Bureau of Economic Analysis
Survey of Current Business
Table of Contents
Selected articles may be accessed by clicking on the links below. (An Acrobat version of the table of contents is also available; however, links to other files will work only when you use Acrobat Reader 4.0.)
The new satellite accounts for U.S. travel and tourism present a comprehensive picture of the importance of travel and tourism in the U.S. economy. The travel and tourism satellite accounts (TTSA's) are developed from the 1992 benchmark input-output accounts, but they integrate information from a variety of public and private sources. According to the TTSA's, travel and tourism activities accounted for 4.65.3 percent of total demand in the U.S. economy, for 1.92.2 percent of value added, and for 3.23.7 percent of employment.
This year's annual revision of the balance of payments accounts incorporates major improvements to the investment income, capital, services, and goods accounts. The investment income accounts incorporate newly available re-sults of the U.S. Treasury Department's benchmark survey of foreign portfolio investment in the United States for 1994, final results of the U.S. Treasury Department's benchmark survey of U.S. portfolio investment abroad for 1994, revised estimates of banks' income receipts and payments on foreign-currency-denominated claims and liabilities, and the results of BEA's benchmark survey of U.S. direct investment abroad for 1994. In addition, several types of transactions are reclassified. The revised estimate of the U.S. current-account balance for 1997 is -$155.2 billion, compared with the previously published estimate of -$166.4 billion.
The "final" estimate of real GDP indicates a 5.4-percent increase in the first quarter of 1998, 0.6 percentage point higher than the "preliminary" estimate issued last month. The upward revision was largely due to upward revisions to the change in nonfarm business inventories, to exports, and to nonresidential structures. Corporate profits increased $9.6 billion in the first quarter after decreasing $9.2 billion in the fourth; profits of domestic nonfinancial corpora-tions and profits from the rest of the world turned up, but profits of domestic financial corporations increased less than in the fourth quarter.
The net international investment position of the United States became more negative in 1997: On a current-cost basis, it changed from $767.1 billion to $1,223.6 billion, and on a market-value basis, it changed from $743.7 billion to $1,322.5 billion. The change in both positions was primarily attributable to large net capital inflows, particularly for U.S. securities and U.S. banking, and to a net negative exchange rate adjustment that resulted from the appreciation of the U.S. dollar against most foreign currencies.
In 1997, the U.S. direct investment position valued at historical cost increased 11 percent, reflecting record equity capital outflows and reinvested earnings that were only partly offset by negative currency translation adjustments. By country, the largest increases were with the United Kingdom, the Netherlands, and Canada. The foreign direct investment position in the United States valued at historical cost increased 15 percent, as a result of record capital inflows that reflected strength in equity capital, intercompany debt, and reinvested earnings. By country, the largest increases were with the Netherlands, Germany, and Canada.
The U.S. current-account deficit increased $2.2 billion, to $47.2 billion, in the first quarter of 1998. An increase in the deficit on goods and services was partly offset by decreases in the balance on investment income and in net unilateral transfers. In the capital account, capital outflows decreased sharply, but capital inflows decreased even more sharply. U.S. assets abroad increased $44.7 billion after increasing $123.4 billion, and foreign assets in the United States increased $90.9 billion after increasing $220.5 billion.
6 Real Inventories, Sales, and InventorySales Ratios for Manufacturing and Trade (PDF)
D--2 Selected NIPA Tables (PDF)
D--27 Other NIPA and NIPA-Related Tables (PDF)
D--36 Historical Tables (PDF)
D--41 Domestic Perspectives (PDF)
D--43 Charts (PDF)
D--52 Investment Tables (PDF)
D--57 International Perspectives (PDF
D--59 State and Regional Tables (PDF)
D--63 Local Area Table (PDF)
D--65 Charts (PDF)
D--67 Appendix A: Additional Information About BEA's NIPA Estimates
D--69 Appendix B: Suggested Reading
Inside back cover: BEA Information (PDF)
(A listing of recent BEA publications available from GPO)
Back cover: Schedule of Upcoming BEA News Releases (PDF)
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Updated: December 28, 1998