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.)
Real GDP increased 6.0 percent in the fourth quarter of 1998, according to the NIPA ``final'' estimate; the ``preliminary'' estimate issued last month had shown a 6.1-percent increase. Corporate profits decreased $5.3 billion (0.6 percent at a quarterly rate) in the fourth quarter. The Federal Government current surplus decreased $26.2 billion, to $65.8 billion, in the fourth quarter, and the State and local government current surplus increased $21.8 billion, to $170.5 billion.
The current surplus of State and local governments increased $16.1 billion, to $150.2 billion, in 1998. As in recent years, the increase in receipts exceeded the increase in current expenditures. For 1999, available information suggests that receipts will decelerate and that current expenditures will accelerate, so that the current surplus is expected to change little.
In the fourth quarter of 1998, the U.S. current-account deficit decreased to $63.8 billion from $65.7 billion in the third quarter; the decrease was attributable to decreases in the deficits on goods and on investment income and an increase in the surplus on services. In the capital account, foreign assets in the United States increased $183.1 billion after increasing $98.7 billion, and U.S. assets abroad increased $88.8 billion after increasing $60.4 billion.
For the year 1998, the U.S. current-account deficit increased to $233.4 billion from $155.2 billion in 1997; the increase was largely attributable to an increase in the deficit on goods, but an increase in the deficit on investment income and a decrease in the surplus on services also contributed. In the capital account, foreign assets in the United States increased $542.5 billion after increasing $733.4 billion, and U.S. assets abroad increased $305.4 billion after increasing $478.5 billion.
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–51 Transactions Tables (PDF)
D–57 Investment Tables (PDF)
D–62 International Perspectives (PDF)
D–64 Charts (PDF)
D–65 State and Regional Tables (PDF)
D–69 Local Area Table (PDF)
D–71 Charts (PDF)
D–73 Appendix A: Additional Information About BEA's NIPA Estimates
D–75 Appendix B: Suggested Reading
Inside back cover: Getting BEA's Estimates (PDF)
Back cover: Schedule of Upcoming BEA News Releases (PDF)
Associate Director for International Economics. BEA is recruiting for the position of Associate Director for International Economics. This executive manages BEA's international economic accounts program—which includes the U.S. balance of payments, foreign direct investment, and international trade in goods and services. This executive is responsible for modernizing and extending the conceptual framework and the statistical sources that support the accounts, for guiding and conducting international economic analyses and research, and for representing BEA before top officials in the Federal and private sectors and in international organizations.
This is a career reserved position in the Senior Executive Service, and the salary range is $110,351#150;$125,900. The application deadline is May 10, 1999. For further details and information on applying, go to BEA's Web site at <www.bea.doc.gov/bea/beajobs.htm>, or contact Georgie Nance at (301) 457#150;3727. BEA is an equal opportunity employer.