Guam show that real GDP—GDP adjusted to remove price changes—increased 2.0 percent in 2019.

As shown in Chart 1, the increase in real GDP reflected increases in exports, private fixed investment, federal government spending, and consumer spending. These increases were partly offset by an increase in imports, which are a subtraction in the calculation of GDP, and a decline

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U.S. International Trade in Goods and Services, December 2020

24 days ago

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $66.6 billion in December, down $2.4 billion from $69.0 billion in November, revised.

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

$66.6 Billion

-3.5%°

Exports:

$190.0 Billion

+3.4%°

Imports:

$256.6 Billion

+1.5%°

Next release: March 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, February 5, 2021

Coronavirus (COVID-19) Impact on International Trade in Goods and

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Personal Income and Outlays, December 2020

January 29, 2021

Personal income increased $116.6 billion (0.6 percent) in December according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $111.6 billion (0.6 percent) and personal consumption expenditures (PCE) decreased $27.9 billion (0.2 percent).

Real DPI increased 0.2 percent in December and Real PCE decreased 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).

 
2020
Aug.
Sept.
Oct.
Nov.
Dec.
Percent change from preceding month
Personal income:
 
     Current dollars
-2.6 
0.8
-0.7
-1.3
0.6
Disposable personal income:
 
     Current dollars
-3.1
0.8
-0.8
-1.5

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Gross Domestic Product, 4th Quarter and Year 2020 (Advance Estimate)

January 28, 2021

Real gross domestic product (GDP) increased at an annual rate of 4.0 percent in the fourth quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 33.4 percent.

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 4). The "second" estimate for the fourth quarter, based on more complete data, will be released on February 25, 2021.

Real GDP: Percent change from preceding quarter, Q4 ’20

The increase in real GDP reflected increases in exports, nonresidential fixed investment, personal consumption expenditures

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U.S. International Investment Position, Third Quarter 2020

December 29, 2020

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$13.95 trillion at the end of the third quarter of 2020, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $29.41 trillion and liabilities were $43.36 trillion.

At the end of the second quarter, the net investment position was –$13.08 trillion (Table 1).

The –$865.6 billion change in the net investment position from the second quarter to the third quarter came from net financial transactions of –$219.9 billion and net other changes in position, such as price and exchange rate changes, of –$645.7 billion (Table A).

Coronavirus (COVID-19) Impact on Third Quarter 2020 International Investment Position

In

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Gross Domestic Product by State, 3rd Quarter 2020

December 23, 2020

Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2020, as real GDP for the nation increased at an annual rate of 33.4 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. The percent change in real GDP in the third quarter ranged from 52.2 percent in Nevada to 19.2 percent in the District of Columbia (table 1).

Healthcare and social assistance; durable goods manufacturing; and accommodation and food services were the leading contributors to the increase in real GDP nationally (table 2). Accommodation and food services was the leading contributor to the increase in Nevada.

COVID-19 Impact on the Third-Quarter 2020 GDP by State Estimates

The increase in third quarter GDP reflected

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Personal Income and Outlays, November 2020

December 23, 2020

Personal income decreased $221.8 billion (1.1 percent) in November according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $218.0 billion (1.2 percent) and personal consumption expenditures (PCE) decreased $63.3 billion (0.4 percent).

Real DPI decreased 1.3 percent in November and Real PCE decreased 0.4 percent (tables 5 and 7). The PCE price index had no change. Excluding food and energy, the PCE price index had no change (table 9).

 
2020
July
Aug.
Sept.
Oct.
Nov.
Percent change from preceding month
Personal income:
 
     Current dollars
0.9
-2.6
0.8
-0.6
-1.1
Disposable personal income:
 
     Current dollars
0.8
-3.1
0.8
-0.7
-1.2

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Gross Domestic Product, Gross Domestic Product (Third Estimate), Corporate Profits (Revised), and GDP by Industry, Third Quarter 2020

December 22, 2020

Real gross domestic product (GDP) increased at an annual rate of 33.4 percent in the third quarter of 2020 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 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 33.1 percent. The upward revision primarily reflected larger increases in personal consumption expenditures (PCE) and nonresidential fixed investment (see "Updates to GDP" on page 3).

