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The tables in this release are available in an XLS spreadsheet and the entire release is available in PDF format.
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Christopher Bach (202) 606-9545 BEA 02-07
Recorded Message: 606-5362
U.S. International Transactions: Fourth Quarter and Year 2001
Fourth Quarter
Current Account
The U.S. current-account deficit--the combined balances on trade in goods
and services, income, and net unilateral current transfers--increased to
$98.8 billion (preliminary) in the fourth quarter of 2001 from $98.5 billion
(revised) in the third, according to the Bureau of Economic Analysis. Although
the deficit on goods and the deficit on income both decreased, they were more
than offset by a decrease in the surplus on services and an increase in net
outflows for unilateral current transfers.
Goods and services
The deficit on goods and services increased to $83.2 billion in the fourth
quarter from $78.5 billion in the third.
Goods
The deficit on goods decreased to $100.7 billion in the fourth quarter
from $105.5 billion in the third.
Goods exports decreased to $167.4 billion from $173.4 billion. Nonagricultural
exports (mainly capital goods; automotive vehicles, engines, and parts; and
nonagricultural industrial supplies and materials) more than accounted for the
decrease. Agricultural exports increased.
Goods imports decreased to $268.1 billion from $279.0 billion. Petroleum
and nonpetroleum imports (mainly nonpetroleum industrial supplies and materials
and capital goods) each accounted for half of the decrease.
Services
The surplus on services decreased to $17.5 billion in the fourth quarter
from $27.1 billion in the third.
Services exports decreased to $66.6 billion from $69.7 billion. Decreases
in travel, passenger fares, and "other" transportation were partly offset by
increases in "other" private services (such as business, professional, and
technical services and financial services) and royalties and license fees.
Services imports increased to $49.1 billion from $42.6 billion. Decreases in
travel, passenger fares, "other" transportation, and royalties and license fees
were more than offset by an increase in "other" private services, reflecting a
rebound in insurance services. Insurance services were reduced in the third
quarter by nonrecurring recoveries of losses after the terrorist attacks of
September 11.
Income
The deficit on income decreased to $1.7 billion in the fourth quarter from
$7.4 billion in the third.
Investment income
Income receipts on U.S.-owned assets abroad decreased to $61.6 billion in
the fourth quarter from $68.6 billion in the third. "Other" private receipts
accounted for most of the decrease.
Income payments on foreign-owned assets in the United States decreased to
$62.0 billion from $74.7 billion. Both "other" private payments and direct
investment payments decreased by substantial amounts.
Compensation of employees
Receipts for compensation of U.S. workers abroad were virtually unchanged at
$0.6 billion. Payments for compensation of foreign workers in the United States
increased slightly to $2.0 billion.
Unilateral current transfers
Net outflows for unilateral current transfers were $13.9 billion in the
fourth quarter, up from $12.7 billion in the third.
Capital and Financial Account
Capital Account
Capital account transactions were net inflows of $0.2 billion in the fourth
quarter, virtually unchanged from the third.
Financial Account
Net recorded financial inflows--net acquisitions by foreign residents of
assets in the United States less net acquisitions by U.S. residents of assets
abroad--were $157.3 billion in the fourth quarter, compared with $40.3 billion
in the third. Financial inflows for foreign-owned assets in the United States
increased more than financial outflows forU.S.-owned assets abroad.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $106.5 billion in the fourth quarter,
compared with an increase of $17.4 billion in the third.
U.S. claims on foreigners reported by U.S. banks increased $53.6 billion in
the fourth quarter, compared with a decrease of $59.1 billion in the third.
Sharply higher demand for credit in Caribbean banking centers and in Europe
resulted in a sharp shift in interbank transfers.
Transactions in foreign securities shifted to net U.S. purchases of $25.5
billion in the fourth quarter from net U.S. sales of $10.6 billion in the
third. Transactions in foreign bonds shifted to net U.S. purchases of $6.9
billion from net U.S. sales of $19.7 billion. Net U.S. purchases of foreign
stocks were $18.7 billion, up from $9.1 billion.
Net financial outflows for U.S. direct investment abroad were $30.4 billion
in the fourth quarter, down from $43.2 billion in the third. Net equity capital
outflows, net intercompany debt outflows, and reinvested earnings all decreased.
