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June 2003 - Volume 83 - Number 6

Business Situation: Preliminary Estimates for the First Quarter of 2003

Real GDP increased 1.9 percent in the first quarter of 2003, according to the "preliminary" estimates, after increasing 1.4 percent in the fourth quarter of 2002. The "advance" estimates issued last month had shown a 1.6-percent increase. Corporate profits increased $7.9 billion (1.0 percent at a quarterly rate) in the first quarter. The Federal Government current deficit increased $18.4 billion, to $266.1 billion, and the state and local government current deficit increased $16.3 billion, to $66.9 billion.
(PDF) (Tables in XLS format)

Preview of the 2003 Comprehensive Revision of the National Income and Product Accounts: Changes in Definitions and Classifications

The upcoming comprehensive revision will feature a number of changes in definitions and classifications that update the NIPA's in order to better portray U.S. economic activity. These changes will address data gaps and other short-comings, will improve consistency and integration with other accounts, and will improve consistency with international guidelines. The major definitional changes are as follows: Recognize the implicit services provided by property and casualty insurance and provide a more appropriate treatment of insured losses, allocate a portion of the implicit services of commercial banks to borrowers, recognize explicitly the services produced by general government and treat government purchases of goods and services as intermediate inputs, and broaden the definition of national income to include all net incomes earned in production.

Receipts and Expenditures of State Governments and of Local Governments, 1959-2001

Newly available estimates that separate receipts and expenditures of state gov-ernments from those of local governments facilitate long-term analyses of each level of government. Over the past four decades, receipts and expenditures at all levels of government--Federal, state, and local--grew relative to the growth of the overall economy. For state governments, expenditures--particularly those for Medicaid--grew faster than receipts, so that by 2001, states ran a record deficit of $64.0 billion. For local governments, receipts and expenditures grew at about the same pace. Local governments ran a surplus throughout the period; in 2001, the surplus was $32.6 billion.
(PDF) (Tables in XLS format)

Foreign Direct Investment in the United States: New Investment in 2002

Outlays by foreign direct investors to acquire or establish businesses in the United States were $52.6 billion in 2002, down 64 percent from 2001 and 84 percent below the record $335.6 billion in 2000. The drop in 2002 reflected continuing weakness in the U.S. economy and in many foreign economies and a falloff in merger and acquisition activity worldwide.
(PDF) (Tables in XLS format)

Gross State Product by Industry, 1999-2001

New estimates of gross state product (GSP) confirm that the slowdown in U.S. economic growth in 2001 was widespread. Real GSP declined in 20 states, and it decelerated in an additional 26 states. Manufacturing declined in 40 states. Of the 10 states with the largest declines in real GSP, manufacturing contributed the most to the declines in all of them except Alaska. Revisions to the GSP estimates for 1999 and 2000 were generally small. The revised estimates incorporate the results of the most recent annual revisions of state personal income and of the national income and product accounts and newly available state-level source data.
(PDF)  Appendices A-B are available in spreadsheet format.

Subject Guide for the January-June 2003 Issues  (PDF)

Looking Ahead

Annual Revision of the U.S. International Transactions Accounts. An article summarizing the revisions to the estimates of U.S. international transactions and discussing the major sources of these revisions will be published in the July Survey . The revisions will extend back to 1992. Selected estimates will be made available on June 19th as part of the release of the estimates of U.S. international transactions for the first quarter of 2003.

BEA Current and Historical Data

National Data

  • Selected NIPA tables (PDF) 
  • Other NIPA and NIPA-related tables (PDF)
  • Historical measures (PDF)
  • Domestic perspectives (PDF)
  • Charts (PDF)

International Data

  • Transactions tables (PDF)
  • Investment tables (PDF)
  • International perspectives (PDF)
  • Charts (PDF)

Regional Data

  • State and regional tables (PDF)
  • Local area table (PDF)
  • Charts (PDF)


  • Additional information about the NIPA estimates (PDF)
  • Suggested reading (PDF)