COVID-19 Impact on the Third-Quarter 2020 GDP Estimate

The increase in third quarter GDP reflected continued efforts to reopen businesses and resume

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U.S. International Transactions, 3rd Quarter 2020

December 18, 2020

Current Account Balance, Third 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 $17.2 billion, or 10.6 percent, to $178.5 billion in the third quarter of 2020, according to statistics released by the U.S. Bureau of Economic Analysis. The revised second quarter deficit was $161.4 billion.

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

The $17.2 billion widening of the current account deficit in the third quarter mostly reflected an expanded deficit on goods that was partly offset by an expanded surplus on primary income.

Coronavirus (COVID-19) Impact on Third

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Real Personal Income by State and Metropolitan Area, 2019

December 15, 2020

Real state personal income grew 2.4 percent in 2019 after increasing 3.1 percent in 2018, according to estimates released today by the Bureau of Economic Analysis (BEA). Real state personal income is a state’s current-dollar personal income adjusted by the state’s regional price parity and the national personal consumption expenditures price index. The percent change in real state personal income ranged from 4.1 percent in Maine to 0.7 percent in Hawaii, Wyoming, and Rhode Island (table 1). Across metropolitan areas, the percent change ranged from 7.6 percent in Hanford-Corcoran, CA, to –3.2 percent in Panama City, FL, and Wheeling, WV-OH (table 4).

Real Personal Income in 2019

States with the fastest growth in real personal income were Maine (4.1 percent), Washington (4.0 percent),

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Gross Domestic Product for American Samoa, 2019

December 11, 2020

Today, the Bureau of Economic Analysis (BEA) is releasing estimates of gross domestic product (GDP) for American Samoa 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 American Samoa show that real GDP—GDP adjusted to remove price changes—decreased 1.4 percent in 2019.

As shown in Chart 1, the decline in real GDP reflected decreases in government spending, exports, and private fixed investment that were partly offset by an increase in consumer spending and inventory investment. Imports, which are a subtraction in the calculation

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Gross Domestic Product by County, 2019

December 9, 2020

Real gross domestic product (GDP) increased in 2,484 counties, decreased in 612 counties, and was unchanged in 17 counties in 2019, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). The percent change in real GDP ranged from 62.5 percent in Greensville + Emporia, VA, to –34.2 percent in Jackson County, WV (table 1).1

GDP is the value of goods and services produced within a county. The size of a county’s economy as measured by GDP varies considerably across the United States. In 2019, the total level of real GDP ranged from $22.9 million in Petroleum County, MT, to $726.9 billion in Los Angeles County, CA.

Highlights

Large counties: 141 counties with populations greater than 500,000 in 2019

Real GDP increased in 132 counties and decreased in 9

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U.S. International Trade in Goods and Services, October 2020

December 4, 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.1 billion in October, up $1.0 billion from $62.1 billion in September, revised.

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

$63.1 Billion

+1.7%°

Exports:

$182.0 Billion

+2.2%°

Imports:

$245.1 Billion

+2.1%°

Next release: January 7, 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, December 4, 2020

Coronavirus (COVID-19) Impact on International Trade in Goods and

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Personal Income and Outlays, October 2020

November 25, 2020

Personal income decreased $130.1 billion (0.7 percent) in October according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $134.8 billion (0.8 percent) and personal consumption expenditures (PCE) increased $70.9 billion (0.5 percent).

Real DPI decreased 0.8 percent in October and Real PCE increased 0.5 percent (tables 5 and 7). The PCE price index was unchanged from September. The PCE price index excluding food and energy was also unchanged (table 9).

Coronavirus (COVID-19) Impact on October 2020 Personal Income and Outlays

The October estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments slowed as pandemic-related assistance

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Gross Domestic Product, 3rd Quarter 2020 (Second Estimate); Corporate Profits, 3rd Quarter 2020 (Preliminary Estimate)

November 25, 2020

Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 percent.

