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July 2003 - Volume 83 - Number 7

Business Situation: Final Estimates for the First Quarter of 2003

Real GDP increased 1.4 percent in the first quarter of 2003, according to the "final" estimates, the same increase as in the fourth quarter of 2002. The "preliminary" first-quarter estimates issued a month ago had shown a 1.9-percent increase. The downward revision to GDP was largely accounted for by a downward revision to inventory investment. Corporate profits increased $20.4 billion (2.6 percent at a quarterly rate) in the first quarter, an upward revision of $12.5 billion from the estimates issued a month ago.
(PDF) (Tables in XLS format)

Real Inventories, Sales, and Inventory-Sales Ratios for Manufacturing and Trade, 2003:I

Four tables present the latest quarterly and monthly estimates of real inventories and sales for manufacturing and trade and of real inventories by stage of fabri-cation for manufacturing.
(PDF)

The International Investment Position of the United States at Yearend 2002

In 2002, the net international investment position of the United States became more negative, whether measured on a current-cost basis or on a market-value basis. The net position at current cost was -$2,387.2 billion at yearend 2002, compared with -$1,979.9 billion (revised from the previous estimate of -$1,948.1 billion) at yearend 2001. The increase in the negative position was mainly due to large net foreign purchases of U.S. securities, a shift by U.S. investors to net sellers of foreign securities, and large declines in stock market prices that lowered the value of U.S.-owned assets abroad more than the value of foreign-owned assets in the United States.
(PDF) (Tables in XLS format)

Direct Investment Positions for 2002: Country and Industry Detail

In 2002, growth in the historical-cost position of U.S. direct investment abroad (USDIA) picked up, while the historical-cost position of foreign direct investment in the United States (FDIUS) declined for the first time since at least 1946. The 10-percent increase in the USDIA position reflected strong reinvested earnings and a shift from inflows to outflows on intercompany debt transactions. The 1-percent decrease in the FDIUS position reflected financial restructuring and writedowns of investments, reduced requirements by existing U.S. affiliates for financing by their foreign parents, and a sharp slowdown in new investment by foreign parents.
(PDF)

Annual Revision of the U.S. International Accounts, 1992-2002

Each year, estimates in the U.S. international transactions accounts and in the U.S. international investment position accounts are revised to incorporate statistical and methodological changes and regularly available source data. This year, major statistical changes include the incorporation of the results of the U.S. Treasury Department's Benchmark Survey of U.S. Portfolio Investment Abroad as of December 31, 2001; of the results of BEA's Benchmark Survey of U.S. Direct Investment Abroad for 1999; and of newly available detail from the U.S. Treasury Department's statistical collection system. In addition, a major definitional change has been made to the estimates of insurance services. Finally, BEA has greatly improved the presentation in the international transactions accounts of the estimates of direct investment and of banking, nonbanking, and securities transactions.
(PDF) (Interactive Data)  

How BEA Aligns and Augments Source Data From the U.S. Treasury Department for Inclusion in the International Transactions Accounts  

The estimates of financial-account flows in BEA's international transactions accounts (ITA's) are built up from data collected by the U.S. Treasury Department. BEA makes numerous adjustments to the Treasury data in order to align the data with balance of payments concepts and to close gaps in coverage. To provide users with a clearer picture of these adjustments, BEA has prepared three tables that show the relationship between the ITA estimates and the Treasury data.
(PDF) (Tables in XLS format)

U.S. International Transactions, First Quarter 2003  

The U.S. current-account deficit increased $7.5 billion, to $136.1 billion, in the first quarter. About half of the increase was accounted for by an increase in the deficit on goods, but decreases in the surpluses on services and on income and an increase in net outflows for unilateral current transfers also contributed. Net recorded financial inflows decreased $39.8 billion, as financial outflows for U.S.-owned assets abroad increased and financial inflows for foreign-owned assets in the United States decreased.
(PDF)  (Interactive Data)

Looking Ahead

Comprehensive Revision of the National Income and Product Accounts. The initial results of the upcoming comprehensive, or benchmark, revision of the NIPA's are scheduled for release in December 2003. The annual revision of the NIPA estimates for 2000-2002, which would usually be published in the August Survey , will be included as part of the comprehensive revision. The August Survey will include an article about the new and redesigned NIPA tables, and the September Survey will include an article about the statistical changes that will be introduced. (An article in the June Survey described the upcoming changes in definitions and classifications.)

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

  • International perspectives (PDF)

Regional Data

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

Appendixes

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