U.S. official reserve assets increased $0.2 billion in the fourth quarter,
following an increase of $3.6 billion in the third.
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $263.8 billion in the
fourth quarter, compared with an increase of $57.7 billion in the third.
U.S. liabilities to foreigners reported by U.S. banks increased $103.4
billion in the fourth quarter, a sizeable shift from a decrease of $59.4 billion
in the third. In the fourth quarter, U.S. banks borrowed an unusually large
amount of funds from foreigners, mostly from offices in the Caribbean and Europe.
Net foreign purchases of U.S. securities other than U.S. Treasury securities
were $126.3billion in the fourth quarter, up from net purchases of $82.8 billion
in the third. Net foreign purchases of U.S. bonds were $93.3 billion, up from
$70.3 billion. Net foreign purchases of U.S. stocks were $33.1 billion, up from
$12.4 billion.
Transactions in U.S. Treasury securities shifted to net purchases by
foreigners of $33.3 billion in the fourth quarter from net sales of $9.5 billion
in the third. The turnaround in the fourth quarter reflected a desire by foreign
investors to increase the quality of their holdings inthe midst of a global
economic slowdown.
Net financial inflows for foreign direct investment in the United States
were $17.0 billion in the fourth quarter, down from $22.6 billion in the third.
Although net equity capital inflows rose strongly from their low third-quarter
level, financial inflows still declined as net intercompany debt transactions
shifted to net outflows and reinvested earnings became more negative.
Net U.S. currency shipments to foreigners were $10.5 billion in the fourth
quarter, up from $8.2 billion in the third.
Foreign official assets in the United States increased $5.2 billion in the
fourth quarter, compared with an increase of $16.9 billion in the third. In
the fourth quarter, an increase in assets of industrial countries more than
accounted for the increase in total assets; assets of developing countries
decreased.
The statistical discrepancy--errors and omissions in recorded transactions--
was a negative $58.7 billion in the fourth quarter, compared with a positive
$58.1 billion in the third.
In the fourth quarter, the U.S. dollar appreciated 1 percent on a
trade-weighted quarterly average basis against a group of 7 major currencies.
The Year 2001
Current Account
The U.S. current-account deficit--the combined balances on trade in goods
and services, income, and net unilateral current transfers--decreased to $417.4
billion in 2001 from $444.7 billion in 2000. A decrease in the deficit on goods
accounted for most of the decrease. A decrease in net outflows for unilateral
current transfers and an increase in the surplus on services also contributed to
the decrease in the current-account deficit. An increase in the deficit on
income was partly offsetting.
Goods and services
The deficit on goods and services decreased to $347.8 billion in 2001 from
$375.7 billion in 2000.
Goods
The deficit on goods decreased to $426.6 billion in 2001 from $452.2 billion
in 2000.
Goods exports decreased to $720.8 billion from $772.2 billion. Nonagricultural
exports more than accounted for the decrease; decreases were largest for capital
goods and for nonagricultural industrial supplies and materials. Agricultural
exports increased.
Good imports decreased to $1,147.4 billion from $1,224.4 billion. Nonpetroleum
imports accounted for nearly four-fifths of the decrease; decreases were largest
for capital goods and nonpetroleum industrial supplies and materials. Petroleum
imports also decreased.
Services
The surplus on services increased to $78.8 billion in 2001 from $76.5 billion
in 2000.
Services exports decreased to $283.8 billion from $293.5 billion.
Decreases in travel, passenger fares, and "other" transportation were partly
offset by an increase in "other" private services (such as business, professional,
and technical services and financial services).
Services imports decreased to $205.0 billion from $217.0 billion.
Decreases occurred in travel, passenger fares, "other" transportation, and
"other" private services.
Income
The deficit on income increased to $19.1 billion in 2001 from $14.8 billion
in 2000.
Investment income
Income receipts on U.S.-owned assets abroad decreased to $291.3
billion in 2001 from $350.5 billion in 2000. "Other" private receipts
accounted for most of the decrease, but direct investment receipts also
decreased by a large amount.
Income payments on foreign-owned assets in the United States decreased to
$305.1 billion from $360.1 billion. Direct investment payments and "other"
private payments both decreased by substantial amounts.