The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month that also showed an increase in real GDP of 33.1 percent. With the second estimate, upward revisions to nonresidential fixed investment, residential investment, and exports were offset by downward revisions to state and local government spending, private inventory investment, and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, were revised up (see

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Personal Income by County and Metropolitan Area, 2019

November 17, 2020

In 2019, personal income increased in 2,964 counties, decreased in 139, and was unchanged in 10, according to estimates released today by the U.S. Bureau of Economic Analysis (BEA). Personal income increased 4.0 percent in the metropolitan portion of the United States and increased 3.5 percent in the nonmetropolitan portion (Table A). In metropolitan counties, the percent change in personal income ranged from 12.1 percent in Doniphan County, Kansas to -5.8 percent in Stark County, Illinois. In nonmetropolitan counties, it ranged from 34.7 percent in Sheridan County, Kansas to -14.2 percent in Cavalier County, North Dakota (BEA interactive data).

In the metropolitan portion of the United States, per capita personal income—personal income divided by population—increased 3.4 percent in

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Activities of U.S. Affiliates of Foreign Multinational Enterprises, 2018

November 13, 2020

Majority-owned U.S. affiliates (MOUSAs) of foreign multinational enterprises (MNEs) employed 7.8 million workers in the United States in 2018, a 1.9 percent increase from 7.7 million in 2017, 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 Germany were the largest contributors to total MOUSA employment. (See the Additional Information for definitions of MOUSAs and other terminology used in this release.)

Employment by Majority-Owned U.S. Affiliates, 2018

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Outdoor Recreation Satellite Account, U.S. and States, 2019

November 10, 2020

The Bureau of Economic Analysis released statistics today measuring the outdoor recreation economy for the nation, all 50 states, and the District of Columbia. The new U.S. data show that the outdoor recreation economy accounted for 2.1 percent ($459.8 billion) of current-dollar gross domestic product (GDP) for the nation in 2019 (national table 11). At the state level, outdoor recreation value added as a share of state GDP ranged from 5.8 percent in Hawaii to 1.3 percent in Connecticut. The share was 1.1 percent in the District of Columbia.

Inflation-adjusted (real) GDP for the outdoor recreation economy grew by 1.3 percent in 2019, compared with 2.2 percent growth of the overall U.S. economy. Real gross output for the outdoor recreation economy increased by 1.4 percent, while outdoor

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U.S. International Trade in Goods and Services, September 2020

November 4, 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $63.9 billion in September, down $3.2 billion from $67.0 billion in August, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$63.9 Billion
-4.7%
Exports:
$176.4 Billion
+2.6%°
Imports:
$240.2 Billion
+0.5%°

Next release: December 4, 2020

(°) 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, November 4, 2020

Coronavirus (COVID-19) Impact on International Trade in Goods and Services

Exports and imports in September reflect

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Personal Income and Outlays, September 2020

October 30, 2020

Personal income increased $170.3 billion (0.9 percent) in September according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) increased $150.3 billion (0.9 percent) and personal consumption expenditures (PCE) increased $201.4 billion (1.4 percent).

Real DPI increased 0.7 percent in September and Real PCE increased 1.2 percent (tables 5 and 7). The PCE price index increased 0.2 percent (table 9). Excluding food and energy, the PCE price index increased 0.2 percent.

Coronavirus (COVID-19) Impact on September 2020 Personal Income and Outlays

The September estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments slowed, as pandemic-related assistance

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Gross Domestic Product, 3rd Quarter 2020 (Advance Estimate)

October 29, 2020

Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 31.4 percent.

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 2). The "second" estimate for the third quarter, based on more complete data, will be released on November 25, 2020.

Real GDP: Percent change from preceding quarter, Q3 2020 (Adv)

COVID-19 Impact on the Third-Quarter 2020 GDP Estimate

The increase in third quarter GDP reflected continued efforts

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Personal Consumption Expenditures by State, 2019

October 8, 2020

State personal consumption expenditures (PCE) increased 3.9 percent in 2019, a deceleration from the 4.9 percent increase in 2018 (table 1), according to statistics released today by the Bureau of Economic Analysis. The percent change in PCE across all states ranged from 5.7 percent in Utah to 1.8 percent in Vermont.

PCE by state highlights

Expenditures on housing and utilities, and on health care grew 4.3 percent and 4.5 percent, respectively (table 2), and were the leading contributors to growth nationally (table 3).

