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Home > Publications > Survey of Current Business > April 2003 - Volume 83 - Number 4 |
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April 2003 - Volume 83 - Number 4Business Situation: Final Estimates for the Fourth Quarter of 2002Real GDP increased 1.4 percent in the fourth quarter of 2002, according
to the "final" estimate, the same increase as shown in the "preliminary"
estimate issued last month. Corporate profits increased $25.1 billion
(3.2 percent at a quarterly rate) in the fourth quarter. The Federal Government
current deficit increased $37.2 billion, to $247.7 billion, and the state
and local government current deficit decreased $4.1 billion, to $50.6
billion. Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade, 2002:IVFour tables present the latest quarterly and monthly estimates of real
inventories and sales for manufacturing and trade and of real inventories
by stage of fabri-cation for manufacturing. Income and Outlays of Households and of Nonprofit Institutions Serving HouseholdsAs part of the upcoming comprehensive revision of the NIPA's, BEA plans
to introduce two new annual tables. The first table shows income and outlays
of households separately from those of nonprofit institutions serving
households. The second table reconciles the new estimates for nonprofit
institutions serving households with the Internal Revenue Service estimates
for nonprofit institutions. Preliminary estimates for 1992-2001 prepared
by BEA indicate that the decline in the personal saving rate from 1992
to 1998 was entirely attributable to a decline in household saving, but
the decline from 1998 to 2001 was attributable to declines in both household
saving and saving by nonprofit institutions serving households. U.S. International Transactions, Fourth Quarter and Year 2002In the fourth quarter of 2002, the U.S. current-account deficit increased $10.6 billion, to $136.9 billion. Most of the increase was accounted for by an increase in the deficit on goods. In the financial account, net recorded financial inflows decreased $25.5 billion, to $144.1 billion, reflecting a shift in transactions for U.S.-owned assets abroad from an outflow to an inflow and an increase in inflows for foreign-owned assets in the United States. In the year 2002, the U.S. current-account deficit increased $110.0 billion,
to $503.4 billion. Most of the increase was accounted for by an increase
in the deficit on goods and a decrease in the surplus on services. In
the financial account, net recorded financial inflows increased $92.4
billion, to $474.2 billion, as outflows for U.S.-owned assets abroad decreased
more than inflows for foreign-owned assets in the United States. Looking AheadAnnual Revision of Local Area Personal Income. On May 6, 2003, BEA will release the results of the annual revision of local area personal income for 1999-2001. An article that presents the new estimates for 2001 and the revised estimates for 1999 and 2000 of personal income for counties, metropolitan areas, and BEA economic areas will be published in the May Survey.Accelerated Estimates of GDP by Industry. An article scheduled for the May Survey will present accelerated current-dollar and real estimates of GDP by industry for 2002. These estimates, which are prepared using an abbreviated methodology, will be provided for broad industry groups on a Standard Industrial Classification basis. State Government and Local Government Receipts and Expenditures. An article that provides separate estimates of the finances of state governments and of local governments for 1959-2001 on a NIPA basis will be published in a forthcoming issue of the Survey . The article will describe the state and local government estimates and how they are measured, and it will summarize broad trends in the estimates. BEA Current and Historical Data
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