Compensation of employees
Receipts for compensation of U.S. workers abroad increased to $2.5 billion
from $2.3 billion. Payments for compensation of foreign workers in the United
States increased to $7.8 billion from $7.5 billion.
Unilateral current transfers
Net outflows for unilateral current transfers were $50.5 billion in 2001,
down from $54.1 billion in 2000. A decrease in U.S. Government grants was
partly offset by increases in other U.S. Government transfers and in private
remittances.
Capital and Financial Account
Capital Account
Capital account transactions were net inflows of $0.7 billion in 2001,
virtually unchanged from 2000.
Financial Account
Net recorded financial inflows--net acquisitions by foreign residents of
assets in the United States less net acquisitions by U.S. residents of assets
abroad--were $455.9 billion in 2001, compared with $443.3 billion in 2000.
Financial outflows for U.S.-owned assets abroad decreased more than financial
inflows for foreign-owned assets in the United States.
U.S.-owned assets abroad
U.S.-owned assets abroad increased $439.6 billion in 2001, compared with an
increase of $581.0 billion in 2000.
U.S. claims on foreigners reported by U.S. banks increased $104.3 billion
in 2001, compared with an increase of $138.5 billion in 2000. In 2001, slowing
economic activity abroad and the associated reduction in demand for bank credit
were primary factors leading to smaller outflows.
Net U.S. purchases of foreign securities were $97.7 billion in 2001, down
from $124.9 billion in 2000. Transactions in foreign bonds shifted to net
U.S. sales of $12.5 billion in 2001 from net U.S. purchases of $25.2 billion
in 2000. Net U.S. purchases of foreign stocks were $110.2 billion in 2001, up
from $99.7 billion in 2000.
Net financial outflows for U.S. direct investment abroad were $156.0
billion in 2001, up from $152.4 billion in 2000. Net intercompany debt outflows
and net equity capital outflows increased, but were nearly offset by a decrease
in reinvested earnings.
U.S. official reserve assets increased $4.9 billion in 2001, following an
increase of $0.3 billion in 2000.Foreign-owned assets in the United States
Foreign-owned assets in the United States
Foreign-owned assets in the United States increased $895.5 billion in 2001,
compared with an increase of $1,024.2 billion in 2000.
U.S. liabilities reported by U.S. banks increased $95.2 billion in 2001,
compared with an increase of $88.0 billion in 2000. U.S. bank borrowing surged
in the fourth quarter, resulting in little change in yearly inflows.
Net foreign purchases of U.S. securities other than U.S. Treasury securities
were a record $498.4 billion in 2001, up from the previous record of $485.6
billion in 2000. Net foreign purchases of U.S. stocks were $127.2 billion in
2001, down from a record $192.7 billion in 2000. Net foreign purchases of U.S.
bonds were a record $371.2 billion in 2001, up from the previous record of $292.9
billion in 2000.
Transactions in U.S. Treasury securities shifted to net foreign purchases
of $15.8 billion in 2001 from net foreign sales of $52.8 billion in 2000. The
shift was attributable to strong net foreign purchases in the fourth quarter, as
investors sought to increase the quality of their holdings in the midst of a
global economic slowdown.
Net financial inflows for foreign direct investment in the United States were
$157.9 billion in 2001, down from $287.7 billion in 2000. Net equity capital
inflows were about half those in 2000 and reinvested earnings shifted to an outflow.
Net intercompany debt inflows increased slightly.
Net U.S. currency shipments to foreigners were $23.8 billion in 2001, up
from $1.1 billion in 2000. The increase resulted partly from the worsening of the
financial situation in Argentina in the last half of the year and from somewhat
larger demands from Russia.
Foreign official assets in the United States increased $6.1 billion in 2001,
compared with an increase of $37.6 billion in 2000. In 2001, assets of developing
countries more than accounted for the increase in total assets; assets of
industrial countries decreased.
The statistical discrepancy--errors and omissions in recorded transactions--
was a negative $39.2 billion in 2001, compared with a positive $0.7 billion in 2000.
In 2001, the U.S. dollar appreciated 6 percent on a trade-weighted yearly
average basis against a group of 7 major currencies.