Expenditures on housing and utilities, and on health care contributed to PCE growth across all states and the District of Columbia.
Expenditures on housing and utilities increased 5.1 percent in Utah, the fastest growing state, and was the second leading contributor to

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U.S. International Trade in Goods and Services, August 2020

October 6, 2020

The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $67.1 billion in August, up $3.7 billion from $63.4 billion in July, revised.

U.S. International Trade in Goods and Services Deficit
Deficit:
$67.1 Billion
+5.9%°
Exports:
$171.9 Billion
+2.2%°
Imports:
$239.0 Billion
+3.2%°

Next release: November 4, 2020

(°) 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 6, 2020

Coronavirus (COVID-19) Impact on International Trade in Goods and Services

Exports and imports in August reflect both the

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Gross Domestic Product by State, 2nd Quarter 2020 and Annual Update, 2019

October 2, 2020

Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in the second quarter of 2020, as real GDP for the nation decreased at an annual rate of 31.4 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 -20.4 percent in the District of Columbia to -42.2 percent in Hawaii and Nevada (table 1).

Coronavirus (COVID-19) Impact on the Second-Quarter 2020 GDP by State Estimates

The decline in second quarter GDP reflected the response to COVID-19, as "stay-at-home" orders issued in March and April were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses.

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Personal Income and Outlays, August 2020

October 1, 2020

Personal income decreased $543.5 billion (2.7 percent) in August according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $570.9 billion (3.2 percent) and personal consumption expenditures (PCE) increased $141.1 billion (1.0 percent).

Real DPI decreased 3.5 percent in August and Real PCE increased 0.7 percent (tables 5 and 7). The PCE price index increased 0.3 percent. Excluding food and energy, the PCE price index increased 0.3 percent..

Coronavirus (COVID-19) Impact on August 2020 Personal Income and Outlays

The August estimate for personal income and outlays was impacted by the response to the spread of COVID-19. Federal economic recovery payments slowed, as pandemic-related assistance programs begin to

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Gross Domestic Product, 2nd Quarter 2020 (Third Estimate); Corporate Profits, 2nd Quarter 2020 (Revised Estimate)

September 30, 2020

Real gross domestic product (GDP) decreased at an annual rate of 31.4 percent in the second quarter of 2020 (table 1), according to the "third" estimate released by the Bureau of Economic Analysis. In the first quarter, real GDP decreased 5.0 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 decrease in real GDP was 31.7 percent. The upward revision with the third estimate primarily reflected an upward revision to personal consumption expenditures (PCE) that was partly offset by downward revisions to exports and to nonresidential fixed investment (see "Updates to GDP" on page 3).

Coronavirus (COVID-19) Impact on the Second-Quarter 2020 GDP Estimate

The

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U.S. International Investment Position, 2nd Quarter 2020

September 29, 2020

The U.S. net international investment position, the difference between U.S. residents’ foreign financial assets and liabilities, was –$13.05 trillion at the end of the second quarter of 2020, according to statistics released by the U.S. Bureau of Economic Analysis (BEA). Assets totaled $28.87 trillion and liabilities were $41.92 trillion.

At the end of the first quarter, the net investment position was –$12.16 trillion (Table 1).

The –$882.6 billion change in the net investment position from the first quarter to the second quarter came from net financial transactions of –$77.5 billion and net other changes in position, such as price and exchange rate changes, of –$805.1 billion (Table A).

Coronavirus (COVID-19) Impact on Second Quarter 2020 International Investment Position

In

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Prototype Gross Domestic Product for Puerto Rico, 2012-2018

September 28, 2020

Today, the Bureau of Economic Analysis (BEA) released prototype annual estimates of gross domestic product (GDP) for Puerto Rico for 2012 to 2018. This release represents another major step by the Bureau to develop comprehensive economic accounts for Puerto Rico that are consistent with international guidelines and that are directly comparable to data for other states and countries.[1] In conjunction with this release, BEA is requesting feedback to refine the data sources and methods used to prepare these statistics.

The prototype estimates showed that the Puerto Rico economy, as measured by inflation-adjusted (or "real") GDP, expanded from 2012 to 2014, before turning down in 2015 and continuing to decrease through 2018. As shown in Chart 1, exports of goods and services was a key

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