BEA logo

Bureau of Economic Analysis

Survey of Current Business

Table of Contents
January 2002

Special in this issue

9 Reliability of GDP and Related NIPA Estimates (PDF)

A recent study by BEA found that the quarterly estimates of real GDP are
reliable indicators of whether the economy is expanding or contracting,
whether the economy is accelerating or decelerating, and whether the
economy is growing at rates above, near, or below the long-term trend.
The estimates were also found to be good indicators of cyclical peaks and
troughs. In addition, the study found that the revisions by quarter differ
substantially (for example, the average revision to the third-quarter estimates
differs noticeably from that to the fourth-quarter estimates) and that the
revisions due to seasonal factors tend to at least partly offset the revisions
due to other causes.


Regular features

1 Business Situation: Final Estimates for the Third Quarter of 2001 (PDF)

Real GDP declined 1.3 percent in the third quarter of 2001, according to the
"final" NIPA estimate, after four quarters of subpar growth. The "preliminary"
estimate issued a month earlier had shown a 1.1-percent decline. The downward
revision was primarily accounted for by downward revisions to State and local
government gross investment in structures, exports of services, and personal
consumption expenditures for services. Corporate profits decreased $62.8 billion
(8.3 percent at a quarterly rate); a substantial portion of the decrease reflected a
reduction in the profits of insurance carriers as a result of the payment of
insurance benefits associated with the terrorist attacks of September 11th.

29 U.S. International Transactions, Third Quarter 2001 (PDF)

The U.S. current-account deficit decreased $12.6 billion, to $95.0 billion,
in the third quarter of 2001. The decrease was accounted for by a large
increase in the surplus on services and a decrease in the deficit on goods.
The deficit on income was virtually unchanged, and net outflows for unilateral
current transfers increased. In the financial account, net recorded inflows
decreased $117.7 billion, to $36.7 billion, as financial inflows for foreign-owned
assets in the United States decreased much more than financial outflows for
U.S.-owned assets abroad.



Reports and statistical presentations

7 Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing
and Trade, 2001:III (PDF)

Note:   Files listed above contain the text and the tables of the articles;
many of the tables are also available in XLS spreadsheets.



D-1 BEA Current and Historical Data

National Data

D-2 Selected NIPA tables (PDF)

D-30 Other NIPA and NIPA-related tables (PDF)

D-39 Historical measures (PDF)

D-42 Domestic perspectives (PDF)

D-44 Charts (PDF)

International Data

D-52 Transactions tables (PDF)

D-54 Investment tables (PDF)

D-59 International perspectives (PDF)

D-60 Charts (PDF)

Regional Data

D-61 State and regional tables (PDF)

D-65 Local area table (PDF)

D-67 Charts (PDF)


D-69 Additional information about the NIPA estimates (PDF)

D-71 Suggested reading (PDF)




Looking Ahead

Expanded Travel and Tourism Satellite Accounts. An article
describing an expansion of the existing U.S. travel and tourism
satellite accounts (TTSA's) to include the imputed services of
multipurpose motor vehicles and vacation homes will be published
in a forthcoming issue of the SURVEY. The article discusses
the conceptual and empirical bases for including these
services, and it presents estimates of the TTSA's for 1992 that
include them.