Revisions
The first three quarters of 2001 were revised to reflect revised seasonal
adjustments and, for the third quarter, receipt of new or revised data. In the
third quarter, the current-account deficit was revised to $98.5 billion from
$95.0 billion. The goods deficit was revised to $105.5 billion from $105.8
billion; the services surplus was revised to $27.1 billion from $28.2 billion;
the deficit on income was revised to $7.4 billion from $5.0 billion; and unilateral
current transfers were revised to net outflows of $12.7 billion from net outflows
of $12.4 billion. Revisions to the first and second quarters were small.
* * *
Release dates in 2002:
Fourth quarter and year 2001.....................March 14, 2002 (Thursday)
First quarter 2002...............................June 20, 2002 (Thursday)
Second quarter 2002..............................September 12, 2002 (Thursday)
Third quarter 2002...............................December 12, 2002 (Thursday)
* * *
BEA's major national, regional, international, and industry estimates, the
Survey of Current Business, and BEA news releases are available on BEA's web site:
<www.bea.gov>
Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:
(202) 606-5362 U.S. international transactions
-5306 Gross domestic product
-5303 Personal income and outlays
Most of BEA's estimates and analyses are published in the Survey of
Current Business, BEA's monthly journal. Subscriptions and single copies of
the printed Survey are for sale by the Superintendent of Documents, U.S.
Government Printing Office. Internet: <bookstore.gpo.gov>; phone: (202) 512-1800;
fax: (202) 512-2250; mail: Stop SSOP, Washington, DC 20402-0001.
March 14, 2002
Table 1.--U.S. International Transactions
[Millions of dollars, quarters seasonally adjusted]
2000 2001 Change:
(Credits +, debits -) 2000 2001p Change: 2001
2000-2001 IV Ir IIr IIIr IVp III-IV
Current account
1 Exports of goods and services and income receipts................................ 1,418,568 1,298,397 -120,171 362,617 354,158 335,722 312,333 296,191 -16,142
2 Exports of goods and services............................................... 1,065,702 1,004,589 -61,113 270,131 268,614 258,833 243,143 234,000 -9,143
3 Goods, balance of payments basis........................................ 772,210 720,831 -51,379 196,237 194,542 185,464 173,419 167,406 -6,013
4 Services................................................................ 293,492 283,758 -9,734 73,894 74,072 73,369 69,724 66,594 -3,130
5 Transfers under U.S. military agency sales contracts................ 14,060 12,813 -1,247 3,420 3,380 3,362 3,048 3,023 -25
6 Travel.............................................................. 82,042 72,295 -9,747 20,392 20,711 19,835 17,337 14,412 -2,925
7 Passenger fares..................................................... 20,745 17,734 -3,011 5,177 5,006 4,933 4,352 3,443 -909
8 Other transportation................................................ 30,185 28,292 -1,893 7,609 7,415 7,113 7,055 6,709 -346
9 Royalties and license fees......................................... 38,030 38,875 845 9,624 9,564 9,759 9,683 9,870 187
10 Other private services............................................. 107,568 112,892 5,324 27,447 27,769 28,166 28,035 28,922 887
11 U.S. Government miscellaneous services............................. 862 857 -5 225 227 201 214 215 1
12 Income receipts............................................................. 352,866 293,808 -59,058 92,486 85,544 76,889 69,190 62,191 -6,999
13 Income receipts on U.S.-owned assets abroad............................ 350,525 291,342 -59,183 91,891 84,930 76,270 68,565 61,583 -6,982
14 Direct investment receipts......................................... 149,240 132,651 -16,589 39,581 37,096 34,311 31,008 30,241 -767
15 Other private receipts............................................. 197,440 155,175 -42,265 51,514 46,920 41,167 36,720 30,368 -6,352
16 U.S. Government receipts........................................... 3,845 3,516 -329 796 914 792 837 974 137
17 Compensation of employees.............................................. 2,341 2,466 125 595 614 619 625 608 -17
18 Imports of goods and services and income payments................................-1,809,099 -1,665,325 143,774 -462,268 -454,461 -431,524 -398,195 -381,150 17,045
19 Imports of goods and services...............................................-1,441,441 -1,352,399 89,042 -370,424 -363,926 -349,668 -321,593 -317,215 4,378
20 Goods, balance of payments basis........................................-1,224,417 -1,147,446 76,971 -314,757 -307,163 -293,222 -278,960 -268,101 10,859
21 Services................................................................ -217,024 -204,953 12,071 -55,667 -56,763 -56,446 -42,633 -49,114 -6,481
22 Direct defense expenditures......................................... -13,560 -14,775 -1,215 -3,375 -3,567 -3,513 -3,685 -4,010 -325
23 Travel.............................................................. -64,537 -58,921 5,616 -15,940 -16,247 -16,231 -14,472 -11,971 2,501
24 Passenger fares..................................................... -24,197 -23,407 790 -6,020 -6,001 -6,493 -6,240 -4,673 1,567
25 Other transportation................................................ -41,058 -38,230 2,828 -10,718 -10,501 -9,689 -9,159 -8,884 275
26 Royalties and license fees......................................... -16,106 -16,399 -293 -4,253 -4,161 -4,159 -4,177 -3,903 274
27 Other private services............................................. -54,687 -50,289 4,398 -14,634 -15,548 -15,635 -4,164 -14,941 -10,777
28 U.S. Government miscellaneous services............................. -2,879 -2,932 -53 -727 -738 -726 -736 -732 4
29 Income payments............................................................. -367,658 -312,926 54,732 -91,844 -90,535 -81,856 -76,602 -63,935 12,667
30 Income payments on foreign-owned assets in the United States........... -360,146 -305,096 55,050 -89,920 -88,569 -79,907 -74,660 -61,961 12,699
31 Direct investment payments......................................... -68,009 -37,430 30,579 -13,878 -14,398 -10,860 -9,034 -3,139 5,895
32 Other private payments............................................. -184,465 -163,353 21,112 -48,714 -47,180 -42,667 -39,734 -33,772 5,962
33 U.S. Government payments........................................... -107,672 -104,313 3,359 -27,328 -26,991 -26,380 -25,892 -25,050 842
34 Compensation of employees.............................................. -7,512 -7,830 -318 -1,924 -1,966 -1,949 -1,942 -1,974 -32
35 Unilateral current transfers, net................................................ -54,136 -50,501 3,635 -16,673 -11,826 -12,130 -12,669 -13,876 -1,207
36 U.S. Government grants...................................................... -16,821 -11,334 5,487 -7,043 -2,419 -2,508 -2,877 -3,530 -653
37 U.S. Government pensions and other transfers................................ -4,705 -5,804 -1,099 -1,177 -1,316 -1,292 -1,306 -1,892 -586
38 Private remittances and other transfers..................................... -32,610 -33,363 -753 -8,453 -8,091 -8,330 -8,486 -8,454 32 March 14, 2002
Table 1.--U.S. International Transactions (Continued)
[Millions of dollars, quarters seasonally adjusted]
2000 2001 Change:
(Credits +, debits -) 2000 2001p Change: 2001
2000-2001 IV Ir IIr IIIr IVp III-IV
Capital and financial account
Capital account
39 Capital account transactions, net................................................ 705 726 21 184 173 177 182 194 12
Financial account
40 U.S.-owned assets abroad, net (increase/financial outflow (-))................... -580,952 -439,563 141,389 -181,548 -243,302 -72,357 -17,443 -106,460 -89,017
41 U.S. official reserve assets, net............................................ -290 -4,911 -4,621 -1,410 190 -1,343 -3,559 -199 3,360
42 Gold.................................................................... .... .... .... .... .... .... .... .... ....
43 Special drawing rights.................................................. -722 -630 92 -180 -189 -156 -145 -140 5
44 Reserve position in the International Monetary Fund..................... 2,308 -3,600 -5,908 -1,083 574 -1,015 -3,242 83 3,325
45 Foreign currencies...................................................... -1,876 -681 1,195 -147 -195 -172 -172 -142 30
46 U.S. Government assets, other than official reserve assets, net.............. -944 -573 371 -359 21 -786 21 171 150
47 U.S. credits and other long-term assets................................. -5,177 -4,450 727 -1,009 -1,094 -1,330 -1,011 -1,015 -4
48 Repayments on U.S. credits and other long-term assets................... 4,257 3,801 -456 808 1,015 570 1,062 1,154 92
49 U.S. foreign currency holdings and U.S. short-term assets, net.......... -24 76 100 -158 100 -26 -30 32 62
50 U.S. private assets, net..................................................... -579,718 -434,079 145,639 -179,779 -243,513 -70,228 -13,905 -106,432 -92,527
51 Direct investment....................................................... -152,437 -156,019 -3,582 -39,070 -41,122 -41,246 -43,224 -30,426 12,798
52 Foreign securities...................................................... -124,935 -97,661 27,274 -24,621 -31,591 -51,109 10,564 -25,525 -36,089
53 U.S. claims on unaffiliated foreigners reported by
U.S. nonbanking concerns........................................... -163,846 -76,067 87,779 -44,514 -61,011 22,232 -40,361 3,073 43,434
54 U.S. claims reported by U.S. banks, not included elsewhere.............. -138,500 -104,332 34,168 -71,574 -109,789 -105 59,116 -53,554 -112,670
55 Foreign-owned assets in the United States, net (increase/financial inflow (+))... 1,024,218 895,459 -128,759 295,321 347,006 226,927 57,718 263,806 206,088
56 Foreign official assets in the United States, net............................ 37,619 6,092 -31,527 -3,573 4,898 -20,879 16,877 5,196 -11,681
57 U.S. Government securities.............................................. 30,676 31,680 1,004 -5,240 2,547 -10,851 15,594 24,390 8,796
58 U.S. Treasury securities............................................ -10,233 10,760 20,993 -13,436 -1,027 -20,783 15,810 16,760 950
59 Other............................................................... 40,909 20,920 -19,989 8,196 3,574 9,932 -216 7,630 7,846
60 Other U.S. Government liabilities....................................... -1,987 -2,482 -495 -293 -1,246 -926 119 -429 -548
61 U.S. liabilities reported by U.S. banks, not included elsewhere......... 5,803 -28,825 -34,628 980 2,594 -10,130 -817 -20,472 -19,655
62 Other foreign official assets........................................... 3,127 5,719 2,592 980 1,003 1,028 1,981 1,707 -274
63 Other foreign assets in the United States, net............................... 986,599 889,367 -97,232 298,894 342,108 247,806 40,841 258,610 217,769
64 Direct investment....................................................... 287,655 157,936 -129,719 84,707 52,818 65,554 22,611 16,951 -5,660
65 U.S. Treasury securities................................................ -52,792 15,779 68,571 -10,395 656 -8,678 -9,459 33,260 42,719
66 U.S. securities other than U.S. Treasury securities..................... 485,644 498,433 12,789 126,643 148,809 140,512 82,777 126,335 43,558
67 U.S. currency........................................................... 1,129 23,783 22,654 6,230 2,311 2,772 8,203 10,497 2,294
68 U.S. liabilities to unaffiliated foreigners reported by
U.S. nonbanking concerns........................................... 177,010 98,222 -78,788 48,344 130,624 3,375 -3,941 -31,836 -27,895
69 U.S. liabilities reported by U.S. banks, not included elsewhere......... 87,953 95,214 7,261 43,365 6,890 44,271 -59,350 103,403 162,753
70 Statistical discrepancy (sum of above items with sign reversed).................. 696 -39,193 -39,889 2,367 8,252 -46,815 58,074 -58,705 -116,779
Memoranda:
71 Balance on goods (lines 3 and 20)................................................ -452,207 -426,615 25,592 -118,520 -112,621 -107,758 -105,541 -100,695 4,846
72 Balance on services (lines 4 and 21)............................................. 76,468 78,805 2,337 18,227 17,309 16,923 27,091 17,480 -9,611
73 Balance on goods and services (lines 2 and 19)................................... -375,739 -347,810 27,929 -100,293 -95,312 -90,835 -78,450 -83,215 -4,765
74 Balance on income (lines 12 and 29).............................................. -14,792 -19,118 -4,326 642 -4,991 -4,967 -7,412 -1,744 5,668
75 Unilateral current transfers, net (line 35)...................................... -54,136 -50,501 3,635 -16,673 -11,826 -12,130 -12,669 -13,876 -1,207
76 Balance on current account (lines 1, 18, and 35 or lines 73, 74, and 75)......... -444,667 -417,429 27,238 -116,324 -112,129 -107,932 -98,531 -98,835 -304
r Revised. p Preliminary.
NOTE:--Details may not add to totals because of rounding. Source: U. S. Bureau of Economic Analysis
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